Just wanting to say hi!

evab_2

Well done, I'm like that too I can't have odd numbers!

Mortgage_Reduction_Novice

I'd have done exactly that too! Maybe it goes with the MFW territory?!

gallygirl

evab wrote: »

Well done, I'm like that too I can't have odd numbers!

But your mortgage balance starts with an odd number - how can you bear it :eek::eek::eek:

(Slinks off cackling evily, having just ruined eva's day :rotfl:)

atypicalblonde

Good afternoon all,

Sunny AND Friday, what more could we ask for?! Fortunately we have got quite a quiet weekend planned, so we can enjoy the sun and relax.

I have been tinkering with the overpayment calculators and have realised that in order to achieve our goal of paying off the mortgage by September 2015 we need to be overpaying £950 per month :eek:

As you all know, we already OP by £400, and this will increase to around £700/750 from October's payment. I *know* that if I put my savings money into the OP pot this would be plain sailing, but this really is *my* savings money which I want and need as a buffer. Plus that would mean me contributing far more to the OP than OH, which neither of us would feel hugely comfortable with.

This figure is done on the basis of our current interest rate (you all know what it is, so I won't pain myself to repeat it ) which HAS TO come down when we re-mortgage next June. So there is some flexibility in it, but not much. Our SOA for bills etc is as pruned as we can get it, so now I need to figure out where to get the extra cash from. Or maybe I should settle for paying it off in 10 years rather than 6 - am I putting too much pressure on me / us? Any advice, sensible solutions, general calmness gratefully received :o.... xx

chirpchirp

Have you factored in possible pay rises for both of you during the next few years? Let's be optimistic! ( not something we do much of on this board, we are normally gathering our emergency fund etc) What if you get a payrise and OH does too? Is there any chance of promotion for either of you? A lot can happen on the workfront in six years. If you factor these things in then six years may be possible. All you can do is set your target and work towards it, you may be thrown off target by a number of things or you may be helped towards your target by an equal number of things. If it takes you longer than six years, so be it at least you will have paid less interest in the long term for aiming for six years.

Good luck you are still doing really well!

atypicalblonde

chirpchirp wrote: »

Have you factored in possible pay rises for both of you during the next few years? Let's be optimistic! ( not something we do much of on this board, we are normally gathering our emergency fund etc) What if you get a payrise and OH does too? Is there any chance of promotion for either of you? A lot can happen on the workfront in six years. If you factor these things in then six years may be possible. All you can do is set your target and work towards it, you may be thrown off target by a number of things or you may be helped towards your target by an equal number of things. If it takes you longer than six years, so be it at least you will have paid less interest in the long term for aiming for six years.

Good luck you are still doing really well!

Hi CC,

Thank you for this - what you say is very sensible and just the wise words I needed. Yes, payrises are very likely, fortunately I work in an industry that thrives on an economic downturn rather than folds, so there are noises of payrises in January. OH is also very busy at the minute which is excellent.

I must try and just be proud of what we are already achieving rather than focussing on what we are not! Thank you again

Have fun weekends guys, looks like it's gonna be a scorcher :cool: x

atypicalblonde

Hello everyone,

Is it really Monday already? Weekends fly by, I am certain that time speeds up from Friday 5.30pm onwards...

Anyhoo, I hope you have all had great weekends. I am feeling a little more positive about finances and our MF quest, I know that I need to keep being proud of what we are already achieving and just need to continue to plough on. Jobs for the rest of the month are as follows:

1. Fill up remaining ISA allowance (circa £300) and open up new savings account with £50 deposit;

2. Sort out First Direct banking transfer - the transfer date is the date of ALL my DDs, so I need to ensure there is enough cash in each account in case either bank cocks up ;

3. Ensure First Direct send me my free £100 (and put this in my savings right away when I get it); and

4. Maaaybeeee do another car boot sale (can anyone sense the hesitancy in that last one?!:rotfl:)

Oooh, and I also need to call to increase our OP to £450 for September - a little SOA review has flagged up a spare £50 sloshing around that has 'overpayment' written all over it

Bye for now,
ATB xx

hypno06

Just popped over to say hello!

Things seem to be heading in the right direction for you :T

atypicalblonde

Thanks, Hypno

Yes, things are heading in the right direction. I have just called up and put the extra £50 OP in place, so the OP will be £450 for September.

I *think* I should have a little extra in my wage this month, which will mean that I can fill the rest of my ISA (around £300). Unless FD pay me my £100 reasonably quickly the new savings account will have to wait until September payday to be opened (£50 deposit needed to open), which is fine.

I am planning on doing a large online shop and a Costco run this weekend, and meal planning up to and including September payday (15th). Seem to have lost some of my blonde sparklyness lately, hope it returns soon :(

xx

atypicalblonde

Hello everyone!

I am feeling much brighter today, am having a lovely weekend although a little pricey . We have done the Costco run and a large supermarket shop, but have fully stocked cupboards and the freezer is bursting now, so very MSE all in all .

My banking transfers over to First Direct next week, so I can see lots of online banking checks being done over the next few days to ensure everything is in order. I have already emailed them re. the £100 joining bonus so hopefully that should be winging its way to me shortly, and I can go some way to maxing out my ISA this month :cool::D.

Have wonderful rest of the weekends fellow MFWs xx