Jumping aboard!

thriftylynny

Wow!! some great figures there DS i'm proud of you , even more so because i well know how gruelling it can be with just the one wage coming in & it takes a mountain of guts to keep going! My mortgage statement was more than i expected as well, why is it always in their favour?? Anyhow on your advice i have built up a small ...yes small..emergency fund of grand total of 1K & plan to add likewise small amounts as & when, can i ask what your rate your savings receive as my tiny bit has been sitting in my current a/c with no interest for a while & i just don't know where to make a start..advice appreciated !!

downsizer3

Hi Thrifty,
I am putting my savings into an ISA - in my mind that's less accessible so I don't touch it and started but putting something away each month. I still do - I also have a car fund, holiday fund and pot for random expenditure ( planning applications/fees etc)- between them they add up to about £8k.
Each has differing rates - the car and hol fund get all of 0.5% but I access them regularly - the ISA gets 1.something% which is rubbish but I wanted an accessible one just in case.
Better than nothing I guess.
Its worth seeing if your own bank has savings account - its better than your current account and having it in a different pot looks good I recon ( simple things eh?)
Well done you for getting that pot built up - I know how hard it is. We're doing well considering!

thriftylynny

Sorry not replied before now DS , many thanks for the savings advice i shall look see what a/c's my bank offers. Emergency fund already being used i'm afraid this month as at present i am going through an extremely stressful situation with my son, who has suffered a very bad nervous breakdown , following a culmination of bad events happening to him since mid December,won't go into all the details but it was bad & a mothers nightmare' so i am off work at the moment desperately trying to sort him out but i am in total bits of course & feel so sad for him. His father,of course, has been next to useless & no support whatsoever to either of us. I'm sorry , not very cheerful at the moment! Hope things are ok with you DS ?

downsizer3

Oh that sounds terrible! Your poor son - and poor you trying to keep everything together. A nervous breakdown is a frightening thing - I hope you are getting help?
Take care - hope things start to improve soon.

downsizer3

Planning application ought to be resolved soon - and with that in mind I spoke to my mortgage provider about increasing to a guesstimate of £100K
The good news is that they are happy to and would not make any charges for the increase - so no fees, and I keep my 2.99% rate. Not bad.
All a long way off but food for thought.

downsizer3

Just to prove that I'm still here and still overpaying.
House plans are coming along well and going out to tender soon. My £18K mortgage will soon increase substantially! House prices are rocketing here again so its the right thing to do - just not comfortable with a bigger mortgage again but needs must.
It'll mean a new spreadsheet of course............

thriftylynny

Hi DS, how's it all going? Or are you up to your knees in bricks & mortar these days ??!!!