My diary to be coming mortgage free

alwaystryyourbest

hi and welcome and good luck ,,your the same as me ,as i don't have any emergency saving,,but every one seems to say you need at least 3/6 months of money before putting any towards the mortgage...:)

SmlSave

We don't have emergancy savings either but I know we should have at least 3 months wages.

golfiematt

i dont have emegency funds as such but all the overpayments ive made are in a reserve i can draw back at a moments notice, check with your provider if you have this facility.

gerbiljo

good luck!
I also do not have emergency funds but I do have helpful parents if necessary (norty)...
I'm too addicted now but I will once this is all sorted!

Day_Dreamer_Girl

I'm still unsure what to do about emergency savings especially with the interest rates being so low. I do have a cc that I have for a back up in case my car, boiler goes wrong. Now I'm sure some of you will be saying that having a cc as emergency fund is wrong but I think until the interest rates increase for savings I think it would be better to reduce my mortgage while I can.

I have started back on my diet today as I have put on quite a bit of weight over the last couple of months. I want to lose 12lb by the 6th November which I know is easily achievable but I need to start now and take it slow. I managed to go for a walk at lunch time and also went for a run this evening.

newgirly

Hi daydreamer girl, I have just read your post, good luck with you decision to start OPing the mortgage, I only started a couple of months ago and have a mortage almost exactly the same size as yours, so will keep an eye out for your diary. I don't really have proper emergency savings only a couple of hundred, but have a history of making big impulse purchases, so I prefer to just OP everything so I don't have the temptation. But if you are more sensible than me its probably better to have some money put away!

Day_Dreamer_Girl

Hi newgirly. I'm like yourself with impulse buys hence why no savings!

Maybe it will be better for me to just off what I can for the moment as I am geared up to try and pay as much as I can off my mortgage as I do not want this tied to me, I want to be free!!

CathT

Hi and welcome from a fellow newbie. I have no savings either at the moment, trying to plough it all off the mortgage to try and see a difference!

Day_Dreamer_Girl

Just thought I would do a quick update, at work at the moment!!

I have a number of things that I want to save or pay off.
1. pay off last credit card bill - roughly £1,800
2. save up some funds for emergencies - not going to be too much as I do have a clear credit card that I can use in the interim period.
3. reduce my mortgage as much as possible.

At the moment I am putting away £85.00 a month into a savings account to go towards the mortgage and any bank interest, cashback to I receive is also going towards it. Any other money that I have will be going towards my credit card and my emergency fund. At the moment I am lucky enough that I can do some overtime so I am going to use that money to pay my card and to put away for emergencies. Once these two are done then it's all going on to the mortgage.

Weather is pretty rubbish here today, the way it's feeling winter has arrived!!! Just to make everyone happy there is 121 sleeps until the big guy arrives!!!

Day_Dreamer_Girl

Been working from home today and have been sneakily setting up a spreadsheet to help me keep focused on paying off the mortgage. I am hoping that I have set it up correctly, will know when the next payment comes out.

Not got anything planned for this weekend except doing some overtime to try and catch up with my work as I am still behind from when I had my two weeks off.

Hope everyone has a great bank holiday weekend. :beer: