Simple, sustainable and slow: Glenda's MF marathon

GlendaSugarbean

Playing round with some more figures to keep me on track .

If I can keep up my current OPs (+£87 by DD and +£100 by budget savings per month), I will repay my mortgage over 6 years early :eek:. This is not including an potential cuts in interest rates (currently paying 2.44% on a 5 year fix, 90% LTV). At the end of my fixed rate, again if I can match this month's figures, I'll have paid an extra £10k off the capital.

Interest is costing me £11 per day at the moment, will track this as well so I can see it falling .

Even without chucking everything at the mortgage, I can see I'm making real progress .

GlendaSugarbean

Another £30 OP this morning from savings on the grocery budget: mortgage now stands at £165,400.

BachSoon

That's brilliant progress Glenda :T

It certainly makes everything feel better when you see that the little things add up over time 6 years earlier is awesome :cool:

I often wonder what the banks think of us lot:rotfl:

GlendaSugarbean

I expect they are gnashing their teeth at the though of losing all their money BachSoon!

I am reassured about the reports that young adults now (def not my demographic!) are more likely to be saving as well as overpaying on mortgages. I wish I'd realised how important that was when I was in my twenties.

GlendaSugarbean

I should also clarify that 6 years is if I can keep up with my current OP levels over the mortgage term. If I look at my actual OPs it'll be more like a month if I'm lucky!

BachSoon

I think it seems to be a bit of a mixed bag. I only have 1 friend who is interested in overpaying/savings (and her husband is an accountant :rotfl:), but many of my peers at work seem to think it's an odd thing to do (and we're in a profession...).

GlendaSugarbean

Well, it makes me happy

CC arrived today, have promptly halved the credit limit and added it to my online accounts. Now to figure out how to account for it all in YNAB. I feel a tutorial coming on...

zcrat41

I do the same as you with a cc Glenda to get my clubcard points. In ynab I just have it set as a current so it shows as a
Minus figure. Then once a month I transfer the money from another acc. Works well for me.

GlendaSugarbean

CC set up - I used the new YNAB system which is very tidy, money is taken from my categories and appears as a credit in my CC payment line. So when the bill is due, the money is sitting there ready to be paid .

Status report: weekend was a bit spendy but we had a lovely time enjoying the sunshine and relaxing with friends. All spends budgeted for, but I do need to keep a tight rein on things for the next few weeks.

Grocery spending is an issue as our fridge freezer is on the blink - it's still in guarantee but we are waiting on a new part. It means I'm having to do lots of smaller shops for perishables which is of course pushing up the spends :mad:. Hopefully it will be fixed or replaced this week.

No mini OPs this week, OP pot sitting at £5. Will wait until it's at least £10 before transferring.

GlendaSugarbean

So last month sent us a bit off track - still no working fridge, waiting for a mysteriously delayed refund so I can get a working one. Never buying from C@rrys again :mad:. Plus the car needed work, we've been fixing up the bathroom and the boys needed new shoes all at the same time. If I stopped buying food, that would solve the grocery bill and the show bill in one swoop :rotfl:.

So, payday today and status report. Made an extra OP to the mortgage so it is now standing at £164,800 / £171,000

Emergency fund now at £1800/5400, which I am very pleased with!

So I've paid off a nice round £600 off the mortgage after interest is taken into account, and added £80 to the emergency fund. I'll take that!

Now to keep a rein on spending this month.