Lois_E begins a long MFW journey

argomatt

Hi Lois
I was reading what you had written about ISAs..
It's interesting for me because I am trying to pay the maximum overpayments to my mortgage I have a minimum of savings at the moment.
I have read advice to maintain a cash reserve in case of emergencies or work problems.
Do you think it would be best to fill my ISA up before I put any more into the mortgage?
Matt

nattypants

Did you manage to achieve your list tasks Lois?
I find that if I commit my tasks to writing, it's the only way I (more or less!) get through the chores, otherwise I would stay on here all day reading diaries:o

NP:D

Lois_E

argomatt wrote: »

Hi Lois
I was reading what you had written about ISAs..
It's interesting for me because I am trying to pay the maximum overpayments to my mortgage I have a minimum of savings at the moment.
I have read advice to maintain a cash reserve in case of emergencies or work problems.
Do you think it would be best to fill my ISA up before I put any more into the mortgage?
Matt

If you have an offset mortgage or one where you can borrow back any OPs, then just chuck everything you can at the mortgage. Otherwise, it's best to have an emergency fund. How big it needs to be depends on your circumstances. How secure is your job? What sudden expenses can you predict might happen to you over the next few years. My job is about as secure as they come, so my plan is to work up to about £10k in savings. That's based on being able to replace my car if it died, without having to borrow for it, or deal with surprise maintenance expenses on my house.

nattypants wrote: »

Did you manage to achieve your list tasks Lois?
I find that if I commit my tasks to writing, it's the only way I (more or less!) get through the chores, otherwise I would stay on here all day reading diaries:o

NP:D

Not all of them yet, but more progress than I would have made if I hadn't posted them. Thanks for asking natty. But I'm an evening person, so the night's young yet and I may get some more done before bedtime.

Lois_E

Excellent news on kids' shoes today. Wasn't intending to go shopping, but came out of church and DD reminded me that her school shoes broke on the inside at the end of last term, and she needed new ones ready for tomorrow morning. Got decent Clark's leather ones reduced in the sale from £40 to £12.

Tilly_MFW_in_6_YRS

Hi Lois, fab bargain on the school shoes :T


Tilly

gallygirl

Lois_E wrote: »

Excellent news on kids' shoes today. Wasn't intending to go shopping, but came out of church and DD reminded me that her school shoes broke on the inside at the end of last term, and she needed new ones ready for tomorrow morning. Got decent Clark's leather ones reduced in the sale from £40 to £12.

Crikey, this is the day for bargain shoes and that works out at only £1.20 a toe :rotfl:.

Lois_E

gallygirl wrote: »

Crikey, this is the day for bargain shoes and that works out at only £1.20 a toe :rotfl:.

She was wavering between a full priced pair and the pair in the sale. I explained how much cheaper they were, but I could see that didn't mean much to her, and thought she might plead for the expensive ones. So then I thought, why should she care how much they are? It doesn't make any difference to her own money, just mine. So then I offered to give her £5 of the £28 saving if she picked the sale ones. Immediate big smile and decision for the £12 pair. So I have still saved £23, and she has had a boost to her pocket money savings, and a lesson in looking for good value.

nattypants

Great strategy Lois:T

lulabelle1

That's a brilliant idea Lois - I shall employ the bribery tactics in my household immediately.

Lois_E

Thanks natty and lulabelle.

First day back at school today. Lessons went OK, but getting up on time was hard this morning. Hope it gets easier as the week goes by.

Best wishes for the new term to all the MFW teachers and students. :wave: