Journey to mortgage freedom

FIREdoc

Hahahaha! I might be addicted....
Balance crept a few pounds above 200 again with interest, so made another OP to take me back down!!!

FIREdoc

Having a very expensive few weeks. Work related (essential) expenses, car expenses, booking flights for an upcoming (dream) holiday, and rather dropped the ball on food and entertainment budgets too.
I'm now back on a budget and tracking every penny. Hope this gets me back on track!
Mortgage balance currently in the 197s. So close to the 195 mini goal!

kev2009

Congrats so far!

How's the place coming along? Still got your emergency fund etc or have you had to dip into it or possibly managed to increase it?

So far i'm managing to stick to my fixed amount of savings and i'm currently on track for my OP this year if i worked it out right then will need to focus on net years OP. Shame NW have stopped there regular saver as I was using that so i'll have to look around when my current one matures next year for an alternative or perhaps just take out a 1 year fixed savings account, will have to see nearer the time, depends on the interest rates then.

Kev

FIREdoc

Thanks Kev! It definitely feels like home now, and we've certainly had fun choosing bits and pieces for it. Emergency fund is still there, although I do go on the prowl worrying about needing it. Bit worried there might be one or two potentially expensive issues needing sorting on the horizon, but then, that's exactly why the emergency fund exists.
I'm with you on the regular saver mourning! Mine matures November, so that's a little extra pot. I think it might be used for home improvements/holiday though, rather than an OP or adding to the emergency fund.

Moneyfordreams

I think your allowed a bit of a break here and there for living fab work

kev2009

great news Firedoc. Whats your plan at end of regular saver? find another or maybe just put some money in a 1 year fixed rate account? I can't decide atm but I've also got till march next year to decide

Kev

Brindlebabe

Hello.
I'm a junior doc too.

My mortgage is about the same as yours (except going down much, much more slowly!) so I'm reading your diary with interest.

My diary is slow moving (like my mortgage overpayments) but we'll get there.

Just wanted to say hi, and congratulate you on your payments, and also empathise with the August work expenses (and the inevitableness of having HR mess up your pay for go apparent reason).

Will follow with interest.
BBx

FIREdoc

Overdue update!
Kev - so, the regular saver pot is needing to be dipped into slightly prematurely for an upcoming holiday. I don't mind too much, that was exactly why its there - to spread the cost of holidays and other "wants" over several months. Sad to miss out on the max interest though!
BB- wonderful! I sometimes find many of my similar level peers are constantly out for bigger and better....houses, cars, etc etc, so it can be a little lonely/seem like a frugal weirdo to live within your means and not rely on credit cards/car financing etc. There is an odd sense of entitlement, I think the long time in uni not making money, and working long hours once graduated contribute quite a lot. And some perceived societal pressure around driving an older/second hand car etc.... I don't really know, but it's reassuring to have people with similar goals around.

All this to say.... we are slowing down a little on the over payments for the time being. Exciting steps...we have decided to start TTC, and apparently that comes with expenses lol. If all works out, I'd love love love to take a nice period of mat leave too (without piling on debt), so going to be having a good look at the budget to see what we might be able to save. No guarantees with any of this, of course, but at least money is one of the few things slightly more within my control in this journey!
I think plan is to reduce OP to £200-300/mo for the time being, then if we become pregnant, look to reduce it down to minimum payment for the second and third trimester.
Any insights on what others have done in similar situations?

savingholmes

I think how much money you need is dependent on what mat pay you would get and how much time you want off and whether you are planning to return to work afterwards.... We weren't very good but perhaps didn't need to be as I had very good mat pay and went back after about 4 or 5 months after the birth of each baby

FIREdoc

Helpful insights savingholmes, plenty to think about. I suppose part of me is seeing a lot of my friends having a full year off work, and sort of assuming that is what I would do, but you are absolutely right, there is no reason to make that assumption. I get pretty good pay with the NHS - I think 8 weeks full and 18 weeks half, so would make sense to take advantage of that at least?
Payday weekend, so trying to get a handle on the budget for October. :A