The impossible dream

savingholmes

Do you have an emergency fund? That's what I am most missing currently.

Tahlullah.H

Yes Savings, I do have an emergency fund.  I have a savings account which, every month I put money into, and every month I spend it, so it never grows.  It's more a slush fund, but one day, I hope there will actually be some money in it that lasts for more than one month.

I also have a very small amount in my ISA, which I try to leave alone.  It is drip fed, which is why it is really small, but large oak trees from little acorns grow!  Then I have the emergency fund in Premium Bonds.  I live in hope that one day I will win, but it's as likely as me winning the lottery.  I leave it there for the real emergencies and so far, I have not needed to touch it.  It's the equivalent of 3 months outgoings, but in reality, it isn't enough.  I would feel better if it was 3 months salaries, as opposed to 3 months outgoings.  It's really 2 months salaries.

And just to add insult to injury, I have just had to buy 2 new tyres for the car.  It's due it's MOT and there's a chance it may fail because the inside fronts are scrubbed off, so thats £300 I have just spent.  Luckily, Paypal Credit gives 6 months to pay it off before charging interest, so I will endeavour to try to do some surveys again to help, like I did when I bought the laptop.

Not much spare income as the mortgage is being pushed up with paying the building work bills, but I still have hope that it will be below the £55k mark in January.

Moneyfordreams

Our life insurances are not linked to the mortgage, but OH is aware of all necessary outgoings- even if he doesn't have much input. That was the cheapest way at the time. I did make them over a longer term in 2014 - OH insurance is reducing and runs out when he is 69 - he's currently 62 I can't remember whether mine is 65 or 70 - but that is a fixed term for £200k. My family will be rich if I snuff it as they get my pension too. My sister hates insurance with a vengeance and hasn't paid any for years. She has one dependant but has recently reduced her main property mortgage to fund a bolt hole in Spain. She's in her early 60s and will work a few extra years to make her plans work for her     

Tahlullah.H

It's interesting isn't it?  If I had died, then the insurance linked to the mortgage would have been great for family, as you said, richer dead than alive.  But now it is ending, I feel I ought to put the cover in place for the next number of years, whilst I still have a mortgage, just to make life easier for someone.  It covers for illness as well, so why not?

I think your sister is very sensible. If she is ok about working a bit more to fund her future self's lifestyle, then why not!

In the hope of living a bit longer than it takes to pay off my mortgage, I have just obtained one of those stands to make you stand up whilst working.  I bought the kneeling seat about 6 months ago, which I use occasionally, but its a bit hard on the knees.  Can't use it for  whole day.  Now, I hope that this stand will help as I won't be sat down for hours on end.  So far so good, it's sat on top of my 2 drawer filing cabinet, so a reasonable height.  Lets see if this becomes a fad as well.

I try to clear out some of the junk around me, but somehow still manage to find things to replace it with.  But you have to try.  When I was younger, I could not afford to try out this sort of thing.  Now I am older, I can, but it just adds to the growing pile of things in the house creating clutter...

savingholmes

Relate on the clutter.

I am facing a similar decision on life insurance.

Well done on the EF. At least you can survive a few months. I need to create one again

Verbatim

Be wary of buying new insurance while the original policy is still in place. You might find neither would pay out as you had the other.

savingholmes

That isn't the case with life insurance - you can have multiple policies. We certainly do

Tahlullah.H

Thank you both, it's good to know.  I have no intentions of popping my clogs just yet...

savingholmes

Good to know... Thought your thread needed some colour... From a few months ago but made me smile

Tahlullah.H

Thank you for the beautiful photo Savings.  They did make me smile.  Nature is amazing isn't it?  The tulips are just perfect!

I have been really busy the last week finishing one project before I start another with a break in between.  Never-ending.

No progress with the external work on the chimney, but it will happen before Christmas.

No movement on my mortgage free dreams at the moment, but at least, it isn't increasing beyond what was expected.  This is a constant juggle, but I have high hopes for the New Year, that I will be able to focus on paying down the mortgage debt with the eye on the prize of early retirement at 60.  Or at least dropping to Part Time work and making up the financial difference through renting out the house or a room in the house.