Long Term Mortgage Free Wannabe

1356711

Comments

  • katsoocam
    katsoocam Posts: 136 Forumite
    First Anniversary Name Dropper First Post
    I know kittenkirst I can't ever believe how much people waste on brands either! We get pretty much everything Aldi own brand - except I don't like their laundry stuff. There are a few bits I don't like as much as the named brand but the difference isn't enough for me to want to pay so much more money !!!128514;. We are big bulk cookers, we meal plan and we try and eat meat free 4 days a week to reduce costs.
  • katsoocam
    katsoocam Posts: 136 Forumite
    First Anniversary Name Dropper First Post
    Been quietly meal planning while Madam is feeding and we need so little this week, as I am on a massive store cupboard/freezer drive in an effort to economise. This is helped by the fact that my Mum left us with a fairly well stocked fridge, including some nice snacks for assisting with night feeds!
    The original plan was my hub Woolf go shopping on Sunday but he said no after we had a really bad night, which turned out well for us as instead we ate leftover quiche, ciabatta and salad lunch, and used up some nice ham in cheese and ham toasties for supper. My MIL and FIL brought cookies and muffins when they came to see madam earlier too. They say having a kid is expensive but so far my experience is that people buy you lots of things! The inlaws brought my husband's Nanny and she brought us £100 for 'baby expenses' bless her! So Sunday was almost an NSD - except we took baby to get weighed at the hospital earlier and so there was a parking charge but only £1.90. Saturday was an NSD. On Friday we treated my folks to fish and chips to say thank you for helping us for the last two weeks. Tomorrow hoping the weekly groceries will be well below £20 though!
  • katsoocam
    katsoocam Posts: 136 Forumite
    First Anniversary Name Dropper First Post
    Great news, did a meal plan with most nights with something from the freezer, wrote a grocery list and sent DH out to Aldi to go shopping. Even with a couple of treats to help with night feeds, the shopping was £19:10 for the week. Went out when he got back to get stuff for supper tonight and tomorrow out of the freezer in the garage and realised there is loads more than I thought there was. Need to do a proper freezer audit but I think we can eek the prepared meals etc out for a couple of months while maintaining a low spend. A win for the budget as hopefully will have some money left in the joint both of those months we can overpay with.
  • katsoocam
    katsoocam Posts: 136 Forumite
    First Anniversary Name Dropper First Post
    Just to clarify my financial goals in order of priority:
    1) I need £12000 for my ISA payments (£940/month) and pocket money (£60/month) until I return to work. Currently all my maternity pay is going towards this. Obviously this reduces £1000 each month. Currently I have 4445.92 (37%)
    2) £20000 maternity leave fund. This isn't for this maternity leave but for future ones, as ideally we would like 1-2 more children if possible, but saving will be harder in view of the childcare expenses we will have and I may drop a day at work. Currently have £12008.38 (60%)
    3) £15000 emergency fund. This is 6/12 living expenses for us. Currently have £5111.47 (34%)

    Now I am on mat leave the priority is these goals in this order. Realistically I should be able to do all of 1) and some of 2) as my maternity pay is decent and because I should get a tax refund for 2018/2019 as I am normally a higher rate tax payer by a fair margin but this year I will only just be over, but wil have paid higher rate tax from at least April-August.

    When this is sorted...hello over payments!
  • katsoocam
    katsoocam Posts: 136 Forumite
    First Anniversary Name Dropper First Post
    Massive news and a massive stroke of luck/kindness. My mum was left an inheritance by an elderly relative who died in January. She has decided she doesn't need it and now it has cleared probate has asked for it to be split between me and my brother. We are getting it next week, I don't know how much, but Mum says there will be enough to crack through one of my goals at least! Am really excited about leaping forward with our financial plans.
  • katsoocam
    katsoocam Posts: 136 Forumite
    First Anniversary Name Dropper First Post
    My brother just called and he found out how much it is !!!55357;!!!56904;. More than expected. So updated financial goals:
    1) £12000 for this maternity leave. Will be at 9445.92, so 78.7% of target.
    2) £28000 for future maternity leave fund. The original target was £20000 but I decided may as well save all the money for two more leaves. So will be 20000, so 71.4%.
    3) £15000 for emergency fund. This will be saved and done 100%.

    So need to save/hustle/scrimp for a revised total of 10554.08 this year before we can start mortgage overpayments. We have also agreed to putting some money in a lifetime ISA for retirement (as a guaranteed cash sum vs the more nebulous stocks and shares ISA).
  • katsoocam
    katsoocam Posts: 136 Forumite
    First Anniversary Name Dropper First Post
    Just found out have £10.25 in cashback on Topcashback, excited as can further offset some of this month's additional baby expenses.
  • zcrat41
    zcrat41 Posts: 1,728 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Congratulations on your new baby. How wonderful of your Mum to share it down to where its really needed.
  • katsoocam
    katsoocam Posts: 136 Forumite
    First Anniversary Name Dropper First Post
    zcrat41 wrote: »
    Congratulations on your new baby. How wonderful of your Mum to share it down to where its really needed.
    It is really kind of her zcrat42. My brother is using his towards a deposit for his first home. I'm generally shoring up the finances for our family years.
  • katsoocam
    katsoocam Posts: 136 Forumite
    First Anniversary Name Dropper First Post
    Shop today was £33.91, but that includes 6 days of packed lunch for the hub, and ten days of food for the house, plus a restock of baby supplies! Our month starts on payday which was the 25th this month so we are well on target for our total for the month.
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards