XSpender Speeds it Up - £0 to £60k in 27 months

XSpender

I've been fiddling with YNAB again today! I have decided not to pay the usual SO to the ISA in November as the rate isn't great and pay this amount to the OP so I am only £200 short of my November OP and will make this up in December as well as topping the ISA payment back up. Its only a teeny tiny bit of interest difference but I really want to try and stick to the 'grown up' mortgage payment each month.

I have booked some tickets for DH and I to see star wars in December. He is so excited about the film coming out. I have also bought DS a Halloween costume from a5da to collect at the end of the week. He really wanted a were wolf but has settled for a mummy as it doesn't come in his size

ETA: DH has won slimmer of the week and I have done a TT :T:A

Luckyinlife

nice decision Isas are very pooor currently

XSpender

I've been number crunching over my morning cuppa and have calculated I am £7 odd away from paying £1000 towards my mortgage this month My interest is under £250 so the rest is coming off the balance.

My current mortgage balance is £118,490.03. I am aiming for:

£116,999 by the end of the 2015
Under £108,000 by the end of 2016
Under £100,000 by the end of 2017

I could be under £95,000 by the end of 2017 but want to split the OPs between cash savings and mortgage OPs in case something happens to my job or we decide to extend. Depends on how obsessive I get with OPing:rotfl:

I have standing orders set up for the regular saver and ISA so they will just keep ticking away. Its the little payments to the mortgage that are more exciting:o

I appear to have miscalculated my savings total at the beginning of the thread, the wrong way unfortunately so have updated it.

I aiming for £10k across the savings accounts by the end of 2016.

We still have the secured loan and CC balance to clear in 2015 early 2016 so my savings may go up and then down again when I clear the loan. Once these are cleared the savings and OPs will increase significantly as this will free up nearly £600/month. I will probably open another regular saver at that time.

I have dipped into the big holiday savings account to cover some overspending this month.:o I have bought DH Christmas present early and we have both had running gear and trail running shoes. it is only about £100 and will be made up in the new year.

The aldeee running gear is fab, most comfortable running tights ever and they were only a tenner!:D

We need to watch what we are doing spend wise until payday now and next month as we have a birthday, a stag do and will need to start Christmas shopping for DS who is on a reduced budget this year because he got a new bike at the start of the summer holidays.

XSpender

We have received a small but unexpected credit from BG, some TCB and I have done a TT so my mini challenge figure is now £177.03.

We have paid £1037.03 to our mortgage so far this month which I am really pleased about, £250 is interest and the rest will come off the capital

XSpender

Oh dear the new build we wanted has been released and is on right move:eek:

I spent an hour going through mortgage calculators and what not looking at how we could afford it now and the short answer is we cant:(

DH and I discussed it when he got home and have come to the conclusion that, although the house is beautiful and exactly what we want, it isn't exactly where we want to be.

DH is happy to wait 2 years to get what we want with the right level of borrowing so the new build idea has been shelved. I think the extension idea may be shelved as well as I don't believe we will get what we want space wise by adding the extension.

Back to saving and op'ing..........

Luckyinlife

wow £1000 a month thats amazing

don't be disheartened by not affording the new build there will be a time when its your time to move

Loads of my friends have stretched themselves to big mortgages they can just afford so overpaying isnt an option for some

your doing great currently keep it up and bring that ltv down :]

XSpender

Thanks for the encouragement Luckyinlife.

About half an hour after writing that post I was flat out on the sofa! My lack of voice is turning into a cold:( I have done my 2 training runs this week but am beginning to worry that I wont be up for the 10 miler tomorrow. Gutted DH is feeling fit though as he went for a 5 mile run before I woke up this morning:eek:

We have DMIL dog for the weekend who is a little incontinent so lots of dog walks today and tomorrow morning needed. She is the sister of our dog and they look so cute curled up together.

DS has a swimming lesson this morning and then I will potter around and tidy up as DH is at work. I need to do a meal plan too so we can do a food shop this afternoon. Will probably go to cost0 for the chicken and protein shakes on offer (and nothing else)

I am definitely picking my new car up on Wednesday so my old car needs a good clean. I was going to take it to be valeted but will save the £25 and do it myself plus I have a voucher for a free car wash so it is just the inside that needs a vac, wipe down and the inside windows cleaned.

Final task for this weekend is to spend as little as possible

XSpender

XSpender wrote: »

Plans for this week:

• Get up to date with housework
• Get up to date with ironing
• Meal plan to minimise food spends for rest of month -Done
• Small food shop at weekend -Done and RM from Iceland - will batch cook chilli/curry instead and a couple of RM still in freezer
  
• Energy comparison and change supplier
• Car to be valeted Doing it myself if it stops raining
• Run 10 miles
• 2 training runs or swim Done
• Wash duvets Done
  

Quick update on list, shopping done and will start tidying up when finished my tea:)

Suffolk_lass

Just found your new diary and I hope it's OK if I lurk to take a bit of motivation from you. Our mortgages are similar amounts so I might try and keep pace with you for a while. I have been overpaying our IO job in the MFiT thread but that is about to finish, with no sign of a new one yet so I am looking for the next bit of tracking motivation to keep paying it down as retirement lurks for us, not too far ahead. Good stuff so far, well done!

SL

XSpender

Hello Suffolk Lass. It would be great motivator for me too to have a buddy on a similar sized IO mortgage I am currently trying to work out how to calculate what amount will pay an extra month off. I don't know if it works that way for us IO people.

I am not sure I will be a great motivator though as I never stick to my plans! I had not wanted to spend anything yesterday but DH had his hair cut and we bought some winter clothes and shoes for DS. He doesn't need much more than some vests, wellies and maybe a couple of long sleeved tops.

The good news is DS has been dry at night most of this week. I think he might have cracked it and I will not have to buy any more pull ups:D

We made use of the extra hour this morning and have blitzed the house. Our little visitor has widdled on one of my cushions so I have washed the lot, they needed it anyway.

DS was asked if he wanted to give away some of his toys and has chosen one big toy a big bag of other toys and a bag full of broken toys to go. Very proud of him as he did with no moaning or persuasion:)

My to do list is cleared except the ironing (DH does this) and my log run. I have a bad chest today and as much as I wanted to run this morning I have done the sensible thing and given it a miss. I usually end up with asthma and a chest infection if I push on when I get a bad chest:(

Oh, I haven't done the gas and electric swap either. I must do this today as BG are putting our DD up £5 to cover going on to standard tariff:eek: I may go with the unknown company as there is no tie in so if it all goes pear shaped I am not tied in.

We also need to sort out our terrible broadband connection. We have TV, phone and broadband through *ky. We don't watch the telly much as DH plays his PS4 or we watch Netflix and I am sick of 8ky putting the bill up ever few months. We also don't use the land line except to phone my Mum/Mum phones us. Does it still impact your credit rating if you have no land line? Our rating is terrible anyway but we will want a new mortgage in 12-18 months.