Balance in the force

The story so far...
2011 joined MSE and started my DFW journey.
2014 finally debt free with over 14k paid off and started saving for a deposit.
2017 bought our fist house and promised to overpay the mortgage.
2017-2022 didn't overpay the mortgage :D Did start S%S ISA, build cash savings and buy some premium bonds. Also spent money on decorating the new house, replacing both cars and enjoying life.
2022 Remortgaged on a 2 year fix with good intentions to overpay
Overpayments 2022 £300 Mortgage £129,500 Jan 22 Final payment June 38
Emergency Fund £15,427.64/16,000 95% Added to ISA 22 £160 Holiday Fund £2,681.25

Debt Fr
ee 31.07.14

Replies

  • FlacosFloozieFlacosFloozie Forumite
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    So, a bit more detail. We've had a few ups and downs over the last couple of years. I recently got promoted with a bit of a salary increase and the potential for an (unlikely) annual bonus. I've increased payments to my stakeholder pension from £256 to £437.50 a month without missing it. I've sorted internet banking/app for our mortgage which makes it easier to see the balance and I've made the first overpayments of £100 last month and £200 today.
    My aim is to try and develop a balanced financial plan to help us retire comfortably and hopefully a bit early. To do this, I want to split spare cash between mortgage overpayments, cash savings, stocks and shares and maybe a small amount in crypto or peer to peer lending.

    The current state of affairs is:
    Mortage £128666.94 on 1.04% 2yr fix
    Emergency fund £15,427.64 (mix of cash and permium bonds)
    S&S ISA £17,856.95
    Pensions Mrs F stakeholder £111,689 work £15,093 current contributions £804/month
    Pensions Mr F your guess is as good as mine :D

    The plan:
    To build the emergency fund to £16k by August
    To overpay the mortgage by 2K this year
    To add £1.5k to the ISA this year
    To sit down and investigate Mr F's pensions with him this week
    Probably to start an additional pension for Mr F
    To investigate higher risk investment options e.g. crypto. I'd only be putting small amounts into these as I do see as more akin to gambling.
    Any unexpected small windfalls get split between mortgage/investments/fun.
    In the very unlikely event the bonus happens this will go to pensions.
    To figure out how to update my signature on the new forum :)
    Overpayments 2022 £300 Mortgage £129,500 Jan 22 Final payment June 38
    Emergency Fund £15,427.64/16,000 95% Added to ISA 22 £160 Holiday Fund £2,681.25

    Debt Fr
    ee 31.07.14

  • happihorsehappihorse Forumite
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    Hi FlacosFloozie - just found your diary and thought I would stop by to say 'hi'!

    Looks like you have got your head screwed on and a clear plan with some short term achievable steps to help you on your way.  :)

    Please let me know when you figure out the signature thing - would be good to update mine too!  :p
  • FlacosFloozieFlacosFloozie Forumite
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    Hi happihorse, I'M still working on the signature :) The old forum was definitely easier.
    Anyway, update for February...

    Mortgage overpayment £403.85. Really liking the app now I've got it set up as I can see the interest added. I've managed to change the mortgage to a loan account on YNAB so will see how that works for keeping track of things.

    Emergency fund at £15,606

    Extra £150 to the ISA today

    The pension discussion with Mr F went fairly well and we have a plan of action. However, he's also got a new job. Bit of a change but does mean a pay rise and more potential for progression so good news.

    I did some overtime last month so bonus in the wage for this month.

    On the downside had to replace 2 tyres on the car, but had the money put aside in YNAB so will just need to slowly top it back up.


    Overpayments 2022 £300 Mortgage £129,500 Jan 22 Final payment June 38
    Emergency Fund £15,427.64/16,000 95% Added to ISA 22 £160 Holiday Fund £2,681.25

    Debt Fr
    ee 31.07.14

  • happihorsehappihorse Forumite
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    Hi happihorse, I'M still working on the signature :) The old forum was definitely easier.
    Anyway, update for February...

    Mortgage overpayment £403.85. Really liking the app now I've got it set up as I can see the interest added. I've managed to change the mortgage to a loan account on YNAB so will see how that works for keeping track of things.

    Emergency fund at £15,606

    Extra £150 to the ISA today

    The pension discussion with Mr F went fairly well and we have a plan of action. However, he's also got a new job. Bit of a change but does mean a pay rise and more potential for progression so good news.

    I did some overtime last month so bonus in the wage for this month.

    On the downside had to replace 2 tyres on the car, but had the money put aside in YNAB so will just need to slowly top it back up.


    Great work FlacosFloozie.

    Who is your mortgage with?  I'm with Nationwide and their app is great for seeing where you are and interest paid etc.
  • FlacosFloozieFlacosFloozie Forumite
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    Hi happihorse,

    We're with HSBC and agree the app is brilliant for checking interest and payments. I've also got the mortgage as a loan on YNAB it's always out by about £2 on the monthly interest but it's really handy for looking at the remaining term.

    Anyway, £210 extra paid in April and £200 in May. I've managed to pay for the RAC with clubcard vouchers so thats an extrat £220 free this month. I'm not going to pay it off until I'm sure the RAC don't charge me twice :)

    Current progress

    Emergency fund £15954.80/16,000 99%
    Mortgage overpayments £813.85/2000 40%
    Added to ISA £780.92/1500 52%

    The end of the month will be halfway through the year so things are looking on track. I'm waiting for the electricity bill next month, hoping I've budgeted enough as our fixed tarriff ran out. The cost of petrol rise has now worked out the petrol savings I'd made by going hybrid but it would be worse if I hadn't changed. The supermarket budget has also been increased. I was walking round Tesco yesterday hearing people price up and decide against items- it reminded me how lucky myself and Mr F are to be able to live comfortably and save.


    Overpayments 2022 £300 Mortgage £129,500 Jan 22 Final payment June 38
    Emergency Fund £15,427.64/16,000 95% Added to ISA 22 £160 Holiday Fund £2,681.25

    Debt Fr
    ee 31.07.14

  • savingholmessavingholmes Forumite
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    Good luck on your journey.
    Target 1) Debt free April 22 Target 2) Lose weight & get fit (started) 3) Write regularly 41426/70000 words Book 2 4) Develop passive income streams 5) Get to £3K EF (at £2.2K June 22) 6) Declutter 7) MFW starting at £201999 Nov 21 with 264 257 payments to go. Now £196,869. 8) Mortgage neutral progress (via private pension starting value c£3643 Nov 21) extra payments £312 including tax relief
  • FlacosFloozieFlacosFloozie Forumite
    600 Posts
    Tenth Anniversary 500 Posts Combo Breaker Debt-free and Proud!
    Forumite
    Right, end of the month and £260 overpaid on the mortgage, emergency fund topped up to £16k and £300 added to the ISA.
    Overpayments 2022 £300 Mortgage £129,500 Jan 22 Final payment June 38
    Emergency Fund £15,427.64/16,000 95% Added to ISA 22 £160 Holiday Fund £2,681.25

    Debt Fr
    ee 31.07.14

  • savingholmessavingholmes Forumite
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    Fantastic.
    Target 1) Debt free April 22 Target 2) Lose weight & get fit (started) 3) Write regularly 41426/70000 words Book 2 4) Develop passive income streams 5) Get to £3K EF (at £2.2K June 22) 6) Declutter 7) MFW starting at £201999 Nov 21 with 264 257 payments to go. Now £196,869. 8) Mortgage neutral progress (via private pension starting value c£3643 Nov 21) extra payments £312 including tax relief
  • CasualMFWCasualMFW Forumite
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    Made some real progress there, well done! 
    You seem very clued up on your savings - Any advice on S&S? It's something I have been thinking about getting involved in.
    Solo Buyer & MFW
    Start date: January 2016
    At it's highest: -£237,000
    Current Balance: -£86,032.92 (July 2022)
    2021 OP total: £6,000
    2022 OP total: £10,534.09

  • savingholmessavingholmes Forumite
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    CasualMFW said:
    Made some real progress there, well done! 
    You seem very clued up on your savings - Any advice on S&S? It's something I have been thinking about getting involved in.
    Reading The Simple Path to Wealth might be a good first step
    Target 1) Debt free April 22 Target 2) Lose weight & get fit (started) 3) Write regularly 41426/70000 words Book 2 4) Develop passive income streams 5) Get to £3K EF (at £2.2K June 22) 6) Declutter 7) MFW starting at £201999 Nov 21 with 264 257 payments to go. Now £196,869. 8) Mortgage neutral progress (via private pension starting value c£3643 Nov 21) extra payments £312 including tax relief
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