Diary of our £230,000 mission

EatingTheElephant

Congratulations, fantastic news :T

chelseablue

First post on my diary in 2017!


Started my new job on the 3rd, liking it so far. I'll be getting paid from them for the first time this Thursday so eagerly awaiting an email so I can log in and view my payslip!


I should really then do an updated SOA


My target is to overpay £500 every month. I've decided, well I think I've decided, to overpay as soon as I get paid. Then the money has gone from the bank and cant be spent

chelseablue

Got paid today.

Didn't get a proper full month as I started on the 3rd of Jan.

Bit confused as was told Id be paid for a full month, but I'm guessing they've paid me for the whole of Jan starting from the 3rd.

Even so, still took home £211 more than my previous job so next month should be the true picture and be even better

HoplessCase

Hi chelseablue!

I've just found your diary and thought I'd join your journey

My partner and I bought our first property in September 2015 and our current mortgage is 311,000 and we have big plans to over pay! We're only in a tiny one bed in London so definitely not our forever home and we want to pay off as quick as we can to be able to afford to move again in a few years. We're currently on a 5-year fixed term interest of 4.98% which is really high but was the best we could get at the time. So far we've managed to overpay £4000 which is a good start!

Congratulations on your new job!

chelseablue

HoplessCase wrote: »

Hi chelseablue!

I've just found your diary and thought I'd join your journey

My partner and I bought our first property in September 2015 and our current mortgage is 311,000 and we have big plans to over pay! We're only in a tiny one bed in London so definitely not our forever home and we want to pay off as quick as we can to be able to afford to move again in a few years. We're currently on a 5-year fixed term interest of 4.98% which is really high but was the best we could get at the time. So far we've managed to overpay £4000 which is a good start!

Congratulations on your new job!

Thank you!

Wow £4,000 of overpayments is amazing!

How much do you normally overpay a month?

I'm aiming for £500 a month this year, but might have to do £300 this month as I got paid a bit less than a full month

Plus our building & contents insurance is up on 17th Feb so need to pay for that, cheapest I've found so far is £129 for the year

Do you have a diary on here?

atypicalblonde

I agree wholeheartedly with the approach of OPing as soon as the money hits your account. That way there is no temptation at all to spend.

Glad to hear you are financially better off on your new salary, and looking forward to your SOA xx

chelseablue

atypicalblonde wrote: »

I agree wholeheartedly with the approach of OPing as soon as the money hits your account. That way there is no temptation at all to spend.

Glad to hear you are financially better off on your new salary, and looking forward to your SOA xx

You're right, at least then it's gone and cant be spent.
Plus I want to move one day so the more equity the better.


I didn't get a proper full months salary as I started on the 3rd so will have to wait until February's pay to do an SOA x

chelseablue

Just made an overpayment of £300

Starting this year as I mean to go on

HoplessCase

Hi Chelsea Blue!

We don't have a regular overpayment schedule at the moment as all our extra money has been going into savings to pay for our wedding in 2 months. The goal though is to redirect this to overpayments as soon as we get back from honeymoon in April! Other half is keen for us to go for £1k a month but I think we'll have to see how we get on. I work for myself so always worried I will find myself out of work and never find more!! :eek:

Just a thought but if you do a SOA in Feb it's worth working out how much you need for ALL bills per month, so for example factor in annual expenses like MOT, tax, that sort of thing so then you have enough in the pot when they come up. We have our bills bank separate to our spending accounts so it's all easier to manage. :money:

Kittenkirst

We do the same Hopless case, makes life easier and saves any nasty surprises