The Edcawber Principle

Suffolk_lass

I feel for you, that is really hard, and although the weather is improving you are a bit behind us southern softies with the warmth (although my Mum in Ayrshire has been gardening in a T-shirt). This would be a good time to pop in a couple of premium produce plants in your garden - I am taking enormous pleasure from the developing dessert gooseberries and rhubarb in my garden. Just a thought - I know gardening isn't really your thing but picking and eating a home-grown fruit is a little lift for the soul, for me. Stay safe and maybe practice smiling - it releases endorphins that lift your mood.

Karmacat

That's tough, Ed, to have half work and half childcare, with an unappreciative boss - hope the work, at least, starts to level out. 

Suffolk_lass

You're a bit quiet - hope all is well. How are the end of the month figures?

Suffolk_lass

I know what I meant to mention to you. Morries have changed the Paul Mas white wine that you put me on to about 3-4 years ago. Husband is doing the shopping as I have not been out (except to drive to his mother's funeral and again to make sure my car does not seize up, for a circuit round the neighbouring Village via the Post Office last week). Well he bought the replacement on offer £6.25 from £8.25 - still a Languedoc but Vinus Clairette. Lovely. I can recommend it if you have not tried it.

beanielou

Hope all is well with you & yours 

edinburgher

All is generally positive (life) and exceptionally positive (finances) - proper update tomorrow!

Suffolk_lass

Excellent. We do worry when you go all quiet on us!

beanielou

Good to see you 

edinburgher

Please to report that a mere 3 years or so after starting the current incarnation of my diary, I am free of all unsecured debt!

It's amazing the difference that 5 years makes. When we moved into our current house, Mrs E was on maternity leave, we had £25k on credit cards and I genuinely thought we'd never be able to pay this house off. Fast forward a bit and our earnings have gone up by 50% (ok, that's a bit of a cheat as Mrs E was on mat leave), we owe nowt bar the mortgage and the mortgage doesn't feel like such a millstone.

I have been busting my hump and we paid off £1,100+ for 9 consecutive months. Our budget is still in the red by approximately £1,000, but it's fixed costs in the future that we need to fund, not existing liabilities. These will be funded in due course and I want to trim the fat further so that the next stage of our life goes to plan.

Some things really haven't changed at all. For example, paying off the mortgage still isn't a priority for us. Mrs E has put her pension contributions up to 20% (26% including employer contribution) and this should provide a Civil Service-like level of retirement income to match mine. My current thinking is that we will extend our mortgage term by the end of the year until my state pension age (another 31 years). I'm also considering applying for an interest only mortgage for a couple of years to fund the next big thing as we're very focused on cash flow at present.

This will be staying put, but with a sizable extension and significant groundworks to level and enclose our plot. We hope to remove our garage and driveway, freeing up as much space as we will lose extending. Something has to give, however and we will likely lose our small front garden to parking and storage. Longer term plans might include decarbonising our house (remove the boiler, add more solar panels and an air source heat pump and a charging connection for an electric car).

To be honest, I haven't a Scooby how much this will all cost, although I'm thinking £££,£££ level for sure. As the Covid-19 pandemic is still kicking our collective backsides, I have no idea what this will do to house prices and remortgages. For now, I think we'll see how much cash we can save, with a nominal start date of January 2023 for the extension. Setting us a target of £25,000 by then.

Thanks to all the regulars for keeping me company along the way

beanielou

So pleased for you