Booking myself in for an independent future

Hazelnutty

Sometimes we have to relax the purse-strings and it sounds as if your money was well-spent!

BookmobileBadGirl

I am under £65,300 \ /

Have had an admin heavy week;

- got a credit card for “just in case”, I asked for £1,000 and they gave me £5,500
- have opened a Marcus saving account and transferred my £10,000 from my current saving account where it earns only 0.25%
- started planning my budget for my new income, so just waiting for January for that to kick in now
- my current five year plan ends in three years so have been planning to ensure that I will be so financially secure by the time I am 35

beanielou

Good news on your new figures

BookmobileBadGirl

Finally made my overpayment for January

Mortgage payment: £248
January overpayment: £302.08

Remaining mortgage £64,800

beanielou

BookmobileBadGirl wrote: »

Finally made my overpayment for January

Mortgage payment: £248
January overpayment: £302.08

Remaining mortgage £64,800

Great figures :j :j

BookmobileBadGirl

First day of the month so payment and overpayment have been made

Mortgage payment: £248
Overpayment: £319.20

beanielou

BookmobileBadGirl wrote: »

First day of the month so payment and overpayment have been made

Mortgage payment: £248
Overpayment: £319.20

Well done :j :j

BookmobileBadGirl

I have updated my SOA to reflect my new income

However I have decided to keep my overpayments at around £300 a month as I now intend to go do an MBA part time. I would love to start it this September but I can’t really afford it so will instead start next September and be confident I have the money ready.

Even with my normal payment and just the £300 overpayment I should be knocking £5,000 off the mortgage each year

BookmobileBadGirl

I managed to miss doing a March update but I overpaid by £309.24,

On to April now, have so far overpaid £257.26.

Hopefully I will be able to top that up to £300 by the end of the month, but I have booked a holiday to Budapest on my credit card so am just focusing on paying that back.

BookmobileBadGirl

Hello Diary!

My university announced a big restructure, that has been going on for months and will be going on for the next year, so I have switched from focusing on overpaying to saving up money just in case.

I have still been overpaying by £102 each month to round the payment up, but nothing else.

I was feeling a bit dispondent this morning about the lack of progress on the mortgage so looked up where I would be if I had never made overpayments. It would have taken me eight years to get my balance down to where it is now with just the minimum payment, I have done that in two and a half.