!!My time to be mortgage free!!

LadyWithAPlan

happymum37 said:

LadyWithAPlan said:

happymum37 said:

LadyWithAPlan said:

Great focus..  Somehow money is appearing to keep on savings so you obviously doing well on your budget.

Glad you looking as well to cover that SAHM pension gap after MF, so many don't or can't and it makes it difficult in later life. Very unfair of the govt 

Thank you.  That's why our savings are quite high. We are planning on overpaying the pensions and keeping more cash to allow retirement. At the moment with a 0.85 mortgage rate we figure That's best

Makes sense. I am just focusing on increasing my house deposit to get into my home so keeping sipp contributions low this year. Then once in my home I am also planning to ramp up my Sipp hard  as well as some  nice but not too crazy OP.
Also thinking I may reduce monthly payments instead of the term initially as well to cover me as i am single so to be safe. 

It's a ever evolving balance that i think that needs a constant review as life happens 😊

That's a brilliant idea.  Take it off the monthly amount then if you want to overpay just keep going.
My hubby is so so desperate to retire at 60...his pension is terrible so we will definitely re examine next year our plan but after lockdown we also want to do a dream holiday with the kids.  Then we can save / overpay/ whatever x

Yes - a MFWer is doing it to get her monthly payments down to a manageable level as she is also single income household.

Definitely  important to do some family goals and fun  as well as all this saving/MFW. I have seen in my own wider  family where pensions have not be properly considered til it is too late so I am so focused on making sure I have a home and a livable pension for when I do retire. I will not be retiring before !

happymum37

Such an expensive week. 😫

Bought loads for childs birthday.  MOT on car number 1 due tomorrow.   Going away for a long weekend. In laws birthdays.   Just never ending.  

Anyway I have started on my christmas shopping- go me!!! 

And made a new little plan.  I was the mortgage to be 40k or under by the next tax year.  5300 to go and our current monthly repayment is 450 including a small over payment every month

I think this is doable. Interest rate on mortgage only 0.85% but that would be fab if we could

happymum37

Well school shoes bought. School trainers bought. School footy boots bought. 

No more holidays now until November but that has to be paid off Sept 1st so we have only a kids party to pay for and that's it.  Then it's save save save for Christmas.and save some more. 

Cash savings at 33250 so I'm hoping to get that as high as possible before Easter.  That's when I'm starting to over pay my pension so will have less cash. 

No surveys really.  Seems quiet at the moment.   

happymum37

Flipping nora. How expensive are school holidays???

happymum37

Barf 
What an expensive month.  One car MoT'd. Need 2 pay for breaks to be fixed. 

One car still to be taxed. Serviced. MOT'D.  That's at least 200 without the service or any associated costs to MOT.

Still need to pay for childs birthday party.  
£200 I think plus cake and party bags.

Paid off Christmas long weekend away. 

Think that's it then.  Phew

Started Christmas shopping 🤣🤣 and intend to put away 250 a month between sept pay and Christmas for that and to build up household slush fund.  Currently at £240 so need more just to get the car and party done. 

On top of that still doing the 00 club on the mortgage. ...Will need to round that amount down to 00 at the end two digits early Sept.

It's a big month but I'm confident with packed lunches and free days out next week, I can do it!!!

LadyWithAPlan

Some really great forward planning going on here with all your expenses. You can and are doing it!

I cant get my head around Christmas yet.!!  I have a gifts fund so I dont have to admit I start saving in January for it...

happymum37

LadyWithAPlan said:

Some really great forward planning going on here with all your expenses. You can and are doing it!

I cant get my head around Christmas yet.!!  I have a gifts fund so I dont have to admit I start saving in January for it...

Thank you.....I am really trying to forward plan and prepare for these things!!! Xx

happymum37

I love the first of the month.  Premium bonds drawn, mortgage paid and rounded off to zero and I know where I am financially for the rest of the month. 

Haven't won the 'bonds for 3 months so am definitely due a big win soon  😉

happymum37

3 quid on surveys.  So rubbish at the moment

happymum37

Mortgage gone out ( about to update sig) but I've not joined the zero club yet and over paid to 00 as I don't get paid for another couple of weeks and don't want to be left short so will do in a bit. 

Good results though.  Mortgage 1 has gone under 20k ---- Mortgage 2 is now just over 25k but will be under it after over payment.

To join the 00 club I need to over pay by 88 pounds

See if I have won anything on the premium bonds tomorrow!!!