making hay while the sun shines (by freshcotton)

MoneyMission · 3 March 2016 at 2:45PM

Nice going on the salary. Great OP too.

MM

User1489 · 3 March 2016 at 9:22PM

Hi FC, catching up with your thread. Nice to see some other guys in their 30's - I think we're the last generation to buy!?

Well done and see going.

freshcotton · 26 March 2016 at 2:58PM

Hi guys

Works been very busy so not had time to update. Iv continued being frugal and making my money work super hard. Iv been paid my salary from my new job and received payment from my last job so good news is that my bathroom has been fully paid for (£4500) and not due to be completed till July so I'm proud of getting that sorted so in advance.

Iv continued to overpay the maximum by just under £1k on the mortgage and place another £1k in a separate account for when my fixed term comes to an end.

This month is a nightmare with road tax, insurance, mot, RAC etc to pay so that should be fun.

Hope everyone is ok and enjoying the bank holiday

freshcotton · 20 April 2016 at 9:36PM

Update -

£4,500 bathroom account, so fully paid
£14,000 mortgage overpayment account (to be paid at end of fixed period)
£1,500 -'savings' for cars, boilers, holidays etc.

Clearly the savings pot needs adding to over the months, will probably put in £500 in each (good) month.

Mortgage balance, after payment comes out this month will be £110,450.

As you can see we have continued being good financially, which has been so easy due to long work days, when its the weekend all I want to now do is be at home and relax. I Spent time doing the garden up last weekend (and spent £100 on it), and its lovely, and also spending more time baking which is great. There are so many better ways to spend your time than spending money and going out on expensive days out. I want to visit the countryside this weekend to see the lambs in the field with a flask of tea, the peaceful surroundings is just what we need.

LadyGnome · 20 April 2016 at 10:25PM

Just read your diary
You are doing brilliantly. If you offset your OP pot against the mortgage you are already in 5 figures. Makes the effort of packed lunches seem very worthwhile.

freshcotton · 1 May 2016 at 11:33AM

Thanks LadyGnome

I never really seem to take into account the mortgage overpayment pot when calculating my mortgage balance, but then I also don't class it as 'savings' as its not money that I am allowed to spend - so its like I have £14k in no-mans-land. Once my fixed rate comes to an end (Aug 2017) it will be a great feeling making one massive overpayment.

Its been another cheap weekend, got a take away last night = £20 and my partner wants to go out for gelato today =£10. Today will hopefully be relaxing but unfortunately I am on call tomorrow so don't have the full bank holiday off, which is a pain.

I have had the joy of comparing energy plans today as my current one is coming to an end, what an absolute mess the pricing system is. I have had a tea break in between and still slightly confused.

Hope everyone is enjoying their Sunday

freshcotton · 28 May 2016 at 6:54AM

Hey guys

Hope everyone is ok. Quick update, things still going to plan. A quick breakdown for June

Joint income : £4,650

Mortgage OP : £950
Savings : £2000

The rest is on direct debits, food and fuel.
Booked a trip to Cornwall for July which I'm excited about as Iv never been. Iv done some recalculating and I think that that I could get rid of my mortgage within 24 months but that's if everything stays the same so unlikely, but I'm focused on it.

Il be 33 and my partner would be 39, it would be such an achievement, especially when thinking of the interest saved.

It's bank holiday! Although I'm on call Monday (to earn money to pay mortgage off), I'm hoping to have a relaxing, spend free weekend. Spending time in my garden, reading, baking and a take away tonight with trashy TV.

Moneyfordreams · 28 May 2016 at 7:53AM

That time spell would be an amazing achievement.. wow touching distance... Now that would keep me focussed too

good luck

freshcotton · 4 June 2016 at 2:05PM

Iv decided today that I just don't like mortgage interest. Sometimes I feel people don't think about it enough. I was speaking to a friend the other day who is selling a house for approx £20k more than the purchase price and he was saying "Iv made £20k in so many years", I reminded him that's it's not all "profit" because during that time, he has paid interest. Once he realised this, he looked a bit shocked.

Now I appreciate all debt isn't bad and of course one must take into account that during the years of a mortgage we benefit from a roof over our heads. The point however, is that mortgages increase the cost of our already overpriced homes while not increasing the value.

So. Our current home is a 2 bed, small terrace, albeit in a nice area. My partner is adamant that he wants to move eventually, although we are not sure when and it's certainly not soon.

I would estimate the next move would require an additional £70-£90k.

What would be great is if I could pay this mortgage off (let's say 3 years to go) and then save the required amount before moving so I can purchase outright.

That's my long time (slightly pie in the sky) aim, to pay as little as possible in interest, even if that means I'm not "upgrading" my house as quickly as others.

Just thought I would post my idea so I could come back to it one day.

A_Frayed_Knot · 5 June 2016 at 8:50PM

freshcotton wrote: »

Iv decided today that I just don't like mortgage interest. Sometimes I feel people don't think about it enough.

What would be great is if I could pay this mortgage off (let's say 3 years to go) and then save the required amount before moving so I can purchase outright.

That's my long time (slightly pie in the sky) aim, to pay as little as possible in interest, even if that means I'm not "upgrading" my house as quickly as others.

Just thought I would post my idea so I could come back to it one day.

It's thinking about the interest that makes me o/p as soon as I have a spare cash. If I was allowed to o/p, say £6000 till the end of the year, and I had the cash now, I would o/p now, then save what would have been my monthly o/p's back into my savings, (if you can follow me)

Saves so much more in interest, than o/p monthly.

Purchase outright - what a nice feeling that would be:)

You may not even need to upgrade your (new) house, and if you do, do it at your own pace, as for this house, if you can wait for a new kitchen or bathroom for 1 year, then o/p NOW and start re-saving.

Good idea, to jot down your future plans / ldeas, nice when you look back and tell yourself, Look we've done it:T

making hay while the sun shines (by freshcotton)

Comments

Categories

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