FtbDreaming wants to clear £69,700 before Im 40 (2027)

MovingForwards · 1 January 2021 at 1:21PM

Happy New Year!

How about finding an account which pays 1%+ interest, pay half of the money into that and have it as a dedicated O/P fund, the other half into savings (ISA). £66 a month on O/P is good.

Alternatively, keep to £66 O/P for this year, save everything else to get your savings and EF together, then in 2022 hammer your mortgage knowing you've a good back up fund behind you.

Please say you are paying into a pension too.

Headlines sell newspapers, one saying it's flu season / winter so hospitals are packed as normal isn't eye catching.

Wishing you all the best for 2021!

FtbDreaming · 1 January 2021 at 1:55PM

Thanks. Both sound like good options. When I look at a lot of the good ISAs they have a minimum monthly payment or aren’t easy access and I am just a bit weary of committing to either.

Yeah I pay 9.4% into my pension and employer pays 14% I think so I’m not worried about that. Plus I’ll certainly be mortgage free and have grown up kids by retirement age so I won’t need a massive income.

Yes you’re right it’ll be normal winter when I get in there. I’m just sat in the car eating a sandwich lol. Most of my anxiety is in my head and I’m fine once I’m there!

Have a good day xx

MovingForwards · 1 January 2021 at 4:51PM

Unless you're a high rate tax payer, there's no need for an ISA due to the personal allowance we can have with interest earned (£1000 a year before we pay tax on it, £500 if high rate tax payer).

FtbDreaming · 6 January 2021 at 1:14PM

Happy new lockdown 🙄 DP managed to get his theory test on Monday which he passed but now we are in limbo again until goodness knows when! He is getting on my nerves sat next to me 24/7 and it’s only day 2. He did do rubbish removals but 2020 has pretty much put a stop to them now. It’s dwindled and dwindled away to nothing at all for months. I would work more myself but the pay is rubbish and the more I work the more deductions I have.

The kids are home too, we are waiting for the schoolwork to be uploaded still but I’m in no rush tbh. I’m not really a good teacher.

I got off to a good start yesterday with a 17.6km bike ride although the chain snapped on the bike about 10 mins from home so had to get DP to collect me in the car. I’m still working up the motivation to go on a bit of a shorter ride today.

Nothing going on money/ mortgage wise apart from I have none! Still waiting on paydays. The bonus I was excited about isn’t really going to be as good as expected. I thought it was £10 an hour for every hour but it’s not it is round the pay upto the next £10 for the hours over 15 hours so where I was expecting £960 it’s more likely £150 🤔 which has annoyed me because I wouldn’t have worked the weekdays if I’d have known.

I need to refrain from making any overpayments and build up some cash in the bank. I’ll probably pay £101 to get down to the next £1000 then I really need to stop. I’m doing ok on the prolific. Withdrew £11 this week and seem to average £5 a week.

Good luck to you all in enduring this next lockdown anyway! I just need to count myself lucky that I’m better off mentally and career wise than this time last month and hold onto that to keep me positive! X

MovingForwards · 6 January 2021 at 4:29PM

Congratulations to DP!
Can he not get something PT or be teacher to the kids?
It's hard when you're all stuck in together, but things will ease in time.

That's £150 more than you did have, not what was expected, but helps boost the kitty.

Can you round up your mortgage payments to the nearest £10, putting the bulk of money into savings, then you're still making headway in clearing the mortgage but making big steps to the EF.

FtbDreaming · 8 January 2021 at 6:07PM

Hi! My first payday of the year! My Wage account is now back in +£150 although the child benefits account is still in the red. That’ll be in a + by the 19th then I’ll be on the way up for the year then! I paid £60 off the catalogue for xmas as I want that paid off before the 0% finishes at the end of feb and have refrained from looking at the mortgage account as I wanna be stable before I make anymore Op.

My help to save standing order has gone back up to £10 a week so that will serve as part of my emergency fund. And I’m thinking of opening a 3% savings account with my natwest and also buying some premium bonds.

Home schooling is a {€#*}]*] so so much hard work. I haven’t done any cleaning or anything apart from homeschooling. And now I’m in work for the weekend!

MovingForwards · 8 January 2021 at 6:14PM

Definitely clear the Christmas spends now you've a regular income.
The 3% account is good, I wouldn't bother with PBs unless you can put a decent amount away each month / year as it's slim to no chance of winning unless you've about £10k+ in it.

FtbDreaming · 8 January 2021 at 9:05PM

Haha I won’t be getting £10k plus anytime soon so I’ll leave that then lol! Dp has had £100 in off his nan for about 20 years and never won once so you’re probably right! The £100 probably could have made a decent bit of interest in that time. I’ll open the 3% one whilst it’s available. It only has £50 max pay in a month but it’s something.

I’ve got the final interview for that job on Tuesday. It’s been a long stressful process and I just can’t wait for it to be over now. If I did get the job I’d need to invest in a new pc or laptop but I’ll cross that bridge when I get to it. I could do with one anyway really for home schooling but I will let DP try and do his upgrades on my laptop first. I’ve had my laptop for 12 years and it is now extremely slow and useless. The xp is now extinct or whatever and no updates will download to it because it’s so old.