Mortgage free ASAP

bubblycrazy

Tax credits are in so I've just made a £65.75 OP and added £101.62 to my holiday fund.
I have £56.19 to last until the end of the month. Will just about be enough, unless any unexpected spends come up.
I would have been well over budget this month but had a lovely email from EDF refunding me £28.82.
Out for a meal after work tonight with the boyfriend and I have a code for 33% off.

bubblycrazy

I've had the keys to my house 3 years today
Current mortgage balance stands at £47579.82
Without any OP's the current balance would be £50969
Not bad, will hopefully have OP'd more than that in the next 3 years.

I now have £28.19 left until the end of the month, and still need £25 of petrol :eek: (might get away with £24)
There's nothing else I NEED to buy, any other spends will be for keeping DS entertained.

bubblycrazy

I managed to have £3.84 left at the end of the month so have OP'd this. :j
14 NSD's in August.
£69.59 OP'd (on top of the £100 standard OP)
Holiday fund is currently at £660.

I think I need to set up another savings pot for my extra income.
At the moment when it's a month when my pay is higher, I leave in £798.34 and transfer the rest to savings.
Going on last years income this should then be enough to cover the shortfall for the lower paid months.
However out of 3 months wages I've only saved £330.30, I need to save £1217.32 from 6 months wages :eek:
I know I haven't had as many extra hours this summer as last, but I've also had a pay rise so I thought it would have evened out. Not sure why there's such a shortfall.
The next 2 months pay should be decent so I will wait until the end of October and see how short I am of the target, tax credits will have to make up the rest.

bubblycrazy

I think I've worked out one of the reasons for the shortfall.
Since last summer there have been changes to my pension. Before the changes I wasn't paying NI and now on the higher paid months I am :mad:

[Deleted User]

That's really annoying about the NI :mad:

You're doing really well though....very focused so I'm sure you'll hit your targets!!:D

Betterthanever

Just read your diary and wanted to say I think you're doing brilliantly. I've been where you are, locked in on a rate you can't get out of, with the affordability rule scuppering things when you know the reality is quite different. Typical "computer says no" stuff! But keep plodding along....it does get better and your options will be hugely different next time.

Will be following with interest!

bubblycrazy

Thanks squirrelgirl and Betterthanever

I've realised I was underpaid by 7hrs last month so will get that in this months pay.

I've had my yearly mortgage statement through and was really confused why it said my ERC was 3% now, as I didn't think it changed until 31/10/2017. When I've looked closer at my original paperwork it says that if i repay before 31/10/2017 I will be charged 3%, which means from 1st November my ERC is 2% :j:j

All my workings out were based on an ERC of 3%, which was still coming up as saving money, now it'll be worth paying the ERC even more! So happy! I'm really hoping there's no sudden increase in interest rates before then.

DS starts school on Tuesday! I'm excited but also nervous as this is the biggest change to our routine since he was born, and will set the scene for the next 10+ years :eek:

I came under budget by 40p this week, and also received 79p interest, so have made a £1.19 OP :rotfl:

[Deleted User]

That's a nice surpise on the ERC front!! Hope all goes well with starting school....it's been a long time since I was in that position but I remember how lovely it is to see them in their new uniform all smart and excited!! :A

bubblycrazy

Thanks squirrel. Everything is sorted and ready to go in the morning, can't wait to see him fully dressed in his uniform
I'm going to try and have an early (for me) night as I'm not naturally a morning person and the alarm is set for a far too early time. Better get used to it!

andy1886

Just been reading your updates , I think you are doing brilliantly . I hope you proceed with your stocks and shares isa idea because although too far away it is something I am thinking of doing with my spare money once mortgage free .
Hope everything goes well on the school front and you put your spare time to good use and not a spending spree but somehow I don't think you are the kind of person to do that .