Saving, Living, and Ditching the Mortgage

Sistergold

hello @RedLipstick just found your diary! Have caught up and will be cheering you on! Welldone and the renovation it surely is a very hectic time living through one! Your credit card are also going down steadily! Welldone at completing your dissertation too! Looking forward to following your progress with the savings and mortgage payment goals! 🌺

RedLipstick

Thanks @Sistergold! What an honour to see you in my diary, your thread was what started my own SLLM journey 💛

RedLipstick

Not much to update on really. Work continues to be hectic, so I'm off for a couple of days to prep for the uni session tomorrow, and that will be all done. I'm a bit nervous but very excited, that will be an end to my 2 year long uni saga.

Life is weird, more peaceful lately I must say. Monday to Friday continues to be busy, with no sign of slowing down, more like the other way! But weekends are nice, I have more time to just do what I want to do, no studying, etc. I can go out for a walk without feeling guilty for wasting time when I should be studying, I started watching "What Not To Eat", got couple of books I wanted to read for months now, my place is spotless, and I'm just enjoying the peace! Cash budgeting continues, and I think I'm doing very well, though some bus drivers look at me weird when I pay cash, one even said "you know you can just tap with your phone now, right?". 😅

As expected, we all got a letter from factors last month, and the quote for the works is in hundred thousands of pounds. No works planned until at least late summer though, no indication on when they'd start collecting money, if they'll offer any payment plans, etc., so I will just continue focusing on my CCs for now. Most of the residents are elderly, so I assume they will have to offer a way to pay in instalments. From what I'm hearing not one person will be able to drop close to £10k on building works. We'll see how it goes.

Minimum payments went out this month, I did round it up a bit, and aiming for one more OP of £100 before payday, assuming no surprise expenses will happen. Already looked at my next salary, and should be able to send another £1.2k towards #1 this time, fingers crossed it's at £2k in couple of weeks. Getting there slowly.

Progress

• Save £10k in emergency fund: £1,050 — no change
• Get mortgage down to £150,000: £158,000 £157,700
• Pay off credit cards 
  • #1: £3,400 £3,300 (0% until May 26) 
  • #2: £7,000 £6,795 (0% until July 26)

Total on cards: £10,400 £10,095

Dakota_Rose

That will be a brilliant chunk of an overpayment you can throw at card one next month! I am glad that you are able to enjoy your weekends again - such a necessary part of a week if you’re to avoid burnout.

RedLipstick

Just a wee check in. Well behaved and minimum spend month so far, though I did buy a new phone for my mum after her 20 year old Alcatel died this week. 😅 She "upgraded" to a Nokia now, she's delighted! I always wish I could get one for myself as I am a big fan, but having family and friends all over the place means I rely a lot on the W-app to stay in touch.

I need to rework my plan for the next few months, I think. Round of redundancies last month (not my dept but I work with them), another team restructure last week, and a restructure in my dept is on the cards in a month or so, I'm already hearing some names that may be impacted by it. I think for the next few months I will just send all the CC overpayments to my savings, then pay it off with savings a week or so before promotional 0% interest ends. Just to get a bit of a buffer. I can always reroute the cards to another 0%, my CC #2 also offers a 12 month 0% BT, so there are some options just in case. Any experience and wisdom more than welcome!

I'm already planning to get my cv up to date due to the intense workload. I wanted to wait on uni results and let the dust settle, but I may just speed things up a bit and sit down to it this weekend, even if it's only to map my current role. I'm one of these people that say they love what they do, but it slowly became "love and hate" at the end of 2025, and unfortunately I don't see things improving anytime soon. Oh well.

Well, in the spirit of saving, I've funnelled £100 so it's not just sitting there tempting. I'm close to payday now, so don't have much in my account anyway, and still have cash, but day before payday I will chuck all the leftovers to savings as well. Heavy budgeting continues. I've actually checked my NSDs, and in January I've managed 17, and so far in Feb it's 6. Not too bad, considering it was maybe 2-3 per month in 2025, always commute or shops (or reno!). Thankfully Feb is short, if I play it smart, I could make it extremely frugal month, no big/annual expenses in Feb anyway. We'll see.

Wee summary so I don't lose track:

• Save £10k in emergency fund: £1,050 £1,160
• Get mortgage down to £150,000: £157,700 — no change
• Pay off credit cards 
  • #1: £3,300 (0% until May 26) — no change
  • #2: £6,795 (0% until July 26) — no change

Total on cards: £10,095 — no change

[Deleted User]

Hi Redlipstick, I am sorry to hear of the redundancies in your work place this must be unsettling. I remember you saying you work part time is that still true? Would it be worth looking for some other part time work should the worse happen? And then you would have a back up. you mentioned your CV and waiting for the result of your MA, if I was you I would look for work straight away, don't waste any time, even full time if it is not favourable where you are although, when living alone having two part time jobs is good, because then you have a back up, but then that is not always true and one proper well paid full time job could be the ticket.

As for the credit card, It is good you have 0% but a lot of people here will tell you clear that debt right down, the worry is if you are unemployed then the offers you get for Credit Cards will diminish as you don't have that regular pay cheque, at the same time not a bad idea having that cash pot and you have some time.

My worry for you is that you haven't substantially reduced your credit card debt in the time you have been paying it back from what I remember it is not far off the total original balance, which means your costs are high or you are not earning enough to justify the debt taken in the first place.

But you are in a good position you have just completed your MA if you want to put that on your CV do - just put a note awaiting results. you have work experience right now, you are in a job the best place to be. You need to act now!

Kind Regards, BeeXX

South_coast

Looking at it another way though, you could clear the cards in full tomorrow if you wanted to, you're just preferring to keep the money as an EF for now. Have you looked into what you might receive if you were to be made redundant? This could form your new EF, allowing you to clear the cards if you wanted to.

It may also be worth seeing what other card offers might be available now (before any redundancy notices get issued) for new purchases/money transfers to give you access to cash if needed to see you through for a bit should you find yourself with no income. You don't have to use new credit if you don't need to, sometimes it's just handy to know it's there

Ms_Potato_Head

Hope you're able to get through any restructure with your preferred outcome. Being busy is always a good sign, got my fingers crossed for you. 🤞

I get where you're coming from wanting to keep a bit in the EF. It's not always possible to put all outgoings on credit cards should income stop. Whichever option you choose, preparing yourself sounds sensible.

MPHx

[Deleted User]

As a second note do you have a second bedroom (lodger), it might be a quick way to gain some extra cash to clear the credit card at a time of uncertainty? Just a thought.

seventh88

just catching up a bit. Really great to hear you’re enjoying your weekends more post-degree, although sorry to hear about work (and I relate, as we’ve discussed elsewhere). You’re doing all the right things by starting to get your CV sorted and map out your job. Despite having so much on and juggling multiple things, your money goals are on track and you’ve got several at once - that’s amazing!! Well done, keep going (and I hope things aren’t too bad with the building repairs either, fingers crossed for you). It’s really great to have fellow solo homeowners across the net to share with and cheer on.