Time To Get Serious With My Debts

Time To Get Serious With My Debts

Time to get serious with my debts. Since starting to write this blog 8 months ago, I've made some massive changes in my life, and my way of thinking Number 1 positive is that I've decided to tackle my crappy financial situation and become more financially stable Number 2 positive is that for the first time in my life, I've started using a spending plan, monitoring my income and expenses and cutting back on the spending which doesn't improve my life (like beer, lunch from the office canteen, meals out etc) Number 3 positive is that I've made a list of my credit card debts, and started to make more than just the monthly minimum repayments each month. My debts have reduced by £3,000 … [Read more...]

Living On A Knife Edge

Living on a knife edge

Are you living on a knife edge ? Am I living on a knife edge ? A recent Yougov survey in the UK which sampled 7,500 families revealed that 44% of families only have enough savings to pay for one months rent or mortgage if they were to lose their jobs. 29% of families would not be able to pay their immediate months rent or mortgage if they were to lose their jobs. Thats Scary ! Examining my own position, I would just about be able to manage as my wife earns a decent income, but if we were both to lose our jobs then we would be in serious doo doo At the beginning of my process of paying off my debts and climbing out of a financial hole I saved up £1,000 to act as an … [Read more...]

What is your savings rate ?

savings rates

What is your savings rate ? Recent statistics from the UK Governments Office For National Statistics show that on average people in the UK save 5% of their income (this includes pension savings), what is your savings rate - how does it compare to this ? This 5% level of savings is forecast to fall over the next 4 years to around 3% It seems as though our spend now forget the future culture is deeply embedded in the nations psyche In China the savings rate is 50% of take home income, India has a savings rate in the mid 30%s  and in the world as a whole there is a worldwide average savings rate of 19%.   Makes you wonder why so called "developed" nations save so little … [Read more...]