Pay off mortgage and start having fun!

wantabetterlife

Hi NG..I think if it was me I would go payg with the transport thing because there are just so many variables to factor in to make it worth it such as the possible job, study days etc. But it's not an area I am familiar with so someone else could give better advice I am sure.

Re dilemma 2...there is no chance I would ever borrow money to invest for whatever reason and regardless of interest rate. It's far too tempting to spend it on other things like holidays etc. Your dd will be really glad when she comes out of uni with less debt.

I am sure you will make the right decision for your family. You are doing amazing with the mortgage BTW...well done!!

Tropically

One thing to consider is - how reliable is your train service and how motivated is your daughter? It is easier to claim refunds for delays on a pay as you go oyster card. It is tricker with season passes because they are calculated slightly differently. If your trains are relatively unreliable and your daughter would feel slighted enough to claim delay repay compensation, then I would go with pay as you go.

newgirly

Hi wabl and tropically thanks for popping by.

I've gone with the payg for the moment and will track her journeys for the next month to try and get a better idea (I have told her, don't want her thinking I'm watching her every move!) we are on an overground and tube line so don't tend to have issues with unreliability really as if one is out the otherwise running. As for being motivated to claim - I'm not sure she is, but I am motivated enough to and I'm paying the bill

Dilemma 2 , I do feel we (us and dd) probably made the safest descision to not borrow more, its just not something I feel I've done enough research into.

greent

Hi ng - I have no opinion on the travel, as I don't know enough about it! However, I would also have done what you have done re the cost of living loan for DD

x

newgirly

Cheers greent, it's always a killer if you think you can make a bit extra, it's not always worth the risk I guess

Costco trip with dad today, £23 on a nice sheet set for the Inlaws for Xmas, and £16 for a pair of sheepskin boots (of the chavvy kind ) real suede and shearling- very comfy and warm. Plus houmous for dh and bread, my dad managed one trolley full for £600 :eek:

I've been spreadsheet fiddling again, it all needs adjusting as I probably won't get a yearly season ticket for dd but monthly. Plus dh has a £700 tax rebate coming (into his personal account - I need to steal that from him) however we will need to pay about £900 in Jan 2018 so lots of adjustments to make.

End result is an end date of sept 2018 for the mortgage (hopefully of course!) and a slightly higher monthly budget of £695 all in except bills and mortgage etc.

Went shopping yesterday and there was more frivolous spending - tracksuit bottoms and a sweatshirt from primarni as its getting cold here now. I have seen numerous outfits in next that look perfect for Xmas nights out but resisted, if I manage to lose another stone I may well buy one in December

Good offer on buy a gift today, recommend a friend and they get a £10 vouchercode, it's a bit naughty but I recommended dh and got a ghostly London pub tour and an "old time costume" photo shoot both for two for £17 total delivered in gift boxes :T perfect for dd and boyfriend for Xmas. Oh and cash back too.

Food spending good , still at £59 this month from £333

Firegirl

The best advise my Dad ever gave me was to take the student loan out, it's the cheapest loan you'll ever get he said! I know the. Conditions now are very different so don't hold me to this info for your daughter. I am heading for 40 and I haven't earned enough to have to pay back my student loan yet. I'm part time and have never reached the threshold. I always think when I earn over the threashold I'll more than happily pay it back. My student loan expires when I'm 50. I didn't know that in my 20s but when I thought about starting to pay it back I found that out and thought I'd be better saving the money that I'd pay to my loan and that's what I did.

If she takes the loan and puts it somewhere she can't touch it then it is unlikely to do any harm. I would take a close look at the terms and conditions of the loan and see if it's worth it. Also if she is going to buy a home in the U.K. At some point then using the Help to buy ISA or LISA is going to get her a seriously good foot up!

Im sure Martin Lewis did something on this- a mum was going to sell her house so daughter could go to uni debt free and the way he explained it was much better than me. But the advise was to take the loan.

I've waffled loads and probably if no real help cause I don't know the terms and conditions of the loan. Hope you work it out!:beer:

newgirly

Thanks firegirl , it's interesting to hear real life examples as the only one I know on this position is my brother who took out all loans and is in a low wage.

She has the tuition loan already so that will be £28,500 spent, it's the top up amount I was thinking about- another £21 k on top. I think I will have a chat when she is around, but will probably still both not take the gamble. Another worry is will future governments change the goalposts regarding payback.

Off to another Macmillan coffee morning today, all kids are at work with dh helping out on a last minute job that came in. The house is a tip and I'm still in bed, woke up late after not sleeping well.

To do today and tomorrow:

Macmillan morning....done

Do all washing

Strip beds.....done

Update meter readings

Clean fridge

Get petrol.....dh took car so done

Ironing up to date .....done

Clean kids rooms - never do this now but they are all out so I can have a good dust and mop........done

Bathrooms

Kitchen

Living /dining/conservatory

Penthouse

Hall/stars

Cook roast

Go to butchers for mince

Cook bulk spag Bol

Make hob nobs

Make cakes

Top up shop......done

Dye roots .......done

Do nails - no acrylics anymore so nails are a mess .......done

Go to see the girl in the train

Look at holidays, cruises and experiences we may do when mf

That's it

PrincessLou

Gosh, that list :eek: I'd be lucky to get all that done in two weeks let alone two days

newgirly

Nowhere does it say it will all get done :rotfl:

newgirly

Still lots on the list to cross off, I don't feel like it as I drank plenty of wine last night after buying a bottle not good for me or the grocery budget £24 top up spend (not on wine but in total )

The Inlaws are back from their first cruise and bought as all presents from the ship, mine was a litre of Bailey's - I shall drop it round mums today for safe keeping and dd got a key ring made of fur :eek: an unusual choice nowadays I think, her vegan boyfriend will be impressed I'm sure! It sounds like fil ruined it for mil which is a shame as its always been her dream holiday, bil has been quite upset over how his dad is, but in her late 70's I doubt much will change now

Watching the generation above is quite an eye opener lately, I know of lots of people , parents friends , family etc. who really have not planned for retirement, a few who are downsizing against their wishes.

My inlaws are now in there dream home and have been for the last 12 years or so, they moved from a large terrace in a side road off a busy town high street where they had been for 30 years, knew all the neighbours , mil had a network of Spanish friends etc.
Now they are in a detached house, massive garden, in a cul de sac next to a country park, no shops in walking distance, nobody walking past, mil now can't drive and her friends are getting on and don't want to travel to visit. The house is what they always wanted, but it seems so short sighted of them, they are getting more isolated the older they are getting.

Sorry waffling on! Just annoyed at some of our family at the moment for some of the choices they make which is totally NONE of my business

Is it just me who gets irritated by how others run their finances, I've been asked my one of he guys at work this week to help with a new cc as he can't afford minimum payments, he keeps re jigging his loans and cards to always pay the minimum allowed. he's got another 0% one , but they still spend on other stuff and are running two cars etc. Its a difficult situation as wages have been cut which has a big impact, but when you can't afford the minimum payments why do you pay £80pm for sky and over £30pm for a phone, run two cars etc. I have recommended mse many many times now.

I feel better after a Sunday morning rant now