our forever patch challenge

sammy70

This year is flying by!
we have decided a complete overhaul of our water supply is needed after ongoing issues with our spring fed water system .. so a new bore hole, and filtration etc system is being installed. It will be a lot safer, and easier to maintain/access.. downside is £16,000 cost 
So, 2023/4 challenge will be to rebuild emergency fund that this cash will be used from..

The good part will be no more worry of contamination/loss of supply, and without a clean water supply we are stuffed!!

 Im going to get xmas shopping sorted and out of the way in the next fortnight, we dont go mad with presents, especially this year!

Husband is having a nightmare at the moment, we realised he is on emergency tax.. and finding a person at his work to deal with the issue is proving a challenge.. basically he took his p45 day 1 of the job, the woman photocopied page 1 for proof of address, and gave him it back.. we only realised this week when i checked, she had given him the employer part, so we are now down a lump every week until this is sorted.. dont know if he will have to wait until next year to get the money owed once he can actually see someone in hr to hand the p45 to..

Fortune_Smiles

A clean, reliable source of water is absolutely essential Sammy and what emergency funds were made for.

Hope hubbie gets the tax situation sorted soon.  We're always having to put things right tax-wise for Mr F.  At least some of the corrections can be made on line on the HMRC site these days but it's still a bother.

Fortune x

sammy70

Thanks fortune, hopefully wont take too much longer till its sorted, ive no idea what happens regarding emergency tax, if he has to claim back online, or if it is paid next tax year.. so frustrating when you are trying to work out new income..grrr

sammy70

hubby rang HMRC, who have sent correct tax code to his employer, that was last wednesday, he still got emergency taxed this week, guess it take time to sort, hopefully next week it is correct, and good news is they said the overpaid tax will go back in his pay week after tax code is corrected.. so a little extra lump before xmas..

we are awaiting start date for borehole, hope they dont wait till week before xmas to start..

on a cheerier note, the mortgage stands at £157,700 

I dont  know if i will make any overpayments in December, but total overpaid in 2022 is a massive £11,327.89!!

not bad considering we have gone through hubbys redundancy, and the leaner times in the cafe due to works going on in surrounding footpaths etc, and cost of living crisis..

We have worked hard, stuck to our budget, meal planned , but also had little treats along the way.

Ive done a meal plan for December, after todays supermarket shop, so the plan is to stick to this, and defrost freezers after xmas as they are desperate..

try_harder

Amazing work as always .You are amazing and love your positivity and consistency..You are just storming through that mortgage

sammy70

Interest for November was £376.92
Daily £12.56
overpaid in November £1529.43

Paid Decembers contractual payment of £1089.24

New balance £156,987.68 

The mortgage balance at the start of January was £177,735.41, so a reduction 0f £20,747.73, amazing!!

My target for 2023 is to reduce the balance to £135,000 by xmas eve , as well as rebuild emergency fund to a years outgoings.

With everything thats going on in our economy, its definately going to be a massive challenge.

South_coast

A £20k reduction in a year is an absolutely cracking result 👍 You must be delighted!

Good luck for 2023's targets, looking forward to seeing you smashing them 😀

sammy70

Well its xmas eve tomorrow, both son, daughter and her bf coming for xmas eve curry night , cant wait for get together!

on the big day my parents coming for dinner, son too, daughter going to bf parents for lunch..

Paid some more off mortgage, which now stands at £155,750, which is brilliant!

Im feeling nervous about 2023, everything feels precarious with the economy, prices constantly rising, im cautious to predict how our finances will pan out,  but as always we will do our very best to budget, save and work hard to reach our goals.

Heres to a happy christmas 2022, and  good 2023, bring it on 

Fortune_Smiles

Sounds like a wonderful Christmas Sammy.

I too am finding it difficult to plan for next year.  I think my strategy is to have a overall plan but to take each day as it comes and prepare to change direction quickly if necessary.

Fortune x

sammy70

i think your strategy is same as ours.. one thing the last couple of years have taught us, is everything can change in an instant, and we have to be prepared to adjust quickly to an unexpected situation..