Fast-approaching deadline for Interest Only BTL mortgages.

Saving_Glut

Reporting on Day 14 of 21-day challenge:

This challenge is interesting. Although it sets out a task for you each day, it doesn’t prescribe a list of activities you should file. What it does do, is get you to commit spending 20 minutes per day on what can seem like a light-hearted activity such as preparing a forgiveness list (to clear space in your head to focus on the more important things), a vision board of what you will do with the £1k that you earn/save through activity it does set out for you, oh and occasionally it sets out a challenge to “own your carp!”, i.e. note money in and out of your account.

So, although I haven’t saved/earned any more since my last post, each day during my allocated 20 minutes, I do progress things along and trust that the £1k will come good at the end.

So here are a few things I’ve nudged along (and none of which are transformative!).

1. Learnt I can possibly save £180 on my current EEE contract, if I move to sim-only deal or £240 with O-two. I can negotiate my contract with EEE next Wednesday. I hope they move toward the O-two offer as nothing interests me less than phone bills! #sorrynotsorry.

2. Advertised two more items for sale through eB@y, once again availing otheir £1 sale fee offer. Really had hoped to advertise more this weekend.

3. Sold two items for princely sum of £6 through FB marketplace. The space I gain because these two items are no longer taking up is more valuable than the money. This amount goes to a nice treat for OH and I as it was owned jointly.

4. Identified 10 activities which can potentially save/earn me money now or in the future. I expect my 21-day project will overrun ( I had to extend the first 21-day challenge to 50 days; it wasn’t until Day #48 that I finally grasped the nettle that I had been avoiding and remortgaged a property which saved me a significant amount of money over the long term).

Watch this space!! I’m off to enojoy the rest of this Bank Holiday Monday.

greent

Saving_Glut wrote: »

Hi greent

Good to know someone’s looking out to see if I am keeping to my word!

Hope you completed your tax returns in April as planned. You have inspired me to complete my UK tax returns in May. I’d better, as I suspect you might check in on me!

I've started getting the bits ready for the accountant, but haven't checked I have everything and posted them yet It's on my to-do list for this week...…

Saving_Glut

Greent, The fact that you have collated some info already is a positive first step! I will pop by your posts to see your progress this week! Good luck, hope the numbers are in your favour!!

Saving_Glut

Reporting belatedly retrospectively for Day 15. Stressful days of work ahead, plus theatre tomorrow evening with OH and sis-in-law so it may be Saturday before I can pick this up again.

In the meantime, I switched to sim-only deal with more GB on same phone which will save £252 over the next 12-months. Chuffed with that result!

Renewed my car insurance with a reduction of £17 on premium.

Reviewed property insurance to ensure we were not being charged 10-20% extra for terrorism cover. Insurance companies seem to be pushing this, but risk is low if property is not close to places of interest or train stations etc. Fingers crossed!

Confirmed that the property I insured last week did not contain a £50 fee for DAS. I don’t recall what DAS is, but I remembered that. I don’t need it and that I had been charged for it previously!

So, although some activity (with help from OH!) didn’t result in direct savings at least I know I’m not paying unnecessary fees.

SGx

Saving_Glut

Back with a bang on NYE!

Oh, I did feel bad when I realised before Christmas that I have neglected this Forum and my mortgage goals through the whole year! However, following a blitz or two during the hols, I feel close to having a grip on my current financial status once more. My excuse is that I spent 5 months training for two pretty exciting events on my bucket list which went really well, but I really must learn to balance events and finances with equal zeal!

Changes to the tax regime for contractors from April 2020 will mean my current contract ends in March, so I can only plan up to the end of Q1, so my short term goal should sensibly be to pay off taxes due in July early and stash the remaining cash until I secure a new role.

Oh, removal of mortgage relief for BTL mortgages ramp up in 2020 too, so I’m going to feel the pinch there too!

Here’s to change and the new possibilities it brings! Happy New Year all!

greent

Welcome back!!! Look forward to hearing more from you this year

My OH has moved away from contracting altogether and now has a ft salaried role - I'm just in the process of winding the company up - remaining funds are being transferred into a new pension for me

Saving_Glut

Thank you greent! Nice to see you here and from your signature and MSE virtual awards, you have continued to make great strides! Well done! :T

It’s great your OH has secured a role, especially as it has resulted in your pension pot being topped up! My job applications commence from tomorrow!

Today, I have:
- applied for a MundS current account to earn cash rewards. Will learn next week if my application passes muster!
- Have set target of 20 NSDs in January. 1 down, only 19 to go! :rotfl: