Was Mortgage Free until 52!!!

A_Frayed_Knot

Been staring at mortgage balance, as got £150.00 from kondoing a few "things" on the bay of e. Great Joy.:j And as a bit of fun, "Your Mortgage" comes up, then asks if you want to re-name it, so I have - "8 Years and counting",:D with the thought of updating it every 6 months or so.:D

This way I'll see the balance and the term reduce.

Only trouble is now my interest rate is low 1.79%, I'm getting 3% on my savings, asking myself if I should o/p or save.

Have been very good of late, as saving a whole bundle with still being off work, with maybe only 3 spend days since last pay day, and only 2 weeks tomorrow till next pay day, but nothing to Tilly Tidy or even off, and who says i'm counting ...


Leaning towards o/p, as I take great pleasure in seeing the balance reduce.:)

bexster1975

Hi

I think this is a common quandary, especially with interest rates so low. You know my reasons for savings offset, it just makes things more flexible. Of course if it's overpaid it is effectively gone " forever" but in savings that's not true. I just think of my savings as not savings if you see what I mean. As I'm about to be neutral on mortgage, I will then save to restore my emergency pot so when I choose to pay off the mortgage I will still have savings.

I am keen to pay mind off too, but also as on fixed I will incur ERCs until next summer so will hang on to cash for several reasons.

Could do a bit of both?

Bexster

A_Frayed_Knot

Hi bexster

Thanks, not long now until you realise your dream of being mortgage neutral and self employed - how good will that feel?:A

Beautiful day here, so have had washings on all morning, but already they are dry and back in ready to iron, have no idea when I will get round to that, as tire real easy at the moment, but thats a good thing - trying to slow me down, so I can feel well enough to get back to work, then starts all over again - in early, leaving late, missing breaks and meals, completely running me out of steam.:eek:

I do have my savings which I could class as my emergency pot and try very hard not to let that go under the £3,000 so I can get the 3% interest.:D

So when I do my calculations, keep £3,000 and work out what bills I have to pay, how much I will need for the month, etc, so what I have left and try to o/p, don't suppose it would be that much difference between 3% less tax and 1.78% as we're taking small fry here.:o

On a better note though, I have just registered for one of the survey sites, which was advertised on my postcode daily lottery - no luck by the way on the postcode. And while I was at it, have looked into music magpie, as I have loads of dvds to kondo away.:) Was wondering if there are any other sites that take dvds just to compare.

Must have been on the internet a fair bit as last month had to up my data allowance to 10g from 3g that now costs me and extra £5,:o but seeing as how I don't get out much - £20.00 a month seems a cheap hobby/entertainment as such.

Now off to have a look at the cheap energy club - you never know, it might be for me.

atush

A_Frayed_Knot wrote: »

Been staring at mortgage balance, as got £150.00 from kondoing a few "things" on the bay of e. Great Joy.:j And as a bit of fun, "Your Mortgage" comes up, then asks if you want to re-name it, so I have - "8 Years and counting",:D with the thought of updating it every 6 months or so.:D

This way I'll see the balance and the term reduce.

Only trouble is now my interest rate is low 1.79%, I'm getting 3% on my savings, asking myself if I should o/p or save.

Have been very good of late, as saving a whole bundle with still being off work, with maybe only 3 spend days since last pay day, and only 2 weeks tomorrow till next pay day, but nothing to Tilly Tidy or even off, and who says i'm counting ...


Leaning towards o/p, as I take great pleasure in seeing the balance reduce.:)

Personally, with the savings rate being higher than the mtg rate- i
d save it (and better yet i'd have a pension if you dont) and invest in s&S isas.

The option remains to pay off a lump sum of your mtg should rates rise.

But if you are paying only 1.79 and getting 3% in interest it is better to save

patanne

If there is any chance of you losing your job for any reason then you are better paying it off your mortgage 'as you go' or you will have to use all of it to live on not just any 'rainy day savings' & will not be able to claim once the first 6 months contribution based is over. And you will still be having to find your mortgage payments. So a decision to be made along the lines of 2 sides to every story. Atush is of course absolutely correct in what she says but only if your income is totally secure.

A_Frayed_Knot

patanne wrote: »

If there is any chance of you losing your job for any reason then you are better paying it off your mortgage 'as you go' or you will have to use all of it to live on not just any 'rainy day savings' & will not be able to claim once the first 6 months contribution based is over. And you will still be having to find your mortgage payments. So a decision to be made along the lines of 2 sides to every story. Atush is of course absolutely correct in what she says but only if your income is totally secure.

Absolutely no chance whatsoever of any kind of reduandancy's or pay-offs, there is the inevitable "as long as you have your health senario, so you can never tell whats round the corner.

A_Frayed_Knot

Just back from PO that's another 2 parcels away. Also took some change to bank (again) as can't carry it all in one go, might have 1 more trip, so now have 50.00 extra for another o/p or saving towards mortgage neutral - not sure quite which one, yet.
Feel good doing the food shopping, thats 6 Breakfasts, 5 Lunches, 3 Dinners, 8 desserts and 10 T-breaks plus 8 snacks - plus drinks, all for under £14.00 - I'm pleased with that.
And bought a book to scribble down all my spendings as could be quite easy to "forget" a few things bought, so will hopefully keep me on the right track.
Enjoy your weekend.

A_Frayed_Knot

Went to Aldays yesterday and after that got a lift to l1dls, only thing i needed there was their lovely shower creme, but picked up a few other things as well - all with long dates on them, as if I start back to work soon, know I will be feeling tired and not have the energy to go food shopping.

Have sold another 2 items on the bay of e, hate the fees though, usually left with pennies, but gets the items out of the house and someone else can use them better than I can. So another few quid to the pot. Will get to listing a few more things this pm.

Another washing out and back in before the rain shower came on, will try the pile of ironing - maybe.

Energy compare told me they couldn't improve on my tarriff, seems i'm on the cheapest - hows that for luck.

Will empty the fat piggy bank later and see what's its hoarding, and get that to the bank soon, well you know what they say - "What do pennies make ..... £'s"

Shower has just changed to heavy rain, so glad to be indoors this pm, means I will get more done.

bexster1975

Hello

It sounds as if you are doing great!

I'm very pleased to be almost done. Will then just concentrate on getting an emergency fund up and off I go! Will ease up a bit as essential monthly spends are very modest so saving moderately for the next 10 months will give me over a years worth of essential spends ( not including mortgage payment :j) even if I earnt nothing.

Work hasn't been very friendly ( management, not staff) but with the end so close I really couldn't care less!

Keep going, the changes you make will be a bonus for life, not just until mortgage free!

Bexster

A_Frayed_Knot

Hello
sorry to hear your work has not been too friendly - just take it, they wish they had thought of it and are jealous you are taking the initiative and doing something you feel totally at ease with(?) which in turn will not only give you such a confidence boost but reduce the stress and strains of going to work for someone else everyday.

Some people go through life, wanting a change but not getting up off their b...side and doing something about it.

Another 3 parcels away and had lunch with work collegues as had an HR meeting today, in and out in 10 mins.

Had tickets to go to a show this week, but the others couldn't manage, so was trying hard to sell them, and a good samaritan came to my rescue and took all the tickets, thought i was going to lose a small fortune, but hopefully all will work out ok.

Have just read about S123's monthly fee being increased, so will follow this with interest.

Everytime I go to bank, the shop selling my beautiful lamps (I'm still hankering after), is nearby, they still have some but stock is reducing. If I go in one day and there is maybe only 4-6 left I will buy - I think - no, I will buy.

Not much else to comment on at present, except to say, haven't emptied fat piggy yet, so will get onto that soon.

ps. Can anyone tell me why my icons only work sometimes, and how do you score a word out?