Getting it together...one £ at a time!

Homegrown0

AUGUST 2019 ROUNDUP!

Balances and paid amounts
Loan: £2,632.05 / £15,792.30 (£13,160.25 paid off - 83% paid)
CC1: £3,475.61 / £4,804.97 (£1,329.36 or 28% paid off)
CC2: £3,644.58 / £5,031.14 (£1,472.38 paid off - 29% paid)

Total: £9,752.24 / £25,619.44 (£15,961.99 paid off, 62% paid)

Good things:

• 62% of debt paid off
• Total debt left is into the £9ks - finally below 10k!!!! :j:j:j
• 5 payments left on the loan, FIVE! :j
• Loan is into the 2ks :beer:
• Bathroom is done and there's a plan to pay it off over the next couple of months on top of regular debt payments

Not so good things

• Overpayments have really slowed down for many reasons - expensive stuff of late (i.e. back to school and a million birthdays), the bathroom being redone (eek :eek:) and all the costs associated with planning which is all up front

Pay off your debt by Xmas 2019

• January - £854.92 (£218.51 overpaid) - 8.6% of challenge total
• February- £1,012.27 (£375.86 overpaid) - 10.1% of challenge total
• March - £919.99 (£283.58 overpaid) - 9.2% of challenge total
• April - £1,113.78 (£477.37 overpaid) - 11.1% of challenge total
• May- £686.41 (£50 overpaid) - 6.9% of challenge total
• June- £636.41 (£0 overpaid) - 6.4% of challenge total
• July- £636.41 (£0 overpaid) - 6.4% of challenge total
• August- £669.63 (£33.22 overpaid) - 6.7% of challenge total
  
  Total so far: £6,579.82 / £10,000 (66% of challenge total):j

Savings

• £150 in general savings account...
• £0 in clothing/ gifts account...
• £500 in Christmas saver (will be £600 by November)
• £601 in CU saver (£50 added every month)
• £??? in my sealed pot!

Days until pay day: 9
Loan payments left: 5
Childcare payments left: 11

ohdearhowdidthathappen

How great to be below £10k and the 5 payments left to go on the loan will fly by!
I think considering you’ve done your bathroom and it’s the school holidays, you’ve done amazingly to overpay at all :-D

BabySteps234

Wow! That’s all really positive stuff! How fantastic to be on your final leg of your debt free journey - must be so great being back under the 10k mark. Those 5 last payments will soon go... hopefully month 6 you get a well deserved treat night out to celebrate it place of loan! Well done ��

monz

Look how much you will have free once all paid off amazing!!!!!!!!!!!

Homegrown0

ohshithowdidthathappen wrote: »

How great to be below £10k and the 5 payments left to go on the loan will fly by!
I think considering you’ve done your bathroom and it’s the school holidays, you’ve done amazingly to overpay at all :-D

Thanks OSHDTH (excuse the abbreviation of your name :rotfl:). You're right on the overpayment front, we overpaid earlier in the year but have had a lot on in the last few months and have a lot on for the next year or so! I think we need to give ourselves credit for these things instead of just looking at where we come short.

BabySteps234 wrote: »

Wow! That’s all really positive stuff! How fantastic to be on your final leg of your debt free journey - must be so great being back under the 10k mark. Those 5 last payments will soon go... hopefully month 6 you get a well deserved treat night out to celebrate it place of loan! Well done ��

Oh yes, we will make sure we have something to look forward to once it's paid off as a little treat. But as one loan ends, another will begin to cover all of our home renovations but that's another story. Trying to be clever by paying it off over 5 years instead of adding it to the mortgage and paying a LOT of interest over 20 years. We'll see...

monz wrote: »

Look how much you will have free once all paid off amazing!!!!!!!!!!!

I know Monz, although as I said above, all those funds will be redirected to our home improvements which is a massive and expensive job on the horizon. However, with the youngest starting school next year, we'll be saving even more with not having to pay nursery fees come August 2020 so it can only get better

crunch_time

Found your diary and subscribed!!

Looking forward to a proper read.

Crunch x

monz

Aw god you got that right with home improvements being expensive. Once garden is done. My eyes are set on loft work. The previous owners (I have other words but not suitable!) left their (again fill in blank!) in it. So getting loft converters in to chuck it and put down the stuff to make it converted to storage nice and tidy. Also going to get a WC in understairs. This will add to my house also if i would ever sell xx

teafor2

Hi HG Excellent August round up and well done on breaking that £10k barrier :j Even your 'not so good things' are for a good reason :T

You and your OH work so hard that if anybody can juggle the figures to end up with a 5 year loan as opposed to putting it on the mortgage for 20 years it'll be you two.

Have a lovely day. xx

doingitanyway

Another one impressed with your August round up. How good will you feel when that loan has gone?

I was stupid enough to add a few loans to the mortgage before I discovered MSE. I was told as my repayments were lower overall I would be paying less. And I believed it! You will save loads by paying it off much sooner

Homegrown0

monz wrote: »

Aw god you got that right with home improvements being expensive. Once garden is done. My eyes are set on loft work. The previous owners (I have other words but not suitable!) left their (again fill in blank!) in it. So getting loft converters in to chuck it and put down the stuff to make it converted to storage nice and tidy. Also going to get a WC in understairs. This will add to my house also if i would ever sell xx

Exciting stuff Monz - i think making your house how you want it is equally, if not more, important than resale value. I want to enjoy my home and make a nice place to live for us all, so that's what's important to me. We're not planning on selling until we're too old to live here, so resale value will only affect how much my kids get when i kick the bucket

It's nice to have plans, and you rock saving up for these things/ paying them off quickly.

teafor2 wrote: »

Hi HG Excellent August round up and well done on breaking that £10k barrier :j Even your 'not so good things' are for a good reason :T

You and your OH work so hard that if anybody can juggle the figures to end up with a 5 year loan as opposed to putting it on the mortgage for 20 years it'll be you two.

Have a lovely day. xx

Thanks Tea - we do work hard but it's all for a good reason Early retirement/ pay off mortgage early/ enjoy life/ have great experiences/ be happy. It's what it's all about! Lots of grand plans that I'm sure will change over time but working hard to enjoy the other aspects of life is where it's at for us.

doingitanyway wrote: »

Another one impressed with your August round up. How good will you feel when that loan has gone?

I was stupid enough to add a few loans to the mortgage before I discovered MSE. I was told as my repayments were lower overall I would be paying less. And I believed it! You will save loads by paying it off much sooner

That's the plan DIA - trying to be sensible. Well, you may have fallen into that trap before, but it hasn't held you back Ms Mortgage Free! I figure if we can afford to do it that way, it makes much more sense. Plus, we still have 3.5 years left on our fixed rate so it'd cost even more to buy ourselves out of our deal to release equity. It's a win-win, the way I see it.

And to answer your question, we will feel GREAT to get that paid off. Another thing ticked off :T