Four and a half years until the money stops!

newgirly

Oh dear, that must be tricky! I guess we are spoilt for choice here, I hope you manage to find some bargains though

Floxxie

Thanks newgirly. On a more positive note, the house is very insulated so the bills should be nice and low.

I am just going through the various survey sites that I use and working out what I have in each one. I shall make more of an effort this month to actually complete the surveys. I just find it so boring but every penny will help towards a mortgage free home.

Floxxie

It took me quite a while to find my diary amongst the other MFW ones! I guess lots of people are now realising the benefit of getting rid of the debt :j

Yesterday I totalled up the savings interest from last month and also requested interest payments back out from Zopa. I have been a member since it started but only paid in a small amount and have left it there since (recycling). I started paying in £50 a month several months ago but I am not sure of whether to continue as the amount of bad debt is ridiculous. So for now I shall put the interest aside.

Savings interest: £21.16
Zopa: £22.11

It got me thinking about people who live on interest only. They must have a serious amount of money!

Hope everyone is having a good weekend.

Alchemilla

Hello. Just wishing you well in your journey.x

Floxxie

Thanks Alchemilla. I have been following your journey and may one day remember to post a reply

Mrs_E_3

I recently took out some of my Zopa money that I had invested a few years ago. I was more worried that I would forget about it I think.

Floxxie

Thanks Mrs_E. There is no chance of forgetting about it as I get the weekly emails!

To be honest, I am bamboozled by the figures that are in it. I can never work out whether I am making or losing money. It all looks so good...until I get the annual statement. Last year I made £3.70.

I don't think the 'good rates' are good enough to take the risk of people not paying off their loans. And from experience, people are not paying them off. Oh well, I think I have answered my question. I shall stop the £50 monthly payment and find somewhere else to put it!

Floxxie

Well I am not sure how others fared from the Budget. Having tried out various calculators, I have worked out that I shall be a little under £2k worse off from April 2016. I am beginning to wonder if the title of my diary is a prophetic title of doom...perhaps I shall lose all of my income in 4.5 years?

In view of the news I am afraid I didn't do anything major. I know I should be sorting out meal plans and stopping the crisp and sweet daily purchases but at present, I am just too tired. I spent 24 hours sorting and tidying the house for an inspection, to then find that the agent came into the hall and that was it!

I am going to chill out this weekend and not do anything. I have informed the children that we shall be venturing outside for at least two hours daily as of Monday, as I fear we may end up spending the entire summer holidays inside

If anybody comes across any energy, please send it my way.

Floxxie

Hello, I'm still sat here as a Mortgage-Wanabee and hoping that I shall soon hear good news about completion as I seem to be spending rather than saving money

This has made me think about what to do to keep me motivated during the 4.5 years. I am worried about not having cash savings or long-term savings once I am mortgage-free. In fact I know myself that I shall find other things to do with the money apart from save and invest.

I have taken a look at what I currently have...
Pension 1: guaranteed £12.6k p.a.
Pension 2: £7.5k pot
Pension 3: £16.5k pot
S&S ISA: £2k
B2L: c. £70k equity

I'm wondering whether to rotate £1k as I save it, to the cash fund, S&S ISA and mortgage, so over time the mortgage will decrease and the other two will increase?

Any thoughts on this?

Floxxie

It took a long time to become a MFW! Finally on the 28th August, I was handed the keys to the new house and with that, I now have a mortgage balance and very little savings

So the plan is....try and save £1000 a month in cash. This will require serious budgeting and meal planning as well as earning bits and bobs. I have decided that Approach A will be to save the money in an account and then pay off a lump sum after the two year fixed is finished.

So far I have cancelled the TV licence and Sky. Unfortunately I have gained football subs, rugby subs and swimming lesson fees: but as they are for the children, they are worth it

We have been without an internet connection for 2 weeks so I'm off to catch up on all the missed posts!