My 5 year plan

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  • jwil
    jwil Posts: 19,291 Forumite
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    That's brilliant news :T Is that you debt free bar the mortgage once the loan is cleared?
    "If you can dream it, you can do it". Walt Disney
  • fatrab
    fatrab Posts: 1,231 Forumite
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    jwil wrote: »
    That's brilliant news :T Is that you debt free bar the mortgage once the loan is cleared?
    Still got the credit card but it's 0% and the minimum payment is set so that the balance will be cleared by the end of the term, so it's just going to trickle away.


    Plus I still have a few things to tidy up this year; those were part of the reason I started posting in the first place. Not paying my car and home insurances in full last year were 2 of the things that made me realise I was on a downward spiral.
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
    edited 12 May 2018 at 5:52AM
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    I haven't posted for a few days as I've been on a course and things have been a bit hectic! It's been good being home for a few extra days though.

    My mileage relief allowance has landed in my account, just waiting on the cash from the dealer then I can get the loan paid. If it's not in my account by Monday I'll give them a call.

    Had to pop in to see the mortgage advisor, it seems the original paperwork has been lost in the post as suspected. And as a result the rate has risen slightly :mad: thankfully only by 0.04%
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
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    Morning diary!

    Second part of tax rebate landed this morning so just waiting on the money from the garage now. Oh the suspense is killing me!!!

    11 sleeps til payday too which can't come soon enough as I should have my overtime paid for last month's weekend shift.

    And in other news, I am now 1 pound away from having lost 2 stone! Weigh in was 15st 9lbs this morning! Partly due to a stomach bug over the weekend, but I'm taking it as gospel.

    Will phone garage at 9am and find out where my money is......
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • enthusiasticsaver
    enthusiasticsaver Posts: 15,636 Ambassador
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    Brilliant progress on weight loss and finances. Just the mortgage now then to focus on?
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • fatrab
    fatrab Posts: 1,231 Forumite
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    enthusiasticsaver wrote: »
    Brilliant progress on weight loss and finances. Just the mortgage now then to focus on?


    Thanks :) I'm going to wipe out a fair chunk of the emergency fund when I pay the loan so first priority is to get that built back up, but yes the mortgage is next on the hit list. It has left me wondering if a 5 year fix is the right way to go as I should be able to throw way more than the 10% allowed in overpayments. Perhaps a 2 year fix would be a better idea...
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • fatrab
    fatrab Posts: 1,231 Forumite
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    As if by magic the dealer emailed me this morning to say that the money will be transferred on Wednesday. So that's something to look forward to :)


    Coasting along nicely this month.
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

  • Starmummy
    Starmummy Posts: 537 Forumite
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    You are going great guns with progress on weight loss and debt loss. fantastic work.
    debt consolidated 16/8/18 £9,788.01/£12,618.12 :( (Total debt at LBM 1st Jan '18 c..£19.5k)
    EF/FIT savings £97.24 Other Savings £12.17 House Deposit £4,762.64/£20,000 23.8% :D
  • JoJoC
    JoJoC Posts: 1,836 Forumite
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    Roll on Wednesday!
    CC1: £4481.14/ £5031.14 (12% paid off, £600) | CC2:£3307/ £3807 (14.4% paid off, £550) | Loan: £10,528.20/ £15,792.30((33% paid off, £5,264))

    July debt total: £24,630.44 | New debt total: £18,316.34 | Total debt paid: £6,414.10 (26%)
    *My debt busting and savings diary*
  • fatrab
    fatrab Posts: 1,231 Forumite
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    Well to say that tomorrow can't come quickly enough would be the understatement of the century. I'm not sure what time the funds will be transferred, only that it'll be after the car is collected by the new owner. So I'll probably be checking my account every 10mins from 9am onwards lol :rotfl:

    Not got much else to report today, I'm only up north 3 days this week and have most of my food already bought and made so shouldn't spend very much this week at all. Payday is on the 25th so I'll need to have my SOA up to date by then so that I know exactly where I'm at and how I'm going to tackle things going forwards.

    I can pay a maximum of £6600 into my mortgage before October without penalty which would mean I'd only be re-mortgaging £54k in October. I think with my surplus that would be achievable but I wouldn't be rebuilding any savings in the short term. I'd rather pay my surplus to the debt on payday each month to remove any temptation to start spending again and just keep a small safety net in the short term.

    After the re-mortgage is complete I'll focus more on regular overpayments up to the maximum 10% allowed annually and put the remaining surplus into the emergency fund.

    I think once I get to that point I'd like to maybe look at a small holiday with the family :)
    You can have results or excuses, but not both.
    Challenge - be 14 Stone BY XMAS!

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