Getting shot of the mortgage sooner than 2049!

Bluegreen143

Have been inspired to set some financial goals. I’d like these to be achieved by the time we remortgage, in 2.5 years - fingers crossed!

INCOME
- through a mix of COL pay rises, moving up the salary scale and potentially increasing my hours at work slightly when Bambi is at school, increase my income by £3-5k
- Red increase income - maybe realistically £2-3k? This will be trickier as his job doesn’t come with standard pay rises but if he jumps ship the current going rate is higher than his salary now

SPENDING
- save up for a first holiday abroad within this time frame, or else a really good U.K. holiday (eg travelling through the Scottish islands)

DEBT
- have fully repaid the money I borrowed from my mum to buy my car (currently owe £5,370)

SAVINGS
- have a £12k emergency fund (6 months basic expenses)
- be contributing 10% of our incomes to our pensions (not including employer match - currently I contribute 6% and Red 5)
- be overpaying 5% of our incomes minimum to the mortgage 
- have started a “new car” fund to replace current car in a few years

Bluegreen143

Thoughts on achieving the above goals:

1. We currently have £4,163 in cash savings. £2,400 in our Help to Save accounts and £1,763 in our Emergency Fund. However, I think it makes more sense to consider the Help to Save accounts as being part of the Emergency Fund - albeit the very last bit we’d tap (until the accounts finish in two years) as we would prefer not to jeopardise the bonus - but it’s there if we need it. So that means we are at £4,163 / £12,000 in our Emergency Fund. At the rate we’re currently saving, I’m hopefully we can fill this in 12-18 months (exact timescales depends how often we have emergencies and need to use it!!)

2. We currently owe my mum £5,340. To pay this off in 30 months before we remortgage, we’d need to pay £178 a month - we currently pay £160. I think I’d like to meet the extra through finding extra money to overpay - for instance, I can make an extra payment in November when we receive our first Help to Save bonus (£1,200 between the two accounts, but most of that we’re earmarking for specific things). 

3. It makes sense to channel some of our Emergency Fund savings into paying off the car loan once the £12k target is hit - so maybe we can actually pay it sooner than the 30 months. 

4. Once the Emergency Fund is complete and the car loan paid off, my plan is as follows:

- 10% of incomes into pensions (not including employer match money - so we will need to top up what we are paying in through our salaries)

- 5% to overpaying our mortgage

- the rest of our savings split between a New Car Pot and a Doing Stuff to the House Pot (savings for holidays will come out of our “wants” spending allowance)

Bluegreen143

Such a busy week again, especially the last two days. Burning the candle at both ends as I’ve done the early morning gym class yesterday and today but I was also out last night and am again today (last night I went to the pub with a couple of mum friends, though I didn’t drink; tonight I have a work dinner/night out). And I was in the office today which I enjoy, but is more tiring. I also didn’t sleep well at all last night! So I’m knackered now and trying to muster up energy tor this night out!

Personal spends are looking very tight (after tonight’s dinner) with two weeks to go until I get paid 😱 and I’ve had to put a second tank of petrol in the car after filling up on my payday two weeks ago. Some budget months I manage on one tank but not this month! Life just feels expensive right now BUT we are meeting our savings targets so hopefully that’s good enough. 

I have invested in some clothes the last couple of months (I say invested - but it’s cheap stuff!!) as for years I’ve totally neglected this and had very little to wear which fit and wasn’t stained. I’m definitely a wardrobe minimalist so not going crazy but for instance, the last two years I’ve not bothered to buy myself a proper winter coat and I’ve been cold and uncomfortable layering up instead. This year I spent £15 on a second hand coat puffer jacket off eBay and it feels great to actually have the right thing to wear for the weather. Then I’ve bought things like a second pair of jeans and a couple of tops and a pair of cosy joggers for at home days. However, this is why my personal budget looks dreadful so I need to take a break on new clothes for a couple of months! Think overall this month I’ve spend £70-75 on clothes so not crazy amounts.

Bluegreen143

Wooops! Not been here in ages. 

All fine, I’m doing a low spend month in Nov which is going fine so far. Trying to spend a bit less on groceries but also much less on discretionary stuff. 

Bambi was off nursery at the start of the week with a bug which Monkey developed on Friday. Not a norovirus type constant vomiting thing, sore stomachs, off their food and they were both sick once so I only had one day last week they were both at school/nursery! And now I’m feeling nauseous and have a sore stomach too.

It’s been really unfortunate, especially for Monkey as we had so many social plans - I had lunch with friends planned on Friday (here), Monkey had a play date planned Friday night, we had two parties on Sat, one which was more a party for me as well as the kids. It’s a group of lovely mum friends I’ve known for years, we met through volunteering. We only see each other once every couple of months (well apart from one who was already a good friend of mine who we do see a lot, her daughter goes to Monkey’s school) but we get on so well and our kids all play together amazingly despite often forgetting who the others are in between!

So I’m really sad as tbh it was mainly very frugal plans but still were all going to be lovely. And then today we were going to take the kids swimming and I’d have got time to myself as Red was taking them to visit his mum.

BUT. Instead of being sad I’m counting my blessings. We actually really enjoy a weekend at home with no plans and we’ve not had one in ages. The kids are better now and I’m not *that* ill myself - don’t feel amazing but nowhere near as bad as they were. 

On Friday Monkey was only fit to watch TV and listen to his audiobook so I managed to blitz the playroom and cupboard in their bedroom and the shelves in my wardrobe. FIVE bags filled for the charity shop (one was only blankets my MIL gave us which we don’t need, but four were outgrown clothes and toys) and one full black bag of rubbish. We’ve spent some time sorting out the Lego 😆 and Monkey has been building some creative models. He’s been a bit off lego but I think it’s cos he could never find the bits he needed so we now have one drawer of chunky bits, one of flats, one of any special shaped pieces and plastic tubs with mini figures  and wheels/axels/steering wheels/propellers. His favourite thing to make is vehicles and cars so handy to have these separate. 

I also rotated our books, we have such a giant library of kids’ books 🙈 that reference, compendium and chapter books live out but I have the collection of picture books split in four - 1/4 lives in the living room, 1/4 lives in their room and the remaining half are split between two plastic tubs in the cupboard. They were quite excited that I rotated both collections out and Bambi has been bringing me books over non-stop 😁

There are certain activities I do NOT enjoy doing with my children, so avoid - playing with dolls or figures, anyone?! - but I genuinely could read to them all day, I love it so much 😍

Celebrations

Took Monkey trick or treating on Monday, Bambi wasn’t well enough to let her go up to people so Red just took her out on his shoulders for a bit to see the decorated houses then took her home. Did buy sweets to hand out but have lost track of spends, it is in YNAB somewhere!

Bonfire night - spend of £27 on fireworks for home which we enjoyed last night, kids were feeling better and I soldiered on through the nausea (actually the fresh air helped). We got to go to a fireworks display at the scout hall earlier in the week too - Monkey does Beavers now - and that was brilliant. Hope they do it every week! Apparently Monkey is getting invested at Beavers on Monday which is cute.

Bluegreen143

Oh, I think we are almost sorted for the children’s birthday presents except for getting Monkey a Lego set. We will also get Monkey a nice shirt to wear to his party because we’ve bought Bambi a costume for her party (it’s a Frozen theme - Monkey’s is Lego theme so no dress up).

MONKEY (turning 7)
Swiss army knife - £34 ✔️ 
Lego set - TBC (not a big one, up to £25)
Books x2 (Swallows & Amazons and a reference book about space) and a sticker book - £17 ✔️ 

BAMBI (turning 4)
Butterfly garden - £35 (includes voucher for caterpillars in the spring) ✔️ 
Elsa & Anna barbie type dolls - £22 ✔️ 
Books x2 (peep inside beauty and the beast and a choose your own adventure style fairy tale book) and a sticker book - £19 ✔️ 

Plus £21 on the Elsa costume and however much we spend on a shirt but they will get these in advance as their parties are before their birthdays. 

Feeling a tiny bit worried it doesn’t feel like lots to open for having spent about £75 each but I think it’s probably better to just get a couple of really good presents that they want rather than piles of tat… 🤞🏼

Re parties, so far have spent nothing as I laboriously (with some help from the kids) did an invitation production line last weekend and made them all 100% using craft items we already had 😁

Thinking for party bags, I will make playdough for Bambi’s party as I have hundreds of cute wee tins I bought years ago sitting in a box. And for Monkey’s, I’m going to do a Lego pinyata with some of his massive collection 🙈 and I think a sweetie pic & mix for both parties… should keep the cost down but also means totally avoiding buying plastic tat/clutter for the bags so good for an eco perspective. Hope it doesn’t look cheap filling the pinyata with Lego we have but it will help clear out a bit before Christmas and I think will be really fun for the kids?! As well as being much more environmentally friendly.

I didn’t put anything about no presents on the invite but kind of wanting to say to the parents when they confirm. Red thinks this is mean to the kids though so we’ll see.

QueenJess

Ooh - I used to love the Swallows and Amazons books when I was a kid. Good choice!

I’m with you on keeping presents low. They are excited opening them, but too many and it’s a waste and they won’t get used anyway. For DS I had planned for a main present (Lego set I got reduced on eBay), a few second hand books, the usual chocolate shapes I melt into car/Lego shapes that he loves, a t-shirt DH usually gets in the sales and a small gift from DD (usually a tiny Lego kit or similar). He’ll have plenty of other things from two sets of grandparents as well. I’d rather they grew up to appreciate what they have and not just want/expect huge amounts of things.

I agree with you on the party. I really hate plastic tat in party bags. This year I am giving out a tiny Lego set plus the cake. That’s it. I am also going to put on the invites that they shouldn’t feel obliged to get a present and their presence is enough. At least it’ll take pressure off those that are struggling financially and I really hope it will minimise presents a bit. I’d like DS to get something, but I don’t want 20 presents! Not sure if it’ll work as people may stop all get something, but it’s worth a try..

£75 doesn’t go far really. I’ve picked up a few things in my local buy nothing I will add to presents.

Bluegreen143

@QueenJess when Monkey turned 4 I did write “no presents” on the invite as it was a joint party with a friend and us mums both agreed we didn’t want everyone feeling obliged to get two presents. I’d say 50% of attendees still bought presents! So you may be OK and he will still get some things.

Your gifts sound really thoughtful! We have a great kid charity shop we will go to for games, puzzles and books for Christmas. We tend to do a small pile at birthdays but like more to open at Christmas but don’t want to spend more 😆

QueenJess

At Xmas I add things to do as well due to the long holidays. I have a puzzle for me and DS to tackle together (Lego of course) and I got KerPlunk for £1.99 secondhand, although I’ve subsequently also picked up Battleships for free locally! I have a stack of colouring/activity/sticker books that I can roll out when they get bored!

Xmas is otherwise similar to birthdays - a main present, chocolate, books and a small gift from a sibling/father Xmas. By the time they have grandparent gifts, it’s quite a lot already.

joedenise

Mine are grown up now but when they were younger (both girls) they used to get one main present and then loads of little bits like colouring book, colouring pencils/crayons (depending on age), dolls clothes, paper dress up dolls, yoyo.  It always looked as though they had loads of presents but very little actually spent!

Bluegreen143

Good plan @joedenise. I find that boys are harder to buy wee bits for than girls especially as the get older (Monkey isn’t really into little cars and trains anymore which I used to get him). As well as small toys, art supplies etc I can fill Bambi’s stocking with little hair accessories etc, as she gets older it might be things like nail polishes but there’s no real equivalent for boys. I do also find adult men very hard to buy wee bits for compared to women!