Giant mortgage, single income… hi ho, hi ho, hi ho

charliechopstick

Thanks - it’s not til later this week, we leave on Thursday.

I’ve just calculated my daily interest on the mortgage. £8.34 a day!!!! Every day, even weekends! 😱 Completely ignoring the capital repayments, that’s enough to pay for a decent holiday each year. Wowzer.

I showed DS my jellyfish costume last night and asked him to guess what I was. He thought I was a mushroom 🤦‍♀️🤣

savingholmes

how old is DS?

charliechopstick

DS has just turned 15. Sarcastic little so and so he is too 

We are back from the festival. Had a lovely time, too scared to look at the spending damage yet though. I’ve come back feeling like a new me though, it was so great to spend quality time with DP, meet lots of new people, dance, listen to music, and cosy up in a tent at night. Ooh-err. 😂

Payday is this Friday. I think I’m well overdue a good budgeting session to work out where I can cut back on my monthly spends and find some extra cash to throw at the mortgage. 

It looks like if we are going to try for a baby, it’s going to have to happen much sooner than my “around 5 years time” timeline. All the talk of interest rate rises is spooking me too. 

I’m a Dave Ramsey follower (if you haven’t yet heard of him, really recommend looking up his Baby Steps, changed my life) so I’m currently putting a big chunk every month into my pension. I’m also investing £300 a month into my S&S ISA. I do wonder whether I could/should cut back on those a bit to free up some cash for the mortgage. With the markets down at the mo though, it feels like a bad time to stop investing.

Lots to think about, lots to think about! 

savingholmes

I'd carrying on buying the stock market. If you want to put into your mortgage - a regular saver is likely to be a good half way home offering a guaranteed return at what may be more than your mortgage rate.

Glad you had a good time at the festival.

charliechopstick

Thanks, Saving, you’re probably right re the stock market. Hopefully I’ll thank myself in 10 years or whenever the stock market recovers!

I’ve just done my budget ahead of payday tomorrow and had the princely sum of £198 left for mortgage overpayment so that’s gone over today. 

All the talk of large mortgage rate rises is a bit worrying. My fixed rate comes to an end in June 2023. If rates went up to 4% in the meantime then I’d be looking at a monthly payment of around £1146 from my current payment of £856. YIKES. 

My cleaner has just handed in her notice as she has a new job. I’m going to try to do without her for the time being, and that will be an extra £100 into the pot. Trying to assess the budget today to see where else I could make some other cutbacks. 

Our grocery shop seems high at up to £400 for two of us, even though I don’t feel like I’m extravagant with what I buy. I’m going to put together a six week rotating meal plan today to see if that helps. 

savingholmes

I'm over-spending on groceries too so no words of wisdom - other than visit the old style board if you want ideas.

Ouch to the cleaner going. I wouldn't cope for long without mine but kudos to you. I'm sure the saving would be very useful.

Scary about future mortgage rates. If however you are used to over-paying hopefully it would only slow down your journey and not derail you.