GAP and LMG, can we become mortgage free?

EssexHebridean

It really sounds as though things are coming together beautifully. As for LMG and thr overpaying, from everything you’ve said I suspect she’ll come round to the idea sooner than most in her position would as by all accounts she does seem pretty money savvy. Of course, if savings rates DO continue to rise you might be grateful to her for not having started OP’ing directly to the mortgage after all! 

girlatplay

EssexHebridean said:

It really sounds as though things are coming together beautifully. As for LMG and thr overpaying, from everything you’ve said I suspect she’ll come round to the idea sooner than most in her position would as by all accounts she does seem pretty money savvy. Of course, if savings rates DO continue to rise you might be grateful to her for not having started OP’ing directly to the mortgage after all! 

She's not bad at all.  I'm really proud of her attitude towards money.  I wish I had been like that at her age.  Oh how wealthy I would be now.

I'm thinking that it might be better that we haven't overpaid directly as it is giving me a chance to save to be in a position to buy her out if necessary.  If we had overpaid we would both just be further away from that point.  I'm used to dealing with finances on my own and it's taking time for me to adjust to doing it differently.

girlatplay

I'm going to have to put a hold on my PADs for the rest of the month.  The car had an MOT & service and needed a couple of small things done.  Sadly, small things add up so today, for the first time since I started it (about 10 years ago), my yearly payments pot stands at £0.  I have had to pull money in from other pots to cover it all.  My slush fund has gone and a small amount I was holding back for house bits has also gone.  I am having a tooth/filling fixed next week and I have managed to hold back enough to cover that (based on the quote from the dentist).

All is not bad.  I do have some savings but I don't want to dip them unless I absolutely have to.  I have the dipping account so I can use some out of that.  It is LMG's birthday next month and I'm planning to use some of the dipping pot for that.  I have a birthdays account but I'm going to leave that as it is for now as there's not much in it and I have one other birthday in October that I need to buy for.  There is enough in it to cover the planned gift.

On a brighter note, we meal planned to the end of the month and have all that food in.  There is about £23 left in the grocery budget so if we need milk (probably) and/or bread (maybe but not definitely) then we'll be fine and should have a little left by the end of next week.  This is a great thing as it has been a while since there was something left in the grocery budget at the end of the month!

Not long to payday....

savingholmes

Sorry about your car. It sounds like you have it all under control. 

EssexHebridean

And THIS is why we have the savings pots, isn’t it. I do feel your pain though - I’ll be balancing off the holiday spends from the CC at some stage in the next few days - I know full well that the reason we don’t have quite enough in the holiday account to clear the whole bill without raiding elsewhere is that we borrowed money from it earlier in the year for planned expenditure on the flat rather than raiding the longer term savings, but it still makes me cross that I now have to raid other funds to deal with it! 😂

girlatplay

That's exactly why we have the savings pots.  I'm so glad I'm not me 15/16 years ago as this would have broken me.  I really feel for the people at the beginning of their journey.  I feel very lucky right now.

savingholmes

Shows how far you have come. Congratulate yourself. Celebrate 🥳. I wish I had appreciated earlier in life the difference an EF makes to MH.

girlatplay

Oh me too, SH, me too.  

EssexHebridean

You know what? That is EXACTLY why hanging around here is such a delight. Seeing people go from a point when a coincidence of expenses coming along at once would quite literally reduce them to desperation -moving to a point where sure, they don’t LIKE that coincidence but that they can take a breath, realise it can be coped with, and move along, while still making plans to build things back. It sums up why we’re here, and quite how valuable these boards are as a resource and educational platform. I know I’ve had the biggest part of my real financial education here, and I know too that I’m not the only one - it’s SUCH a good place, and such an incredible community.

girlatplay

So true, EH.  When I first came here I had already had my lightbulb moment (although I didn't know that as had never heard of a lightbulb moment) and these boards moved me from there to where I am now.  I know I would have been more careful with credit and debt but would I be where I am now? Probably not.  So many ideas here and encouragement from others.  Lots of challenges to save money, be it directly in pots and accounts or reducing spending.  I like reading posts from people starting out who are struggling but take advice from the wise people on here, take it on the chin when it sounds a bit harsh, and really turn it around.  You can hear the realisation dawning on them.  I love when they stick around and you see the changes they make and read their success stories.