Oops I did it again

FacelessNumber

Great work on the card! I like to split extra between different things and do it on a percentage system. So 25% to the mortgage, 50% to investment accounts, 25% to holiday savings for example. Not sure if that's helpful or not but just another way to do things!

Aimingforthegoodlife

@Rud0lf thank you! The loan is going to take a few more years, but it will be the only debt so that is something! 

@FacelessNumber oh I do like that, that would work until I have a specific goal, might keep the old CC payments as other, and then save them for a month and split in percentages at the end of the month! Love it!

Aimingforthegoodlife

Weekly PAD round up:

CC: Wiped the CC out! Woohoo! This is going to change to 'other' and will continue to PAD and save here!
Other: £44.17
Loan: £197.92
Holiday: £250
Savings: £750

So the CC is gone, woohoo! My plan going forward is to continue PADding and keeping it under other, I have nothing specific I want to use this money for right now, so as suggested by
@FacelessNumber I think I will split it % wise to holiday, mortgage and savings, not sure of split yet. Will also keep this until the end of the month rather than moving it weekly. Makes more sense to me. If I come up with a specific plan, then can change this! Will have another week to add next week.

Loan OP since Oct 2023: £1399.19/£1303.60. Thanks to the 1D switch money and 1poll payout, this is a great extra! I also saved £54.39 in my savings to get it to £2500, so didn't use the whole amount. This week has also been good as it is nearing pay day and I had monies left so have PADded more than usual. So we have knocked off another month, woohoo! Next goal is to reach £1466.55, that will make another month removed. I need to find another £67.36 to reach this next step. I like this being broken down into months, feels so much less scary! Had wanted to continue with 100 steps and pay off debt by Xmas, but just can't work out how to do it with the loan without the numbers just seeming overwhelming.  

DH is working away a lot with self employed work, we are saving his money that he sends to the joint account as it feels the best way to use the money at the moment. We have learnt to live off our reduced income and we will be going back to this by Oct as his work will dry up then. Makes the most sense to pretend we aren't getting any extra!

Selling old car tomorrow, will be sad to see him go, but new car is very cute and I am getting used to her now! Will be good to replace savings!

FacelessNumber

I'm glad you like the idea! I think everyone's brains work differently so I take ideas from all sorts of places and people on here!

Aimingforthegoodlife

Sold old car, will have £2.5k coming back on Thurs, would have liked a bit more but it did need work. Have covered the £1.5k extra with savings. At least we can, that is a relief! 

Just had a nosy at the loan, current end date is 24/12/2027! I made it into the 2027's!!!! This is so exciting. If I can get it to Sept 2027, that will be a year completely gone, so that is definitely part of the goal! That would be £488.85, will keep on the monthly add up though as to not spook my brain!

FacelessNumber

That's awesome that you've knocked 9 months off! Does it save you interest to overpay or was the interest just calculated and added at the start? If it's the latter you might technically be better to put your overpayments into a high interest account.

Aimingforthegoodlife

Weekly PAD round up:

Other: £46.37
Loan: £94.57
My Savings: £238.14

Other: This was a good amount, on the 1st this account gets all the payday stuff, always look forward to the money shuffle. Will do the end of the month add up on another post, this will include how I will divvy up the two weeks of other monies! Exciting to have a new thing to do!

Loan OP since Oct 2023: £1493.76/£1466.55. Another great OP this week, knocking out another month in OPs! Trying to not build expectations that this is normal, haha. Next goal is to reach £1629.50, so need another £135.74 to reach this target. Marathon not a sprint....based on usual months gone by, I will knock off around £100 a month, some months will be better but who knows what's coming up. 

My savings will cover buying another injection, in a higher dose, with a few pounds left over. So that is good, won't be reducing my savings for this yet!

Aimingforthegoodlife

FacelessNumber said:

That's awesome that you've knocked 9 months off! Does it save you interest to overpay or was the interest just calculated and added at the start? If it's the latter you might technically be better to put your overpayments into a high interest account.

They add the interest on, but it will still decrease with overpayments, I think I will save around £20 in interest every month knocked off, so that is exciting! The santandr loan bit is very basic, and it takes a few weeks to catch up with overpayments so it is not simple to monitor, but this seems accurate!

Aimingforthegoodlife

Round up for Jaw-Dropping July!

CC: £84.13 not including £129.08 to get rid, which came from savings
Other: £90.54
Loan: £411.69
Holiday: £250
Savings combined: £988.14

Savings and holidays have been added too, but also we have paid out for one of our rooms from holiday and we have also spent £1500 on a car, both savings are looking good (for us!) despite this. We have the 4k 4% account still going, the 5% saver will be ready in November and the 7% saver will be on its third month in August, nice to see money doing something for us, even if it is only small amounts (I am using my loan to top up the high interest savers at the moment as well as our own savings). Getting £3-4 quid a month from other savings and cashback is around £10 from santandr. Have been getting dribs and drabs back from cashbk sites, nice! 1poll also paid out this last month, as well as the switch from the account and money back for my new smaller car on insurance. Overall, July has truly been jaw dropping!!!

£100 a month that went to the CC has been diverted to the mortgage, this feels really nice. Have neglected the mortgage OPs, knocking off an extra £1200 a year feels like good progress for now. 

Have decided today, that I want to split the Other money 50/50, holiday/mortgage. DH self employed money is topping up our savings so that is covered at the moment. Will send £45.27 to both. So excited to be spreading this money into other places and not the CC, feels soooo good! 

Aimingforthegoodlife

Ah hello August! Weekly PAD round up:

Other: £73.87
Loan: £10.91
Joint savings: £135
Holiday: £135
Mortgage: £100

Good week for other, will add this up each week and do something with it at the end of the month. We have gotten a quote to paint our kitchen, rather than replace it. We have lived here ten years come Sept and have never liked the kitchen. The layout is great, and it is in good condition still, but the dark wood is just not us and I don't think it fits with the house at all. We have had a quote for £2500 for the painting, this is 19 cabinets and includes all the wooden bits. So much cheaper than a new kitchen. Have booked in for Oct to help build savings again as doing a good job of spending, paid a deposit of £500, and will need to pick what colour- he can match any farrow and ball colour. May save this money just to pay for this, maybe!

Loan OP since Oct 2023: £1504.67/£1629.50. Ah this is so much less than it has been, but so much more normal! Need a further £124.83 to reach this next month goal, this could take a while, keep reminding myself. When I checked the online balance, it is now showing an end date of 24/10/2027, which is fantastic, that is a year off! Got the loan in the Sept, but didn't make the first payment until 23/10/2023 so I am seeing the Oct as the original end date. May keep the PADs until the end of the month, may feel more of an impact in my mind!

Joint savings are going to have work to do once the painting starts in the kitchen, so this won't go far!Haha. Holiday needs to start building, as I am good at spending this! Though Tim Burton has a show in London until April next year and I would love to go, so that would be another spend for the tickets, either drive or train costs and probably a hotel stay just because we are not close to London, over four hours away. Dog care is always a kicker, so will have a think about this!

Mortgage- had forgotten to add this category as it is set up as a direct debit, so PAD of £100 has been sent for the month. Mortgage is: £126,587.83 after standard payment and PAD, makes me sad, as at one point we were dropping a £1k bracket every two months and now it takes forever as we are paying mostly interest. Bah!