Big mortgage and extension saving goals!

Sunday88

Interesting perspective! I'm more of the mindset that we only get one life and we have to live a little on the way so there's no way I could get husband to agree to no sports channels and wouldn't want to cut back too far on Christmas and birthdays. The phones are sim only contracts and the Christmas/birthday budget would include a day out for the kids and food etc too. I would just prefer to have these things but do them at the best price possible so always using discounts, haggling on TV contracts and have bought the kids 2nd hand things last Christmas (they are v young so phases are short lived!)

South_coast

I thought it was a bit harsh as well! You're not in an emergency situation, so there's no need to cut everything to the bone. Some people prefer that, and that's cool, some don't - you do you 👍!

Sunday88

So yesterday was mortgage payment day - £1500 (£1406 plus £94 OP built into the standing order).
Interest added was £642.25 so made another small OP of £27.25 to bring the total balance to £379,100.
This week hasn't been too expensive so far, we had a quiet weekend due to poorly kids and got some decorating done with paint we already had at home. Hopefully will make another £100 OP in the next week or so to bring it to a grand off the balance.
If I can maintain that speed will be very happy at seeing the horrible monthly interest going down! 
Also won £25 on the premium bonds today. I invested 6K a year ago and so far have had £125 in winnings, better interest than my bank savings account and still hoping for a million one day  

Thriftmaster1973

It may seem harsh, I've been harsh with myself over the years.

One of the main motivators and true sayings was from Maggie Thatcher - Harsh Medicine, it's in my signature at bottom of post.

If you want results, it's the same as a fitness regime - no pain, no gain.

Thriftmaster1973

I'm sorry if I sound ott Sunday, but that's the way I run things at my end.

My problem is that after getting cruelly shafted by an ex and living very close to the edge of financial disaster, it's become "inbuilt" to strive to be free and never have anyone, employer or any bank having any kind of hold on me.

Sunday88

Well you are so close to paying off your mortgage now @Thriftmaster1973 so clearly working for you! 
I decided to log into my student loan account today for the first time in a long time after realising I haven't seen an annual statement for years! I assumed I would never pay mine back and the plan 1 loan I'm on would be wiped out 25 years after graduating so when I'm 48 (15 more years to go).
Turns out despite 2 maternity leaves in the past few years the balance is now only another £16K so if my payments continue at the same rate, with no pay rises or interest rises it would be paid off in about 7 years instead! If I get some pay rises this could be faster, but I'm at the top of my banding and not really keen to go for a promotion just yet so may be a while off. It has made me think though that the lease car through a work salary sacrifice scheme is reducing the amount of pension and student loan paid so when I'm released from this next June I'll look into buying a cheap car outright instead of leasing to bump up the student loan and pension payments. When student loan is gone I'll get an extra £207 per month for mortgage OPS or saving 

Every_penny

Hi @Sunday88. I thought I come by to read your diary. We certainly are in fairly similar positions with children and mortgage etc. I still live in hope that Premium bonds will come through for me one day  

As you can see in my diary, I also want to pay off my mortgage but still want to enjoy life so we're not cut down to the bone. Buying a house is so stressful and exhausting that I'm of the opinion you need to treat yourself as you settle in to the new area. I imagine that as I get closer to paying it off, I may get more motivated to cut back harder so I can throw more in. Just being on this forum really helps focus the mind even if you can only do bits here and there.

Great work!

rjbear

What everyone else said really. Good luck, hope it works out

Sunday88

Another £50 OP paid off so £950 paid off the mortgage balance this month. Was going to round up another £50 but have a few social events coming up before payday and don't want to leave us too short! 

Meal out tomorrow with work colleagues - I am driving rather than drinking but will be lovely to see people face to face rather than on teams. DH looking forward to a takeaway while I'm out!

Hair appointment on Saturday - full head of highlights as I haven't been since April, this will be fairly spendy.

Also have a kids birthday party next weekend,  and have changed gas and electric suppliers which is £20 cheaper per month but needs the first payment upfront so will use the refund from our old supplier as an OP when it comes through.
If I get some quidco payment through maybe I'll manage to round up to £1000 before payday! 

Every_penny

Well done on the OP's and I hope you enjoy the meal with colleagues - it'll be fun to see them f2f!