happihorse's journey to mortgage freedom and contentment…

happihorse

savingholmes said:

Glad you got your car sorted.

Glad you had some time off. I really enjoyed mine. Feel much more refreshed. 

On SW - I need to chase the referral. Not heard anything yet.

Thanks savingholmes.

Will be catching up on your diary later this evening but glad you enjoyed your time off too!

happihorse

Just a flying visit...

I am on annual leave again tomorrow - a 5 day week felt like too much after last week off so managed to wangle tomorrow off

Just a couple of quick updates on the money front.  The insurance pay out for the car came through which has enabled me to get straight in terms of paying off the money borrowed from a relative to buy the new one last week and paying off my every day credit card.  Feels good to be back in the black with no debt except my stoozing card.  Now only have £20k in savings which is my emergency fund and everything but car should be fine for a long time now! 

Also won £50 on the Premium Bonds this month (despite only having £20k invested) so very happy with that.    Would like to build back up tot he maximum of £50k but that is after pension and mortgage repayments so unlikely to happen for a while yet.

Hope anyone reading has a lovely weekend.

savingholmes

Sounds like things are going well. Glad you are looking after yourself.

Have you looked at the interest on regular savers - could be worth reviewing vs PB option?

happihorse

savingholmes said:

Sounds like things are going well. Glad you are looking after yourself.

Have you looked at the interest on regular savers - could be worth reviewing vs PB option?

Hi savingholmes.

I did used to use regular saved (pre-house ownership) but have since found the interest rates to be really poor.  I might have another look though because things seem to be changing quite a bit at present.

savingholmes

I am getting 2.5% there is an option I could go for at 3.5%

happihorse

So, another week has flown past.  Sadly I don't have tomorrow off and it has felt like a long (5 day) working week!  But not long to the weekend now and another bank holiday is on the horizon. 

Finally heard on my long awaiting pay review and got a very decent increase which is extremely gratefully welcomed (particularly in the current economic climate).  I have left my mortgage and pension overpayments unchanged and am hopeful that there will be a net zero impact which I would be very happy with, if it means I can continue mortgage overpayments, increased pension contribution and still take home the same salary each month.  Will see how it goes this month and review from there.

The new car is fantastic.  It's also incentivised me to cut down on unnecessary driving as I am keen to keep the mileage down but really enjoying driving it when I do.

Spending more generally has been good too (possibly as a result of the reducing driving) with less frivolous spends.  A few bits online but nothing too mad.  In quite a good place with funds more generally.

Been out walking early each morning which feels great and sets me up for the day - plus missing the heat of the day.  

On the not so positive side, I need to get back on track with diet.  I haven't been too bad (and not gained any weight) but portion size and a few naughty bits means I haven't lost anything for a couple of weeks.  Also not been to Slimming World this week so must go back next week.

I am rather worried about the hedge I planted a few weeks back as there is definitely one dead plant and possibly more.  Time will tell but I am determined to make it work.  Might try a few cuttings over the weekend though so I can replace any that do die without having to buy more.  

savingholmes

Well done on the payrise. Sounds fabulous

happihorse

savingholmes said:

Well done on the payrise. Sounds fabulous

Hey savingholmes.

Thanks and yes, really pleased with that.  Feels like my hard work is at least starting to be recognised.

happihorse

Well, another 2 weeks has flown by!  Crazy how time flies at the moment!  

I have just finished up with work and now have 5 days off.  A lovely long (work-free) weekend to look forward to.  Perfect.    Lets just hope the weather behaves!

I've had a good couple of weeks on balance.  I will do my monthly round up in a separate post very soon but things on the money front have been going okay.  The impact of my pay rise has countered the increased costs from my pension contributions plus current mortgage overpayment so I am going to leave things as they are for now.  That means I will still be making a £895 per month mortgage overpayment and putting 20% into my pension (plus the 12% my employer contributes).  The budget is tight and, as the months progress, I might find it is too much but going to give it a go for a while.  I will need to tighten my belt a bit but would be fantastic to keep paying it off like I am.  I have managed to keep a bit of a buffer in my current account too which I want to maintain to make sure I always have enough in for surprise bills.

I have had a few (fairly small) splurges on bits recently.  Nothing too expensive but need to reign that in now to keep on track.  I have reviewed my budget and it is doable but will need to keep a close eye on extra spends as it is so easy to let things run away.

Walking has been going well.  I have been getting out most days and am broadly on track to hit my 1,000 mile target for 2022.  Really makes me feel better when I have been and my little dog just adores it.  It is clear how happy she is scooting about on her extendable lead across the fields.  And the weather has been pretty good too. 

Healthy eating has been okay.  I went back to Slimming World last week after missing a couple of weeks and had lost 5 pounds!    That was a very pleasant surprise as I haven't been following it that strictly.  Had some naughty stuff this week (and large portions) so expecting I might have gained but will stick at it and get fully back on track from now!

It looks like the hedge I planted might actually be okay (after the worries in my last post a couple of weeks ago).  There is one plant which is certainly dead, another 6 or so might be but the rest all look like they have green shoots on so fingers crossed they will grow.  I have enough spares in pots to replace the dead ones so might actually be okay.  Next job is to clear out the shrubs and plant some roses and then think about plans for the main garden.

happihorse

So, monthly update as follows:

Mortgage:
- Starting balance                                     £289,980.00
- Current outstanding balance                  £261,867.17
- Amount repaid                                        £28,112.83 (9.7%)

Savings                                                     £20,000 (plus £800 buffer in current account)

Credit card debt                                        nil (previous month's spending paid off in full)

Day to day spending is broadly okay although I had a few treats last month so need to tighten the purse strings going forwards if I am going to maintain current mortgage overpayment and pension contribution arrangements.

In terms of other goals:

Mortgage free within 10 years – On track to pay it off in 13 years at current overpayment levels and had hoped to find some lump sums (which I will still probably do in future years to bring it back to 10 years) but couldn't use bonus towards it this year as I used it for the new car instead

Getting healthier, fitter and losing weight – this is heading in the right direction with nearly 2 stone lost so far and walking a minimum of 2.5 miles most days 

Establishing a better work/life balance – this is becoming much more of a habit now (even with returning to the office a bit) and, whilst I am still probably a little over my contracted hours, it's only very slight and perfectly acceptable given my role   

Get back into horse riding – I had hoped to be back on the horses early this month and I should still be able to it later this month but will need to push on and loose a few more pounds before I can

Being less wasteful (particularly with money but across other areas of my life too) – again, better but room for further improvement 

Making my new house the home I want it to be – the hedge seems to have been a success and I have my sights set on some more outdoor jobs over the coming weeks and months