MF by age 40! Then I am buying a Mercedes SLK

PrincessLou

Ahh...a yummy Nandos lunch! :j

Do you have your DD's school fees saved for in advance or will they be coming out of your monthly budget?

Luckyinlife

aww great does than mean a £1600 OP now due to saving some term money hehe

diamondsonly

Hi PrincessLou- Thankfully I have £6500 saved to cover the first year of fees. But we will be putting £250 aside each month and then up that to £500 a month from January so we always have a years worth of fees saved in case we loose our jobs. Again I stop paying student loan in Aprril 216 so will be £400 a month better off. From January 2017 we will save £750 a month in preparation for DS moving to the same school in September 2017.
Paid for from finishing MSc in 2017 so saving £500 a month in course fees. From then on we will save £1000 a month for fees for both kids.
Well thats the plan. Lets see if that happens.

Haha Lucky we shall have to see what IFA man has to say on that. To be honest we won't touch the kids school money even though fees are less than budgeted as it will hopefully pay for extra activities that DD will need to get involved in.

atypicalblonde

I hope your cold has shifted Hun, they're grisly things aren't they. Is DH back yet?

Happy Sunday xx

Dalradian

Re where to invest, my finance person talks about not investing everything in one pot since compound interest makes a huge difference to things like pension pots. So investing in pension (with a 20% tax gift) alongside op'ing mortgage is a good tactic, as it will mount up for retirement. I didn't start op my mortgage until i had a good emergency fund and had setup regular savings into pension and isa.

diamondsonly

Hi ATB- Yep DH is back and I am really happy. I have sooo much respect for single parents. I don’t know how they do it solo, its exhausting.
I am off to look at your thread. I have been waiting for you to post about your exciting updates xx

Dalradian- Thank you for your post. I have been reading you diary and really impressed with everything you have achieved.
Its exactly why we need an IFA for advice about what do with our £50k gift and £10K company funds. It’s a huge amount of money and I am worried we will make a mistake investing it without advice.
I foolishly paid off £5k of my student loan when I first graduated (hate being debt) and fast forward nearly a decade…now I am more MSE I realise what an error that was. I don’t want to make a similar mistake on a bigger scale. Although I am resisting temptation to use some for an OP..just about
I will post update on how much we have left in the current account one month into starting our MFW journey..watch this space Diamonds xx

diamondsonly

So we have £1069.44 left in our current account for August. I can't believe it. I know this is significantly less than the £1300 we need to meet our Dec 2010 MF target but its the first time we have budgeted and actually saved any money without have to use wages to pay off monthly CC bills.
I am not going to use the money to OP and will move to an empty account until we see the IFA so it doesn't get spent....actually very tempted to use it as an op!

diamondsonly

So I am going to borrow OCC's brilliant idea for comparing month interest year on year.

Here goes:

August 2010 - £547
August 2011-£530
August 2012 - £399
August 2013-£396
August 2014 - £393
August 2015-£327

Not sure if I have calculated correctly but definitely motivates me to get it down below £300 a month
I wonder how much I have to OP by to achieve that?...hmm time to go number crunch

atypicalblonde

Hi Diamonds, your figures are fantastic! This site is such a motivation isn't it - I love posting on here and feel much better when I update my diary.


Ouch to the nursery fees, however like you we saved thousands in childcare costs due to the help from grandparents so I don't begrudge having to pay some out now for DS. That is a great sum of money left for August, well done you When do you go on hols?xx

diamondsonly

Thanks ATB.

The savings DD school fees are definitely going to help. Still really tempted to use the August money for OP.

We fly out on Saturday. So much left to do. Including finding time to beautify myself. Worried I won't get time
How was your pampering today? I hope it gave much needed relaxation:j

I think Halifax have messed up my Direct debit for my new clarity card. I used it last month for my Europe trip for work and the DD is showing on my current account but no money has been taken and my online login has messed up even though I know I used the correct info... not impressed.