Diary of our £230,000 mission

vicsmiles · 9 August 2016 at 12:18PM

HI Chelsea blue
how about you aim you budget £500 for the house stuff and anything under that you overpay that too? That is what I am doing with the LONG list of stuff we need to buy I budget it then if I get it lower that is also overpaid.

chelseablue · 11 August 2016 at 1:20PM

Thank you all.

Today I made an overpayment at last! Only £100 but better than nothing I guess.

The other spare money I am going to do as vicsmiles suggested, £500 will be spent on the house and will put the other £100 into my savings account.

Good idea about the 6 months salary in savings. I currently have £10,500.
To have 6 months salary saved I would need to get to £15,500.
I think I'll get the emergency fund back up to 12k then start putting in to my stocks & shares ISA for long term savings

MallyGirl · 11 August 2016 at 4:33PM

Every positive step you make will help. We have whittled our mortgage away because we have an offset so don't have to commit our overpayments since we can just spend them again if we need to. Every positive movement has contributed to the point where I hope we will be mortgage free next year.
At its highest point we owed £230,000 a couple of years ago but a redundancy payout (followed by 5 months of frugal unemployment for DH), plus 2 of our 3 endowments paying out, and DD going to Grammar School instead of Indie for senior have all contributed to having the goal in sight

chelseablue · 11 August 2016 at 4:40PM

Thank you, what an inspiring journey you've had.

The problem is for us I feel I'm not quite in my forever home yet, that will be the next place.

But I suppose by overpaying this mortgage it will still give us more equity to put down on the next place.

I have a telephone interview tomorrow for a new job, so fingers crossed I don't make a complete !!!! out of myself

MallyGirl · 12 August 2016 at 11:40AM

This is not our forever home but it will last us till we retire. Then we will not feel the need to be in Berkshire for work and can liberate some of the equity by moving somewhere more rural (and cheaper).

chelseablue · 12 August 2016 at 11:44AM

Where abouts in Berkshire are you?

MallyGirl · 12 August 2016 at 12:35PM

We are in Reading

chelseablue · 12 August 2016 at 12:45PM

We are in Bracknell, so not far from you.

Small world!

pollyanna24 · 12 August 2016 at 10:20PM

Just caught up on your diary. Seems like there are a quite of few of us who think the same way who live in the South East.

I've just updated my diary, but thought I'd check in here.

I'm in Watford and even though I have lived in or around London all my life, have it in my head that maybe, in time to come, I'll move further out, possibly when I don't need to go into London every day for work, and hopefully because prices seem to increase quicker down here, I'll be able to buy somewhere nice, small and simple for me and the two sprogs outright.

chelseablue · 15 August 2016 at 1:44PM

pollyanna24 wrote: »

Just caught up on your diary. Seems like there are a quite of few of us who think the same way who live in the South East.

I've just updated my diary, but thought I'd check in here.

I'm in Watford and even though I have lived in or around London all my life, have it in my head that maybe, in time to come, I'll move further out, possibly when I don't need to go into London every day for work, and hopefully because prices seem to increase quicker down here, I'll be able to buy somewhere nice, small and simple for me and the two sprogs outright.

That's a lovely plan to have. I've lived in Berkshire all my life, it would be nice one day to move somewhere cheaper and buy outright.

How long are you planning on working in London for?

Diary of our £230,000 mission

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free