I Want To Be Free!!

MazzyMoo1980

Good morning a little diary here to hold myself to account as we embark on a journey to savings and mortgage freedom.

This is a 3yr plan for reasons that will become clearer

So the biggie the mortgage.. We recently did the complete opposite when we remortgaged and borrowed an extra 7k and extended the term by another 2yrs doh.. necessary at the time but from now the intent is to pay at least an extra 1k a month from June to the mortgage. 

Also need to build our savings/emergency fund up again as it’s been wiped out by a massive once in a lifetime holiday.  I’m hoping we can go from 2k to 10k in the pot by June as we’re fortunate to be getting some good bonuses.

Finally I want to see if it’s possible to save a school fund. Our local secondary school is terrible so if we can save around 42k over next 3yrs I think we have something to get us started on better options. 

Ok so all sounds quite a challenge but the main fly in the ointment and where a lot of our money goes is a love of holidays!! Honestly we’d be laughing if we didn’t love to travel so definitely going to need to change here if we’re going to manage.

Wish me/us luck!

Mortgage 132k @ 3.29% fixed for 5yrs
Savings 2k of 10k currently 
School savings 800 of 14k currently 

Flossymuldoo

Hi @mazzymoo3

I hear ya about holidays. My mortgage would probably have been long gone without them. 

I’m in the same boat with wanting to have a good savings pot and start hammering the overpayments, so good luck with it!!

beanielou

Happy shiny new diary 

savingholmes

Good luck on your journey

MazzyMoo1980

Thought I’d update here!
Still paying off the big holiday and doing some work on the house so only £100 overpayment to the mortgage and £200 to the school savings this month but every little helps I guess!

Mortgage 131,800k @ 3.29% fixed for 5yrs
Savings 1500 of 10k currently 
School savings 1000 of 14k currently 

MazzyMoo1980

Cleared all the holiday and house debt today as it’s bonus month 🥰

Overpaid 250 to mortgage today and 500 to school fund. 

Mortgage 131,070 @ 3.29% for 5yrs
Savings 4700 of 10k
School savings 1500 of 14k

MazzyMoo1980

Hello thread it’s been a little while here’s an update! 

Mortgage £126,296 @ 3.29% for 4yrs 1mth
Savings £1700 (too many holidays again 😂)
School Savings £3555 of 14k 
Emergency Fund 1k
Pension Pot £149,195 (not joint) 
ISA £7,982 (my money not joint) 

MazzyMoo1980

Mortgage £125,017 @ 3.29% for 4yrs 1mth
Savings £269 (urgh too many holidays again 😂)
School Savings £4000 of 14k 
Emergency Fund £665
birthday sinking fund £100
Christmas sinking fund £100
Pension Pot £162,936 (not joint) markets up just now 
ISA £8,454 (my money not joint)  again markets are up!

Langerhan

Have you had a look at bursaries for schools round you? I had a look at the nearest private school to me (a long way away!), and they give bursaries to families earning under £100k.

MazzyMoo1980

Langerhan said:

Have you had a look at bursaries for schools round you? I had a look at the nearest private school to me (a long way away!), and they give bursaries to families earning under £100k.

Thank you! I did look previously and don’t think we qualify unfortunately but thanks anyway.

beanielou

Scholarships to consider too.