Ultimate Challenge. 457 days / £16600!!!

liltdiddylilt

Mad Happy!! Although waking up now to no housework does sound very appealing! Weather is gorgeous here today, blue skies with the odd puff of cloud, bright sun, birds singing.. And so cold if you went out there you would come back minus a couple of toes!

Thanks Listerbelle & Annie for clarifying PAD! Was going round and round my head. Annie you're not all THAT far from me. We live in Folkestone at the moment but I originally moved from Nottingham to Deal which also has a lovely pier!

Today I'm finding motivation hard to come by. OH has work at 2 so I think after that I shall blast some tunes & get cracking on cleaning up. I hate stripping and making the bed

Paydays start tomorrow!!! Mon, Tues, Weds, Fri = child benefit, tax creds, my maternity pay, OH pay... Thurs & Fri I'm doing some overtime too! So that's another £80 :)

Happytogetdebtfree

Wow a full week of money coming in thats got to be good I have myself a dilemma well not so much a dillemma just looking for other peoples view point. I have a secured loan its over 30 years the intrest rate is 4% so it would not make money sense to get an unsecured loan at a higher rate. Now my dilemma im wanting to start a family our home will accomodate the first child but to then have other children we would need to move. Once the unsecured is paid off we are in a nice financial situation. Now because the secured loan is spread over so long the monthly payments do very little to service the outstanding amount! it costs 1290 in intrest a year! we can overpay £1000 a year no more unless we are paying the loan off in full! Now ive looked at different ways like for example saving a very large amount to clear it off over 2-3 years. Now this is where it gets stressful for me im planning on mother nature been easy so say i catch on with early 2013 i want to save 5k for family stuff buying days etc etc etc its probably over cautious but i am a plan freak. im looking at 18 month to 2 year age gap so id have so il have 9 month preganancy + 12 months first baby then ttc 2nd and give us another 6 month before moving so 27 month if things are rapid. Sorry im rambling just trying to get it out of my head. Should i save to pay secured loan saving us £160 a month and freeing up and equity that we may get in the house we sell or do i save up for an house deposit and hope that the homeowner loan can be dealt with when the house sells ? The thing thats getting me is well ive been paying negative wealth actively aware of paying since aug 2008 and its like sometimes you feel like screaming when does it stop when can we feel ok about things.... i know im rambling im also a crazed planner and i am overthinking the fact our next move wont be dream house longterm so i want to make the best out of our time in the more than affordable home we are in now ie get everything paid off and get as much saved as possible i just dont know ive stressed myself out now ! xx

killerpeaty

Ha ha annie, you're an ironing machine! I'm nowhere near you, if you go to the place in England furthest from the sea than that's probably me :money:

Lilt, do I need the special motivation whip again? : P But yay for pay...week! >D

@Happy: Stupid question, if you plan to save up for the deposit or to pay off the loan, can you not just save up the desired amount then decide what's best to do with the money?

Additionally, I'm guessing you want to move house to get a bedroom each for the kids? Does it help to tell you that I shared my room with my sister until I was 17? Or that my (female) friend shared with her brother until she was about 8?

Personally (and I say this from probably a naive stand point) I think I would pay the additional £1k and save what I can on top. The savings can be used for baby or loan as and when needed plus the loan and interest falls.

I start my job tomorrow. I'm scared.

Happytogetdebtfree

Thanks killer peaty, when i say a child bedroom its like a box room lol so id struggle to fit 2little people in but they are options. I have decided its more important to pay the secured loan off asap because it will have a negative effect on when we want to get a new mortgage i suppose, ive done a very very very frugal but liveable plan that can see us clearing it in 16 months. from may 2013. And we can probably save a good house deposit from then plus house equity. If needs be i could set up camp back at ma and pas lol. Sometimes we just have to accept that things take time but it will be worth it in the end xx

Good luck for your first day tomorrow, no doubt we will all be thinking of you xx

liltdiddylilt

Omg Killer I'm scared for you!!! I hope your day goes absolutely fantastic and huge good luck! Ill be thinking about you!! So exciting! Think of the money you'll be getting come YOUR payday!!!!!

Happy, I shared a bedroom with my little sister until I was 11. She is exactly 23 months younger than me! We had bunk beds with the bars to make sure we didn't fall out & being the oldest I was on top. If you think that they are supposed to be in your room for the first 6 months, in their cot... You will have plenty of ways to squeeze them in, ideal though it may not be! My daughters room is a box room so her chest of drawers is in my bedroom she has a rocking chair, cotbed which is bigger than a normal cot & her changing table in her room. I'm sure I could squeeze another cot in & move the change table out! Lol

I think paying off something which is costing you 1200 a year is a major priority!!! Think how much that is over 30 years!!! X

Happytogetdebtfree

A hell of a lot i can here ninja waving her whip at my stupidity for thinking of not paying it so soon lol lol. I know your right there is always a way to manage things and i need to relax abit over things that will sort themselves out and focus on not going like a crazy spend fool come may secured unsecured its all negative wealth at the end of the day lol xx

killerpeaty

I see no stupidity >.< Talking to people is meant to help sort out your own mind isn't it?
A friend of mine still has to share her room technically, at 23 But her sister is in Hong Kong at the moment.

I'm actually terrified. They're going to find out that I'm an idiot! The magic of my personality will wane! :eek: I make good first impressions then people find out I'm truly horrible! O:

Happytogetdebtfree

Lol killer im sure that wont be the case what is your job title ? i think i will brave a walk with the dog later yippeee i best get my winter wellies on lol x

killerpeaty

I hope you're back inside now Happy, this F1 race is nuts! O: O: O:

Also I'm a consultant. I shall consult on anything and everything because right now I know nothing about anything I'm going to need to. :cool:

Listerbelle

Best wishes in your new job killerpeaty!!