Thistle grasps the nettle! Again....and no sting this time!!

Thistlewhistle

Well I've checked out my mortgage balance and it is currently

£73,764.52

and I have it in YNAB at £73,780 so I'm actually £15.48 better off:T:T:T

Not as much as I'd hoped for but at least it shows that I'm not too far out with my interest estimates each month.

Now for the car finance.....:(

Thistlewhistle

Re car payments...

Royally beggared up the calculation of this little baby!! Forgot to account for the monthly interest on the finance so this is completely up the spout!!

Now focusing on paying this off ASAP with as much spare cash as i can muster. Then I'll sort out the 0% CC bit of the finance as that isn't interest bearing at present.

Currently budgeting £469.12 to the car finance, being £219.12 obligatory payment and a further overpayment of £250 per month to get the balance down. Nothing has changed except for the destination of my payments.

Luckily in my SW role I can get out there and promote my groups for an instant payrise.

Yippee!!

T:p

Thistlewhistle

Morning all,

I get to work from home today so I always look forward to that. The sun is shining so I'll be getting some washing out onto the line too. Going on holiday on Monday next so need to start the packing process - determined I won't be last minute this year. Just having a week on the canals in Warwickshire - lovely and peaceful.

Car finance news- contacted the finance company and I can make overpayments when I wish but I have to email them first to get authorisation. Bizarre set up. I have their bank details - why can't I just send money?? Anyway at least I can do it. I've used a spreadsheet available on excel to prepare a payment schedule so it'll keep my right on track. I need to throw all available funds at this because it's interest rate is eye watering!!!

Other news, my Body Shop at Home order which I placed after the party I did last Tuesday has just arrived today so I've to bag up the orders for my customers and ship them out. Another lady wants a party in October and she runs her own make up and beauty business so having her as a customer will increase my sales no end. I love doing BSAH as I find it so relaxing and it makes me some money too!!

Now got £800 in my holiday fund after emptying my £2 pig - £396 collected in £2 coins since April. Nice one. We won't need the whole amount for this holiday so there'll be funds left over to reassign on YNAB when I get back.

Have a good day everyone.

Thistle:p

Thistlewhistle

Morning,

Everything is full on today - I've a 2 hour meeting with my manager at 12 noon then I've to set up my venue for SW group today. Wednesday is my triple session day so I'll be busy until 10pm.

Best dash - loads to do!!

Thistlewhistle

Afternoon all,

It's been quite a while since i posted - I've not been so well and things have just been a bit fraught but I'm back in the land of the living again so here I am.

I'm a bit strapped for cash at the moment and a lot of my projects are on hold. I gave up my manager role in August for the sake of my sanity and my health, and money has been very tight. I'm surviving though and making a lot of money saving decisions. December is always a quiet month but January will hopefully be a mega month so I should get back on track.

Busy doing my accounts at the last minute as usual and hoping to avoid a massive tax bill on 31st January for which I am woefully under-prepared.

Just resorted to buying an out of date tin of lentil soup - bargain at only 50p. Money saving starts in earnest right now!!

Thistle x

Thistlewhistle

Signature updated.
Pleased about mortgage - everything else I'm not looking at!!

T:)

Thistlewhistle

Morning! :wave:

Had a letter from my mortgage provider this morning advising me of my new interest rate after the BofE changed the rates recently. Effectively it adds another 3 months to my Mortgage Free Date so this is now 07/2031 = 10yrs 10 months. Disappointing to be losing my 11yr status. Might need to squeeze an over-payment from somewhere but to be honest I'm focusing my energies on my car finance at the moment.

Ho hum! Merry Christmas to me!

T:)

Thistlewhistle

Right, I've made a bold decision this morning, namely:

I'm reordering my overpayments to maximise my saving of interest.

1. I'm suspending the overpayments on my mortgage until 09/2019. This will free up £200 per month but put my MFD back to 05/2042:(

2. The extra £200 released will be saved up and every 5 months will be thrown at the Car Finance (min overpays of £1000 - check this as might be £500)
Payments to make
05/2018 - £1000
10/2018 - £1000
03/2019 - £1000
09/2019 - £1020.98 to clear the debt.
This will knock 24 months' payments off this loan and save me £1250.90 in interest payments.

3. From 10/2019, the £219.12 monthly car payment + the mortgage overpayment money of £200 will be snowballed to my MBNA debt, making a monthly repayment of £469.12 which I've calculated will clear the MBNA debt 1 month before the 0% deal comes to an end in 05/2020!
Result:beer:

4. Snowball car payment money £219.12 + £200.00 old mortgage overpayment towards the mortgage, which will now clear by 02/2028 saving 171 months = 14yrs 3 mth which beats the 10yrs 10mths it currently stands at by overpaying now!

Sounds like a plan!!:T:T:T

I'm aware my old car will die eventually so it's not foolproof by any means but hopefully in the meantime my earnings will increase so I can still finance my plan and pay out for a replacement. You've got to start somewhere!

T:)

Thistlewhistle

Lady at mortgage provider says I've overpaid £7,000 since I started doing it. Happy with that!

Thistlewhistle

Well I just about managed to get all my Christmas presents for the £200 I budgeted. Went over by about £12 but I'll soon scrape that back. I've earned £15 in M*rrisons vouchers recently so that'll cover that.

Also got myself a 10p/litre reduction on my next fuel fill up so running the car down to empty before I refill, but have to do it Sunday by the latest.

It all counts.

Have a good evening.

T:)