Pay off mortgage and start having fun!

newgirly

Hi SC and Vix, we are not on a water meter so no savings there as I think if we went on one costs would be a lot higher. I’ve not looked for work yet and I’ve also not done anything towards starting a new business 🙄 partly as I’ve been waiting to see what dh does about his work as I might work for him and partly as the thought of something new terrifies me! It does need addressing though. 

The garage rent is going to drop off hopefully when everything is completed and moved over to the garden, probably in two to three months. The Xmas/birthday budget is steep and I’ve just added an extra £25 pm to it to cover all expenses I don’t usually budget for but always spend anyway 🙄

newgirly

Right so not including the kids’ rent which I’ll use for misc. things and my personal spending, we have a monthly total of £2021.60 left after minimum mortgage payment /bills/insurance/Xmas savings etc. This does not include petrol, food and mortgage op’s and holiday costs, just need to work out a budget from that now 😬

newgirly

Right, I have a plan! 

All savings in premium bonds and the offset are going to the kids (£15K) so we are done with them now 😬 may and June’s usual mortgage overpayment will go towards the holidays booked (previous money saved now used) plus a monthly amount of £250 which will clear the balance owing and spending money for both by next sept when the last one happens, after that we will probably continue to save that and go away still.

Total mortgage budget will be £1500 including usual minimum payment, meaning a new end date of July 2026 knocking 173 months off the term, this is also the amount we get in rent from the factory, so we will live off just dhs wages (plus extras hopefully!) 

So total left for food and petrol is £620 pm, which is £20 a day minimum which should be easy to keep track of in my head budget wise. I feel a bit better now I have a plan 😊

South_coast

They say a dream without a plan is just a wish!

killerpeaty

Will the mortgage payments sit in the offset or be paid straight off the mortgage? (Sheer nosiness)

I love that you have added £25 to gifts, if this makes things more realistic then it works! Just don't be tempted to increase your spending because you have more budget

newgirly

I think if we ever do pay this mortgage off it will be a dream come true SC 😂

Hi KP, usually it’s all in the offset with a niggling thought we will be goving some to the kids in the near future but we won’t need to worry about that now 😬 so I guess I’ll do an offset emergency float just incase and then the rest can actually go off the actual mortgage. 

I’ve been good today, after a rather rubbish weekend at home I needed a pizza delivery really badly, I’d actually been thinking about it since I woke up, but instead I found some old flour and made my own. I won’t lie it wasn’t as nice as a veggie hot one but it was good enough and free 🙂

themadvix

Well done for being strong NG - it's really hard sometimes (speaking from experience), but it's worth it! (But now you've got me thinking about takeaway!)

newgirly

Good day today, I took mum out for the first time in a long time 😬we had toast and coffee in the Italian in the shopping centre and I bought a few pairs of jeans to try in primarni (none of which were any good!) it felt great doing something normal again. 

I’m trying to lose a bit of weight, I only put about 2lbs on during last years lockdown, this year though I’ve put on a bit more so I’m about 6lb up in total, i was already at least half a stone overweight so I need to sort it out. I’ve been tracking everything on MFP , even if it’s a really bad day of cheating 🙄 it will come off very slowly as I can’t do diets that are too restrictive.

themadvix

I’m trying to lose a bit of weight, I only put about 2lbs on during last years lockdown, this year though I’ve put on a bit more so I’m about 6lb up in total, i was already at least half a stone overweight so I need to sort it out. I’ve been tracking everything on MFP , even if it’s a really bad day of cheating 🙄 it will come off very slowly as I can’t do diets that are too restrictive.

You’re not alone in that NG. For me it was second lockdown combined with the discovery of free pastries on olio - probably not so bad when I was walking a five-mile round trip to collect, but that’s gone by the wayside a bit. I’m also on MFP - for me it’s about regaining the self-discipline and actually paying attention to make sure I don’t eat regardless of whether I’m hungry or not.

Moneyfordreams

Hi NG, 
congrats to DD, I hope all the panning is smooth for you. Kid's money fund we have similar I suppose, DD1's house deposit turned into £8k... so we have to give similar to DD2... When my mums estate is sorted, around £7k will come to me... and put aside for DD2.   
I've probably said this before, about relaxing and enjoying your time, fast pay offs are great if you are not struggling elsewhere. Anyhow.... you enjoy all of the working out don't you and that moderate pace seems ok. I hope DH gets what he wants from his work. I really must be awful to have such uncertainty.