New tunnel - no light yet

mummytogirls

All sounding good and organised with you GAP , new job sounds great. Hope you're not having to stay too late though xx

girlatplay

enthusiasticsaver wrote: »

Just read your diary and you are doing so well in reducing that loan. Presumably when that is done you will overpay more on the mortgage as it is interest only?


Great example to set your daughter re managing finances.

Thank you ES. Yes, you are right, the plan is to overpay the mortgage once the loan has gone. The original mortgage was £98,000 interest only. I was only just getting back on my feet when I got it and IO was the only way at the time. I tried to overpay little bits when I could and I think that paying off £8,300 in 9 years is not bad going considering how skint I was 9 years ago. It was also shared equity and the loan was to buy out the HA. I had also saved £10k so put that in too. The mortgage is next on the hit list!
We're not that hard done by as we have managed a couple of nice holidays along the way but we have missed out on day to day things that "normal" people wouldn't think twice about buying. I have absolutely worked my a$$ off though. Didn't get where I am by waiting for it to fall in my lap. I just hope I have been a good enough role model. If nothing else she's learned the word No haha

beanielou wrote: »

All sounding good

Thanks Lou

mummytogirls wrote: »

All sounding good and organised with you GAP , new job sounds great. Hope you're not having to stay too late though xx

Thanks mummy It's not too bad. I was away by 5.30pm tonight and that's because I was taking my time clearing up. A couple of nights it was 6.30pm but we had some issues those nights. At least I feel comfortable there and that is really important to me.

beanielou

Yes, feeling comfortable is a big one.
Have a lovely weekend

Hiddenidenity

Have a lovely weekend

girlatplay

Thank you both Have lovely weekends too!


Just popped back on to say that the £30 on the loan was annoying me and since I have quite a decent amount in the grocery budget this month I decided to move it across. It won't show on my loan balance until about Tuesday but I'll change my signature now as the funds have left my account.


Chipping away

Hiddenidenity

Chipping away works well

girlatplay

Child benefit in today so transferred to the various pots.

Nothing much else happening at the moment but at least all is calm

girlatplay

I'm sitting enjoying a lazy Sunday (lazy but done a washload and a dishload) and I started thinking about what money I have put away in the different pots. I like to have "rainy day" funds for just-in as I don't ever want to end up not being able to afford food again. I have two rainy day funds, one is an old ISA that I used when I was saving the funds to buy out the HA and the other is a random one (non-ISA) that I started saving in when I wasn't able to pay anymore into the ISA. I kept both accounts and the ISA just plodded along with about £400 in it and the other one is the one I put a wee bit into every month now.


My salary this month will include an extra 3 days' pay as I started on 29th May.


I (perhaps recklessly) decided that I could close the ISA which is earning 1% at the moment and pay the money off the loan (3.9%). :money: is always telling us that we should pay off debt with savings so because I have £600 in the other rainy day account I have decided just to close the ISA. It's done now (total was £448) and I have borrowed from another account to pay off £500 today and will repay it when the ISA proceeds hit my account. I will use the extra money in my salary to repay the balance. It won't show up on my loan account until about Wednesday but I will update my signature today.


I know that I could have kept the money in the ISA for the tax wrapper but this works for me and I am happy with my decision.


I am always looking for ways to pay off this loan quicker and I am now aiming to reduce it by £500 each month. I am delighted that I have managed an extra £500 this month. I know this wouldn't suit everyone but it works for me. Definitely won't manage that every month.


In other news, Little Miss got accepted into college so she will finish up school this week and start her new course in Aug/Sept (not sure of the date yet). She is absolutely over the moon and I am really chuffed for her.


That's the washing finished so I'm going to take it out then get myself organised and go to the folks' early since it's Father's Day.


Enjoy the rest of the weekend everyone

Hiddenidenity

As long as you know its the best for you that's great! Doesn't matter what works for someone else.

Well done, have a lovely day

girlatplay

Thanks HI I know I make choices that others might not but it all works in my head