Today has been quite productive. I've opened up a Nationwide Flexdirect which will allow me to save up to £2500 at 5%. I'm also going to open up TSB Classic which will allow me to save £2000 also at 5%. I can also use a HSBC Regular saver at 5% for £250 per month. Everything else will go to the mortgage, as it is hanging around in a 1.1% ISA doing nothing at the moment.
The mortgage interest is 3.98% so the savings beat it, so it makes sense not to put the whole lot into the mortgage. That'll keep me access to a reasonable sum if my car conks out, which is my biggest worry.
We've also been scrumping for apples near our house today and made an apple and blackberry crumble for tea. My son enjoyed picking the apples, and we didn't feel too bad about the scrumping as our house is surrounded by fields earmarked for development (our estate is new), so they're not being farmed. I'd like to go on a foraging course to see what else I can scrump!
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
I've also taken another £2k out of my cash savings and put it towards the mortgage. We're now under £170k! Next month it'll be £10k off the capital paid off since we started overpaying (combined with regular monthly payments). That's starting to sound like serious money now!
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
Well done on getting under £170k!! That's a fantastic achievement And definitely serious money!
- Mortgage 1 started Oct 2016 [STRIKE]£120,000[/STRIKE] £99,600 - Mortgage 2 started Feb 2019 [STRIKE]£30,000[/STRIKE] £27,800 - Student loan started 2009 [STRIKE]£16,413[/STRIKE] £7,500 + New house fund £40,095/£40,000
+ Emergency savings £5,170/£5,000
+ S&S ISA £600
Thanks, it's all starting to mount up now, and it looks like some progress is being made!
I've decided to try to fix the issues I have with my car rather than buy a new one. I've got a problem with demisting - the car just keeps steaming up over and over again.
My plan for the weekend is to run a Dehumidifier in there to make sure there's no water, and to put some demister on the window. It should have a heated screen, but this has never worked, so I'm seeing if this is an easy repair... I'm hoping it's just a faulty or loose wire somewhere. Definitely worth an investigation before I buy a new car.
Saying that, my car is only worth a few hundred pounds, so I'm not going to spend very much on fixing it!
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
I had to fork out more than £50 at the dentist today, grrrr. The only other thing I've spent this week was 79p for some postage at work.
I've still not got the car windscreen fixed, although the dehumidifier and anti-mister seem to be working.
We're trying to spend no more on £65 per week on groceries including nappies and seem to be doing ok at the moment. Even managed to sneak some booze in this week!
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
Hi - not posted for a couple of months, so need to update the totals. The mortgage is currently £167,978 so more than £10k down on the original balance at the start of this thread. I've got a bonus and some money owed to me coming my way shortly, so will make a bigger dent in the balance.
I've not bought lunch at work since the beginning of September or used my drier once, despite being in full on potty training mode with ds for the past month... I'm looking forward to staying at my mums for a few days this week, so I can use her drier haha!
Christmas is all done and has come in slightly under budget, so will be able to put that aside as well.
I'm thinking of setting a 2017 goal of either saving or paying off £15k - it'll be steep, but I reckon possible...
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
I've just paid off £1,020. £20 was a gift from my godmother and £1,000 was some money owed to me from an inheritance. I've updated my totals.
I'm getting my wages tomorrow with a bonus, so that will mean my yearly total will exceed £10,000 paid off. Not too shabby indeed
My oh has been paying off the btl as well, and that is nearly mortgage free. Once that's done, he'll join my in paying the house mortgage off, and there won't be any btl mortgage to pay.
I think paying this off in ten years was too conservative. I'll have a play with some figures over the Christmas hols, but there's no reason why we can't do it in about sixish years.
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
Hi all - we're all full of colds and flu here, which is making us all miserable. But the good news is that apart from a grocery (and paracetamol) delivery, we've not spent a penny in the sales. We're unlikely to now either!
When I got paid, I put in £1,375.85 to the mortgage, and £1,250 to various savings and my s&s ISA. I'm not sure how I managed that, but it's about 75% of my take home this month, which did include my bonus and some ot, so not a usual month!
We've been making the most of the slow cooker, as some members of the household have sore throats so can only eat soup and ice cream!
Still proud that we haven't used the drier all year, despite being deep into potty training now with an accident prone three year old. I reckoned it was cheaper to buy some more pants for £5, then run the drier at about £1 a go!
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
I forgot to say, the mortgage balance is £165,581.30!
That's a total of £13,333.29 paid off since March. I'm pretty pleased with that, but will strive for more next year.
I'm thinking of going for £15k overpayments from me towards the mortgage next year, aiming to get it below £150k by the end of the year. There is a good chance our btl mortgage will also be paid off by the end of next year as well (my OH is focusing on this) so he's likely to be able to contribute as well towards the end of the year.
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
- keep grocery spends at no more than £65 per week
- sort out Council tax as my neighbour successfully lobbied to get in a lower band; our houses are exactly the same, and both new build 3 years ago, so no reason why not
- get OH a Nectar keyfob, as he spends loads in Mr S, and doesn't have one.
- try out lots of new and interesting slow cooker recipes
- no use of the drier
- no buying lunch at work
- significantly reducing beauty and cosmetic spends - I've started to do this already, but there's more that can be done.
- using my garden for productive food growing - I'm looking forward to this!
- not buying any clothes all year, apart from one (needed) sports bra
- claiming tax back on my expenses - I've never done this, but I'm entitled to it apparently.
- reduce cost of Christmas by seeking out vouchers etc. I spent £500 in total this year (just my share), but want this reduced
- £15k overpayments on the mortgage
- reduce mortgage balance to under £150k
- and finally, maybe buy a new car...but this needs a bit more research before I pull the trigger!
Quite a lot to be getting on with then
March 2016 - £178,914.59; July 2017 £146,160.38
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
Replies
The mortgage interest is 3.98% so the savings beat it, so it makes sense not to put the whole lot into the mortgage. That'll keep me access to a reasonable sum if my car conks out, which is my biggest worry.
We've also been scrumping for apples near our house today and made an apple and blackberry crumble for tea. My son enjoyed picking the apples, and we didn't feel too bad about the scrumping as our house is surrounded by fields earmarked for development (our estate is new), so they're not being farmed. I'd like to go on a foraging course to see what else I can scrump!
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
- Mortgage 2 started Feb 2019 [STRIKE]£30,000[/STRIKE] £27,800
- Student loan started 2009 [STRIKE]£16,413[/STRIKE] £7,500
+ New house fund £40,095/£40,000
+ Emergency savings £5,170/£5,000
+ S&S ISA £600
I've decided to try to fix the issues I have with my car rather than buy a new one. I've got a problem with demisting - the car just keeps steaming up over and over again.
My plan for the weekend is to run a Dehumidifier in there to make sure there's no water, and to put some demister on the window. It should have a heated screen, but this has never worked, so I'm seeing if this is an easy repair... I'm hoping it's just a faulty or loose wire somewhere. Definitely worth an investigation before I buy a new car.
Saying that, my car is only worth a few hundred pounds, so I'm not going to spend very much on fixing it!
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
I've still not got the car windscreen fixed, although the dehumidifier and anti-mister seem to be working.
We're trying to spend no more on £65 per week on groceries including nappies and seem to be doing ok at the moment. Even managed to sneak some booze in this week!
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
I've not bought lunch at work since the beginning of September or used my drier once, despite being in full on potty training mode with ds for the past month... I'm looking forward to staying at my mums for a few days this week, so I can use her drier haha!
Christmas is all done and has come in slightly under budget, so will be able to put that aside as well.
I'm thinking of setting a 2017 goal of either saving or paying off £15k - it'll be steep, but I reckon possible...
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
I'm getting my wages tomorrow with a bonus, so that will mean my yearly total will exceed £10,000 paid off. Not too shabby indeed
My oh has been paying off the btl as well, and that is nearly mortgage free. Once that's done, he'll join my in paying the house mortgage off, and there won't be any btl mortgage to pay.
I think paying this off in ten years was too conservative. I'll have a play with some figures over the Christmas hols, but there's no reason why we can't do it in about sixish years.
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
When I got paid, I put in £1,375.85 to the mortgage, and £1,250 to various savings and my s&s ISA. I'm not sure how I managed that, but it's about 75% of my take home this month, which did include my bonus and some ot, so not a usual month!
We've been making the most of the slow cooker, as some members of the household have sore throats so can only eat soup and ice cream!
Still proud that we haven't used the drier all year, despite being deep into potty training now with an accident prone three year old. I reckoned it was cheaper to buy some more pants for £5, then run the drier at about £1 a go!
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
That's a total of £13,333.29 paid off since March. I'm pretty pleased with that, but will strive for more next year.
I'm thinking of going for £15k overpayments from me towards the mortgage next year, aiming to get it below £150k by the end of the year. There is a good chance our btl mortgage will also be paid off by the end of next year as well (my OH is focusing on this) so he's likely to be able to contribute as well towards the end of the year.
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560
- keep grocery spends at no more than £65 per week
- sort out Council tax as my neighbour successfully lobbied to get in a lower band; our houses are exactly the same, and both new build 3 years ago, so no reason why not
- get OH a Nectar keyfob, as he spends loads in Mr S, and doesn't have one.
- try out lots of new and interesting slow cooker recipes
- no use of the drier
- no buying lunch at work
- significantly reducing beauty and cosmetic spends - I've started to do this already, but there's more that can be done.
- using my garden for productive food growing - I'm looking forward to this!
- not buying any clothes all year, apart from one (needed) sports bra
- claiming tax back on my expenses - I've never done this, but I'm entitled to it apparently.
- reduce cost of Christmas by seeking out vouchers etc. I spent £500 in total this year (just my share), but want this reduced
- £15k overpayments on the mortgage
- reduce mortgage balance to under £150k
- and finally, maybe buy a new car...but this needs a bit more research before I pull the trigger!
Quite a lot to be getting on with then
Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
Target balance July 2018 £112,560