Building Up Some Options!

edited 9 June 2018 at 8:48AM in Mortgage-free wannabe
14 replies 2.1K views


  • edited 16 June 2018 at 4:24PM
    courage2changecourage2change Forumite
    25 Posts
    edited 16 June 2018 at 4:24PM
    Had to pay a deposit for a weekend break to the South East and a couple of annual expenses. Slush fund is therefore currently £3610 split over about 20 different pots.

    I add about £500 each month to this and it covers all annual expenses being saved for monthly: holidays, Xmas, house maintenance, MOTs etc. Most categories get a standard amount each month added to them and it builds up over the 12 months.

    It really helps me to know that I don't have to account for things like insurance and Christmas in my normal monthly budget and that the money is there (getting no interest haha) but ready to be used when needed.

    Sometimes I feel that I should just throw all these funds at debt but I'd end up back where I started so whilst it'll take longer to drive down the mortgage and CC debt, everything else is covered on that journey...
  • Escapar2020Escapar2020 Forumite
    129 Posts
    Fourth Anniversary 100 Posts Name Dropper
    How did you calculate your net worth?
  • Hi Escapar

    "Assets" - "Liabilities" = Net Worth

    Assets = House value + savings + car + pensions + things you own
    Liabilities = Mortgage + Credit Card + things you owe

    Hope I've done it right and that makes sense :)
  • edited 17 June 2018 at 6:38PM
    courage2changecourage2change Forumite
    25 Posts
    edited 17 June 2018 at 6:38PM
    Sitting thinking I should pay the card with cash savings, buy a small car and be done with it. Id still want a 6 month emergency fund before I started hammering the mortgage again.

    Mathematically its more or less the same as I dont make much interest on the savings as they’re deemed as emergency funds.

    Psychologically it’ll be scary but I could save a standard amount to build the EF each month and throw all the odds and sods I free up each month at the mortgage.

    Any advice?
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