The BIG Plan...

MoneyMission

MummyEm wrote: »

Lazy evening planned watching a film with the kids in front of a fire- can't wait as really cold here today

Sounds like a perfect end to the first week back at school and work. Enjoy.

MummyEm

Another busy week but have managed a couple of OPs today.

£16.88 cash back on bank account
£94.78 cancelled insurance policy refund
Total OP £ 111.66

Total to monthly target £158.15 if my figures on here are correct as not checked that against my spreadsheet this morning.

Have also just sold an item on eb@y though it's only small. Have someone enquiring after another so that might be another £15 or so for the pot.

MummyEm

Just checked mortgage and my figures weren't quite right- have Op'd £4.51 more than I'd thought this month. Haven't quite worked out how or why and won't spend too long wondering about it.

Current OP's so far this month £531.15
OP's neede to hit target this month £118.84

Two more small eb@y sales made so off to package those up and clear out my p@yp@l acc. Might have a few pounds cash back to be paid out too so will look at that too.

Have appointment with mortgage advisor this afternoon to discuss fixed rate which ends soon.

MummyEm

P@yp@l transfer £17.44 to mortgage yesterday.

New fixed rates being considered...how long to fix...?!

MummyEm

Payday was on Friday. Money moved around including a few more bits and bobs to the mortgage from what was left in the current order to hit the Jan target of £650.

Currently considering a five year fix deal...

MummyEm

Feb-

-Normal Op made
-£211 as council tax free month
-£15 sale

Need to chase up energy account closure as should be an among owed on that.

MummyEm

Oops- over a month since my last post. Life has been busy which has prevented me posting on here but OPs are still on target for the year.

Feb total OPs were £680.98 (ahead of target)
Mar total OPs were £650.00 (on target)

Not planning any further OP's this month as instead I'm diverting any extras to the family loan repayment pot.
Pleased with were we are financially at the moment. We've also been working on increasing pension contributions so getting to grips with the shortfall we have there from years of little thought going on this.

New mortgage deal has been approved in principle with decent 5 year fix which we will continue to OP on. 10% OP allowance which should be fine. If anything changes we will save the excess and just pay down a lump sum at the end of the fixed period.

Energy account closure meant £186 refund which in part went towards this month's OP, the rest to the loan pot.

Off to update signature...

BISCUIT1

Hello MummyEm, just de-lurking to say I have been following your thread from the beginning as we are on similar numbers so it is very interesting to see how others are managing in the same circumstances and I enjoy reading your updates....I just wanted to pick your brains on what 5yr fix you had gone for..I can't decide on another very cheap 2yr or a more expensive 5yr without keep paying the fees. x

MummyEm

Thought a quick update as to were we are might be in order as once again I seem to popping in to read other diaries but not updating my own.

-[STRIKE]target of paying off family loan[/STRIKE] complete
-continued to increase the amount OP'd year on year

Were we stand now

£228k ish outstanding. Current end date is July 2035 though this is continually reducing as we regularly OP.

Targets for remainder of 2017
-Build EF up to £25k
-Continue to OP something every month as we have been doing

Things to consider

-possible house move on the cards in the next 6-30 months (would mean extending the mortgage further)
-job uncertainties
-new car fund required for OH probably in around two years though a job change would bring this forward

Dreams (coz you gotta have a few of these)
-would love to have full yearly OP allowance (10%) to pay by April when new yearly allowance starts
-If we miraculously OP'd max 10% each year and simultaneously saved approx £110k then we could pay mortgage off in full at end of our fixed term (April 2021) ... fairly unlikely without a lotto win!

Now if careers, jobs and finances stay on track then we are looking at around an extra £13k yearly income in the next 12 months then possibly another £13-15k in about two years however DH has already mentally spent this on expensive holidays and cars. A house move would certainly change things up a fair bit too. The sensible thing would really be to keep our heads down and stay put in our current house, but then, we aren't really the types to stick to the sensible path for too long without getting itchy feet :D

MummyEm

Needed some motivation today so just been reading back over some of my diary. I'd actually forgotten that would Family loan repayment plan was due to be end of 2017... we we'll and truly smashed this by getting it paid back at the end of 2016. This did cause us to have to dip into the emergency fund a little at one point but plan now is to get this topped back up. This originally stood at £20k d like to up this a little to £25k as I'd feel a bit happier about potential job uncertainties with a little more perspective put to one side. Ideally we'll get the EF topped up fully by the end of the year. This means that we will probably miss my other target of OPing more this year than the last but psychologically I think I'll benefit more from being able to tick the EF off the list and then we'll just crack on with high OP payments in January.