Purchase on first home completed - Time to start making a dent in the mortgage!

Merlin's_Beard

I don't have anything worth that much (except the car) but if I did I wouldn't include as EF, because in my head EF is cash only and money I can absolutely definitely access in 24h. You would struggle to sell the watch in 24h if your emergency happened at,  say, 9pm on Christmas Eve.

madhatter83

Time for a little update! 

So mortgage overpayments have ground to a halt for now - really expensive month. We have bought a new mattress , and also just went on holiday (holiday paid for last year but needed spending money) Fuel was our main cost this holiday!!  

Now we have realised we have a hairline crack under the waterline on our only toilet and so have a plumber coming to look at that. 

A 600 maintenance bill is due Start of December so that needs to be accounted for.

I have managed to stay "mostly" out of debt, currently have 400 credit card bills. Will be clearing these Friday coming. 

We have our mortgage money and all bills covered and ready to go out at the end of the month, I should have some left over, and hope to replenish this fund ready for Septembers outgoing and THEN finally will be able to start making overpayments again. Ideally in 500 lump sums to reduce the term. 

This last month has been unusually expensive and I see no reason why we cant ramp things up for late aug/September.

savingholmes

There are often teething problems when you settle in. I'm sure you'll soon get in a rhythm of overpaying. Nice to have had a holiday too.

madhatter83

savingholmes said:

There are often teething problems when you settle in. I'm sure you'll soon get in a rhythm of overpaying. Nice to have had a holiday too.

Thanks @savingholmes , I think so too - We always knew some things would been doing. The idea of a new kitchen is out the window now though! 

madhatter83

Have decided to fully stock cupbords with food and consumables before making overpayments to try and help shield against inflation - also works as a nice safety net against hard time to if rotated. 

savingholmes

I do like a tangible safety net

madhatter83

savingholmes said:

I do like a tangible safety net

I think its a good thing to have these days! Everything feels so uncertain right now. 

madhatter83

Well decided to bite the bullet and dip into cash savings to make a overpayment. We have about 5 months bills covered in an emergency fund so feel its ok to do. 

£1000 overpayment made today.

LadyWithAPlan

How exciting all these OPs

Have you looked at doing daily  TTS?
(they are taking your bank acct to a round number daily eg if you have £101.13 in you can move the 13p or the the 1.13 so it feels like you have daily traction and also makes you watch what you are spending 

 Tilly tidies maybe into a separate acct and then once it hits the £500 you can move it over if you don’t want to op mortgage daily 
Tilly’s countdown to freedom diary here is well worth a long read - just finished it and so inspiring 

savingholmes

Well done on the OP