Pay off mortgage and start having fun!

newgirly

Thanks for the kind words

Firegirl

Newgirly I know exactly what you mean about work stress. I'm currently at risk of redundency and it's hard going. Just do what you can, put one foot infront of the other and remember youre one cog in a big wheel. Believe me it's not worth your health, that's for sure!

newgirly

Hi firegirl, I hope things improve at work for you soon

Took a quick look late last night at the finances, and have decided to pay what is required pm to finish in term plus the extra which eric knocked off (we are io) so £1835 pm. Instead of the £1900 plus a bit extra sometimes.

I need to spend some time on a better budget for next year, I am not great at "saving pots" for things unfortunatly but am usually good at covering what needs paying by juggling each month.

Yesterday £20 oyster renewal for dd and £10 school trip, no savings for.school as it comes out ofthe everything else budget. So that was from my savings envelope for xmas night out with the girls.

I am thinking of buying ynab as xspender said it was was very easy to use and it monitors what you can spend that month rather than recording it. Does anyone else use it? Also can it be used easily with me using a cc and clearing the next month, ie. Bill gets paid the same day wages hit our account? I am guessing it would be a lot easier to just run it through a bank account.

I

CathT

Hope you are managing to have a relaxing weekend NG.

newgirly

Thanks cath, busy few days so have not posted.

Feel a bit better now, routine lady test came back fine which was a relief, have had a few days enjoying myself. I went to the shops and for lunch with my best friend thurs and took dd to the massive xmas display at the garden centre yesterday. Bought a couple of yankee candle tartlets and some sweets for the advent calendars I am making for the kids.

I have decided not to get ynab at least in the near future, I've struggled with keeping up entries for my basic spending app tracker to be honest!

However I am going to make a few changes, I wanted to set a better budget for next year that was not so variable and allowed more for birthdays and xmas as although I have cut down a lot, the budget is still not covering it.

We also mostly run things in arrears, via the cc so that will partly change. The food and petrol budget will go on the cc and everything else won't. Its then easier to keep.track of hopefully when out spending.

So to get this up and running by 2016 I will start now, giving enough time to get it running smoothly.
Novembers mortage payment will be a lot lower to balance out the changes, plus I am keeping a bit back for december treats (we seem to have lots this year, theatre tickets for mine and dds big birthdays were bought earlier in the year and my best friend's dh has bought me a ticket for phantom, so I want to pay for a couple of meals out).

I should not really be doing this but I am, we are still going to hit the op target of 20k this year, it should not affect us clearing the mortgage in term and I am fed up with feeling stressed about how to pay for stuff we have booked.

In a way I may have gone too far with the op's a couple of times when I should have perhaps put the money aside for this reason. Over six years is a long time to not spend any money on going out.


The mortgage will still clear one month early in march 2022 as I have adjusted the monthly op to reflect this. I am finding it very hard lately with so many pressures on the budget which are only going to get worse. In reality the budget is sustainable in short bursts but I am not sure about long term We can survive , but I am struggling with the fact we won't be able to save for a cheap holiday with the kids or pay for driving lessons etc.)

So although the budget will be run differently its basically the same:

Food £400 (from dec 2016 as i'm still doing the challenge)

Petrol and oyster for me £100 (up £25)

My personal spends £30

Everything else £175 (covers clothes,treats school and anything else!)

Mortgage £1850

Ccs £44 and £35

Xmas £80

Birthdays £80

Bills and dd's the rest plus monthly savings for car tax /ins and home ins.

The category that is the problem is the everything else one really, its not enough.

I am keeping back a couple of hundred this month as I hate not having anything to fall back on or spend if we really want to, will draw it out and keep it in a tin, hopefully I can add to it and do something nice next year. I have found its getting me down a bit lately being so rigid. Thats tough really though as thats what has to happen for us to succeed in this.

Still waiting for a definate answer from the mortgage provider re extending the term and going repayment. We don't pass affordability and he could not tell me the figure we can afford but did say it was less thatn our interest charge of £301 pm :eek: actually it was in the £200's as a repayment figure, whats that like a £10k mortgage or something :rotfl: They are passing it to the underwriters though as we have been paying £1900 pm, you never know!

smallholdingsister

Fingers crossed the underwriters come good.

We are thinking about budgets too. We have been using "every dollar" for six months and it is not my-kind-of-idiot-proof.

CathT

What is 'ynab' Newgirly?

I think I might start using cash for food, it really makes us think at least twice about our spending. Anything left could go in a sealed tin for holiday?

Good news decision has been passed to underwriters rather than them just relying on the mean computer system!

ourcornercottage

Super frugal is not sustainable for most of us long term. Pay what you need for now and when your super frugal mojo comes back, go for it again.

It's very demoralising being forced down a route and therefore hard to keep it up. You're doing really well, give yourself a month or twos grace

AlexLK

I hope the underwriters come back with a better solution for you, NG.

As for the budget, you do seem to go out to the theatre / meals out etc. quite a lot. Would it be perhaps better to forgo the nights out and go on a 2 week family holiday instead one year?

Also any particular reason you use a credit card and clear it the month after rather than just using cash. Personally, I find paying for things in cash helps me to spend a lot less. Since my early MSE days, I avoid paying for things on a card. Others say the opposite but possibly worth a try?

newgirly

Will take a look at every dollar shs

Cath its "you need a budget" it an american budget planner , although at the moment its not discounted so is $60.

Thatnk occ, although we don't really have the leeway to take a breather really so its a bit naughty

Alex, I've run things both ways many times over the years cash and cc's , in the early days cash was better but nowadays much more is bought online it can be a pain just using cash.

I admit we do spend a bit on going out (not theatre though as I've only been once before ) we definatly don't spend enough to have a two week family holiday (perhaps a few nights in a tent , but I am never doing that again :rotfl:) when the kids were little that was the priority, now they are teenagers it is different, they don't want to do anything with us really except perhaps a trip to florida and the odd meal out or pizza takeout works to help lure them