Debt Free? then what?!?!?!

chevalier

You must be really excited with your debt free date being so close. Well done you!:T
Perhaps now is the time to investigate how well you can make your money work for you. For example can you overpay on your mortgage? Is there a penalty if you do? Would you be able to put money in a regular saver account (this is where you sign up to put up to £250 a month into an account for 3 years I think it is, and you get bonuses added in as well as the interest).

best of luck with the last stretch
chev

do_it_today!

chevalier wrote: »

You must be really excited with your debt free date being so close. Well done you!:T
Perhaps now is the time to investigate how well you can make your money work for you. For example can you overpay on your mortgage? Is there a penalty if you do? Would you be able to put money in a regular saver account (this is where you sign up to put up to £250 a month into an account for 3 years I think it is, and you get bonuses added in as well as the interest).

best of luck with the last stretch
chev

Thanks Chev :T unfortunately we can only overpay 5% of mortgage balance every year otherwise there is a penalty - we are going to open the 12% A&L 1 year savings account and overpay some of the mortgage at the same time... so opportunity to grow the f*ck work fund, some capital and over pay mortgage. I am glad things are going well although I am fast tiring of working full time we are also tempted to move to a nicer road in maybe a nicer town which would ultimately mean bigger mortgage and ball and chain to conformist 9-5 work.... there is a real battle inside me - regularly I look at the houses available and nothing really fully feels worth the sacrifice it will bring in terms of having to pay for it....yet it still feels quite sometime before I can take a bow out of working full time... perhaps time to drag out the SOA and assess how much we feel we will need for me to jump ship and start plotting a date?!?!?...

Kaz2904

Just think though that you will have paid off more than 12k + interest in 9 months. So if you can mange to save at that rate for even 9 months then you will have more than 12k saved! How great would that be? It would certainly bring you closer to your goal of moving or giving up work to have a family wouldn't it! I'm very impressed by your progress.

do_it_today!

Thanks Kaz2904
We have seen a lovely 3 bed house today that hits most of our buttons BUT the mortgage is more than double what we have now and I would definitely have to continue working full time. whereas if we stay where we are... financially things are comfortable although we are not massively happy to stay here. I like the affordability of where we are and the options it allows but still eager to move... my mum always said cut your coat to your cloth. which I agree with yet we do have an urge to find the home we could stay in for a while have kids and be close to good schools

I think I know the answer but what do you think?

Kaz2904

My personal opinion would be to weigh up- is it your forever home?
Is it at all realistic that you really would give up work once you had children. If you don't give up work, who will look after them or can you work nights like me?
I would probably decide not to do it unless I knew I would be able to take big chunks off the mortgage before kids arrived. You have the potential now to produce large amounts of money in a relatively short space of time so why not run with that for the time being. After all you would be doing a trial run of paying a higher mortgage and childcare without the commitment of either being real so noone gets hurt if it's not sustainable. Even if you do find it won't work for you, you will have still gained by boosting your savings.
How about seeing some real figures for the house- how much is it, what will the mortgage cost? How much is yours valued at? What is your current mortgage cost? How quickly would you be able to clear the difference?
I have to say that if it meant you working while children were very small but being able to give up once they were at school that is a compromise. I found mine needed the emotional stability much less when they were tiny than once they hit school and preschool. That is when they get really concerned about who is picking them up from where and that is when their social life and ours really takes off.
I love that I work nights as it means I am there for school runs and school things but I hate thet I do nights because I miss out on so much other stuff. I don't have any other option until my mortgage is clear because I have to stay on nights until the children are old enough to be left from 9am til 12pm then 12.45pm til 3pm if they are sick and we can't get anyone to have them.
If I didn't have to work I wouldn't.

tealady

When you go to the library ask them to reserve the book you want. I go into a bookshop, see a book I like, then in true money saving style reserve it at my library for FREE.
Amazon is where you sell books, the fee you set yourself, just watch the postage as their fees are not generous for heavy books but I have sold some there.

do_it_today!

Hi Kaz2904 :hello:
DH feels he could set roots there I have a gypsy type track record to my living arrangements but feel like I could stay awhile...

current mortgage £127k value £185k = £620
New 3 bed house £255K value £300k = £1700

I love the house just bothered by the area and prospects of tenants next door!

chardonnay_2

really impressed by what you have done so quickly.


re downsizing/ get rid of work fund - if you continue to apply yourself and perhaps even cut down further you'll be there in no time.

good luck

do_it_today!

Hi all :hello:
no internet access at the mo... looking for a new job so things are abit hetic - current debt has not gone down but have discovered Im being underpaid so should get a rebate of £200 :j I am flagging.... but plans to do a bit of work on the side and hand in notice too.

will give update when I get a chance bye

do_it_today!

Hi All :hello:
remember me from November last year - I cant believe this year has passed so quickly!
Anyway nearly debt free balance down to £1796.83 - from 12k!!! have moved balances to 0% rates so thats good!
Still selling books
started putting stuff on Ebay (fingers crossed!)
Still have wedding dress
Still in same house yet tempted daily to ball and chain myself to a new massive mortgage!!!
Am off work at the moment still a big question mark careerwise! The finishing line is a bit longer than it could have been but we are still moving in right direction!
No broadband
Thanks for all your support!!!
I must update my signature