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Well done on your clarity on the loan payments. Hopefully you can now focus on getting it out of your life as soon as possible - with your normal focus - once the reno and Xmas is all finished.
Great you can stay in a granny annex
This house sounds like a hoge project but hopefully you will be done soon and can love your new spaceDON'T BUY STUFF (from Frugalwoods)
No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff. Money doesn’t walk out of your wallet on its own accord.
https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest2 -
Completely understand the emotional connection to paying off the mathematically easier debt - you get it into your head that you're going to Pay Off The Mortgage and any deviation from that feels like a fail. You just have to remind yourself that paying off other debt is just a way to speed up paying off the mortgage later on once the other stuff's gone!Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
Current mortgage amount: £233.529.75
Start student loan 2012: £29,750; current student loan: £11.400.50; OP offset fund: £7502 -
Totally get you on the mortgage thing - we're in a similar situation in that we could get better interest by saving, rather than the interest we are saving on OPs at the moment, but in our case the sums are a little complicated by the fact that there is tax payable on savings interest, and the difference between the rates is also less significant as our mortgage is at 4.03%.
If you wanted to tick the box of still feeling like you are doing "something" on the mortgage, then you could just round up the mortgage payments to the next £10 level, or even just make a one-off OP each month to round DOWN to the next £10 increment - either way you'd still be having an effect, still be feeling that you were doing something, but without taking away significantly from money that could actually be saving you more money elsewhere?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her2 -
Very quick visit to say everything is ok ... well STRESSFUL this week, but generally ok! There are a few different trades in this week so lots of coordination needed from our side. I will be happy when the current jobs are finished and I can catch my breath a bit!3
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Just wondering how you are @GeorgianaCavendish?1
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Oof, it's been a while!
Going to get back to posting to keep me on track but predictably the renovations took longer than expected, cost more than expected and uncovered a few problems that we weren't expecting to need to deal with!5 -
Fab to hear from you @GeorgianaCavendish! We await your updates with interest love Humdinger xx0
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Georgiana! Hi! Hope you're over the worst of the renovation at least
Debt at LBM (Dec 2018): £23,167
Debt free Feb 20210
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