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!!My time to be mortgage free!!
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He's only been at this company two years and gets basic redundancy only...and I doubt he would get another job quickly. My full time wages would cover us living frugally if that happened .......... I'm just letting him wobble a bit and not worry him further.jimjames said:
It's a reasonable situation to be in if redundancy is looming and roles are hard to come by. I'd certainly want to make sure that I have sufficient in savings if that was a possibility for me. If the worst does happen, does he qualify for redundancy pay? If so and he can get a new job quickly then that could be a boost to the overpayment fund.happymum37 said:
Very. We can't get income protection or anything. But he is a total worrier with money . Like petrified of spending 😉savingholmes said:Is it hard to get another role in his industry?
I think my little plan of cashing in some under performing shares to pay interest the mortgage will work as we doing count these as savings
XPart time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe2 -
If you can manage on one wage - I don't understand why he is so worried.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/251 -
I don't really. He has an obsessive fear about defaulting on the mortgage. Thank goodness we have never ever done that but I assume his parents must have as he's totally wound up.savingholmes said:If you can manage on one wage - I don't understand why he is so worried.
I'm giving him to after Christmas and getting rid of some of the savings. Either into mortgage / new car/ pension !!!Part time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe1 -
How much is your mortgage per month? Could you put a year's worth or more in a separate account so he stops panicking?Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/251 -
It's very small. We pay 450 a month so have plenty of spare!! He honestly worries so much its ridiculous. He was brought up in poverty though so I have to tread carefully.savingholmes said:How much is your mortgage per month? Could you put a year's worth or more in a separate account so he stops panicking?
I saved £100 in the bonds for us today and £25 each for the kids.
Did a bit of Christmas shopping and tomorrow will do my fave thing... over pay to join the zero club. Whoooop.
This month will be expensive so I'm paying my overpayment out of my incredible survey profits -72 quid so far.
Xxx
Part time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe1 -
If you grew up in poverty I don't think it ever leaves you sadly.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.2 -
I totally agree. I use the softly softly approach with hubby. He knows deep down we are not in the position he was in but can't shake the fear.beanielou said:If you grew up in poverty I don't think it ever leaves you sadly.
More Christmas shopping done today. Nearly all put through my cash back whooop.
More to pick up tomorrow and need to fill up one of the cars with fuel. Need shopping but we are eating through the freezer before Xmas so that we can fill it with yummy food lol. Therefore only fresh stuff and a very small amount of not so fresh stuff will be bought! XPart time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe1 -
Can you get across to him that it is a form of savings as it lowers your contractual obligation if the worst happensAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/251 -
Possibly.... I'm going to tackle it after Xmas. At the moment I'm on track to save a decent wedge this month so hopefully he will chill a bit... he gets worse at Christmas. When we have to buy a new car( its on the cards) he will be horrific. Any period of high spending is hard for him.savingholmes said:Can you get across to him that it is a form of savings as it lowers your contractual obligation if the worst happens
We have booked 2 holidays for next year so that's not to be sniffed at. And now I think I only have my hair left to pay for that's big this month so we are ticking along nicely 👌 😎
Part time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe3 -
Whooop
Fave day
Zero club joined
43800 mortgage left...app not updated so not sure if its taken any significant term off yetPart time worker.
Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe1
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