8.8 years

Octobergirl

:T10lbs lost since xmas
Went on one of the holiday insurance sites recommended by mse for pre-existing conditions and got a cracking deal at £22, compared to the £100+ I was previously quoted.

Octobergirl

Picked up some good bargains yesterday, some decent games for £2 each, which will make good party presents also fleecy jimjams for the kids stockings, down to £3.

Play scheme booked for 3 days over half-term.

Octobergirl

Fixed my mortgage rate today, 1.74% for 2 years:T:T:T:T

We've only got 4 yrs 8 months to go if we continue to overpay £50pm.

I remember looking at people's diaries when we owed £100k+ and was so envious when they were sub £50k. Now we're there, it still feels like a HUGE amount to pay off.

Tempted to reduce my pension contributions to overpay more, but played with the pension calculators, the £200 I'm putting in will bring in a paltry amount once retired. Got lots of catching up to do with our retirement planning.:(

Octobergirl

:T:TPopped into the bank yesterday, to query details on the new mortgage document. Was advised rates have reduced again, so changed to a 3 year fix at 2.09% instead. A £6 difference in repayments per month, if the rates go above 2.7% in the next 3 yrs it will save money.

Made a £50 overpayment too, I would love to try and pay off in under 4 years.

Octobergirl

What a difference a week makes.

Whilst re-evaluating our finances/mortgage fix, I had a little wander around the boards and websites dealing with investments. We have pretty much nothing in the way of retirement funds, a few small pension pots, which has been niggling away at me. This led me to a free kindle e-book and I've had my LBM on retirement planning.

I've not been able to put the book down and have started making changes.

Firstly I've cashed in our premium bonds, which have sat there for 9 years doing nothing (ouch). The money will be used to set up and drip feed an S&S isa. This will be my main focus from now on, so any spare money will go into this.

When our mortgage rate changes in May, I shall stop regular overpayments, and siphon that money into the new isa. This will push mortgage payoff back to 5 and a half years, but worth doing with the low rates and compound interest (hopefully) involved.

I'll continue with the pension and cash isa but won't be increasing the monthly payments for either of these.

I've also opened up an account to dabble in buying gold. This is my fun money, so will be small change, as I'm curious about the whole trading malarkey.

Hark at me, I almost sound as if I know what I'm doing!

Octobergirl

Pretty much got my financial ducks in a row.

Opened S&S isa for myself. Also shut the kids trust funds down and opened junior S&S isas with the money.

Just need to rejig my budget and chip away at the overdraft now.

Octobergirl

Just found out hubby is £650 overdrawn, which was a bit of a shock. It was 11 months ago that I took back the financial reins, paying off hir overdraft and giving him monthly budget. I think I'm banging my head against a brick wall.

If it were my son I would persevere, but I'm going to take his card off him and give him pocket money each week. God help us if I were hit by a bus tomorrow. I'm going to make him sit down once a month and look at our budget.

Fortunately he did a lot of overtime this month , which can go towards it. Bit disappointed as that could have been fun/ holiday money.

User1489

Hi, Man vs Mortgage here! Finally got round to reading others' blogs and this really caught my eye

My only dilemma is that we promised DD that we would go to disneyworld when she's 10..... It's 3 years away, but I would much rather be paying off the mortgage memories v mortgage free ?? Eek

This is thee exact challenge I am having OctoberGirl - hit my target of May23 or live a bit more... Ive only had my mortgage less than a year, so the overpayments right now are still quite novel and have a massive impact (OP c£1kpcm while I'm in a good job) - but should i be travelling Europe and buying new clothes every weekend? Well, the answer to the first is yes, one off experiences are great - the answer to the second is no - I don't need or want new clothes all the time.

If Disneyland in 3 years is the commitment - BE POSITIVE. How much do you need to put in a jar each week over the next 152 weeks? How can you meet that? BE POSITIVE. You have loads of time to find GREAT DEALS on disneyland and flights and accomm and deals and competitions.

I really hope you get the best of both worlds

Octobergirl

Hi Rasputin,
I'm impressed you're making overpayments so early into your mortgage, wish we'd been that savvy back at the start when we had more disposable income.

Well, that post was 3 years ago, DD is now 10! Whilst tightening our belts and being frugal, the one thing we have spent money on over the past 3 years is holidays. Albeit frugal, well researched holidays, mainly of the camping kind - they keep me going.

The kids are aware that 'Disneyworld' will only happen once the mortgage is paid off. I'm hoping that they will have forgotten about it by the then as, tbh it's not up there on places I'd like to visit!

11 days til we fly out for 2 weeks in hot and sunny lands. :j:j

Octobergirl

Oh, and by the way, I would get as much travelling in whilst you can before commitments like kids get in the way! I spent too much time focusing on career when I should have been enjoying the freedom!