Long Term Mortgage Free Wannabe

caeler

I think much like you I'd be want to make super sensible choices with such a large sum of money too.  But then I guess you might want to understand what your parents wishes are - they might want you to be fun and frivolous!! 

FtbDreaming

I’m now thinking what I’d do with £50k which is a LOT of money to me! I think I’d spend £20k on the house. £5k each in the children’s savings £5k on a holiday/fun and the last £10k would be kept back as a backup fund or to start my own catering van! 

I think I need to put the lotto on now as that’s the only chance I have in coming into money 😂 x

katsoocam

FtbDreaming said:

I’m now thinking what I’d do with £50k which is a LOT of money to me! I think I’d spend £20k on the house. £5k each in the children’s savings £5k on a holiday/fun and the last £10k would be kept back as a backup fund or to start my own catering van! 

I think I need to put the lotto on now as that’s the only chance I have in coming into money 😂 x

For sure it’s a big chunk of money! Our house is a new build so not lots to do. I think hub and I have to have a big chat! 

caeler

I also live in a new build @katsoocam and the best thing I did was "finish" off the kitchen.  I got the walls tiled, I got an extra cupboard put in (it was an obvious space on the wall yet they didn't install cupboards and it looked unfinished not to mention left me with zero storage space!), put in under cupboard lighting and boxed in the boiler.  Really pleased.  It was probably my own fault as I wouldn't pay the developer for extras!! 

katsoocam

caeler said:

I also live in a new build @katsoocam and the best thing I did was "finish" off the kitchen.  I got the walls tiled, I got an extra cupboard put in (it was an obvious space on the wall yet they didn't install cupboards and it looked unfinished not to mention left me with zero storage space!), put in under cupboard lighting and boxed in the boiler.  Really pleased.  It was probably my own fault as I wouldn't pay the developer for extras!! 

Ahhh we didn’t pay - everytime they delayed we made them give us an extra 😬. What can I say I’m argumentative! We did get the splashback tiled mind you! 

katsoocam

Had a fairly successful pre baby declutter and made £271.55 after postage -not bad and most importantly the place feels soooo much less cluttered! I haven’t done all the bits I wanted to but taking it as a win really. Hopefully might get an odd bit more done if only towards the end of maternity leave. 

katsoocam

I’ve been cooking the numbers and with the additional money our figures will look like this: 
Mortgage Balance: - £285861.3
ISA: £181693.13
3-6 Month Emergency Fund: £30600/£30600 100%
Mat Leave Fund: £6000/£6000 100%
Car Fund: £6000/£6000 100%
Slush Fund: £10000/£10000 100%
10th Anniversary Holiday Fund: £10000/£10000 100%
Mortgage Overpayment Fund:
£30000/£30000 100%
Total Savings Target: £92600/£92600 100%

And a surplus of £4423.26  
Other important calcs this month: 
Mat leave budget now out of £22000 (Feb-Dec to go) currently at £6000/22000 as above but hub not been paid yet so will go up a bit yet! 

katsoocam

Turns out £25000 as £50000 between brother and I. Oh well, ho hum, what would life be without something to save up for. 

In better news - £125 on the premium bonds this month! 

katsoocam

Started thinking about uni living expenses for two kids...better start saving! Used the MSE calculator and worked out thirty each. Oops. 

FtbDreaming

Ooh I think you deffo like having something to save for don’t you @katsoocam how old are your little ones? Wouldn’t you be better off having a snowball approach to saving so once one pot is full move onto the next? 

My eldest is 12 and I haven’t thought of uni yet. If I have to pay the fees then I will but it’ll be the MSE way of life rather than thousands of my hard earned money to go to freshers weeks and student nights every Monday-Friday. It’s all a bit alien to me tbh. I got my first job at 15 and left home at 16 I’ve never been well off but always paid my own way. The thought of having to fund adult kids lifestyle just doesn’t sit well with me.