Prosperous soul, mortgage neutrality & creativity Year 2

savingholmes

Thanks Ed, BM and Dancing

I think I constantly want to rush on ahead. I am also trying to stop the £ burning a hole in my proverbial pocket by helping myself see other needs that will come along at some point - even if right now they are wants.

Struck lucky and DD is going away overnight tomorrow so will have relative peace for a bit longer yet. A sis wanted me to go down South today but I said it was too short notice but may go next week. I may see a different sis this weekend instead. 

Tahlullah.H

Definitely mortgage freedom first, but pay for work on the house that has to be done.

Everything is on the right path Savings.  Sure you will make the right decision for you!

enthusiasticsaver

You are doing well on the mortgage/avc overpayments and saving to  EF.  When we were working towards early retirement  we still did things like holidays, house improvements etc.  We worked to a formula. Any additional disposable income after essentials paid for was split three ways.  One third went to long term savings/investments or mortgage overpayments, one third was saved for medium term spending like new car or bathroom and one third for things like annual holidays, treats throughout the year etc.  We still do that to a certain extent although not saving long term any more since taking early retirement.  Half goes towards medium term saving for home improvements and new cars and half goes towards holidays and treats and hobby accounts. 

powerspowers

I was going hung ho on mortgage but now have switched and do a steady trickle of mortgage OPs and prioritising house. We do have an EF in place and save alongside that for things that come up. 

I think take the amount you can save each month and split it accordingly - it helps me having the different pots (although my OH prefers one saving pot so you might be different!). I do raid the pots and switch things round but it makes me prioritise “do I want x do much that I’ll use my holiday savings”. It’s very rare I touch the EF and I’d always prioritise getting it back. 

Good luck figuring things out! And remember, priorities shift so don’t feel like you have to plan everything now xx 

savingholmes

Thanks Tahlullah, ES and Powers

That's helpful. I think the third, third, third approach could work well. My priority for the next year is to save a decent EF and continue AVCs.

I have set aside at least £1K in the budget for holidays - which I'd see as two cottage breaks. I'm hoping to have the odd weekend away on top at like a P Inn as well as the odd visit to family.
I allow about £50-150 a month for fun, days outs, eating out, hobbies etc.
I'm allowing about £100 a month for maintenance but some months will be more, others less.

Lots to think about. Just want to make sure I do enough 'living' rather than existing along the way but at the same time want the option of early / phased retirement.

I have finally cancelled one of the CCs I no longer use which is progress. That reduced temptation by £10K just there. Still have way too much access to credit.

savingholmes

Does anyone have a referral link for topcashback - if so pm me - I'm not sure if I'm already a member or not but going to give them a try as a comparison with £co.

Currently looking at when I want to take holidays this year... 

jwil

I've sent you a link if you haven't already got one.

It's really hard trying to do everything that needs to be done!  I split additional cash when we get it, fun, savings and house.
Like you I wonder how we'll ever get everything done, so am just trying to do it bit by bit.

LeighofMar

I split my pots too. For me, I know if I waited until I felt I had enough in the EF, enough for retirement, and enough for mortgage OPs, I'd never get any house projects done and then 30 years later I'd be regretting not enjoying my house completely. I've settled on two projects minimum so I can save up for them and still accomplish everything else. I hope you can find the balance you're looking for, SavingH.

Sunshine_girl2

Great to hear all your plans for this year SH and the AVCs are great . What job is the handyman doing next. Enjoy your peace this weekend. 

savingholmes

Thanks Jwil, Leigh and Sunshine 

I have spent quite a few hours this weekend making art and my front room has descended into chaos. 

DD came back from her night away and we went for a carvery together. It was slightly disappointing but we were both starving.

I have to be up early and need to go in so going to bed soon. 

Hope all you lovelies are doing well. I've had a code thanks to the three people who sent me one...