I'm paying how much interest a year??!!

here_for_the_tips

Not experienced a redundancy since my teens and hope I never do again. My reality bites moment was autumn 2023, following neurosurgery my partner lost her sight completely. Took us a good 2 years as a family to get used to a new normal and for me to stop panicking and perceiving myself as a single point of failure rather then actually doing something positive and getting the financials sorted to the point where we are future proofed no matter what.

LadyWithAPlan

here_for_the_tips said:

"really more aware about how much I'm spending when I'm not tapping a card / phone. Quick forum search and I'm not alone here either it seems - going to adopt this when out and about going forward, start with cash in the wallet and don't go over it. Will see how that goes out with the lads for football late this month."

Well I have discovered my Kryptonite here early in the challenge at least. Lifted £50, bar was card only, good time being had by all, rounds flowing and very much overspend on the evening at £120 with travel and food. Not a disaster as such, good progress made this month and I like how my mindset is to record the fact I'm annoyed as that's £70 that could have gone onto the balance. Don't regret a January session with the boys but going to have to reign myself in for this year. Big events only going forward.

So easy to swipe the card at a bar with friends ! My YNAB tells me the next day as I have to move money next day to cover any overspend 

some nights out though are worth the money - just have to pick and choose them 

glad you as a family have been able to take such a big scary moment and make it a learning experience - very impressive ! 

here_for_the_tips

So better then I thought at the dentist, £81.66 in total. Consider myself lucky to still have NHS coverage for the basics. Putting the regular saver interest into the OP's as well, not a lot but will be around £300 extra for the year. Diesel into the car for the first time this year today as well, just £20 as trying to encourage everyone to walk more. £1,371 over paid so far, just waiting on getting the big shop in this week for a review of what I have left to put a chunk of it into the OP ASAP. Never really considered that they calculate the interest daily, made 6 payments last month when I could rather then wait until the end. Not much of a saving just now but every bit helps and all that.

South_coast

here_for_the_tips said:

Never really considered that they calculate the interest daily, made 6 payments last month when I could rather then wait until the end. Not much of a saving just now but every bit helps and all that.

And it will continue to build momentum over time 😀!

here_for_the_tips

One month into my journey and one of the best things I have done so far is take the amazon app off my phone. Having to log on through a browser really makes you pause and ask do I need it, will I use it etc? Trying to get the immediate family on board with stopping gifting for birthdays as well. We are just doing it for the sake of doing it now, suggested we all pool cash and go as a family for a great meal and top seats at the panto at the end of the year instead, will see how this lands. Trying to change mindsets as well as my own.

here_for_the_tips

So I've signed up for Prolific, might only be a couple of hundred quid a year (optimistic?) but it will all go towards bringing the total down. Really hoping to see the mortgage total show £59k and change start of next month, maybe even £49k at the start if the figure come then end of the year!

here_for_the_tips

Okay I'm loving Prolific. WFH three days out of five so just logging in over 2 x breaks and my lunch hour to see what's available. Aiming to cover at least one mortgage payment this year from it.

Mortgage rate will drop from 1/3/2025, still to get over a few February expenses so the bigger over payments will need to wait a little this month but be interesting to see what they recalculate my direct debit to. Will they keep me on my original term or accept I'm overpaying and leaving me as is minus the 0.25% drop?

here_for_the_tips

So left me as is minus the 0.25% drop as it happens, will put the circa £21 saving into an overpayment at the start of the month. Not been able to over pay as much as January surprisingly, dentist plus yearly subscriptions for Amazon and Nintendo came off as well as a treat valentines deal from the local butchers.

Feel a little down about is looking at the figure comparison but got to live a little as well and the subscription services are well used and worth the cost. Will see what's left at the end of the month for a final OP this month and hopefully I can get to the magic £1k mark again for the month for a psychological boost towards the £10k over payment target.

RedLipstick

Oh hello, happy new diary! You're doing so well on the overpayments, well done, I will be following your journey! 

here_for_the_tips

So made the £1k in overpayments this month but missed seeing that pesky 6 change to a 5. No matter though, just a whisker off £3k paid off for the year already and I get to add on the difference from last months payment and this months following the rate change as well. Long may that trend continue. 

Car MOT due by 16/4 and a May weekend Camp to pay for one number one child so this month could be touch and go to match the previous 2 but some savings interest to come in plus prolific as well. Aiming for £800 OP this month and see how close I get.