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Baby steps to mortgage freedom for beanielou.
Comments
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No idea what we should have, but we've got £219 (electricity only, we're not on mains gas), and they're not telling us to put the monthly DD up (in fact they said we could lower it by a few quid). Do you have a massive surplus balance?4
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I don't think it should be huge at this point. Ours is around 2 months. You just prompted me to look at it and the balance forecast and it's suggested our payment should be around £20 lower, so I've reduced it by £15 - thank youbeanielou said:At this time of year roughly how much energy credit should we have do you think. Thanks.
If you've got a huge credit but are worried about the winter, then you could always ask for some back and pop it into an interest paying account so at least you are benefitting from it rather than the power company! You could then dip into it if needed over the winter months."Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee4 -
Thanks cheery & jwil.I had a credit balance. I have requested it & will pay it off the loan when it comes through. It will make me feel better.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.7 -
Well done Beanie 😊 is been thinking £219 isn't very much for us to have a a balance, but actually that's about 4 months use so at this stage in the year its probably a bit much!4
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Yes, I agree. I just decided that it was better coming off the loan.Cheery_Daff said:Well done Beanie 😊 is been thinking £219 isn't very much for us to have a a balance, but actually that's about 4 months use so at this stage in the year its probably a bit much!I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.3 -
I think that's a sensible idea, much better in your pocket (or off the loan!).beanielou said:Thanks cheery & jwil.I had a credit balance. I have requested it & will pay it off the loan when it comes through. It will make me feel better."Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee3 -
Well done on the OP. Good you have energy credit to draw on too. My meter has only just been read so I've no idea where I'm up to as I'm waiting for an updated bill.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/253 -
Sorry to hear that you're feeling down @beanielou, and I hope it starts to pick up soon.
As for energy credit, it makes sense to pay down the loan with that money if you're able to. It'll definitely give you a boost. My credit is £315.54, with a suggested balance of £213.98. It's never occurred to me to take the credit and pay down my debts, or put it in a high interest account. But it makes sense.
Debt Free Diary:- The Mental Debt Struggle
(Original Debt on 15/07/2016 was £33,056.76) 🙈 but Debt Free on 09/02/2025 🎉
2025 SAVINGS: Emergency Fund (£604.30/£5,000) 12.09% saved
2025 CHALLENGES: #16 Sealed Pot Challenge ~ 18 || #9 50 Envelope Challenge 22/503 -
Indeed. Thanks.jwil said:
I think that's a sensible idea, much better in your pocket (or off the loan!).beanielou said:Thanks cheery & jwil.I had a credit balance. I have requested it & will pay it off the loan when it comes through. It will make me feel better.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.3 -
Hopefully in your favour.savingholmes said:Well done on the OP. Good you have energy credit to draw on too. My meter has only just been read so I've no idea where I'm up to as I'm waiting for an updated bill.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.3
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