Decided to go for it

bloolagoon

Evening, yes I am getting a higher rate in my savings and the majority are ISA's so would take a long time to build back up. What I am attempting is my own format of offsetting, so the majority of OverPayments will be from the Interest when the account receives it. I have a flexible mortgage so no penalities should the Interest Rates drop.

And yes it is indeed where my Username comes from - My skin was very dry following Chemo so I went to an amazing Spa there and it was breathtaking.

cb4fwh

I've been to Iceland & the blue lagoon a few times - love it!

Been through the whole chemo thing as well so know what you mean!

It sounds like you know what you're doing, so good luck!

bloolagoon

Thank you, yes I was inspired.

Not the best month for overpayments. Standard Over Payment and Council Tax overpayment only.

Hoping to see some leeway next month when the savings are given their interest. Still struggling with the concept of over paying and feel we waste a vast amount of money but old habits are hard to change. Think next month when I see the result of the savings I will feel better.

QB_Wolf

Just noticed your diary - already an interesting read - good luck!

bloolagoon

Ok - Some money paid out from savings so since last update

£750 from an ISA
£88 from a regular savers
£350 from drip feed
£120 from the Council Tax

£1308

To pay once finished banking next month is

£99.09 (savings interest)
£124.30 x 2 (First Direct Regular Savings)

It's been a hard month, we have acquired a new smart screen TV (not needed but the husband wanted a new 3d TV, went away on a short break, had a milestone birthday, and also paid some money off a once in a lifetime holiday).

We now have a lot on credit cards that needs paid off, so savings will be down from next month.

Positives, I got £320 overtime (not yet decicded to over pay or use towards the credit cards for holidays etc).

Husband got a payrise £142 a month
Husband got a £4K bonus

Again not decided on those as won't hit the account until Monday.

I have also been looking at Ebaying, as have a lot of clothes that do not fit me any longer due to losing weight. I normally donate to charity, however, have some good high end clothing from Donna Karan, whistles, Jigsaw and haven't been worn so thinking of dipping into Ebaying these items.

Do they sell? If not then I can donate.

The other perhaps is that I have been viewing a house with the view of moving, I said forever home but there is one that has a lot of potential near me that I am considering, which will take my mortgage way back up, needs consideration I think.

bloolagoon

Some overpayments this month, first set of items on Ebay with watchers so will see how they go.

I have also put some things onto Facebook to sell and got some items to have a carboot sale next month.

Ideally I want to hit £6,000 in Overpayments by the end of August.

Holiday is now nearly all paid off too.

Husband has £200 a month payrise - so all of that from next month will go to overpayments and pension, split between the two.

Downside is my health is making me work less hours and also we now are not entitled to child benefit so need to remember that the £134 a month don't belong to us as will need to pay this back when we do the forms they require, so popped into savings for now.

I am trying to be very MSE but have had an expensive month with eating out and friends but you need a balance don't you.

Aiming for more overpayments next month and off to read more diaries for inspiration as I am thinking if I did this more than once a month I may find it easier. We still have over £2000 a month that just seems to disappear and I have no idea where it actually goes to, which is frightening.

firesidemaid

hi.

just read your thread and thought i'd add some thoughts......

everyone is different and has different motivations for paying off mortgages etc.

mine/ours is that so that once paid off, i don't have to be a slave to my job/working - i would be able to live off much less money without the mortgage payment and the pressure of having to pay a mortgage full stop.

it's also about priorities, about balancing having a good life now, but also later on in life as well.

you are only earning so much money and you have to decide what to spend it on. you can be canny and save money in certain areas without really noticing eg. getting best deals on bills/insurances and anything you buy, food etc, using tesco clubcard points for meals out.

if you haven't already, do an soa for yourself and re-visit regularly. after bills, calculate the leftover cash, assign pocket money each if necessary. for us, we jointly decide what to spend our money on.

good luck x

bloolagoon

I think I do need to do a SOA and perhaps a spending diary.

My motivation is to retire early as I want to enjoy life if I make it through this period of ill health. My husband is a work a holic and enjoys his work so it would be nice if we could retire in 20 years time. I know we wasted a lot of money and want to stop this wastage and use money wisely not stupidly.

I also want to move closer to family and houses there go very quickly so need to be able to have savings and move without selling mine as the market where I am is slower.

The house purchases won't be too dissimilar, just one will need a quick no chain to secure the buy and mine will need more time to sell. I want my children to live nearer to their cousins.

Will look at SOA and a spending diary to see if that helps me to identify wastage and not necessary. I'd love to say I spend on enjoyment but think I waste a lot of money on not necessary things.

Good luck with your slow down