1% challenge 2023

Highlanddream

NeverendingDMP said:

I'm at 18% paid!

woo hoo, well done, soon be 20!

craftingmad

NeverendingDMP said:

Manager rang me up to say it's not looking promising. I've got an interview next Thursday but the jobs only 15 hrs. Better than nothing- if I get it ? Would then have to do some agency work or something to make the funds up. Starting to apply for other stuff as well now. One day at a time isn't it. No point worrying. Ha ha

Oh no. I'm really hoping everything turns out ok for you but know that you will be amazing at your interviews too. Good luck x 

NeverendingDMP said:

I'm at 18% paid!

That's amazing - huge congratulations

craftingmad

Well done on your progresses. I'm slowly creeping up thanks to my many part time jobs  
It was payday for me for one of my cafe jobs today but it is being sold this coming week and although I have met the new owners quite a few times now they have not mentioned if I will still have a job when the sale goes through so guess I will just have to wait and see. I'm thinking that I won't as they have bought a few people in to look at the set up and coffee machine etc and also have a large family so I'm thinking that my days there could be numbered and this could potentially be my penultimate pay packet from them as they are only required to give me a weeks notice  

That cafe job has given me a lovely £402.98 which has been added to the OP savings pot tonight along with £293.01 interest from one of the savings account we have.

The interest next month will be lower as we will be using £32K of our savings to pay off in full our BTL2 mortgage (especially given that they will be increasing the interest rate from 1.9% to 8.75% on 1st July when our fixed rate ends so that will be the day when we clear that mortgage and can officially say we own outright two houses

 So my total now currently stands at £66333.38/£81700 = 81.19%

Yay - I've moved another whole percentage closer  

NeverendingDMP

craftingmad said:

Well done on your progresses. I'm slowly creeping up thanks to my many part time jobs  
It was payday for me for one of my cafe jobs today but it is being sold this coming week and although I have met the new owners quite a few times now they have not mentioned if I will still have a job when the sale goes through so guess I will just have to wait and see. I'm thinking that I won't as they have bought a few people in to look at the set up and coffee machine etc and also have a large family so I'm thinking that my days there could be numbered and this could potentially be my penultimate pay packet from them as they are only required to give me a weeks notice  

That cafe job has given me a lovely £402.98 which has been added to the OP savings pot tonight along with £293.01 interest from one of the savings account we have.

The interest next month will be lower as we will be using £32K of our savings to pay off in full our BTL2 mortgage (especially given that they will be increasing the interest rate from 1.9% to 8.75% on 1st July when our fixed rate ends so that will be the day when we clear that mortgage and can officially say we own outright two houses

 So my total now currently stands at £66333.38/£81700 = 81.19%

Yay - I've moved another whole percentage closer  

Sorry to hear about the uncertainty with the cafe. That's the worst part of it I think,  the constant not knowing.
And wowsers that would have been a whopper of an interest rate increase. Bet your looking forward to saying here you go take this and the balance being zero! And you really are not far behind for BTL2. Will you have to wait for a fixed term to end on that one as well or can you clear it once you've saved the money

Highlanddream

craftingmad said:

Well done on your progresses. I'm slowly creeping up thanks to my many part time jobs  
It was payday for me for one of my cafe jobs today but it is being sold this coming week and although I have met the new owners quite a few times now they have not mentioned if I will still have a job when the sale goes through so guess I will just have to wait and see. I'm thinking that I won't as they have bought a few people in to look at the set up and coffee machine etc and also have a large family so I'm thinking that my days there could be numbered and this could potentially be my penultimate pay packet from them as they are only required to give me a weeks notice  

That cafe job has given me a lovely £402.98 which has been added to the OP savings pot tonight along with £293.01 interest from one of the savings account we have.

The interest next month will be lower as we will be using £32K of our savings to pay off in full our BTL2 mortgage (especially given that they will be increasing the interest rate from 1.9% to 8.75% on 1st July when our fixed rate ends so that will be the day when we clear that mortgage and can officially say we own outright two houses

 So my total now currently stands at £66333.38/£81700 = 81.19%

Yay - I've moved another whole percentage closer  

Ouch, 1.9% to 8.75% that is huge. How many hours a week do you work? It sounds like quite a few. 

craftingmad

NeverendingDMP said:

Sorry to hear about the uncertainty with the cafe. That's the worst part of it I think,  the constant not knowing.
And wowsers that would have been a whopper of an interest rate increase. Bet your looking forward to saying here you go take this and the balance being zero! And you really are not far behind for BTL2. Will you have to wait for a fixed term to end on that one as well or can you clear it once you've saved the money

We are certainly very relieved to have enough to pay it off given the huge hike We will be taking great pleasure when we tell them to go shove that rate I can tell you

Our BTL2 is on a  fixed rate too which ends in February 2026 so we have to wait until then (to avoid huge penalties) but fingers crossed we will have easily raised enough to pay it off in full as well by then

Yes the uncertainty is horrible. Apparently I must be impatient as I just want to know NOW  

craftingmad

Highlanddream said:

Ouch, 1.9% to 8.75% that is huge. How many hours a week do you work? It sounds like quite a few. 

It is isn't it - we were really shocked when that rate came through Luckily we don't have to worry about it though  

In the cafe I usually work around 25 hours a week. I'm a bit gutted as it is all year round too unlike my other two jobs but I have come to the conclusion that there is no point worrying about it as it is out of my control and what will be will be. I'll really miss it if I do go though as I love the customers and consider lots of them as friends now

Highlanddream

craftingmad said:

Highlanddream said:

Ouch, 1.9% to 8.75% that is huge. How many hours a week do you work? It sounds like quite a few. 

It is isn't it - we were really shocked when that rate came through Luckily we don't have to worry about it though  

In the cafe I usually work around 25 hours a week. I'm a bit gutted as it is all year round too unlike my other two jobs but I have come to the conclusion that there is no point worrying about it as it is out of my control and what will be will be. I'll really miss it if I do go though as I love the customers and consider lots of them as friends now

Life is definitely too short to worry about it. I was thinking that when I decided to pay down my debt quickly and not let it run. It has taken a big mindset change for me. I am finding it hard to keep to it without thinking stuff it. 

craftingmad

Highlanddream said:

craftingmad said:

Highlanddream said:

Life is definitely too short to worry about it. I was thinking that when I decided to pay down my debt quickly and not let it run. It has taken a big mindset change for me. I am finding it hard to keep to it without thinking stuff it. 

Don't worry - I think we all feel like that too but then I remember why we are doing what we are doing and think these few years of sacrifice will all be worth it in the long term You are doing so well and should be so proud of yourself for achieving so much already. If you ever need a little cheerleader to motivate you to keep going then post in here and we will all have your back x 

craftingmad

The interest hike on BTL1 is certainly keeping me motivated to get this BTL2 mortgage saved for in full before that ones rate expires in February 26

That said sadly I've not got much progress to report other than £30 in tips and my BK wages for two weeks (£190.08) have been added into the OP savings account

So my total now currently stands at £66553.46/£81700 = 81.46%

Creeping up really slowly but at least we are going in the right direction