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

MovingForwards

Well done on the O/Ps, you've got off to a great start.

With your savings, if they are long-term savings keep them in your non-HX account. It provides a bit of a division between bills and short-term savings and long-term savings. You're less likely to dip into them.

FtbDreaming

Today is a bit of a rubbish payday but I’ve just paid a little £50 overpayment which will take my balance to £68,950. 

I seem to have had a couple of days of spend spend spend... that’s due to eldest starting high school and having a list of things to get as long as both arms. Plus the other 2 still had to have new coats and water bottles which all add up! Thank goodness back to school is all done now. Christmas next 🙄

thanks for the tip @MovingForwards I think you’re right if it’s not visible I’m not as tempted to dip into it so will use the other savings account. Its not really long term. I’m hoping to get the plans started ASAP and then have a few grand for work to start after Christmas/winter.

i am made up I’m in the next £0000 

MovingForwards

Short term = kids expenses, new furniture, annual Insurance etc
Long term = property upgrades / repairs, replacement car etc

Well done on getting down to the next milestone 🤗

FtbDreaming

Well there hasn’t been any op activity so far this week... I think it’ll just be a little £50 on Friday. I regret trying out one shift a week for 2 weeks. Its really depleted my bank account. But back to normal next week. 

We’ve been working on the driveway to take it from single to double pulled down the wall ourselves and using it as it is for a couple of weeks. Gonna get the new slabs for £600 and pay someone we know who does paving £300 to help us then got £100 spare for bit n bobs. All the quotes off proper companies were £3000 and I’m not paying that. We are young fit people so can do the majority ourselves with a bit of tool hire. 

I am putting the materials on the credit card then pay in off £200 a week for the 3 weeks then once it’s clear I can look at the next treat for the house! 

The loft fund isn’t started yet but it will be when some essential bits are done. I’m slightly happier with dd and ds sharing as they get on much better than the 2 girls so that’s taken off some of the pressure to start it now and in all honesty I can’t be bothered with a building site in winter.  

I get my pay slip online tonight so will be able to see what sort of op I’ll be able to make this week then but I doubt it’ll be much. 

MovingForwards

All sounds good, when you have found your feet with earning, saving for the work and then doing it, you will find it flows a lot easier.

Always carry a rolling savings fund and try not to run it down too far.

rugbymadfamily

Great plans and loft conversion will add good amount of space for the family. Only advice re the 3-4 quotes for building work would be don't necessarily go for the cheapest quote just because its cheapest. With building work, cheapest can often mean cutting corners...my parents have two friends who went for the cheapest quotes (one for a conservatory and one for loft conversion) and have both ended up then having to get someone else in to fix all the shoddy work....ended up costing them both more than the most expensive original quote was! By all means if the cheapest comes well recommended then use them, but don't just do it because they are cheapest. I've used "check a trade" before to find trades work which has gone well so worth considering that as well. 

FtbDreaming

Another £100 op made so I’m down to £68,850... I think I’ll try and get to £68,700 for next Friday then that’s £1000 of the capital in the first month! I’m gonna see what’s left on Thursday then make the next op from that. 

 

Yeah I won’t always go for the cheapest. The majority will be diy but obviously will be getting trades in for the essentials. I’m just looking at getting the money together first. I’m too tired to start a big project and if there’s a 2nd wave it’ll all come to a halt anyway whilst I work more. 😬

getmore4less

With a loft conversion on the cards I think I would be preserving the cash.

Anyway 7 years £69,700k needs a payment of around £900pm on the current rate even on 0% it would be £830pm
Unless more cash will get freed up a 10y plan may be more feasible/realistic £650pm

abba1772

I'm wanting to remortgage to Halifax next year when I remortgage as that's who I bank with.  Can I ask you how long it took for the overpayments to show up on the mortgage account?  

FtbDreaming

There’s a 10% overpayment limit for the next 2 years @getmore4less so I’ll be staying within that. The majority of the money will be thrown at the mortgage in the final 4 years when the loft and other work is done and the kids are older giving me the ability to work more hours. I will be saving for the loft too but I really wanna get the £2000 in before the end of the year. Then got a new £6000 target for next year. I am lucky in the sense that I get paid twice weekly and can work the hours I want to earn money if I need any extra urgently. 

@abba1772 the first payment took about a week to show up but all the others since have showed on the next day. It is motivating seeing the balance come down. 

I’m gonna make the op on the Thursday nights now with whatever is left the night before payday. That will stop me potentially leaving myself short if other things come up throughout the week.