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Balance in the force
Comments
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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.The savings are the results of joining the debt free wannabe boards over 10 years ago
Once I'd paid off the debt it was natural to just keep saving. Once we'd got the deposit I wanted to build a decent emergency fund up so just kept going.As far as investing goes, two rules I follow. 1) This is long term. Only put money you're not going to need anytime soon into investments. That said small amounts do build up over time. 2) Keep your costs low. Look for low cost tracker funds and use an online platfom with low charges.I recommend reading Smarter Investing by Tim Hale, What not to spend and The stock market explained by Alvin Hall and lurk on the investments forum here.MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.142 -
Right, small celebration time. Overpayment of £150 so the mortgage is under £125k!!! Final payment is due April 2038 so that's two months knocked off. Current interest is £3.58/day.
MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.142 -
Also, forgot to say but I've filled all my cash savings goals. I'm torn as to topping them up a little vs overpaying more. Our fix is cheap but only 2 years as there is potential we might move. I'm anticipating that interest rates will be much higher when we renew.I'm thinking money not needed for living expenses gets split 20% cash savings, 50% mortgage and 30% iSA.MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.143
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I've just finished updating YNAB for July. Have managed an overpayment of £325, so pleased with that.I've added £240 to the ISA.Overall, I've spent more than earned in July due to a planned weekend break, an unplanned plumber weekend call out and a surprise wedding, needing a gift. The holiday was budgeted for and the plumber came out of the home maintenance savings but I do hate when YNAB shows a net loss for the monthMFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.143
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Still sounds like you found a way to balance everything.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/251 -
savingholmes said:Still sounds like you found a way to balance everything.
Some months are definitely better than others for that
MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.141 -
Update time..I've done August's budget on YNAB. I get paid on the last day of the month and Mr F mid month. I've allocated my salary to cover all expenses this month so when his comes in it should just be for savings. The downside to this is that I've not been able to allocate money to make an overpayment yet.However, I've won £50 on the premium bonds so when that hits my account next week it can be transferred. I'm finding it additcting seeing the monthly interest come down.Other MSE stuff this week- worked some extra hours for cover so a bit of overtime in next month's pay. I took lunches from home each day so no sneaky grocery spends. On the downside, there was an takeaway but still in budget.MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.144
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Great win and OP.
It all adds upAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/251 -
Its my birthday this month and Tesco gave me a £5 off voucher so that's been added to the op pot. Every little helps....
MFW 2024 £27500/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £68489.08 FP May 36 Emergency Fund £20,000 100% Added to ISA 24 £8,060 Save 12k in 24 #31 £20,034.76/20,000 Debt Free 31.07.143 -
Not quite enough for a sponsorship spot
Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
Current mortgage amount: £226,957.97
Start student loan 2012: £29,750; current student loan: CLEARED July 20253
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