JEMW - My Diary - Act I, Scene I

2

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  • CourgetteCourgette Forumite
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    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 :D:D:D:D:D


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

    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
    A reminder to myself: Persistence Pays Off ;):D :idea: :rotfl:
    Mortgage 1: [STRIKE]£95,000[/STRIKE] £78,900 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 2.99% (I.O.)
    Savings (S&S ISA): £3000 Plus 6 months emergency savings earning 3%
  • edited 6 September 2009 at 5:19PM
    jemwjemw Forumite
    280 Posts
    edited 6 September 2009 at 5:19PM
    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? :confused:
  • CourgetteCourgette Forumite
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    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? :confused:

    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
    A reminder to myself: Persistence Pays Off ;):D :idea: :rotfl:
    Mortgage 1: [STRIKE]£95,000[/STRIKE] £78,900 at 3.1%
    Mortgage 2 (BTL): £83, 489.15 at 2.99% (I.O.)
    Savings (S&S ISA): £3000 Plus 6 months emergency savings earning 3%
  • MoneyQueenMoneyQueen Forumite
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    jemw,

    Welcome and good luck.

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

    MQ
  • jemwjemw Forumite
    280 Posts
    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 :D

    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 ;)
  • jemwjemw Forumite
    280 Posts
    Ooh, and 403 shares we have had a large increase to £15.33 today. We paid £7.60 :D :T:j
  • SmlSaveSmlSave Forumite
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    Hi Jem, just caught up with your diary and wanted to say well done! :D
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • gallygirlgallygirl Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Mortgage-free Glee!
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    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
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • jemwjemw Forumite
    280 Posts
    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 :D
    • found out we're pregnant this morning :eek:
    Dumstruck at the moment, so can't think of anything else to type!!! :rolleyes:

    Jen
  • wantabetterlifewantabetterlife Forumite
    1.3K Posts
    Part of the Furniture
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    Congratulations on the pregnancy:j. Great news:j
    Mortgage [strike]£177,750[/strike]£144,879
    Overpayments 2016 £2053.58 2017 £3417.70 2018 £5180.78 #26 2019 £2435.35
    Daily interest £19.91:eek: £15.28 :eek:£8.68
    BUY TO LET MORTGAGE [STRIKE]£111408 [/STRIKE][STRIKE]£109975[/STRIKE] £89,190
    19.9 % paid
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