1 brick at a time

longway2go

Lots of figures going around in my head, I think if we make a real push we could have a full funded EF next year. I am going for 6 months bills and food so 12k. I could do it slightly quicker by not paying the top up to the mortgage I pay each month to represent the original term (I extended it to make our committed payment lower). But I really don't want to do that as I have put a massive effort into OP and don't want to stop that and undo some of the work that has been done as this is what motivates me. I am hoping it will not take the whole of next year but I am being realistic as we have a garage roof and maybe a new boiler to pay for.  I also think when I reach 3 maybe 4 months worth of EF I will look to increase pension contributions to 15% of wages. 

Figures for the last month:
506.64 OP
274 of interest saved by this OP
9092.85 is the total OP to date
5222 is interest saved by this
15 months payments saved 
10.29 is the daily interest
53.79 LTV
281,720 net worth 
81,391  My Pension
Think that's it for now. 

MovingForwards

Do H3BC have their regular saver still, or has that been stopped for new accounts or dropped the rate? 
V's current reg saver pays 1%, maximum in per month is £250, no minimum. I've found them very useful. Their current account pays 2% for £1k balance and it has a linked savings account paying 0.50%; individual savings pots can be set up.

ISAs are not really worthwhile at the moment as the interest is tiny, also with the personal savings allowance unless you've a lot in savings it barely touches it. 

There's nothing wrong with making OP's, saving EF and saving for repairs / maintenance. 

How about doing a quarterly review of how things are going with everything, then adjusting anywhere you think needs an extra push?

(Sorry for missing your posts, I'm not always getting notifications)

longway2go

Hi MF, 
I don't know about H3BC and a regular saver tbh, as its just sat in a normal account and have never really thought about anything more for it but as it grows I know I should so will have a look into all of the options. I hadn't even thought of a regular saver before you mentioned it. I need to change my mindset to get it a good home or my squirrel will not be happy.
Your point about Isas is also useful and appreciated. 
I think I will definitely keep re iewing and adjusting. I want to keep my top up payment going but happy to pause most OPs until the EF is in place. I think that has to be the main focus now, it's a scary world out there and we need to protect ourselves as much as we need to feel secure. In a way I feel stupid to have exposed ourselves for so long but I also think that had I not started making OPs then I would never have the knowledge I do now and seriously considered the risks instead of burying my head in the sand which I have done for a long time prior to me starting the OPs.
Don't worry about missing posts, I am generally greatful for your reply as they help me to talk things through and consider options that I hadn't even thought of. 
Is everything going OK for you?

MovingForwards

I only knew about their RS as I've seen it mentioned on the savings board.

None of us really thought about having a big EF due to being focused on everything else going on in our lives, it's only because of what's happened this year we are all looking at finances and how to make them work for us, while doing everything else. Don't be so hard on yourself!

I'm doing ok, decided months ago to stick with my savings diary and ignore the one I set up on the MF board, partly because of having different savings goals but mainly because I've made some good friends chatting on it.

The great thing about having a diary is other people can spot where something may be missing with what we are doing, giving us time to look into and rectify it, if need be.

South_coast

I'd echo the point about not being hard on yourself. Remember, there are millions of people in this country without any safety net savings whatsoever, and that's a much scarier place to be!

longway2go

MovingForwards said:

I only knew about their RS as I've seen it mentioned on the savings board.

None of us really thought about having a big EF due to being focused on everything else going on in our lives, it's only because of what's happened this year we are all looking at finances and how to make them work for us, while doing everything else. Don't be so hard on yourself!

I'm doing ok, decided months ago to stick with my savings diary and ignore the one I set up on the MF board, partly because of having different savings goals but mainly because I've made some good friends chatting on it.

The great thing about having a diary is other people can spot where something may be missing with what we are doing, giving us time to look into and rectify it, if need be.

Thank you I may pop over to the savings board for a bit 2 but keep this here. 

longway2go

South_coast said:

I'd echo the point about not being hard on yourself. Remember, there are millions of people in this country without any safety net savings whatsoever, and that's a much scarier place to be!

Thank you South Coast, that's very kind of you. 

Grogged

Just catching up.
Heartedly echo not being hard on yourself!
We're all on a similar journey, we all learn as we go along, otherwise we'd be there already.
You've done and are doing brilliantly, you only need to re-read yours and all our diaries to see that.
(Although that may take some time, so you'll have to take my word on that!😁)
ATB, G.

savingholmes

You continue to inspire and move forward

longway2go

Ahhh thanks everyone... It is very kind of you to take the time to read and pop in encouraging comments for me which all really do help 
My head is still focused on EF, atm I have 4287 saved for that and 500 towards the garage roof. I am looking to initially get the EF up to 4300 do will push for that this month first. My mortgage is sat at 141, 614.58...so that 14.58 is next to shave off. Then everything need to go to the garage roof pot as we are having that done next month and even though I know some will need to come out of the EF I want that to be as low as possible so it's a bit of a mixed bag 🤣 but tbh that's how my head is feeling.... I like to see goals met and breaking them down like this means I have lots of things I can achieve in the month.
Today has been really chilled with my eldest making paper chains and lots of playing. I really needed today tbh as its been very full on at work doing 2 extra days the last week and some of my own business work on an evening. 
Tomorrow will see the compilation of wrapping all bar about 3 gift and hopefully all cards written. 
I really have had a chance to see how lucky I am to be able to work part time the last 2 weeks. I could work full time, earn more and clear the mortgage sooner but I wouldn't give the days off I get with my boys for that atm. So I am currently reflecting on just how blessed I am. 
Hope everyone is doing OK. I know it's a MFW board but hopefully I am welcome to stay even though my alliances seem to be split somewhat atm. 
BTW 138,150 mortgage balance will get me down under 10 interest a day... So that a big target for me amongst others. 
Have a lovely weekend.