Excited to try and be mortgage free

shangaijimmy

My Vanguard was -0.18%...so very nearly there!! Although I was kind of hoping it would bobble around at a low level for 12 months so I could buy cheap with my monthly direct debit!! I'm sure it will dip again!

chumpy45

I have been looking at spreadsheets again this morning and trying to do some forward planning (actually I was procrastinating as I have a really boring work document to read).  We currently have two interest free credit cards with small balances which will come to an end over the next six months.  Although we have the money to cover these amounts in our savings, I have also been putting a monthly sum away each month to cover the amounts so that we wouldn't have to touch savings when the time came.  (Hopefully that makes some kind of sense).  As these come to an end, it will free up £395/month.  DS3 only has two more months at Uni (May & June), so the support we give him will also end, meaning another £250 ish (amount fluctuates here - currently higher than this as he has lost his student job due to income and still awaiting news on furloughing).  This means a total of approximately £650/month will be available by the summer.  Whilst I would love to throw all this extra at the mortgage, I am very conscious of our retirement growing close and think I will need to split the amount between mortgage and retirement funds.  I think regular savers will be the first point of call as although S&S ISAs will generally beat saver interest rates (present circumstances excepted !!) I am conscious of the short timescale we will operating under.  Mmmmm lots of  ponderings to follow about all of this I think.  Ok, back to the boring document ...........................  

chumpy45

Have had a lovely time this weekend reading the Frugalwoods blog.  Oh how I wish I had come across these types of blogs and the MSE forum when I was younger.  What a different journey it would have been. Still, never too late for change (although much too late to retire in my 30s !!!!).  It really helped to rekindle motivation.  I also decluttered in the porch. OH and DS4 were given a stern warning that from now on any shoes not placed in the appropriate box (i.e. left abandoned next to the shoe box or generally in the middle of the porch waiting to be tripped over) would be placed in the bin.  I mean how difficult can it be to slide open a box and put your shoes in it?  The dog offered his own style of helping which generally meant stealing shoes that I had just paired up, or stealing the shoes that were the most covered in dry mud so that he could make a nice little trail through the hallway.  Money moving shenanigans will take place tomorrow so I will report back in with figures once complete.  Enjoy the rest of Sunday everyone.  Just off to start C25K with DS4 who is fit and athletic - it may not end well !!

Jessy103

Good luck with the C25K!

chumpy45

Jessy103 said:

Good luck with the C25K!

Hi Jessy103, thanks for the good luck wishes, I definitely needed them.  I have done two runs now and staggered my way around the park panting and puffing.  You only have to run for 60 seconds at a time, but it seemed like a lifetime.  I didn't realise I was quite so unfit lol.  I was cheered on by DS4 who carried on with our conversation as though nothing was happening.  I could barely breathe let alone speak at the same time.  So I have made our regular OP and the balance now stands at £10,248.  I am very tempted to also pay the £248 and creep into the £9ks, but just want to ensure OH will be paid at the end of the month first.  There have been mutterings so I think will wait until the mutterings become confirmed one way or the other.  Either way we will be in the £9ks next month.  My sister and I have shared the cost of a tablet for our mum.  She is in her eighties and does not have the internet in her flat.  So we have bought a sim and my nephew is setting it up so she can just click on our photos and connect via Whatsapp.  That way she will be able to see and talk to her grand children and great-grand children.  I foresee lots of fun and games ahead as the texts she sends via her PAYG mobile are hilarious and always incorporate foreign language letters.  I don't know how she does it - neither does she!!  Next month I am hoping to reinstate the regular saver so we can start that running again.  As soon as DS3 finishes uni I will hopefully start a second one although this, of course, is all dependant upon the current C19 situation and OH's work situation.  I hope everyone is staying safe and well.  Need to finish some marking now I've had my cuppa. Take care.

kaycastle

Well done on all your progress I hope its good news at the end of the month. You're so close!

chumpy45

kaycastle said:

Well done on all your progress I hope its good news at the end of the month. You're so close!

A very belated thank you for your good wishes kaycastle.  Very much appreciated.  Sadly OH has been furloughed from 1st June.  Although he was initially threatened with furlough on March 20, a new contract saved the day for his team.  However, that contract has now finished and so furlough begins.  It brings with it also the concern that there may be no work to return to following furlough but we will cross that bridge when it comes.  I have been analysing my spreadsheets down to the bone.  I though I was already really on top on things, but found a couple of non-essential DDs to cancel and we are thankfully on the final month of supporting DS3 at uni.  It is a shame that OPs will have to cease for a while but also I am so, so thankful that we have embraced MSE and are in this fortunate financial position.  Will update figures tomorrow.  Hope everyone is ok in this crazy new normal.  At least we can enjoy the sunshine. 

greent

Sorry to hear about OH's furlough - fingers crossed there is still a job at the end.. Agree that MSE ways are a 'good thing' right now - whilst you are stopping OPs, at  least normal payments can continue ok x

chumpy45

Hi GreenT, thank you for your kind comments, yes everything is crossed at the moment!  Current mortgage balance stands at £9745.73 with interest at £0.59/day. I have created a new master spreadsheet and fine tuned every SO and DD.  Everything has been analysed and considered whether it is "fixed" or "discretionary" a la Frugalwoods.  It is very therapeutic in its own way.  Even when you think you are 100% on top of your money it seems there are still savings to be made.  Vanguard has had an upward surge peaking at 5.6% this week, quite a recovery from the early days of shut down when negative figures were the order of the day!  I won't be holding my breath though.  DS3 will be heading home at the end of June (much to DS4's relief haha).  Will need to try and find room for everything he has accumulated at uni.  He only has a small bedroom and I am currently using it as an office so a little bit of sorting out required.  I was planning some time in the garden today but I am currently watching the rain lash down and had to put an extra jumper on this morning as it was so chilly, so maybe another plan will be required.  I hope everyone remains safe and well.  Take care x