The 'I'm less money-idiot more money-savvy' Diary

Keeping_Motivated

Judi I can't believe you are going to be debt free in 5 months! Financial freedom is literally round the corner

I hope you realise how amazing this is as a single parent with 4 children and a house to run..incredible I'm in awe..

I don't know what if you have a future plan re money after the debt but I have joined the 3-6 Month Emergency Fund Challenge which might give you some security going forward..just a thought.

Anyway good luck what ever you decide x

judi24

Thanks Keeping Motivated -I am amazed myself to be honest - I was working through my budget for the next few months and I really do think I can just about make it in 4 months! But trying not to get too excited!!! The 5th month (May) I will probably do nothing - and then after that make some plans to review my mortgage situation and plan an attack at getting mortgage free before the 17 years I have outstanding - although I am constantly undecided about moving house or staying put till DS and Dd3 leave school - if I stay here there a few jobs that I would like to do - but will of course be done on a budget!


The emergency fund will be number 1 priority - never had one before! That's what credit cards are for!!! (runs and hides from &) So will be joining you in building one!!!


I have been paying nearly £1500 in debt repayments (although have had a 2 month break)!!!! so that would make some dent in my mortgage if I could keep to the same budget - although I might loosen the purse strings a little to save for holidays etc - the worlds my oyster really!!!

beanielou

Sounding good:j

judi24

Thanks beanie - hope you are keeping ok?

beanielou

I am plodding on:)

judi24

Now't else for it!!!!

judi24

Not a lot to report at the moment - just plodding along until next payday which seems a little sad! But excited to be getting closer to being debt free and know that it is achievable - but now the end is in sight I feel like I need a bigger plan so I just don't slip into old spendy ways and fritter away the money I am now using to pay my debt - trust me it would be easy to do!!!


So was thinking about doing a mortgage free wannabe diary too to get the smart folks over there to help with my next plan!! Financial independence!


Its strange how one thing lead to another on here and I never thought that I would be looking at how to pay of my mortgage or maximise my assets - I had resigned myself to the fact that I would have mortgage forever and retire at my normal pensionable age (67!!!) but now I actually think I may have different choices - I have an NHS pension but have no idea really about what its worth or when I can take or what I can do with my mortgage except pay it off sooner! So much to think about!!!


The end of the debt free diary may be in sight but I have feeling that I am just beginning a much bigger and more exciting journey!!!

takingcontrolatlast

I'm so delighted for you and your family that being debt free is nearly insight - fantastic 2016 for you :j

judi24

Thank you TalkingControl I am feeling very positive about 2016!!!!


Financial Goals:


1. Get debt free
2. Sort house out and do all the outstanding jobs (list to follow)
3. Re mortgage
4. Start overpaying mortgage




2 isn't really financial I guess but all fits together with having a secure and comfortable home! (and it will take some money!)


Happy New Year!!!!

beanielou

judi--wishing you everything you wish for in 2016