JEMW - My Diary - Act I, Scene I

Courgette · 6 September 2009 at 5:11PM

jemw wrote: »

Week 1 Update

Well, we are definitely on track for our budget this month and therefore should have £900 left over at the end of the month

Still haven't decided what to do with the £30 standing order, anyone have any ideas?

Well done on the 'leftover' - that's extrememly impressive :j:j

As for the £30 SO, what's the interest rate of the account it's going in to? If it's less than the mortgage then maybe you could divert it to the mortgage instead? Do you have some 'rainy day' savings set aside? It doesn't sound like you'd miss that £30 so maybe shove it on the mortgage.

What motivates me is thinking that for every £1 I've borrowed for the mortgage I'll pay back just over £2. In my head therefore I double every OP I make. That probably makes no sense to anyone else but works for me!

Good luck on your journey :beer:

Courgette

jemw · 6 September 2009 at 5:16PM

Thanks. We're lucky, in that I have recently been promoted. That's what has really stemmed us into action with our MSE journey!

The interest rate on that savings account is dreadful, tbh!!

Unfortunately, we have already reached our mortgage OP limit for this year and it is not due to reset until the 01 January 2010.

We are currently half way through building our emergency fund and plan to complete this before Christmas - 3 months to go!

I suppose I could put it as an OP against the loan and then simply increase the amount once our emergency fund is built?

Courgette · 6 September 2009 at 5:22PM

jemw wrote: »

I suppose I could put it as an OP against the loan and then simply increase the amount once our emergency fund is built?

That's probably what I would do although I am no expert in such matters. If the interest rate is rubbish there's probably better things you could do with it, like shifting your loan

MoneyQueen · 6 September 2009 at 9:00PM

jemw,

Welcome and good luck.

You are at the right place. Everyone at this board is so supportive

MQ

jemw · 8 September 2009 at 8:18PM

Brief Update:

Things are going to plan this week so far.

Treated ourselves to a meal out at Harvester at the weekend and only paid for one meal, as after waiting more than an hour for our meals, they messed up the order!

More items sold on eBay and started to get a few questions about other items, which gives me hope that more will sell

Transferred £500 into savings account and will do the remainder at the end of the month, when we know exactly how much money we have left!

Also, realised I have budgeted £10 per month too much for our Sky subscription, so whilst it's not a saving, it's £10 more than I thought we would have!

Can't think of anything else at the minute, but will post a full update at thr end of the week

jemw · 8 September 2009 at 8:22PM

Ooh, and 403 shares we have had a large increase to £15.33 today. We paid £7.60

:T:j

SmlSave · 9 September 2009 at 11:00AM

Hi Jem, just caught up with your diary and wanted to say well done!

gallygirl · 9 September 2009 at 2:32PM

Hi Jem & welcome :beer:.

If you ever need a quick calculation on overpayments and determined is not about

try www.whatsthecost.com - click on the snowball calculator - this would be really useful for you as you could set it up with your 2 debts, then see the impact continuing paying the same amount each month once the loan is paid would have on your mortgage free date (I appreciate you would have savings instead of some overpayments but the principle remains). Very motivating :T

jemw · 13 September 2009 at 11:50AM

Week 2 Update:

stuck to budget for this week so still on track for £900 at end of month
already transferred £500 of this into our egg savings account
made about £70 from selling things on ebay
found out we're pregnant this morning :eek:

Dumstruck at the moment, so can't think of anything else to type!!! :rolleyes:

Jen

wantabetterlife · 13 September 2009 at 12:12PM

Congratulations on the pregnancy:j. Great news:j

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JEMW - My Diary - Act I, Scene I

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