Penny by penny...brick by brick!

PennyJar

Thanks LadyGnome,

Wow you'll have to tell me all your tips as you've paid off an amazing amount in 4 years :T

PennyJar

LadyGnome

Hi Penny
I have a high monthly payment due to a 22 year term and a low interest rate (1.74% and hopefully going down at the next fix in Nov) due to a low LTV so that is reducing the mortgage fairly quickly anyway.

I actually split any spare money between the mortgage, the holiday fund and saving for the children. I am not super frugal as I couldn't sustain it over the number of years needed.

PennyJar

I'm so keen to start OP not sure whether to split what I left have between Emergency Fund and OP fund right from the start. Originally was going to get the Emergency Fund sorted first - unless I put it all away and OP at end of Dec - so it's there if I need it.

Moneyfordreams

Hi PennyJar,
your name and title of your diary grabbed my interest
Welcome and good luck in your challenges. You will find what's best for you... each month, not each year... hope for optimum, plan for achievable...

PennyJar

Thank you Moneyford,

Good to know people are interested - need the support and encouragement from everyone on here to keep my motivations do commitment levels topped up.

:j

PennyJar

MinnieCooper

Hi Penny,

I am new to the MFW board too (although I haven't 'introduced' myself yet)! You sound like you have a firm plan there. It is amazing how maternity leave makes a difference to the way we think and manage money.
I am hoping to pay my mortgage off in the next 2 years. We owe approx. £80K but we have an endowment due to mature shortly that should give us, at worst, £25K off the mortgage. I am also overpaying by a whopping £945 at the moment (on top of my normal £730 payment)! This is mainly due to the fact that I have just gone back to work full time after 11 years of working part time. I didn't need to go back full time but I left a job 6 years ago (where I had been for 12 years) and ended up in a new job that I hated. They also moved me further away than where I was in the first place so my commute was horrendous. My children are older now (12 and 8) so I decided to return to my old job but the manager wanted me full time due to staff shortages. I saw the opportunity to pay off the mortgage super-quick! I am coping ok but miss my days off. Luckily, I have a nice holiday to Italy coming up.

Do you have an offset mortgage? If so, I would have your 'envelopes' in your bank account and leave the money in as long as possible rather than taking it out at the beginning of the month.
Also, one tip from me, you can save £££ by buying your baby daughter clothes in the sale (for the next size up). I have done this for both of my children and we have saved ££££ over the years.

I am jealous of your maternity pay! Mine wasn't as good as that. Mind you I had gone part time after my first child so my 2nd maternity pay was based on a PT salary. I can't remember what I got first time around. What do you do (if you don't mind me asking)?

User1489

Contact lenses - I just purchased 90 pairs for about £50 using "lenson" - its the same lenses as the brands without the packaging. It was in the MSE email this/last week - code was LENSON40 or similar.

PennyJar

Hi Minnie,

Awe thank you for your post...

No I don't have an offset mortgage - at least I don't think I do?

I've set up the old school cash envelopes so that the dreaded 'clueless card' payments don't creep in...even though I'm sure we wouldn't - the temptation seems greater when you have to use a card. I completely agree with you though that in time it would be better to keep my money in my Santander 123 so that it can work harder for me and I can use any interest back to chip away at my OPs

For work - I deal with Corporate and Partnership business management for a range of different public bodies.

Do you have a diary Minnie and I will subscribe - be nice to join the journey with you.

Thanks,
PennyJar

PennyJar

Thank you Rasputin,

Will definitely look into that tomorrow -I'll be ready to cancel with Specsavers Monday :rotfl: I'm guessing I can still get my eyes checked at a reduced rate using the coupons they run...as at the moment mine are free with the lenses?

Definitely an area where I can save more money! :T

PennyJar

PennyJar

Hi all,

So weekly progress update:-

NSD all wk
M&S yellow stickers last nt - alongside using my new sparks card gave me an additional 10% on current food offer. Below are approx costs and what I spent -

- fresh salmon fillets x2. (£4.00)
- Mississippi mud pie yoghurts x2 (£1.70)
- granary loaf. (£1.50)
- double choc chip fresh cookies. (£1.80)
- 6 large organic eggs. (£2.10)
- white and milk chocolate cheesecake (£1.50)

(£12.60)


I paid £4.63 !!!!!

Next project is looking into potentially cancelling my current contact lenses scheme and how I can save on my electricity bill.

Also was going to start selling DD clothes - but return will be only small - but hey every little bit counts towards my first goal of building our emergency fund!

Other goal is to declutter wardrobes this week, or organise to utilise better what I already have :-)

Hmmm also need to review any household items which are no longer needed and sell sell sell...

PennyJar