Saving, Living, and Ditching the Mortgage

RedLipstick

Thanks @South_coast that's an interesting point. The interest on the student loan is currently 4.3% though I think they do change it annually around August/September. Don't quote me on that though, I remember it was over 6% at some point in the past. Not live changing % but higher than mortgage indeed. According to my excel, I think with regular contributions and one (or three for a mental boost of seeing the numbers going down) chunky payments I should be able to get rid of it by end of 2026. Assuming I save up plus throw a bonus on it. Tempting indeed!

seventh88

House reno and time with your sister sounds lovely ha ha, nope, life has a habit of veering off course a bit doesn't it!! But what doesn't veer is your skill set: you have a good head on your shoulders and can flexibly work around curve balls like this. Keep focused on your goals and you'll get there.

RedLipstick

It's been a while! Time flies, work is very busy, the amount of work for the past few weeks has been dreadful.

Uni has now been paid, I'm now on a final leg and will be working on a dissertation for the next few months. Being a mature student and having a full time job has its challenges, I miss my free weekends and cannot wait until this is all done. I have quite a bit of time though until final submission, but planning to just get on with it once my topic gets approved.

Money matters going slowly due to the big uni payment. I've managed to put some money aside but didn't get a chance to overpay anything as much as I would like to. It's fine. I'm saving for another bit of renovation though, provisionally booked for September. Full flag reno with wallpapers going off the walls, ceilings being done (also covered in some lining paper), some electrics, painting, internal doors replaced, etc. Two rooms and a hallway so I expect a lot of mess. I have a spare bedroom so will need to somehow fit my bed in there and all the other stuff. Place used to belong to a lovely gentleman in his 90s so there is a lot of things to do and refresh, it has been a messy year already with the bathroom renovation so can just carry on I guess. Unfortunately a fresh coat of paint won't do the trick here.

I have also booked hotel for a week long city break in Denmark for next year. Absolutely adore the place so I'm looking forward to the trip. On the other hand, I desperately need a holiday and get away from work for a bit, it's almost a year to go but will give me something to look forward to.

Well, since it's a mortgage free wannabe thread, a lovely update to say my mortgage is now under 160k. Ummm, 159,999.00 but it counts! Will get it down a bit more on my next payday so it keeps moving in the right direction.

Hope everyone is keeping well in this weather! xx

CrazyBee787

Well done on Uni payment, it will be nice to know all paid for whilst doing it and knowing you will be worth more after. It sounds like the decorating is going well also, you are a busy person! Denmark sounds great, always nice to have something to look forward to. Well done on Mortgage too, it seems a while before nailing it but you will get there, this I am quite sure. Good luck for the course and payments. All the best. CrazyXX

seventh88

Great to hear your news, and well done on the uni payment and getting the mortgage under 160k - even by a little - it still very much counts! Denmark sounds like a wonderful, refreshing break on the horizon for you, and it iwll come around fast, I'm sure. Renovations sound like a much needed next step, and will be a good investment in your property in the long term. Well done on everything you are achieveing, brick by brick you are building the life you want. Cheering you on from the sidelines!

RedLipstick

Back again! Recovered from a bad bound of Covid (my third!) and I'm back on this busy, never stopping life roller coaster. 

I think I'm on the last leg of renovations, apparently guys should be done by next weekend. Dramatically over budget and had to get my credit cards out to pay for some things but it will be worth it in the long run and I should bounce back in few months so it's not all bad. Both cards 0% until May and July 2026. All the work that is happening had to happen at some point anyway, but I got some extra work done on sound proofing walls (I live in a flat with neighbours socialising at weekends to early morning hours on a Monday - unfortunately I share my living room and bedroom wall with them) and, while it was much more expensive than I expected, this new peace is just unreal. Will test it more in practice when my bed goes back there but also considering to swap the rooms and keep my bedroom where it is now, it's darker, colder and perfect size for a bedroom if I get rid off all the extra stuff I had to put here for the duration of the reno. Will see.

It's the 6th week of works now, I cannot wait for it to be done. I'm spending my mornings and working hours in the kitchen, with occasional trips to the office, and the rest of the time I'm in my little room where my bed, furniture and all my belongings are. There is hardly any space to walk, you can just walk in and jump straight into bed! I was having a bit of a hard time last week but I think I'm back to normal now. Just too busy, lots is happening in personal life too, and I guess I have no time to sit down and unpack the mental backpack for now, need to stay strong until at least the end of January. Absolutely not looking forward to the time change though! No holidays to take, as I only have two days left until the end of the year - used most of it this year for uni deadlines and exams. I'm torn between "silly me" and "it was needed" but it is what it is and it's in the past now. If you're reading it and considering part time MSc while working in a demanding, full time role - think twice!!

The place is a mess and I can't keep up with the amount of dust but I clean up, hover and mop the place daily, I will get there. Work is busy as always, and I'm behind on my uni dissertation but a big chunk of the reading and writing is now done, now I have to start the coding bit which will be a lot of work and there will be a lot of work to write it all up with analysis, findings, etc. Need my desk and proper screen asap really, I'm struggling with a single laptop screen, my usual setup is two large monitors plus laptop, I really didn't expect this will be such a problem for me to work off a small laptop screen. 

To make things worse, my sis is in hospital after having a stroke. I really had to split my head to separate sections lately to carry all this without having a meltdown. She supposed to visit in November but it's not happening now, as she won't be clear to fly for at least few months. She's well looked after though and family is there to support, she's in her usual moods, hopefully she will be out in few weeks. She's not even 40 though so I'm extra sad, I know it's been a difficult time for her. She's in good spirits though and I support her in any way I can.

No positive updates to the financials really. No significant overpayments to the mortgage but it's down to £159k since my last post. I guess I will have to convert my diary to a wee debt free wannabe for few months so I can get rid of all the extra balance on my credit cards and rebuild the emergency fund. I'm waiting for the renovations to finish to see the final damage to my wallet and will be back here to brainstorm next steps and plan of action. I do monitor everything on YNAB though so that helps to see both the daily flow and the big picture.

End of my depressing update. Fell better after getting it out though, nice to slow down for few minutes and write it all down.

Hope everyone is doing well xx 

RedLipstick

Almost forgot about my handy progress update!

Progress:

• Save £10k in emergency fund: £4,000 £100!!
• Get monthly interest under £500 (need balance below £158,000): £160,600 £159.000
• Get mortgage down to £150,000: £160,600 £159,000
• Pay off credit card #1: £2,000 damage TBC
• (new) Pay off credit card #2: damage TBC

Oh well, I will be back soon with latest numbers!

northwalesd

So sorry to hear the sad news about your sis. Hoping for a good outcome/recovery for her.

carboot_karaoke

Sorry to hear about your sister.

I know how hard it can be to live amongst the mess and chaos of house renovations, let alone work, uni, and being unwell.

I'm sure your home will be lovely once its done and normal order can resume. 

debtfreewannabe321

@RedLipstick oh my gosh you have been run off your feet, firstly big hugs sent through the screen. You seem to be dealing with everything thrown your way very well! 

 I'm sorry to hear about your sister. My cousin had a stroke last Nov and she was 39, she took a good few months to recover and neurologically she is still recovering now but she is back at uni and looking after her kids. I think the fact she was younger has helped her recovery so I hope it will be the same for your sister.

Glad to hear your renovations will be done soon, just to have normality in your home and no dust and furniture in the wrong places will be amazing I should imagine. The CCs will no doubt be paid off soon and at least all the work is done in one. I'm phasing our renovation but it just prolongs mess, disarray and chaos in the house 😆🙈.