Aiming for Mortgage Free!

QueenJess

Yes, it is a bit of a juggling act.  I purposely maxed out my employer pension contributions and then maxed out (or tried to) my 10% mortgage overpayments for a few years.  This was because we really stretched ourselves and I didn't feel that comfortable retaining the same level of mortgage payments into the future as eventually in the 25 year term interest rates would increase and I would have a family etc etc.  I did also try to fill some of my ISA at the same time.

Now I am very glad I did that as I am redundant, but we are now able to survive on one salary.  I've switched recently to ploughing more into pension/ISAs as I feel way more comfortable about the mortgage, but want more in pension/ISA's for retirement/early retirement/rainy day.

I think you have to decide what is best at the moment for you and then be prepared to change it.  I reassess my position fairly regularly.  As you are at the beginning of your mortgage, it would make sense to get to the next LTV target when your mortgage comes up for renewal as it does make things a lot cheaper.  I had a mortgage interest rate of 1.14% for a couple of years!!

Planning regularly gives me a headache.  I redid mine about a month ago and feel like I know far too much about tax, pensions, ISA's and investment portfolios now!  I'm sure I'll end up reassessing again when the mortgage is up for renewal in September.

QueenJess

I should say that my emergency fund is 12 months of expenses plus the cash for a car when mine eventually dies.  It's 7 years old and I hope it goes for a long time yet.  Holidays I factor into my budget for the year and put £X away each month.  Anything after budget expense is then free for overpayments/pensions/ISAs.

rugbymadfamily

Such a juggling act but as you rightly say, can only make the right decision based on current information! And then focus on re-assessing every few months to ensure on track. 

Think you're right, mortgage needs to be primary focus now as its v large and LTV is 83% (compared to purchase price, not focusing on any market changes as prices been relatively stable here from the sales I've seen recently). If we make the OPs I have planned then we can get that to right on the cusp of 70% by remortgage time which will hopefully mean an improved rate. 

Have holidays in a separate savings pot (hate seeing main savings reduce for fun items lol!). And then planning to put the emergency fund into a separate account and hopefully chuck a little more in there every so often to keep it growing. 

In better news, went out for a good run at lunchtime which felt nice, despite getting soaking wet 😂 Nice soup for lunch soon warmed me back up again!

rugbymadfamily

Good Saturday here (lots of rugby on tv including England women which is great to see!). Managed to fit in the last food shop of the month (pay day is next week), takes me about £30 over the food budget but there were 5 weekly food shops in there, next month only 4 so should come in under budget and all even out. 

Heavy colds in our house so absolutely no decorating done and there won't be any done tomorrow either lol. But hopefully we can get planned over the week and do some at the weekend. If not, it might be waiting until Xmas hols (thought they were further away but only.4 weeks left) as we both have about 2 weeks off and given we are unlikely to be allowed to go anywhere, we will need something to keep us from eating all the Christmas snacks lol. 

rugbymadfamily

Also my sneaky vegetarian meals are definitely help reduce our food bills, had veggie stir fry, jacket potato and a lentil / butternut squash curry (butternut squash was home grown!). Husband doesnt appear to have realised which is good lol.

rugbymadfamily

Loving the "To good to go" app, can't remember who recommended it to me but it was definitely on here. Got about £20 worth of fresh goodies from a local farm shop for £4, only one thing in it that none of us will eat and the rest is great!! Happy hump day!

rugbymadfamily

Payday this week in our house, so have put some more aside for EF which is good, its building up nicely.

Been ordering Xmas presents and really just need to stick to the budget. This year, am paying for it all from Nov payday. However, have my pots set up for next year to save £100 a month for Xmas (sounds an awful lot but most years we go away as my family lives overseas so this budget includes travel, presents and spending money). Obviously not happening this year so have put the money into the EF instead. But looking forward to having the proper pot set up next year.

Managed to get 12 NSDs in Nov, this was absolutely not a penny spent on the day including no DDs or food so was very good with helping us keep to budget!

Goals for Dec include:
- £1,000 for EF
- 10 NSDs
- 2 sneaky veggie meals per week (keeps food bill costs down and  my husband has noticed these yet, he's of he mind that dinner with no meat does not equal dinner, my mixed bean chilli disagrees!!!!)
- stick to Christmas budget and don't get carried away!!!!

MFdreamer

Ooh yes I definitely need to have some veggie days to help cut costs. I have no excuse as live alone so no one else to try and keep happy! 

rugbymadfamily

Theres a few I particularly enjoy: 
- mixed bean chilli (and can make this into enchiladas!)
- veggie stir fry cos can change up the sauce which keeps it interesting
- red lentil and butternut squash curry

And then we have a few very cheap / lazy nights where we just make quick and cheap things like scrambled eggs on toast / soup / jacket potato and beans!

QueenJess

rugbymadfamily said:

- 2 sneaky veggie meals per week (keeps food bill costs down and  my husband has noticed these yet, he's of he mind that dinner with no meat does not equal dinner, my mixed bean chilli disagrees!!!!)

Urgh - I have the same problem.  I seem to be getting away with one veggie meal a week at the moment.  The problem is that DH doesn't like beans because they have a weird texture, although he is happy to eat baked beans and swallows them whole.  I know, I know... total weirdo  

I absolutely love cramming my plate with as much veg as possible and would happily eat butternut squash every single day.  DH doesn't agree and says he doesn't like butternut squash, although he happily ate it on Monday as part of his quote "favourite meal".  It's like dealing with a child...