10 years later yikes

1stTimer

Morning, 

Nothing really to report but that’s a good thing I guess. Just limping along until payday as I suspect most are.

I’ve been good this week and stayed off Amazon and as I’m not comfortable with the outside world I haven’t been to any shops either so spending has been minimal. I have extended my central heating by another hour in the mornings I’ll deal with that when the bills come in, I currently pay £30 a month and that is with it being on for one hour in the morning and one in the afternoon. 

Today I have 4 hours free electricity so will get some housework done and make the most of that.

1stTimer

I can officially count down to payday today, only 7 days to go. It’s felt like a very long month but considering how trigger happy I was with Amazon at the start of the month I am pleasantly surprised with my current account! Unbelievably I think I have also managed to break my record for NSD so it wasn’t too bad a month to be fair.

I’m itching to open my Feb tab on the spreadsheet. 

Mentally I was really geared up for 2026 and going all in with saving etc but as the days have gone by my motivation and drive has plateaued. As it stands I am just going to take this year day by day and give myself a pat on the back for getting through each day.

Dakota_Rose

Well done on your restrained January! I am like you and can’t wait for Feb’s tab to open. Only 2 small DDs left to clear on January’s so the thrill has completely gone 😂 

1stTimer

I woke up early this morning to get all my spreadsheets up to date as it is payday tomorrow and I didn’t want to wait any longer😂 i’m tricking myself by doing this as now mentally I feel like I made it to payday.

somehow I managed to have left over funds so I am giving myself a big pat on the back for that but why did it still feel so long…
Now all money has been allocated to where it needs to go for Feb and there’s a couple of changes for 2026.
I have decided to put a little aside each month for the house, I don’t need a big pot for this as I rent so shouldn’t really need to spend anything big but I would like to cover myself for any of the appliances breaking etc.
I have opened a new R/S but that will be my only new one for the year until the others mature.

And I am still trying to work out a happy medium for over paying the loan and saving for a deposit but that is something I think will change frequently as I am known to change my mind a lot 

right better start getting ready for work

1stTimer

my first weekend off since Christmas 🥳 I’d like to say I’m going to get so much done and ticked off but my head is already saying we are going to binge watch rubbish and nap often. I have stuck the dishwasher on and loaded the washing machine up so at least that’s 2 things I can tick off.

Not really much else to report, I need to get some motivation back for completing surveys etc as that was always a good little extra each month but like everything right now it feels like more effort then it’s worth.

flamingo22

https://forums.moneysavingexpert.com/discussion/comment/81863079#Comment_81863079

completely agree with you on the surveys, I have lost all motivation for them 🥱 enjoy your weekend off.

1stTimer

Honestly this week feels as long as January😂 it’s just not ending! Maybe it’s because I have the weekend off but I wish it would hurry up.

I really need to just book a week off and take the dog away or something.

I’m just putting different situations into co-pilot to see if I come up with a good plan to pay the load off quicker and with as little interest as possible without having too much of an impact on my saving for an home. I do love how AI can do all the hard work for you and so quickly too.

MillQueen

That's a good idea about using Copilot! Did it come up with anything good?

1stTimer

Hi @MillQueen yes I think it gave me a route to take that I am happy with.

Again I know this is all probably sounding like a silly idea when I have the money sitting in savings but this is all based on not derailing my plans to buy a house in my mid 40’s (I really am late!)

I have some shares in a company I no longer have any dealings with so have decided to cash those in and make another over payment of £2000, this will reduce the term down to a level I am happy with and also reduce the amount of interest I have paid in total. From there I will continue with the monthly repayments with a extra £50-£100 over payment each month.

By continuing to pay monthly it will reflect on my credit report and hopefully undo some of the damage I have done over the years when the time comes to apply for a Mortgage

Analysis
Here are the updated figures after adding your additional £2,000 overpayment.
Starting point (from earlier):
Balance after 2 scheduled payments + £2,500 overpayment = £8,032.99
After your extra £2,000 overpayment, here’s how things now look:
Current balance: £6,032.99
Remaining term if you continue paying £235.50/month: 30 months
(That’s a reduction from the original 60 months — you’ve cut the term in half.)
Interest comparison:
Original total interest over full 60-month loan: £3,620.91
New total interest with your overpayments: £1,163.13
Total interest saved: £2,457.77
So your combined £4,500 of overpayments has reduced the cost of the loan by about £2.46k and shortened
the term by 30 months.

So if I pay another £2000 in this month i will only have the loan for just over 2.5 years rather than the initial 5 and also pay £1200 interest rather than the original £3620.

The goal currently is to have it settled in 18 months at most and under £1000 interest (and also knowing me I will pivot again at some point and that will all change🤦‍♀️)

MillQueen

That's a fantastic plan and also useful to be aware of the tendency to pivot. It sounds like that flexibility can also be a strong point for you, as you will be adaptable and open to changing to a different or more optimal path if one appears. I am also in my 40s and bought my house last year. There's still time for us to get where we want to be 😂. I'll likely be mortgaged until I'm elderly, hence why I'm here doing these diaries…