Burning the mortgage and kindling FIRE 16 May 2021 at 1:15PM in Mortgage-free wannabe 32 replies 2.5K views

edinburgher

8 kW - wow - puts our 3.135 in the shade

Have you had solar panels on other houses? Having had them for nearly 6 years now, I find that they're great for six months of the year, not so helpful for the other 6 months! I suppose the batteries might be more cost effective taking advantage of cheap overnight power (just the modern equivalent of all those storage heaters in the highlands and islands, eh)? FIL has that tariff I believe, he uses it to charge his electric car for next to nowt.

Edgeoftheburn

Ha! Yes it is slightly larger than average but tiny compared to a neighbour who has just extended his to 21Kw , but he uses that for his home, business and has them on a barn 😄.
First time for solar for us and fully expect it to tail off around September time but hopefully these overnight tariffs will stay for a while as that should help in the winter. We are still learning and time will tell if we made the right choice, but there is something quite satisfying about it all.

Edgeoftheburn

End of month money shuffle complete and the figures are:-
- Mortgage £182,661 really need to make that a rounded number it is not very pleasing.
- Savings/Investment £62,135
- Net Balance £-127,821

We had our smart meter installed yesterday which will allow us to access the Octopus tariffs that have different charging structures like Agile and Go, but we are undecided on which to choose. I think I need to spend some time on the energy board.

Kids now on summer holidays and are enjoying the lovely weather, in and out the house while we work. However we have a casualty, a burst paddling pool, so a replacement is in the budget for spends this week.

Edgeoftheburn

Update following July payday, slightly late due to summer holidays.

- Mortgage £179,970 very pleasing to have broken into the 170's

- Savings/Investment £62,862

- Net Balance £-124,204

Savings not so strong this month as the replacement paddling pool morphed into an above ground swimming pool. Lots of fun had already, it is a hit with the kids, friends and I love it too. Hopefully many years of summer fun ahead.

Edgeoftheburn

Summer holidays over and back in the school routine, end of the month figures are as follows.

- Mortgage £176,694
- Savings and Investment £65,365
- Net Balance £-118,476

September won't see as much progress As we will spend a big chunk of savings on some work in the garden. 

I have also invested in Meaningful Money Academy Retirement Planning and am enjoying working through the modules very slowly and steadily. Then applying in practice, this resulted in me deciding to move my two pension pots together to reduce charges and for simplicity, so have kicked that into action. Feels good to be taking control. 

Edgeoftheburn

This month has had steps forward and steps back. The planned garden work has dented the savings fund as expected but it is definitely worth it. Have a bunch of fruit trees ordered and they will be going in shortly. Once that is done, need to get back to basics with the budget to recover.

Very delighted to have hit the end of 2021 mortgage target already, the aim was to get it to £175,000 by the end of the year and it is now £174,715.20 and we are saving £204.00 per month in interest compared to last year 🥳.

Full monthly figures are

- Mortgage £174, 220
- Savings & Investment £59,378
- Net -£121, 539

Edgeoftheburn

Still recovering from the garden spends but it really is looking lovely. Most of the bulbs are planted just waiting for the fruit trees later this month/early next and the rest can go in round them. Anything else shall wait for spring and our focus turns inside. No large projects just a few small things to finally sort out. Blinds in the kids rooms, it's only been 5 years 🤣.

Trying very hard to do without or if we need something to find second hand via FB Marketplace which has worked really well and a bit like a new challenge to keep things interesting. Have made quite some savings this month this way. New pup arrives end of month and we have acquired everything needed all new and unused or very lightly used for £30.00.

End of October figures are as follows

- Mortgage £172, 942
- Daily interest £6.89 less than last year
- Savings and Investment £61, 344
- Net -£118, 094

powerspowers

£204pm interest saved is massive!! Well done. 

Well done on the buying things second hand, it’s one of my OHs special skills and we’ve had some right treasures

Edgeoftheburn

I am not quite sure where the last 3 months have gone!

My father died very suddenly at the end of November it was such a shock and honestly I still can't believe he is gone. So my focus really turned inwards to supporting my Mum who has dementia, my family and being a bit easier on myself all round.

New pup is still in that causing chaos stage, but is very lovable. She has quickly become top dog, poor old dog is wishing she would go back where she came from. They do get on it's just pup likes to push the boundaries.

In Jan we had a family ski trip that had been postponed from 2021 due to Covid and I had a trip away with a good friend. It was great to have a taste of pre Covid life again, but was very spendy.

Now belt is tightened and focus back on mortgage so here are the latest figures

- Mortgage £166,768
- Savings and Investment £62,803
- Net Balance £-109,449

Onwards and forwards a day at a time

powerspowers

Sorry to hear about your dad Edge. Glad you’ve managed to treat yourself and the family as well x