One of the main points of the watch buying ban for 2013 is to assist with the “big save.” I’m going to save hard to achieve “a nice round number” by the end of this year, which I will dump onto the mortgage. With interest rates being pathetically low, any savings one might have attract nothing, so there’s little else to do but reduce debt. I’m in the very fortunate position of having only one debt, the mortgage. So in a rare display of probity and prudence, I’ve decided to try to reduce it by a sizeable (for me) amount.
I’ve added a “big save” thermometer to the blog to keep track of my progress. As you can see, with only one month passed, I’ve achieved a decent percentage.
However it will now become harder, since I’ve realised most of my little used assets and cashed in a few premium bonds, which returned precisely nothing in the three years I held them. Hard monthly saving is now the order of business and there’s a way to go. They do say that saving is good for the “soul” – if sadly not the wider economy.