Cutting it Fine - the challenge is on!

savingholmes

Well done on the EF. This site now has a calculator helping you understand whether you'd be better putting your £ in savings versus mortgage.

SandyShores

Thanks @Moneyfordreams its taken much longer than planned, but we are nearly there   I was supposed to have been making overpayments for a year or two as well, but Covid got in the way.  And now we're facing the cost of living crisis - just going to keep plodding for as long as possible - it seems to have worked so far

Hi @savingholmes I've popped onto the calculator and it says that paying off the mortgage is best, so will be doing that.  I love the new savings comparision bit - very handy.

Well, the to do list has taken a hit today, more planned for tomorrow as well.  It feels very positive to be ticking things off, and we've managed to pass on a few more things today.  The clutter doesn't stand a chance

SandyShores

My 'to do' list is quite long and seems never ending, so I thought it would be good to focus on my higher level goals a bit:

Money

• Build emergency fund to £6k - should reach this in January
• Start making overpayments to the mortgage

Home

• Decorating - its a new house so we don't have repairs or anything but its all those finishing touches
• Gardening - same as the decorating, basics are there, but would be nice to put our stamp on it

Personal

• Get around to making a start on the craft supplies
• Healthy habits - exercise and eating

Work

• Learning for my current role
• Learning for a new career

I think thats enough for now.

Fortune_Smiles

That's a great list Sandy 🙂

Fortune x

SandyShores

Thanks Fortune, I copied the format from another thread, can't remember whose but I wanted some overall goals rather than my usual never ending list.  I think I might print it off and stick it on the wall to help me prioritise the items on my todo list.  I'm so looking forward to January and reaching our EF goal, then starting on the overpayments in Feb.  Mr Shores picked up my cushions/cover order last night from the Elm of Dun.  Our living room is starting to feel really cosy now - a bit 'Hygge' even

LadyWithAPlan

Well done on getting so near your EF goal especially as a home owner. The OPs I am sure will be fun, especially with the H2B portion - how many years away is that due?

savingholmes

Will be good to get to £6K EF. 

Good you know re OPs.

SandyShores

Hi savingholmes and LadywithaPlan

H2B is interest free for another 2.5 years so a bit of a fall in house values wouldn't be unwelcome before then.  Current plan is to overpay the mortgage as much as possible, then remortgage to include H2B.  Its so good to see the equity growing - we now own quarter of a house, garage and garden - target by remortgage is to own a third - it really is fun   

Sandy x

SandyShores

H2B helped us get back on the property ladder and its definitely been worth it, but will be good when its gone.  We could have remortgaged a while back, but I didn't want to over commit us especially as we'd been through several years of debt-busting and needed to kick back a little.   There's no point remortgaging right now because it would be advantageous for us if property prices fell, or even if they remained the same we'd be paying interest that we didn't need to pay, so we'll make overpayments instead.   I've got one of Mr Shores pensions earmarked for the H2B (and more) as a back up plan if needed, and I can take a lump sum from my remaining pension towards the mortgage - so in theory we are approximately 60% mortgage neutral.  But we are both planning to pay off the mortgage from our salaries - it just feels good to have options.

Work on the ToDo List and goals didn't progress today as I felt poorly - typical when you get to the weekend and that happens.  Still, it was a good excuse to wrap up warm, hunker down and watch TV.  I need to buy some more art for the walls - I've got plenty of the claw hooks which simply press into plasterboard, and loads of the commando strips - I must have thought there was going to be a shortage.  I was looking at some fabric on the Dun of Elm for some curtains and may have made some progress by choosing a few options - that's the extent of my progress today

SandyShores

Another day written off due to illness.  Luckily there was nothing planned, but its frustrating not to make progress and I've got a very annoying cough.  Covid test is negative so it must be one of the other nasty bugs going around.  I am grateful to be in our lovely home and it definitely makes being ill a little easier, so I'm appreciative of that as well as a freezer with some frozen meals in it and a pack of teacakes to toast