10 years to go .... maybe, with a fair wind

Lauraebrad

Hurtling towards the end of February and as it’s my non-working day I’m sorting out a load of scraps of paper with financial bits and pieces on and getting together a monthly roundup. 

It’s been a good month after the most ridiculously long January ever.  The small one was away with his dad over half term so I went on a cheeky little trip away with two of my oldest school friends.  It was the best time.  Having time together these days to actually have the deeper connection is so scarce between kids, jobs, parents, partners - so it was lovely to have 4 full days to chat, potter and explore.  Scores on the doors for 4 days away (3 nights) was £450 including Eurostar, train to London, accommodation and all eating and drinking whilst we were away so I’m really happy with that. 

Feb and March are always good months for the mortgage OPs as there’s no water or Council Tax bills which is a big chunk for this years OPs.   Whilst we were away I was talking with my friends about my OPs, and it’s always good to be reminded how important context is - both in terms of how big people’s mortgages are depending on when/what they bought and also ability to OP when other financial goals and commitments are taken into account.  It did make me feel doubly grateful that I have quite a small mortgage which gives me more flexibility in my budget to OP. 

Another thing on my mind is work.  Whilst there are a lot of elements of my job that I like, and I’m good at it (I think/am told), there are increasingly areas that make me stressed and often uncomfortable.  There will come a point where the salary benefit doesn’t outweigh that from a job satisfaction point of view.  I sat through a meeting on Monday sketching out how it would look if I were to go for a lower grade job or a totally different area of work on less money once the mortgage is paid off……  It’s not a quick fix but does really highlight the importance of getting rid of it ASAP just to open up some more choices.  Definitely way too young to be thinking about retirement so often!

One of the budgets I’m increasing at the moment is food.  I’ve been thinking for a while about the variety of what we eat and ways to broaden it - especially around gut health and a better range of fruit and veg.  I made a carrot and almond dukkah salad at the weekend that I’ve had alongside my lunch a few days - with leeks on toast today.  So that’s a good chunk of healthiness.  It’s so easy to just get into the routine of buying the same 4 or 5 veg and fruit every week.  So I’m starting to scan the internet and my massive pile of recipe books for interesting ideas.  My main aim is more side-dish / salad type things that would go either together or alongside another meal, so that I can eat them and the small one can choose whether to try or not.

Anyway.  The sun has come out so there’s washing to hang optimistically in the garden and I better crack on with some other chores before the afternoon gets away with me!  Happy nearly Spring everyone.

debtfreewannabe321

You've reminded me I need to change my DD for my council tax to 10 months instead of 12. I moved in in August and when I rang to do it she must have automatically put me down as 12. I was a bit annoyed I didn't get my "free" months 🤣.

It's always good to chat to others I'm RL about finances isn't it. Although some are very closed off to it. Two of my new work friends both have their mortgage paid off in their mid fifties but it's because they both became widows so wasn't exactly a happy journey. Glad you had a good time away over half term 😊.

LadyWithAPlan

Your 2024 OP's are great! The friends trip also sounds like the perfect break

Lauraebrad

It’s been a funny old month, so a few updates to get my house back in order.  We’ve really been enjoying the sunshine especially the first week of our extremely early Easter holiday when barely any other places schools were off.  The small one and I had a couple of days at a YHA in the Lakes and it was absolutely glorious.  Extremely spendy though as I’d not had much time to prepare and cafe lunches in the Lakes, whilst tasty, are pricey.  

Someone drove into my car and took a chunk out of it which I thought was going to turn into a massive pain, but has actually resolved really well, especially from a MSE perspective.  It’s a long, and not very interesting story, but essentially resulted in my car being an economic/non-structural write off.  I can get it repaired for about £700, and was offered more than that as the settlement from the insurers, as well as getting to keep my car.  So it will result in a small sum of money left over that I’ll save for next time the car needs work at the garage / service or MOT.  I did end up spending about 5 hours on the phone sorting it out though.  

Finally had the costings through for scout camp for the small one, which fortunately I’d saved towards even before we’d known if he would be going or not.  I will pay half, and his dad the other half.  So that’s childcare for another week of the summer sorted out, for a remarkably cheap price.  No doubt he’ll return dirty, smelly and sunburnt - just how it should be!  A week without a phone / laptop will do him good too hehe!!

Work has been bonkers the last few weeks.  I don’t feel like I’ve been able to clear my head away from it, and it’s seeped into my non-working days - including this bank holiday weekend.  I’m a bit torn at the moment really, as I’m very risk averse when it comes to upsetting the applecart of my current role, which pays relatively well for part time. Comes with a good pension, and I like the people I work with.  But I’m just not sure I can take the stress of staying in it for the rest of my career.  One to mull over once the current sh*tstorm has passed though I think.  Still plenty to be grateful for. [edited as I just realised this was in my February round up too .... oops]

My aim this week (well starting on Tuesday) is to be a bit better at planning in / blocking off time for the things that I know will make me feel better when everything is chaotic.  For me that means walking, stretching and nutritious lunches.  

Happy belated Easter all.

savingholmes

Sympathies on the job situation. You're not alone... 

Sounds like a good result on the car - as long as it is still insurable.

Lauraebrad

We’re hurtling through June, and I’ve continued to keep even more of an eye on my finances than usual.  Mostly just dreaming about plan B (or C, D or E for that matter) whilst work is so intense - I’m very easily distracted! 

Running through my OPs for June, and it’s looking quite good.  I had £20 in cash leftover at the end of May, then my usual OP of £30 that is included within my mortgage payment.  This month’s estimated surplus was £70 (of which a nominal £50 each month is the NI uplift we received a couple of years ago that I take straight out when I get paid).  I’ve decided to make a change with this £50 every month, and invest instead of saving it.  The savings account it’s in is at 2.75% and I already fill my higher paying regular savers each month, so will add it to the £100 I already invest for the mortgage each month. It’s likely in the mid-term this will outperform my bog-standard savings so I feel fairly comfortable with this.  

The final bit of June’s OPs is £50 savings interest from a N@tionwide regular saver that matured.  Total of £170 this month. 

Anyway, I clearly needed a big distraction so I then got carried away doing some more maths on what this means for the year.  My aim was for £1,200 total saved/OPs and £1,200 invested.  I’m now at £1,060 saved/OP and £600 invested.  Going forwards with the changes I’m making I’ll have £1,500 invested by the end of the year.  If I just OP’d my usual £30 each month on top of what I already have saved that would total £1,240.  So already on track to go over my target. 

So I’m going to stretch and aim for £3,000 saved / OP’d / invested by the end of the year.  That would be £600 more than the target at the start of the year.  Let’s see how it goes!  It’ll be worth it, as I think my remortgage will be due in Feb next year so would be great to have a reasonable chunk to OP at that point to mitigate the inevitably higher interest rate I’ll end up with.  Obviously the investments will stay invested though …..

Lauraebrad

Goodness me, the world’s getting an expensive place.  I’ve just been totting up my spending so far this month (credit card month runs to the 21st) …. And I already have only £20 left in my groceries / household line - with nearly 2 weeks still to go.  This is from a £250 budget.  I really don’t know what’s been happening as we don’t eat particularly extravagantly!!  Might need to drill into that a bit more. And also reallocate some ££ from another ‘pot’.  

In other news the holiday fund is looking healthy.  I’ve just paid this morning for our cottage this August in Scotland with my mum, and have also now paid for all the accommodation and trains for our trip to Spain later in the summer - so just the fun stuff to come out of the holibobs fund from now on

The OP investments seem to be on an upwards trend which I’m thankful for after the shrinkage with the orange man’s actions in the US earlier in the year.  I keep doing the maths (probably pointlessly) to figure out what my OP situation will look like once I get to the end of my current, extremely low, interest rate mortgage product in Feb.  Hoping that with the saved (rather than invested) OPs I’ll be able to remortgage with a balance of around £36.5k.  I need to be a bit careful though, as if I am likely to pay off more than 11.5k over the next fix period I could be in the awkward position of having a remaining balance of less than £25k at which point the good ‘fix’ deals tend not to be available. 

Another pleasing windfall to the OP pot.  Took out an Am3x card to pay for a large one-off purchase which should net around £130 cash back.  That’s the only thing I’ll use it for and pay off straight away.  Not to be sniffed at. 

So it’s all swings and roundabouts - on the one hand enjoying the longer term gains, and on the other rummaging around in the freezer for some cheap meals for the next couple of weeks!  Happy July all ….

KajiKita

Hi @Lauraebrad

I have read my way through your diary and your focus and drive for Ops alongside investing is seriously impressive, especially for a one-income household.

Love the hand drawn house trackers for OPs and the fact you do one for each year - I shall be stealing this. The time you added a shed for extra OPs made me chuckle with satisfaction

Subscribed!

KK

Lauraebrad

@KajiKita thanks - that means a lot    I love my savings charts too - which actually reminds me I need to draw an extra one for this year as I've already filled the first house ....

KajiKita

Lauraebrad said:

@KajiKita thanks - that means a lot    I love my savings charts too - which actually reminds me I need to draw an extra one for this year as I've already filled the first house ....

You’ve already done a shed … maybe you could do a conservatory or a summer house to celebrate your OPs this time …? 🤔😉😊

KK