Money-saving tips!

[Kelda]

this thread reminded me that my mortage is due for renewal shortly - thanks Guys - went online at lunchtim and found a good no fees broker.

Again for those in the UK, that fees free broker is London & country - http://www.lcplc.co.uk/best_buys_1.aspx?id=0:21998&id=0:21990&icid=

I found that though this website that I use for EVERYTHING! http://www.moneysavingexpert.com/ Its amazing.

[Wishes]

Kelda, you seem much more grounded at your young age than I was at that age! Traveling I do not think is ever a waste of money. I do like to lodge cheaply though. That is what my family has always done and who would want to go to a foreign country, stay in an expensive hotel and meet a bunch of Americans (in my case anyway)

I'm incredibly impressed you own a home already. You should be very proud of yourself!

Traveling is something I have deprived myself of for quite a long time but I have future plans. Returning to Israel is my #1 next trip. But I'm sure I'll never see everything I want to. But for sure, traveling is money well spent.

[Kelda]

Why thank you Wishes! 

But I do wish my finances were a bit more tight - particularly the savings element of it, as my savings are currently min-ute!

I put money to another account for all my bills, like phone, internet, car, mortage, gas, electicity, tv, council tax, minum credit card payment  and then the rest in my normal acocunt is for food and general spending. Any extra money at the end of the month goes towards paying more to credit card or towards paying an annual bill that is due up rather than putting some aside for any unexpected things that come up or these sort of things evry month - its just a random - oh I have this left over occurance rather than any sort of tbought to it. Like if my car's MOT that i got done recently had found something unexpectantly wrong (which it didn't just what I thought it would need - new tyres, and a general service), I would have had to charge it to my card rather than having a pot of money to use whenI say a new exhaust.

Re travelling - yes I'm fine as long as i have a safe clean room - I don't need any pomp and circumstance!

I went to Warsaw with my Mum in February, I booked a hostel for us - even though I booked a twin ensuite room, my Mum admitted later that she was a little nervous about what this hostel would be like, having never stayed in one before. But she loved it.. she was amazed at all the people from all sorts of backgrounds, socialising & just gossiping in the halls or the hanging out area - as you say you don't get that in a faceless large hotel.

Israel - wow! I have heard its an experience! if you have any pics wishes, you should post in wonderful places!

[Wishes]

Kelda, A little extra money put away for unexpected expenses always does help. Now I'm able to have money put away. Before I went to nursing school I had to rely on my parents if I had an unexpected expense as I made a low wage and did live paycheck to paycheck. I always appreciated having them there to help. And I never abused the privilege either.

Yes, Youth Hostels are great places. And I have found out that despite their name, they take all ages except for a couple of countries.

I loved being in Israel but that was well over 20 years ago when I was a Kibbutz volunteer. I have found another volunteer program for all ages which I want to do now. I lost contact with all the friends I made there and have my name and e mail up at two search for former volunteer sites but no luck in finding the three friends I am looking for: Two from England and one from Holland.

[Wishes]

I just thought of another money saving tip I do not see used very much: BRING YOUR OWN LUNCH TO WORK!!!! Nothing is free and all food costs money but I see so many people buy their lunch every day. That can add up I think. I also love Starbucks but I only get a large latte once a week where I can drink it while running errands and enjoy it. I see some people at work get one daily. I'm too busy to enjoy stuff at work.

[Kelda]

Ah yes, I mostly bring in food from home too!

While you can get a big tub of humous for £1.50 and 5 bagles for £1.50 and these will last you all week, you can end up paying £2.50 each day for a sandwich..

I treat myself to a frappe most Fridays too! Wishes, are we related (actually no, cos my sister is absolutely rubbish at saving money) - perhaps we were seperated at birth! 

I am very pleased with myself too - my mortgage term is up next month so I was shopping around for a new mortagge and by pauing an extra £65 a month I've shaved 6 years off my mortgage - I worked out that could save me £9000!!!!

[David In Indy]

Kelda, you seem much more grounded at your young age than I was at that age! Traveling I do not think is ever a waste of money. I do like to lodge cheaply though. That is what my family has always done and who would want to go to a foreign country, stay in an expensive hotel and meet a bunch of Americans (in my case anyway)
I'm incredibly impressed you own a home already. You should be very proud of yourself!

Traveling is something I have deprived myself of for quite a long time but I have future plans. Returning to Israel is my #1 next trip. But I'm sure I'll never see everything I want to. But for sure, traveling is money well spent.

HEY!!! 

  

  

[Wishes]

But David I see enough Americans at home! 

Kelda, you are so very nice. And I love humus! Because I work 12 hour shifts but only 3 days a week, I make my lunches the day before my 3 day stretch starts and I have everything packed and ready in the fridge for all 3 days. I have a lot of people tell me they don't have time to make their lunches. But I'm not so sure that is really valid. It just takes some simple planning ahead.

And congratulations on your new mortgage. I'm not sure however I understand how your mortgage works. Maybe it is different than in the U.S.. Do all mortages have a certain term or is that something you chose to do? I have a mortgage but it's a 30 year fixed rate. I'll never pay it off because I'll sell the house before then.

[Kelda]

Generally in the uK, you start with a 25 year term.

So you borrow say £200,000 which you pay back over 25 years.

But in the UK - you get a deal for a certain amount of time (a certain % over or under the bank of englands base rate).

The idea is to swap to another mortgage with a better deal than your current one whos good rate has now dissapeared & been replaced by a worse rate one (they lure you in with a favourable introductory offer for the first few years hoping you'll not bother changing mortgage provider and will make more money off you in later years when they bump up the interest rate) one.

So most consumers then review their mortgage when the introductory rate ends - or their broker does it for them. So they are not paying over the odds in interest.

But say you move house and you need a bigger mortgage, you can either increase the amount you are borrowing over the same tim period or increase the time you pay it in.

so you could say get a mortgage raised from £200,000 to 250,000 but instead of paying bigger payments every year to pay it off after 25 years, you can increase the term to 30 years to pay the same amount you've been paying just now, see?

So even though I've not changed the amount I've borrowed by paying a bit extra each month than I was, I am therefore paying the mortgage off faster and therefore being debt free quicker and also paying less interest as a result.

Does that make sense?

[Kelda]

I have a lot of people tell me they don't have time to make their lunches. But I'm not so sure that is really valid. It just takes some simple planning ahead.

Yeah, and surely you waste more time spending your lunch hour going to the canteen or whatever!? I don't even make my food up - I just take the bread and pot of humous and some fruit and whatever with me in a shopping bag on Monday, stick it in the fridge at the start of the week, and make my sandwich up each day. Takes 2 minutes & is a 1/4 the cost. Versus 15mins walking to the canteen, waiting in line etc & then £3-5 a lunch.

Oh re: mortgages in the UK - we can move house and still keep the same mortgage - its the money rather than the house that we owe.