SF's road to mortgage freedom!

slowlyfading

Blah, wasn't too impressed with my classes today..... knew it was going too well so far! :rotfl:

It's another NSD in the SF household - we've both been at work all day and don't need anything we've had a simple tea of filled pasta with sauce and garlic bread, and now me and DH are relaxing on the sofa.

Is it the weekend yet?

rising_from_the_ashes

1st full week nearly over!

dinner sounds good!

slowlyfading

I'm so confused/anxious/worried about things. I'm trying to work out a good number for our emergency fund - I thought I'd done it right, figured out the number and have started putting bits away.

Now, I don't know whether to focus more on getting the emergency fund done, or the mortgage, or split it evenly or what. I've read lots about how you should try and overpay more early on in the mortgage to save the most interest, but also you should have an emergency fund in place as well.

My head hurts blah. It's been a long week.

beanielou

Just give yourself a break & stop worrying.
Whatever your figure for a month is, why dont you split it between the two?

Keiss_21

Hope tomorrow goes well SF and you are still enjoying it all. Starting a new job always is a bit traumatic at the beginning, this go up and down, good one day, not so the next...but that's life really!! You'll sleep well this weekend!

Well done on your OPs...never done that as kids have always used up any "spare" cash. I am hoping that DH gets a job soon, so we can plough some of his redundany into the Mortgage, as well as an emergency fund. Would also like to get a few things done round the house...quite a lot needs doing really

Trying to pretend the money isn't there, though I bought a 2nd hand sewing machine at my shop yesterday. :eek: My boss gave me a great deal, and all the extra work I will be doing next month will cover it easily (working 5 days a week for 5 weeks while boss goes off on a cruise). Having the redundancy money there meant I didn't miss out on such a fantanstic opportunity...soo pleased, but still not had a proper chance to use the machine yet...that's happeneing tomorrow afternoon, I can't wait!!! :j:j

Right off to bed soon, very tired, everything is catching up with me.

Have a great Friday and a lovely relaxing weekend xx

Tilly_MFW_in_6_YRS

Hi SF, Edinburgher splits his 'spare' money between emergency fund and OP pot and I have a feeling Sweet Daisy may do as well.

Good luck with your plans

Tilly

Sparkles87

Emergency fund first... Otherwise if something did go wrong, the credit card interest would cost you a lot more than you're saving from your mortgage interest. Even if its £1000, then start doing 50/50 mortgage and savings.

taka

There is no right or wrong way of going about it SF! Don't stress! Everyone is different!

Martin's advice...

If you have done your maths and come up with an emergency pot target then personally I'd save that up 1st rather than OP. No point in costing yourself more by using a credit card or overdraft costs than you would save on your mortgage if something were to happen and you needed it! Set up a standing order to your saving account and let it grow.

If absolutely no OPs feels wrong (;) ) then you could try to OP a £1 a day + any "extra" money you save/earn by being :money:. Even that will make a meaningful difference to your mortgage if you do it from early on! That may knock a year or so off your mortgage if your keep it up over the term and save you £1000s! And it isn't too painful to fit into a budget more aimed at filling your emergency pot! That is an extra £1000+ OP'd (plus interest saved) during MFiT-3 alone!

PS Don't be so hard on yourself! Baby steps! You are already ahead of the game by making any OPs at all!

slowlyfading

Thanks for the advice everyone - I've decided that I'm going to continue to OP, but not get too obsessed about it and worry about the fact that I may be going fast enough. I'm also going to focus more on the EF for now, so that I can get that to a level I'm more comfortable with.

So, I've transferred £200 to the EF today, and OP'd a smaller £80. Baby steps

In other news, I'm so so so glad it's the weekend :j I've liked this week, but I'm absolutely shattered. I have quite a lot of work to do which will have to be done on Sunday blah. Ah well, that's the nature of teaching; weekends are taken up too!

Going to have a lazy evening, having a proper lazy, unhealthy tea and I've got a bottle of alcoholic ginger beer in the fridge with my name on it, and I don't intend to move very far from the sofa!

slowlyfading

taka wrote: »

PS Don't be so hard on yourself! Baby steps! You are already ahead of the game by making any OPs at all!

THank you I know, DH tells me often that I'm far too hard on myself I just worry about things!