And Baby Makes Three....

FunLovinCriminal

Well where has the time gone? Not sure if many or any read this, or whether this is just for me.
Little FLC is now 21 weeks old
Still no OP's made.
Having a crisis of faith, hope you guys out there can help.
Mortgage: £104,635
Savings: £12,500

Now currently OH is on SMP, and doesn't go back until March, so the savings are there to supplement her salary from SMP to her full pay. - OH is the breadwinner in our house.

I like the knowledge that there is money in the ISA "just in case" - and its a great feeling knowing we have squirrelled away £12,5000. However it isn't getting us Mortgage Free!

I also know that £12,500 is only getting us 1.6% interest, and the mortgage is 2.59%, so its worse leaving it in the ISA than OP Mortgage.

But still, something stops me from OPing. Help!!!
In the future I want to be mortgage free, we have a large share certificate of nearly £4,000 coming to us in the next few weeks, we are using that to pay off OH car loan, and then want to save to get me a new car, so could use some of the ISA so we do not need a car loan.

Am I being daft here? Help? Therapy? Anything would be helpful!!

FunLovinCriminal

Well after a lot of soul searching. I made the decision. We are going for it.
Today we paid off the car loan, so the next step is to be MF.
Car Loan was £200 a month, some will be used to replenish the savings, the rest will be fighting the battle of the mortgage.
£104,000 to go.
Wish us luck!!

gallygirl

FunLovinCriminal wrote: »

Well after a lot of soul searching. I made the decision. We are going for it.
Today we paid off the car loan, so the next step is to be MF.
Car Loan was £200 a month, some will be used to replenish the savings, the rest will be fighting the battle of the mortgage.
£104,000 to go.
Wish us luck!!

Good luck - and nearly into 5 figures :T

FunLovinCriminal

Well thats. I've done it. I got my finances to all balance, and made that first little step to being Mortgage Free.
Been terrified about taking the first step. But I've done it.
Baby steps at first, increased the DD by £50 per month, and used £200 savings to make a start. 1st NEW DD won't be until December.
Feels strange, but a good strange.
With a young baby we want the financial freedom to do everything with her - and that starts by getting rid of the mortgage.
£104,000 to go, £200 paid off today - every journey starts with a first step - and after a lot of soul searching, I've taken that step!
FLC

Mrs_E_3

We all have those moment where we umm and ahhh over what is the right decision to make for yourselves. Keep going, almost under the 100K

FunLovinCriminal

Thanks for the reply Mrs E.
I was pleasantly surprised to find out that £50 per month reduced my mortgage by 1yr 4 months. Still makes me 54 when I reach MF status, and the plan is to get it done before I am 50!
Every step is a step in the right direction though.
FLC

gallygirl

Great stuff. £50 is not a lot really and it's amazing what a difference it makes :j:j:j

FunLovinCriminal

Many thanks for all your support.
We managed to break the £100,000 barrier earlier last year, but with a baby on the way, we wanted to finish the house of and get the nursery all sorted, so we borrowed a further £20k - so back to £107,000. I am keen to get it back to 5 figures ASAP, but not at the detriment to my family.
Would be lovely to get back before the end of the year, but its not practical.
I get a share bonus scheme in Feb, which is only £900 - but it all helps.
However, we are also planning our first foreign holiday for little FLC too.
So the balancing act continues...
FLC

FunLovinCriminal

Hi All
This blog seems to be a once a month update, but such is life at the moment.
Little FLC is now 7 months old and doesn't want to stay still
I transferred another £1000 from our savings to OP last week however some last minute unplanned spending has eaten in to this by £100, so I will complete the OP when we get paid on friday.
Really wanted to have a fancy signature and image of house in £1000 blocks - but time has ran out again. It remains on the "to do" list.
I also wanted to get the mortgage sub-£100k again by the end of the year - thats not going to happen either.
Hey, we are heading in the right direction. As I read on another couple of blogs, I am also about creating memories with little FLC and OH rather than sacrificing EVERYTHING on becoming MF.

M0ney

I've just come on for a browse and skimmed through this, keep up the good work, good luck becoming MF.