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julicorn's journey
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None of us did.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.1 -
I am plodding on of course
Thanks I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.1 -
Got a letter from our lender this week to alert us that we're close to our overpayment limit for the year. I knew that obviously, but it was oddly fun to read that anyway. We'll hit our limit start of next month probably, and will then need to put the money we'd normally overpay in savings. Interest rates are pretty dire at the moment of course - we've each got a regular saver account maturing this month as well, and I had a look and seems like the 'switching bank account to get cash and then open some 5% regular saver as well' game we've been playing over the last few years isn't really much of a thing right now. Maybe I'll look into premium bonds instead, at least with those you'd get a bit of that fun 'in it to win it' lottery feeling as well.
What are you all doing with savings atm, aside from throwing them at the mortgage?
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Hi Julicorn
It's good to read about your progress too. It feels like I just shout numbers at you over on the MFW2020 thread!
It's a shame there aren't many options at the moment for decent savings. I've got two 5% bank accounts and a 5% regular saver ending soon too.
The best options at the moment for easy access seem to be NS&I income bonds (1.16% but you can only transfer in/out in chunks of £500) or the Marcus account (1.05%). I've got one of each, one for my EF and one for my tax bill savings.
Mortgage - £23,500 remaining
MFW2021 #8 - £2,519.77/£3,000
Overpayments: 2020 - £4,722.83 / 2019 - £16,042.002 -
Well done @Julicorn for reaching your 10% Max OP early in the year!
XXInitial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓1 -
Thank you both, Ellie and Sistergold! The tax bill savings is a good shout actually, I've got some money put aside in my etsy business bank account earning absolutely nothing atm, I should put that to work too Already got a Marcus account (paying 1.15% atm), but I feel like at that rate, I might as well take a bit of a gamble! 2
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How much do you get charged for ERC's? It might be worth continuing to OP and just paying for the privilege, as the mortgage interest savings could outweigh what you'd receive in savings interest and you'll then get the benefit of that saving for the remainder of the mortgageMortgage start: £65,495 (March 2016)
Cleared 🧚♀️🧚♀️🧚♀️!!! In 5 years, 1 month and 29 days
Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed
Finally earning interest instead of paying it!!!1 -
Thank you for the suggestion! I don't think it's worth it in our case, but I'll run the numbers anyway.
In the meantime, I've opened a premium bonds account to buy some bonds later this month - probably worth moving most of the emergency fund and the tax savings (thanks again for that reminder, I had completely forgotten to do anything with those!) in there anyway. Already got that lottery excitement going on, it's probably worth it just for that.
We used to play the lottery pre YNAB, just didn't like seeing that £2 a week disappear into nothingness. 1 -
Well done for reaching your 10% OP, looking forward to hearing what you do with your savings nowOriginal settlement date: Dec-54 Projected: Jul-55 (due to 3 month mortgage holiday!)1
Hope you're doing ok, beanie 
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