Getting the job done......

southern_chick

Just posting to let you know I’m reading!! Keep going. You’re doing great and you’ll get there xx

Timpanum

southern_chick said:

Just posting to let you know I’m reading!! Keep going. You’re doing great and you’ll get there xx

Thanks for posting Southern_Chick - I was beginning to think I was talking to myself!! 

Today is March 9th and I'm hoping for a no spend day today, even though I'm out and about. There is certainly no planned spending anyway but YNAB will keep me on track with all of that. The only thing I'd spend on really is if I spotted a bargain in Mozzers to swell my larder. I have to go in later to buy raffle prizes for work. Food on spesh should always be snapped up, especially tinned stuff and non perishables like pasta and rice - helps with the grocery budget goal! 

Paid £100 off my running credit card debt (the card I use each month and clear each month (to get cashback), and also whacked another £50 at the MBNA car debt. This money was liberated from the budget when I didn't have to buy a round in the pub yesterday, and decided against a takeaway that had been budgeted for, choosing to cook at home. So I pretend it was spent but whack it off the card. 
I added a bit more for good measure! 
Feeling good today! But then I've just had 10 hours sleep so I ought to!!
Timps

Timpanum

Grocery challenge update:
Goal: spend to not exceed £100 in March 
Position at end March 8th:
25.8% through month and £26.93 spent (26.93%) so slightly behind. Daily spend goal is £3.22
Mini goal: £23.07 to last til March 16th midday.
Daily spend goal to get back on track: £3.07

Don't you just love numbers!! 

Timpanum

A no spend yesterday - yippee!! That's got me back on track. 
Went to see about remortgaging my house yesterday but it left me feeling desolate as it transpires I can't afford the mortgage I've got (clearly I can!!) So I've a bit of financial jiggling to do before I can do this. 
Something to think about.
Timps

DiamondLil

I'm reading too - hadn't realised how much I fritter away until I started reading here. So thank you.

Timpanum

DiamondLil said:

I'm reading too - hadn't realised how much I fritter away until I started reading here. So thank you.

Thanks for stopping by DiamondLil.
Yes it's utterly frightening isn't it. Those pennies add up to £££

Timpanum

Hello everyone,
I'm faced with a decision and wonder if some of you might comment on what you would do in my situation. I'll tell you my thoughts - please feel free to comment or suggest other alternatives.
Thank you in advance....

Current position ...
I have a £69k mortgage at 4.74%, monthly payment £420
I have Ccard debt at £1,775 on a 0% deal (part financing of my car to get monthly cost down) which I pay off at £125/ month.
Car finance at £3,800 at 15.9% PSA finance which is £220 per month.
I have £8,000 in savings from PPI last year in high interest account which I want to use to redo my bathroom and mend a couple of leaks on my house. £2000 of these savings was given to me by a friend specifically for my bathroom so I feel it cannot be touched except for that.
Current situation...
I've wanted to remortgage my house for a long time because the interest rate is way too high but unfortunately my loan to value percentage has precluded me from doing this. Over the last two or three years I have been really paying this down and have achieved an LTV of about 85% now so remortgaging is now an option.
I went into a well-known Building Society just to get some figures today and basically on my current situation they can only lend me £44,000 which was disappointing. If I didn't have the credit card debt or the car then they could lend me £77000 and I could slash my remaining term from 22 years to 15 years and do do pay roughly the same each month about £40 more.
My thoughts....
Pay off the credit card and car finance with the savings which will leave the £2k intact.
Remortgage the house reducing the term from 22 yrs to 15yrs (£460/month)
Get a bank loan to finance the bathroom and leaks, plus the £2000 I still have, given I would have £300 available each month because I wouldn't be servicing the card or car finance anymore.

All this to happen after covid19 as I'm self employed and if I have to self isolate I might need the savings!!! 

Thank you for reading! 
Timps

Sarahwithlove

Could the bathroom wait for you to save the money back up? Is it worth remortgaging over a longer period and bring down your payments so more can be put aside each month towards the bathroom and then once bathroom is done start overpaying on the mortgage and bring the term down that way? 

Timpanum

Sarahwithlove said:

Could the bathroom wait for you to save the money back up? Is it worth remortgaging over a longer period and bring down your payments so more can be put aside each month towards the bathroom and then once bathroom is done start overpaying on the mortgage and bring the term down that way? 

Hi Sarahwithlove, thanks for your insights.
My friend suggested doing the same - she pointed out that with £300 spare each month, in 12 months I'd have £3,600 to shove at the bathroom which is not insignificant. I'd have to be religiously disciplined to squirrel the money away but that's no problem.
Regarding the term of the mortgage, I'm 48 now so as it stands I'm not mortgage free til 2042 (when I'll be 70) so extending the term is not really feasible. I was looking to reduce it so I can be mortgage free at 63 instead and keep the payments about the same as I'm managing really well at that level.
The bathroom is vanity really - but at present the bath has been leaking since 2012 so at the very least I should get that sorted. Night time baths are wonderful for relaxing and I haven't had the ability to do this for 8 years! It's daft really.

Kitten868

I would pay off the debts and get the better mortgage.
What is it you want to do in the bathroom? New tiles or new everything? It's cheaper to keep things where they are. You might be able to freshen things up enough by retiling yourself and getting someone in to sort the bath leak. It's hard to say without seeing it. It could be aubergine. But tiling is ok. You can learn from YouTube. 
Keep going xxx