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Hi Jwil
Sorry that redundancies are still hanging over your heads. How are you getting on at rebuilding your emergency fund after the hits last year from the electrics and the boiler? I'd prioritise that over mortgage OPs currently - and look if there is anything you can trim from your budget in the short term to boost your savings rate. What's happening with your DH? Did you say he was also at risk?Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £1.5K Net savings after CCs 11/2/26 (but owed £1.4K) so £2.9K
3) Mortgage neutral by 06/30 (AVC £34.8K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 40.6/£127.5K target 31.8% 16/11/25
(If took bigger lump sum = 62.7K or 49.2%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/261 -
Nice to have the cashback surprise
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I'm at c.£4k at the moment. I forgot to mention the other day that I'd put the boiler on a CC temporarily meaning to transfer the funds from PBs before the interest free period ran out, but I applied for and got a 0% balance transfer for it instead, so I can pay it off over 17 months, and keep the savings.savingholmes said:Hi Jwil
Sorry that redundancies are still hanging over your heads. How are you getting on at rebuilding your emergency fund after the hits last year from the electrics and the boiler? I'd prioritise that over mortgage OPs currently - and look if there is anything you can trim from your budget in the short term to boost your savings rate. What's happening with your DH? Did you say he was also at risk?
The budget is mostly as tight as it can be, and I started padding to savings last week. I don't buy much in the way of 'stuff' or clothing or anything, as I PAD most of my spare money. Anything I do buy tends to come out of groceries so I can probably try and keep that tight, but we're not going to talk great money.
I'll keep piling as much as I can into savings. If I get made redundant and manage to walk into another FT job then we'd probably be ok, even if it paid less as I could use the redundancy to top up any shortfall. If I struggle to get another job then that's when there will be issues. I'm not a career person and I'm not precious about what I do, so fingers crossed it would be ok and hopefully I could temp if need be until I found something.
DH I think has avoided this round of cuts thankfully. Hopefully that will continue.
It was a very nice surprise!teapot2 said:Nice to have the cashback surprise"Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee4 -
I think that was a good call on the boiler £. £4K buys a lot of peace of mind. Glad that DH has survived the cut backs.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £1.5K Net savings after CCs 11/2/26 (but owed £1.4K) so £2.9K
3) Mortgage neutral by 06/30 (AVC £34.8K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 40.6/£127.5K target 31.8% 16/11/25
(If took bigger lump sum = 62.7K or 49.2%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.2K updated 16/1/261 -
Thank you. I couldn't face losing most of the savings!savingholmes said:I think that was a good call on the boiler £. £4K buys a lot of peace of mind. Glad that DH has survived the cut backs."Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee1 -
I didn't sleep well last night or the night before so I've got no mojo today. Trying to do a bit more listing.
I'm hoping I sleep better tonight as I don't want to waste my time off!
Hope everyone is ok in the storms. Wind and rain is getting up here now. It's definitely been milder today thankfully."Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee1 -
Definitely milder.Heating is currently off.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 21 months left.1 -
Very wild here from the storm. Hope you have a better night’s sleep.L x1
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Yes, we didn't put ours on until the evening. Made a nice change!beanielou said:Definitely milder.Heating is currently off.
Lots of trees down here, but it's calmed down now. Hope everyone got through it ok.Very wild here from the storm. Hope you have a better night’s sleep.L x"Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee0 -
Today's PAD - £130
Jan - £208
"Good financial planning is about not spending money on things that add no value to your life in order to have more money for the things that do". Eoin McGee2
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