regularsaver MFW journey - Achieving a dream.

regularsaver

The end of another working week, albeit I am working on call over the weekend for the next two weekends, could be quiet, could be busy, I always hope for somewhere in between to make it worth while being on call. 

In a not so money saving activity, I just had to order some new running trainers as my old ones are starting to fall apart a little and I think I have probably put enough miles onto them for them to need swapping. I did however manage to get 25% off the new ones in the Adidas sale, bringing them down to £32 and some pennies and also 9% TCB if it pays out, so not bad. I try and aim roughly for £30 when I am buying but am sometimes in two minds. On one hand I think, why spend lots when they are going to get battered and worn out from use, on the other, I wonder if spending more would be better, perhaps better technology in them to make them more comfortable, but in the end I never know and as I cant go and try any on at the moment I have had to order online. 

They should be here in a day or two as well so quite excited, they aren't in my first choice colour but I am not overly fussed as they are for running and not a fashion statement. 

In other news aside from going to do my own food shop for the first time last night since lock down/shielding etc, and the trainer purchase just now, I haven't spent any money at all which is great. Food shopping felt a strange, new experience after so long not doing it, not only was I hyper aware of what and who was around me at all times and purposely walking the long way to everything and moving way out of peoples way, they had re arranged the store since I last went so I had to find everything again. I used Lidl last night, as I had signed up for their new Lidl Plus app and had the £5 off a £25 shop voucher and a few others to use so in the end saved £5.25 on the shop, it would have been a bit cheaper but I needed some household goods like anti bac wipes, air freshener and I had to buy some hand sanitiser too. Weirdly they didn't have any of the normal little bottles of hand sanitiser, but had fancy looking air pressured little cans at £1.49 a pop, so had to go with one of those so I have some. 

I still havent come to a conclusion as such on what to do when I have hit my target, so I might just extend it and keep going with the thought every pound paid off is a pound I wont pay interest on.

Another consideration I am having is I have saved up some money from doing overtime at work, I am currently just saving it in an account and havent decided how best to purpose it. Options are to pop it into my emergency fund, which would bring that up to £9k of my £10k target, or split it across multiple things, such as home improvements, buying things for the house etc, but I absolutely dont want to waste it and I keep coming back to the piece of mind of having it in my emergency fund. At present I have been putting my monthly savings into my EF plus any money left over, to build the EF as quick as possible. Once the target is hit, I can then divert those monthly amounts elsewhere, so the other things I have mentioned, so I feel this is best. What would you guys do? I dont know why I struggle to decide whats best, but sometimes it can take me a while to make that decision after thinking about it for what seems an age. 

I would love to hear your thoughts.

I am wondering if I should do an SOA too, I never did manage to find out where the template was on these forums, so if anyone knows, could you please advise me. I have my budget in place and everything and I think its working pretty well but there could be room for improvement and I have no doubt you guys might have some pointers for me. 

Lastly on the theme of savings, which are nothing to do with and totally separate from my EF, I am wondering whats best to do with these as I watched a video earlier by Martin who mentioned paying off debt, of which I have none aside from my mortgage, then did mention paying off money to your mortgage which as you guys know, I am doing at a slow rate per month, but wasnt sure if paying lumps off, might be an idea, but then how much and how much do I leave myself with etc, he mentioned keeping liquid cash in an account which I agree with, but as savings rates are so poor, and my mortgage rate is way higher than any savings rate (2.35%) could it be worth it. Its just getting that balance between having some in the bank but helping yourself by paying off some to the mortgage inst it, and having never done that before, I don't know how aggressive to be etc, or how cautious of course. What are you guys doing/thinking? What would you advise? 

Grogged

Since you asked... I sense some confusion in the force...
Personally I'd make a list of the goals/challenges that you've set yourself. (EF, OP, etc.)
Now put them in order, sleep on it and then put them in their final order. 😇
If you have a written plan then following it should help you see progress.
I'd review it quarterly, both to see progress and also adjust it if needed.
I think your making great progress, but it's what you think that counts.
This way you'll have a record of where you've come from and where you're going.

Thanks for the tip on l1dl, will have to look at their app. 👍
ATB, G.

regularsaver

Ho Grogged and everyone, 

Thanks for your kind comments, they mean a lot. Having a written plan might be a good idea, I shall confess now that I do not have one. I will create that then sleep on it like you say. 

Sometimes I think I am doing well, others I have no idea, I think I just worry a lot about everything. Hope the Lidl app worked out well? It seems they add new offers and tokens into it every Thursday. 

I have been doing a bit of reading on paying off the mortgage quicker or investing, or both. So much info, its not helping me to make a decision. I am starting to wonder if I need some financial advice, but again, I worry how much that might cost. I will do some research on this I think. I feel like there is so much to know, learn, understand etc, and I know a little bit about a lot of things but it doesnt seem to be helping. 

Grogged

For myself, prior to the world going mad, I used to split my funds into 3.
A third to mortgage OP, third to my SIPP pension and a third into saving pots (EF, annual bills, holidays, fun moneys, etc. - whatever makes sense for you).
This year it's a third to the pension and saving the rest as whilst I think I'm lucky to have a safe job, you never know.
I've adjusted my plan on that basis.
I satisfy my OP by making a tilly tidy on Mondays by rounding done the current account to the next £5.
I still have an OP pot, which in my head is offsetting the mortgage.
This is all to support my goal of retiring happy!
As this year has shown, don't be afraid to change or adapt it as you need to.
Three was (and is) lots I didn't understand, but I was able to focus on them using my plan as a guide. What do I need to know next? Rinse and repeat learning as I went, with a few diversions along the way.
I found monevator useful for my SIPP and ISA investment learning. MSE pension and investment forums are a good read, as are other forums and diaries.
The trick is to find what suites your learning style, which will help your understanding grow faster.
If you're going for professional advice, then treat it as a job interview. You want someone to be part of your team, go prepared and don't be afraid to not hire them. Your going to be paying them, so if you can't imagine paying them a salary, move on.I
Well that went on for longer than I planned, but you get the idea.
ATB, G.

regularsaver

Good morning everyone! 

I hope you are all well. Its September, I cant quite work out how this has come around so early. I also have no idea where the last 3 days have gone, I have been very busy working overtime at work so its absolutely flown by. 

I have just this minute made Septembers OP of £100.32 taking the mortgage grand total down to £110,917! Wahoo! Under £111k now. Doing a little happy dance haha! It feels so good keeping up with the overpayments, the last couple of months have been a bit smaller than I wanted but I have had a few other things to pay for etc and juggle around but the main thing is I havent stopped. Its all about investing in future me isnt it by doing this? As you guys are all doing the same.

Not much to report really this month, I have been working as normal, doing plenty of OT on the weekends which I am saving up in a seperate pot for now until I decide what to do with it, but this OT since I got my house has helped to pay for a new composite front door, upvc soffits and fascia replacement, furniture for around the house and a few other bits without touching any of my savings so whilst I have had to work a lot of hours and not had a lot of time off, I feel its been totally worthwhile. I am still attempting to sort the work life balance but on the other hand, kinda feel like I want to and should grab the OT whilst its available as I am sure it will dry up at some point. 

Quite a few no spend days in August, infact, aside from the food shop once a week, a new pair of running trainers and a set of resistance bands, I dont think I have spent anything else at all. 

Really pleased also with how my emergency fund is coming along too, I am at 72% currently of my £10k target. 

I feel things are going pretty well at the moment, I am definitely surprising myself with how well I feel things are going. I hope it continues for a long time to come. 

In sporty news, I managed to run 5k a day for 5 days straight last week which is a new record for me, in terms of consecutive days and I do feel better for it. I am hoping to keep this up 3/4 times a week whilst I cant get to the gym. On the gym front, I am thinking of quitting tbh, as I dont feel its safe at the moment, and having really gotten into my running and now the resistance bands, I wondering if I even need to go etc, and if not, could then save myself a few hundred a year on membership. 

How are you guys all doing? Are you well? 

Sistergold

Good morning @regularsaver
Welldone for getting the mortgage under £111k! 🥳🥳🥳🥳👯‍♂️👯‍♂️ Your consistency is paying off, so well done on the OP! 

It’s good you have been keeping up with whatever OT you can get and you are doing so well using the money on your house! Welldone! 

Wow 5x5k really impressive! Exercise is really good for the mind body and soul! 

I did stop gym a few years ago and just opt to buy whatever I need to use at home. I was not very good with going to the gym so it was a waste of money for me! Now with COVID gym is a challenge although some gyms have put equipment outside thus making it safer. 

Xx

coldcazzie

I've found that I need the motivation of a "class" and that I just can't/won't find the time if I'm just doing something off my own back. BUT the class doesn't need to be in person, and zoom classes have worked perfectly well for me. Better, even, because it's cheaper which means I can do more of them.

Are the resistance bands the ones that you can secure in a doorway?

regularsaver

Sistergold said:

Good morning @regularsaver
Welldone for getting the mortgage under £111k! 🥳🥳🥳🥳👯‍♂️👯‍♂️ Your consistency is paying off, so well done on the OP! 

It’s good you have been keeping up with whatever OT you can get and you are doing so well using the money on your house! Welldone! 

Wow 5x5k really impressive! Exercise is really good for the mind body and soul! 

I did stop gym a few years ago and just opt to buy whatever I need to use at home. I was not very good with going to the gym so it was a waste of money for me! Now with COVID gym is a challenge although some gyms have put equipment outside thus making it safer. 

Xx

Hi Sistergold, 

Thanks so much for your comment, I need to make it along to your thread too for a catchup! Its on my list I promise. 

It really does wonders for the mind/body/soul doesnt it! 

I am definitely pleased with myself for being consistent with the OP, and for saving the OT too and using it on house things. My problem however, if we want to call it that, it that I do not like spending it. I am on full on save mode, like I was when I saved for the deposit on my house. Now Covid is making this a little easier as has shielding, but when I need to buy things, such as when I upgraded my pc back in Feb, or like now when I need to upgrade my camera equiptment as its pretty old (my biggest hobby) I really struggle to do things like that and make the decision to spend money as I know how long it takes to earn it etc and save it. The I think how I could just pay it off on my mortgage rather than spending it on "things" and I am not sure if thats the best relationship to have with money. I am not sure if I have explained that very well tbh. 

Still mulling over the gym thing, I have a price for life so will never go up, at the moment I can keep freezing it for as long as I want whilst I stay away from the gym, so may keep doing that for now and defer the decision until later. In the mean time I am saving the gym money into my house improvement fund. 

regularsaver

coldcazzie said:

I've found that I need the motivation of a "class" and that I just can't/won't find the time if I'm just doing something off my own back. BUT the class doesn't need to be in person, and zoom classes have worked perfectly well for me. Better, even, because it's cheaper which means I can do more of them.

Are the resistance bands the ones that you can secure in a doorway?

Hi Coldcazzie, 

I am with you on the motivation, and I love the classes to be honest. I had never thought of Zoom classes!! 

The resistance bands do have an attachment that you can secure in a doorway. I havent used them yet, because I havent found 5 minutes to unbox them lol. But I will in the next day or two. You slip them through the hinge side of the door then shut the door, creating an anchor point. 

coldcazzie

regularsaver said:

coldcazzie said:

I've found that I need the motivation of a "class" and that I just can't/won't find the time if I'm just doing something off my own back. BUT the class doesn't need to be in person, and zoom classes have worked perfectly well for me. Better, even, because it's cheaper which means I can do more of them.

Are the resistance bands the ones that you can secure in a doorway?

Hi Coldcazzie, 

I am with you on the motivation, and I love the classes to be honest. I had never thought of Zoom classes!! 

The resistance bands do have an attachment that you can secure in a doorway. I havent used them yet, because I havent found 5 minutes to unbox them lol. But I will in the next day or two. You slip them through the hinge side of the door then shut the door, creating an anchor point. 

Luckily I was already attending a weekly class which switched to online, but yeah, I have been very impressed with my ability follow through. I thought I needed to leave the house, but it turns out I need the kick of having to show up a specific time.

I know the kind of bands you mean - I've never used them but I've seen adverts and thought they look really great! Interested to hear how you get on (when you eventually unbox them 🤪)