Moneymagic's mortgage and money ramblings

shangaijimmy

Just found your diary, welcome aboard! We are also in the boat of tackling mortgage and retirement planning but a few years longer in the tooth! Our initial plan (4yrs ago) was to tackle mortgage first to try and reduce our liabilities should work situations change. I was uncomfortable with a balance of £136k, so targeted 100k before switching a percentage of focus at semi retirement planning.

Like you I have a Vanguard S&S with a strikingly similar amount in it, and my plan is to send the mortgage payment savings to it once we remortgage in March (approx another £80 a month). I'll still overpay mortgage by the same amount. Then when we have hopefully got rid of the mortgage in another 5-6yrs then I'll throw all the mortgage money at pension and ISA's for the following 15yrs! We are determined to be part time at 60!!

Apologies for high jacking!

moneymagic

shangaijimmy wrote: »

Just found your diary, welcome aboard! We are also in the boat of tackling mortgage and retirement planning but a few years longer in the tooth! Our initial plan (4yrs ago) was to tackle mortgage first to try and reduce our liabilities should work situations change. I was uncomfortable with a balance of £136k, so targeted 100k before switching a percentage of focus at semi retirement planning.

Like you I have a Vanguard S&S with a strikingly similar amount in it, and my plan is to send the mortgage payment savings to it once we remortgage in March (approx another £80 a month). I'll still overpay mortgage by the same amount. Then when we have hopefully got rid of the mortgage in another 5-6yrs then I'll throw all the mortgage money at pension and ISA's for the following 15yrs! We are determined to be part time at 60!!

Apologies for high jacking!

Not at all! It's good to see other people in the same boat tackling mortgage/savings/retirement all at once!!

moneymagic

Hello all! Not a whole lot to report - DH will be able to pick up a few extra hours in work which will mean a few extra quid over the next couple of weeks. He had an interview today for another company which would mean a pay cut from his previous job but a lot more security and less mileage which all helps.

Kittenkirst

Fingers crossed MoneyMagic for good news on the interview

moneymagic

Hello all! Now we are ending January, thought I would make an update. And so far, we are not going too well!

Had a couple of unexpected expenses: washing machine broke down, paid to get it repaired, broke again and decided to scrap and buy a new one - also had an expensive car service and repairs.

We also have some other big bills on the horizon which we haven't accounted for (probably totally nearly 1.5k :eek:) but I am not fazed!! I like a challenge!

Also, I guess thats why we have emergency savings pots to fall back on, makes me more determined that I need this built up before I concentrate hard on the mortgage.

So here I am in regards to my targets

Savings: Aim, 10-12K, Last month, £5898.66, this month £5620.43, change -£278.23

Investments: Aim £75-100 to ISA, added £75

Mortgage: Aim £56-100 overpayment, added £0

Onwards and upwards!!!

tighteningthebelt

Hi, just wondered how you were getting on. Hope everything is OK.

moneymagic

Hello all

This diary has been very neglected - and I'm ashamed to admit its because I haven't been doing so well!!

It definitely appears to be one step forward two steps back... we had a few unexpected expenses at the start of the year (new washing machine, car repairs) and it seems that every month that SOMETHING comes up (OH has broken/lost TWO pairs of glasses this year!)

We also took the plunge and put in a new front door as ours was essentially falling apart - I was hoping to hold out another year if I could but it was getting too bad. Should save a fortune in gas now though as I suspect it was the main cuplrit for our cold downstairs during the winter!

So as it stands:

Cash savings: Aim was for 10K, started the year on £5898.66 and currently sitting at £3728.94, so down about 2K in the last few months :-(
I think 10K by the end of 2019 is almost at the realm of unachievable, but I will keep plugging away! Even 8K would be a great start.

Investments: Have added over 100 per month to S&S ISAs so far this year, so far the only challenge that I'm currently successful with :rotfl:

Mortgage: I haven't made a penny of overpayments this year yet
However, my balance is currently at £172,705.67 and I am still going to aim to get in under 170k by end of year

I will definitely try and post more often to try and be more accountable!

FloppyDisk

Hi moneymagic, fear not, life happens and you are aptly dealing with it with your savings. But maybe contact lenses for OH???