The Ultimate Hard and Fast debt clearing mission

Dinah93

tinkerbel wrote: »

Wooohoooo congrats everyone!! And happy birthday archers! Cinny where've you been??! Dinah and nim so when is she due?!! Wow I'm so excited for you but I hope now are able to do all the relaxing you will need!!

Erm, nope. This thread was started about when we found out as suddenly there was this whole new incentive to get the debt cleared in a specific time frame. So we are pushing really, really hard now to clear the debt so I don't have to think about it once the baby arrives.

I guess I can be honest now, I did lie about the total a little. In that chart there is a CC with £4000 on it which we never seem to make payments on. This is a baby savings pot I would like just to cushion us during maternity leave. I'm also not actually planning on clearing my student loan before the baby - it's just roughly the right amount of money to pad the dates out until our anniversary as a 'clear the debt by June 18th' would have been an odd target which may have raised a few eyebrows.

I really will do a money update, probably tomorrow evening as I need a graph and chart off NIM.

archersluck wrote: »

OMG! I'm so happy for you guys. Just did a comedy double take and now sat here smiling. I feel like I should be telling everyone "some girl on the internets having a baby!"

Have you told everyone now you've had your scan or did you let slip early? Are your families thrilled? So exciting!

3 out of our 4 parents are thrilled, and all the grandparents. We told the parents a few weeks ago, and the brothers a bit more recently. Grandparents only in the last 48 hours as well as most of our friends although one did know early.

Lara44 wrote: »

That's so great, you two must be really excited. Do you know yet if it's a girl or a boy, or are you keeping it a surprise? I bet both families are totally thrilled!

Well I have some money news for once We went to the financial adviser yesterday who was really great. He talked us through what they did, different options for pensions, investments etc, making some short / medium and long term plans and the different levels of risk and types of investments suitable for each.

So the goals are -

Short term
- OH to have 6 months wages in the business - Done
- We to have 6 months my wages in cash ISA - Done
- OH to repay student loan remainder - £4500 - done

Medium term
Overpay the mortgage within 10 - 12 years
(We are shared ownership and then we can decide whether to staircase to the full amount or perhaps move out of London.) - This we have decided to do in stocks and shares ISAs I think, while the SVR interest rates are so low. We have a lump sum of about £8300 to kick this off with.
Me to pay towards my student loan - Any spare money from my stipend will go towards this, but not before I get my treats in my sig

Long term
OH to get a pension from his Ltd. company - starting 2012
Me to wait until graduation to see what happens job-wise -
That will be the next financially uncertain point. I think it might be difficult to get a job after graduation towards the end of 2013. We would like to start a family then so we may be without maternity pay. But we can live off OH wage with a small amount of cutting back.

It seems to be expensive to set up all this stuff, but I think it's worth it in the long run.

:money:

We don't know until the 20 week scan, which will be on my birthday, February 1st. I didn't want to know at all, and NIM did, then when we went yesterday I completely changed and want to know everything I can! NIM has always been really against 4D scans as they can be any generic baby, but now he wants one of those (I haven't quite come around that far yet).

Your goals are really impressive, you seem to have everything planned out. I think you can get maternity allowance at the same rate as statutory maternity pay, if you're not entitled to SMP.

wendz86

Ahh lovely a summer baby! Bet you are both so excited. Looking forward to hearing all the updates etc!

Glad you had a lovely birthday Archers spreading it is always a good idea.

Lara - glad the financial advisor went well, sounds like you have a good plan in place now.

wendz86

Glad most of the family were thrilled, no suprises that someone isn't.

I didn't mind whether we foudn out or not with the gender but OH wanted to know. Was glad I found out as i like to be prepared but I am sure it is just as lovely to have a surprise.

totallybonkers

Another lurker from Day One here but massive congrats guys, I love this thread as you are all so entertaining but I never feel like I have anything interesting enough to say, but this merits a big congratulations! and good luck xx

Birdie85

Looks like you're getting all sorted out now Lara, good on you! Just how long are you going to be a student for?!

In all the excitement yesterday I forgot to say that I passed that IT course! :j Thank goodness for that, I was worried I'd blown it again! Got another one in January to worry about now

Looking forward to seeing your *real* money goals now Dinah! Are you starting to get a little bump yet?

Dinah93

Thank you Totally Bonkers and all the lovely other lurkers. I feel the need to put a bet on how many lurkers I can force out the woodwork with each big announcement!

shrimpy_80

Birdie85 wrote: »

In all the excitement yesterday I forgot to say that I passed that IT course! :j

Well done Birdie!

I found out when I got home that a friend of ours also passed their driving test yesterday, and that my cousin is expecting again too. Must have been a good news day!

Dinah93

I'm not going to change the targets actually Birdie, just change the name of the CC to baby fund or something (it's pre-emptive debt clearance I figure as without it we'd end up a bit back in the red on the unpaid part of maternity leave). I'll leave the student loan on there for now, as if we get back on track I will still try to overpay it - just maybe it would take until Christmas 2012 rather than early September. It does depend a little on if I plan to return full time/part time/not at all, but I don't really want it lurking in the background I'd rather just get it cleared.

ETA: Yes little bump is becoming quite noticeable. It's very much in the cake/baby? phase, but none of my skirts or trousers do up.

Lara44

Aww it must be quite exciting seeing your body change Dinah!

Birdie - :rotfl: hoping to finish middle of 2013 - that's when the money runs out at least. Although I would definitely love to be a student for life, roll on that lottery win. Congratulations on passing your course Your brother's wedding sounds really amazing, love the hot chocolate bar, cool!

wendz86

Well done on the test Birdie!

Ahhh little bump! I miss my bump, she was quieter and less trouble then :rotfl:.