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Disposable income


Adam

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My wife's on maternity pay so we don't split the bills 50-50. I pay the majority of them. So I've got about £600 'disposable' income from my PAYE job and about another £300 from self-employed income. I choose to overpay the mortgage, though, so I don't really see that.

You're married but still split the bills ?

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Low interest rates mean you won't make anything on a savings account of any kind. You probably save more in interest by paying it to the mortgage than you make in interest by putting it in an ISA.

That's certainly my reasoning for paying over my minimum payment. Plus, though it's somewhat silly, I always like to start something right away so I feel like I'm making progress, so rather than paying the money into an ISA and waiting to pay it towards my mortgage in 10 years, by paying it to the account every month I feel like I'm getting more done sooner, even though the end result would still be the same. For the same reason, I will often take the earlier train towards Dumbarton for football games even though it terminates before Dumbarton and then I'll wait at the station for the next one to arrive and take me the rest of the way, even though that next train also passes through my local station, so if I just left the house 10 minutes later I would be able to just get one train straight to my destination.

I'm quite odd in retrospect.

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I am absolutely horrendous with money.

After digs, phone bill, child maintenance etc is paid I'm left with about £800.

Still find myself skint before payday.

Being a smoker and spending money on lunches, buses & trains every day is my poison. I could take a packed lunch (but I'm too lazy to make it) and could just get the bus (train + bus gets me home quicker) but I'm the worlds worst for money.

I know this will result in some piss ripping but my poison for a number of years has been buying additional things on the Xbox. Whether it be maps for CoD, shitey games, packs on ultimate team (this is by far THE worst) I just can't seem to help myself. It's like a gambling addiction but for games.

Yolo n aw that pish though eh.

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Also noticed a few folk saying that they overpay their mortgage. That seems strange to me given the low interest rates just now. Surely it would make more money in an ISA and you could build it up into a nice wedge which you use to pay a large chunk of your mortgage off when the banks inevitably hike the rates.

You're lucky if you can get 2% on an ISA. What are Mortgage rates these days? 4% ish? Its a no-brainer over-paying your mortgage if you can.

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I know this will result in some piss ripping but my poison for a number of years has been buying additional things on the Xbox. Whether it be maps for CoD, shitey games, packs on ultimate team (this is by far THE worst) I just can't seem to help myself. It's like a gambling addiction but for games.

Yolo n aw that pish though eh.

I used to be horrendous with ultimate team around 2011. I was only 16 and my mum opened a bank statement and went absolutely crazy at me for spending quite a bit one day when I was off school 'not well'. I claimed it wasn't me and it must have been fraud. She phoned the bank, who contacted somebody who contacted somebody else and long story short it was clearly me. I got a hiding.

Forgot to mention in my earlier post but I am bad for thinking a tenner is nothing. Going to buy a paper I'll take a tenner from the bank. Going to get juice. I'll get a tenner. Once it's in my wallet It goes 100x quicker than if it was in my bank. My savings account is actually in my mums name so I can't just dip into it for pointless rubbish.

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Been saving hard for a transatlantic holiday for the last few months so at the moment zero. Aside from that - after car, rent, bills, food, phone and gym im looking at around £450-£500 a month to spare, should be going up by a couple of hundred in the coming months.

Also depends how my old friend William Hill is feeling during the month.

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After paying pretty much everything (rent/bills, car, phone, insurance, diesel, food) I'm left with between £600-£900 per month, depending on the commission I make. I'd have to earn zero commission to only have £600 so that's pretty low, plus I'd likely be out a job if I did f**k all for a month!

I managed to make it through uni with only a £600 student loan (I stayed at home and worked part time for the duration) so I don't really have any debt to speak of other than currently being about £500 into an interest-free overdraft from my former student current account. I'd like to think I'll have cleared that in a couple of months but I am pretty shocking at saving money so I fully expect to be in the same position come next September.

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I'm richer than a pipefitter.

Probably.

Given that I do f**k all because I'm married with a kid, I don't really need a disposable income because I have no time to dispose of it.

Does the football count? Probably spend about £200 a month on that I guess.

:lol:

I give myself a 'budget' of £40 per week and regularly find I've still got £20+ left at the end of the week.

Before the kids came along that would have barely done me one night at the weekend.

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My wife's wages cover the rent, council tax and all the other bills. My wages cover petrol and food shopping, leaving us roughly around £1000 to last the rest of the month. I'm changing jobs next month resulting in a £180 a month drop.

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Also noticed a few folk saying that they overpay their mortgage. That seems strange to me given the low interest rates just now. Surely it would make more money in an ISA and you could build it up into a nice wedge which you use to pay a large chunk of your mortgage off when the banks inevitably hike the rates.

The £100 a month extra that we clear off the balance would cost £170 at current rates, so we're not only taking the £100 off but also saving the 70. We've been doing this since we took out the mortgage 6 years ago and last year cut the term from 20 to 15 years which will save a huge amount in the long term. If all goes to plan we can take it down further at the end of the next fixed term and I may be mortgage-free before I'm 45, and the overpayments made will be worth it several times over.

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You're lucky if you can get 2% on an ISA. What are Mortgage rates these days? 4% ish? Its a no-brainer over-paying your mortgage if you can.

Mortgage rate is 1.85% and I'm making at least 5% per year in a stocks and shares ISA with low risk dividend paying blue chip stocks. OK, not as safe as cash ISA but over the amount of time you've had with low interest rates you'd be very unlucky to lose money.

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