6 years of saving so I could take out 35 years of debt.

Walker1

End of month update. 

Both of us have now been paid and done our end of month shuffle moving left over money from the spending account to savings pots.

had a bit of a more expensive month than the last few. Council tax wasn’t paid tor the last few months because I’m an idiot and didn’t set up the direct debit. Not a massive problem but now our monthly dd is now a lot higher (double) until April to make up for the missed payments. On the plus side, whilst sorting it out I’ve changed from 10 monthly payments to 12 which I prefer.

Ended up with only around £200 in the joint account to move into the overpayment pot. 

Not wanting to drop below the £300 we’ve managed to put aside the last two months we realised we could pull the interest out of the emergency fund pot to make up the shortfall. Not looking to increase the emergency fund so happy to skim the interest off the top when needed.

So with interest added to the £200 left over the overpayment for this month is…. £399.57
Taking the total in the pot £1000.81 including the interest earnt.

Feels great to his the first £1000.

Thanks everyone for their words of encouragement and advice.

Walker1

Bit late updating this month. Trying not to forget to keep this up to date as I think it’s a great record of our progress and really helps me keep focused. 

Still plodding along fixing bits and pieces around the house. Booked in a roofer yesterday to come and remove the roof tiles and replace the waterproof membrane. Total cost £3700  

On a more positive note made the last ridiculous council tax payment of the year of £260. We missed 2-3 payments when we first moved in so have been playing catch up.

We also had a pretty good month in regards to spending from the joint account, and got a £200 refund from octopus energy.

so this month we managed to put a little back into the house pot and made another £500 into the overpayment pot.

we’re now £300 over our target of £300 a month (I’ve no idea where this target came from and there’s no actual reason for the number).

Walker1

Just realised I haven’t updated this since march.

so….. yeh…. We’re in Bali! Haha.

honestly got fed up with obsessing over house repairs and being sensible and started looking for a cheap European holiday last month and here we are lol.

ok we probably shouldn’t have but we don’t treat ourselves often so we whatever.

End of April payday we  didn’t over pay the mortgage. We split the money into our savings accounts so give us each a little boost (around £350 each) we were already ahead of our target so no dramas.

End of may payday we overpaid the usual £300 so still on target.

at the end of this month…. Obviously we’re not there yet but it’s I’m not hopeful :-) 

but we’ll make up for it at some point.

CreditCardJunkie

Cheering you along! Haha love the last minute bali holiday!! I'm in a similar situation to you, have just moved house a few weeks back and had to massively extend our term (we've gone from 9 years remaining to 34 🤢)

Hoping to reduce this to 20 years by making regular overpayment.

Walker1

CreditCardJunkie said:

Cheering you along! Haha love the last minute bali holiday!! I'm in a similar situation to you, have just moved house a few weeks back and had to massively extend our term (we've gone from 9 years remaining to 34 🤢)

Hoping to reduce this to 20 years by making regular overpayment.

Thanks! Hit the savings a bit but no regrets. We really needed a break (ok, Bali was probably a bit extravagant but hey-ho).

ouch that’s gotta hurt haha! Good luck!

Walker1

Nearly payday and no surprises there’s not a lot of money left floating around to make an overpayment this month! 

But I think I’ve found a way! Plan is to skim the interest for the last few months from the emergency fund accounts and use that. 

Will update tomorrow if I get permission for the oh.

Walker1

Can’t believe it’s been nearly a year since I updated this. Oops.

well nothing major has happened.

overpayments have been kept up at £300 every month. Still not actually made an overpayment but the money is put to one side earning interest until it makes sense to pay it off.

The pot is now over £5200. Which by by rough calculation which I know will be absolutely wrong. We’ve paid over 2 extra years off.

plan is to still make the payments every month. But also looking at getting the windows and doors done soon and then the kitchen so will have to see how it goes.