mumof3.12kindebt - mortgage free by 40!

mumof3.12kindebt

Hello my beautiful diary friends,

I hope you are all well. Weather is still lovely here.

I've had a phone call off the local hospital regarding seeing the surgeon about my hernia.

I've been before , but decided not to go ahead with the surgery. It's now become a priority to get it done and sorted.
From my previous appointment I know I'll need about 12 weeks off to recover (gone past the keyhole stage). I'm abit worried as I am still in the probation stage of my job. I'm going to request that it's not done as an urgent surgery to give is more time to get a decent amount in our savings.

Will see what the surgeon says in August.

Even more reason to live a no spend/frugal life

mumof3.12kindebt

Okay so previous surgeon said 12 weeks online says 2 weeks maybe a month if job is strenuous. I look after Sen children with challaging behaviour this can be very strenuous at times.
I'll see what the surgeon says but hoping I'll be able and advised that I will only need 4-6 weeks off. Please keep your fingers crossed

mumof3.12kindebt

I've left enough money in the bank for next month's out goings (on a frugal budget)

Transfered £300 to savings today.

Should be able to transfer another £1500 on the 1st if my calculations for this month's wages are correct. That would mean we would hit our target of £1800 for August

No spend day today

savingholmes

mumof3.12kindebt wrote: »

What would be a good savings target ?
I was aiming for 10k (about 5-6 months outgoings) and then smashing the Mortgage down but would like to start making a dent to the mortgage . Any help would be appreciated

I am loosely following the Dave Ramsey baby steps - you might want to personalise this for you. He suggests that you do 1, 2 and 3 in order and then 4,5 and 6 at the same time:
Baby Step 1: Emergency fund of £1K - achieved Feb 19
Baby Step 2: Debt Snowball - on target to achieve Nov 20
Baby Step 3: Create a 3-6 month emergency fund - by Mar 22
Baby Step 4: Invest 15% of income in retirement funds (currently achieving 43% of the 15% target)
Baby Step 5: Save for kids college - currently paying £400 to DS each month - expect to do the same for DD if she wants to go 2021-24 (it you earn good money - potentially paying £5k a year for kids at uni while they are there)
Baby Step 6: Pay off the house - paying £78 pcm plus interest currently - will increase once Step 3 in place (owe £145.6K)
Baby Step 7: Build wealth and give

Hope that helps

mumof3.12kindebt

Thankyou savingholmes I'd heard of Dave Ramsey baby steps but never looked into it.
I'll think I'll stick to the £10k (3-6 months expenses) as he suggests. Especially as it's looking likely I could be having to take time off work at some point in the near future.

BachSoon

Great progress mumof3.

Please do think carefully if you're going to put the operation on hold, your health is more important.

I think your £10k goal is excellent and will be a good emergency fund!

mumof3.12kindebt

Good evening my beautiful diary friends,

today we visited family, left at 10.00 got back at 18.30. took the two boys with me.

spends for today
£20 fuel
£3 water (we ran out and it was really hot and i forgot to ask my nanas care home if we could fill our bottles *rolls eyes* ill remember in future.
OH paid £4 to get DDs hair cut. *her first ever hair cut* its now one even length and she has a cute fringe

kids also had some pocket money each off my grandma (their great grandma) and all agreed they wanted to get a pool for outside. we only have a small outside space out the back but managed to find one that will fit and that doesnt exceed their budget . so everyone is happy
(cost £20)

savingholmes wrote: »

Fab savings target and you lots of productivity too! Keep it up

thankyou .

BachSoon wrote: »

Great progress mumof3.

Please do think carefully if you're going to put the operation on hold, your health is more important.

I think your £10k goal is excellent and will be a good emergency fund!

thankyou both . we are going to aim for the £10k and just keep our small overpayment going for now. hopefully at the beginning of next year we can really start throwing money at the mortgage :beer:

savingholmes

Paddling pools are ace - for adults as well as kids. Make sure you have fun in it too - but perhaps before they do LOL - it will be cleaner that way!

mumof3.12kindebt

savingholmes I have to agree. It will definitely need to be "tested" before the kids get in :j

Today should be a no spend day.

I'm at work this afternoon, I have enough fuel in the car I think as I put some in yesterday.


Watching a breakfast channel this morning and they were taking about families struggling to feed their kids during the holidays.

And today and everyday at the moment thats what I am greatful for being able to afford to feed my family. And the community and resources available to those that can't

apple_muncher

I love the way you and dp work together so well as a team.

I'd go for the savings you mentioned, as that means you have that sat ready for emergencies. Then you can go beat that mortgage down.

And get your hernia sorted, missus! You've mentioned that it has gone past the keyhole surgery point. That means that it's getting bigger/worse. And that logically implies a longer recovery period.

Look after yourself!