Hope is not an Effective Financial Strategy

Wail

I've been trying to do some calculations based on this thirds thing (inspired btw SJ) and I was wondering where everyone put their mortgage payment and their mortgage overpayment?

shangaijimmy

They're both classed as assets to me. How does your 1/3's work out?

shangaijimmy

Gonna have to admit defeat and transfer passport money out of holiday savings as per original plan. That'll give us a positive current account balance!

Wail

shangaijimmy wrote: »

They're both classed as assets to me. How does your 1/3's work out?

I have only just bought my house so everything is still settling in.

At the moment bills are 33.5% but that includes money for paying off the car as well. Minimum mortgage payment is 21% but I want to ramp that up towards 30% once everything settled down.

CathT

I've just very quickly worked out that household bills excluding food is 28% of income and op's are just 10%. Interesting to see proportion of income used on different expenses.

hiddenshadow

Bills: 27%
OP: 55%
Savings: 18%

Savings includes money that will be spent (vet bills, etc), so that's not too far off. Last year I think we would have fit into the thirds pretty well before trying the throw-half-our-takehome-pay-to-mortgage plan.

shangaijimmy

55% of pay to mortgage is fantastic! I'd love to get that far.

76p TT'd this morning. Will OP the pot tonight. Big job breaking out today as I'm determined to get the patio grouted!

shangaijimmy

Grouting done, just need to see how it dries/sets. I did it a new way (new for me), so bit of wait and see now. Glad it's done as its been niggling away in the back of my mind for weeks.

hiddenshadow

shangaijimmy wrote: »

55% of pay to mortgage is fantastic! I'd love to get that far.

It's only possible because we're both high earners (combo of London wages + IT industry), plus neither of us are pursing expensive hobbies at the moment. When we bought the house I definitely didn't imagine we'd be making this much progress.

shangaijimmy

Off and running with TT,s for the week with a whole £1 this morning. Now begins the official mid month financial slump for the next 9 days. Add to that we have £9 in the bank! Food and petrol are accounted for so its just no fun times!