Sweetdaisy's aim to be mortgage-free

sweetdaisy

Forgot to add - after 2 days in school DS1 has ruined his school shoes :eek:. When I picked him up from school club he said he had something to show me and said that his shoes has turned white. He has completely scuffed the front of his shoes and a chunk taken out of one of them. Apparently he was playing 'dogs' with his friends so was crawling along the yard scuffing his shoes. At this rate I think I am going to have to start another little savings pot - 'school shoes' :rotfl:.

sweetdaisy

Had the day off work today as DS2 attended Nursery (linked to the school) for the first time today. He will be attending 3 mornings a week and went in without any problems.

Due to DS2 starting school-linked Nursery, my childcare costs have increased by £28.80 a week. I am currently building up my Childcare Vouchers again, so won't be making such big overpayments for the next few weeks as I build-up the vouchers account and use the money from the childcare savings 'pot' to cover all childcare costs.

It was lovely being off work as I had the chance to do all the housework and ironing whilst DS2 was in Nursery, got to take and pick up DS1 from school, had time to make a Lasagne and made chocolate rice crispy cakes with the children .

My car is in the garage having disc brakes and pads replaced, gearbox bottom bracket and a new fan belt fitted. Had some bad news as the rear shock has blown :eek: so will need to get this replaced in a few weeks once parts have been ordered. I have been pretty lucky with my car, but think that this is going to cost quite a bit.

Purchased another two Christmas presents for the children and waiting for them to be delivered. All I need to do now is have a think about what I am going to get other family members for Christmas.

sweetdaisy

I've had my car back from the garage and it cost £280 :eek: (but did have quite a bit done to it). It's got to go back in a week Saturday to have the rear shock replaced. I now only have £100 left in the Car savings 'pot' and as this will be needed towards the rear shock, I am going to have to build this savings 'pot' up in case DH's car needs anything done to it.

southerndave

Cars are horrible. We bought new as we got sick of this cycle a few years ago when our 'looks like new' low mileage car went in for an MOT and never came out. Everything wanted renewing or replacing, it was on the verge of a write off on cost. I know new isn't for everyone, but I don't miss the worry of repairs, mot's, etc.

Glad your pot system is working though! And to be fair, the cost for the work you described isn't that bad - could've been a lot dearer.

sweetdaisy

southerndave wrote: »

Cars are horrible. We bought new as we got sick of this cycle a few years ago when our 'looks like new' low mileage car went in for an MOT and never came out. Everything wanted renewing or replacing, it was on the verge of a write off on cost. I know new isn't for everyone, but I don't miss the worry of repairs, mot's, etc.

Glad your pot system is working though! And to be fair, the cost for the work you described isn't that bad - could've been a lot dearer.

My car was new when I bought it (the only new car I have ever owned), but it's now 9 years old and I travel around 350 miles a week in it, so it's just 'wear and tear' I suppose. I am lucky that we have been going to the same garage for many years and my parents also use them, so we know we are not getting ripped off as they are great.

YoungBaker

Great diary

Now I'm on the MFW board I'm discovering some of the other great diaries, and yours is a good inspiration!

Great to see the updates on your family too and how it all fits with your plan

Will be following keenly!

jennivee

Hi all I've been reading these threads for some time as well and decide I wanted to be mortgage free before I hit the big 50, now 40.
I am a single parent with two girls and my mortgage at highest was £90000 bought in 2008.I have been overpaying for two years now paying £150 per month extra. im on a very high interest rate of 7.24% at present with Halifax which I cant wait to get off in November.
I would greatly appreciate any advice anyone could give, I don't save as I thought overpaying would be better than me saving.
thanks
here,s to my journey in being mortgage free in 10 years !:):)

sweetdaisy

jennivee wrote: »

Hi all I've been reading these threads for some time as well and decide I wanted to be mortgage free before I hit the big 50, now 40.
I am a single parent with two girls and my mortgage at highest was £90000 bought in 2008.I have been overpaying for two years now paying £150 per month extra. im on a very high interest rate of 7.24% at present with Halifax which I cant wait to get off in November.
I would greatly appreciate any advice anyone could give, I don't save as I thought overpaying would be better than me saving.
thanks
here,s to my journey in being mortgage free in 10 years !:):)

Hi Jennivee

I recommend putting 50% of extra money into savings and 50% as a mortgage overpayment. Now that I am building on my savings and emergency fund, it is a great peace of mind that I have some money behind me should any emergencies arise.

sweetdaisy

DH was paid today so I have divided extra money into Savings -
£60 into Car Repairs/Replacement 'pot'
£52 into Emergency Fund
£20 into Annual Spends 'pot'

Mortgage overpayment made of £23 as redeemed from a survey site.

Two Christmas :xmassmile presents have arrived by post this week and hoping to order a few more for family this weekend.

sweetdaisy

Did my usual shift of monies today. I am continuing with my mortgage OP's, but concentrating on building up my EF as well. DH as spent quite a bit of money on essential items needed for his bikes, so withdrew some money from there and am keen to put it back as soon as possible.

I've had to adjust the weekly spend on fuel for the cars. As DH is using less and I am using more, I've taken £5 off his weekly fuel allowance and added it to mine. We still spend £80 a week between us, but any underspend (when I occasionally work 4 days a week) is put into the EF.

I am unable to edit my signature, but mortgage balance is £68,821.

Purchased some more Christmas presents this afternoon, so apart from pyjamas, books and stocking fillers I have almost completed shopping for the children . Next will be my nieces, nephew and Sister.