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Wednesday, that's amazing! Well done! My mortgage was much smaller than yours, but I paid off 2/7ths of it, and remortgaged to a better deal over ten years. Since then my income has dipped, and how grateful I am that I did that. I've got a few hundred to pay off on a credit card, and then I will look at overpaying on the mortgage.
This has been a 'don't want to eat much day, for me. I'm not ill, I just don't feel hungry. I had a large portion of noodles earlier and enjoyed them, a couple of the aforementioned Golden Syrup Weetabix for brunch, but that's it.
I have my lovely 'free' coffee for a treat, if I want it, although at this time of day it's likely to be an Aldi lungo decaff. Which is equally nice, but free always tastes better!Erma Bombeck, American writer: "If I had my life to live over again... I would have burned the pink candle, sculptured like a rose, that melted in storage." Don't keep things 'for best' - that day never comes. Use them and enjoy them now.0 -
Caron - sounds like it's time for what I call a "cost/benefit analysis" re what to do re your mortgage.
I'd sit down and think out what else (the "opportunity cost" I believe it's called) I would spend the money on instead and figure out which I got the best value-for-money from. To me - the other things I would have spent that money on instead boiled down to:
a. Further work on the house = well I felt I'd done enough on it, bearing in mind it was my "starter house" and not a "forever home" house. I wouldn't have added that much to the price I could sell it for eventually/chopped that much time off how long it would take me to sell on eventually and the house had what it needed to cover me for a few years (quite a few more than planned on in the event - but that's another story)
b. Holidays = well...when you think the way I do personally = you think "I'll be doing loads of travelling later on. I can wait....".
The other element is how secure your finances are. I had a job-that-was-supposed-to-be-secure (ie Civil Service) - but I was all too conscious that that job wasn't as secure as it was supposed to be. Also all too conscious that I'd lost salary I was due for more than once prior to that job (courtesy of being a "political animal" for many years and thus being refused jobs/even unfairly dismissed from a job I already had). I wasn't going to alter My Life to suit employers - that was a given - and I knew I needed financial security more than many because of that sort of thing happening. I needed to put myself in a financial position that any such actions by employers would have less of an effect on me (well it was either that or give up doing what I decided to in My Own Time and be prepared to "shut up and put up" if any alternative employer I ever needed was in a line of business I wasnt happy with).
SO:
- what else would you spend the money on instead if you don't use it for that?
- how secure (or otherwise) do you feel financially?
In your position personally - I'd want as much money available as possible in case the NHS being the way it is meant I had to spend all sorts of my money on healthcare costs (ie because the NHS refused to do so). Maybe you'd feel you had more spare income available (with no mortgage to pay) in case you had to cover their costs for them? Maybe you feel you'd have more of a lump sum to hand in case you had to cover their costs for them in one huge chunk (eg an operation) on the other hand?0 -
I had huge jacket potato, half a small tin o beans and a wodge of grated cheese with salad of tomatoes onion and peppers, for tea yesterday.
I'm back in work today so have made a piri piri chicken salad gf thin, with a lemon whipped yogurt and blueberries for lunch.
I have no decided re tea today yet but took some sport leggings back to tesco yesterday and Picked up 2 aloo saag and 2 jalfrezi curries offer for £5. The curries for dgson and I to share half each over the next 2 Fridays, 1 aloo in freezer other still in fridge!!;)Focus on contribution instead of the impressiveness of consumption to see the true beauty in people.0 -
Caron, I think Money is suggesting the right questions to ask yourself. Personally I'd come down on the side of at least paying something extra towards the mortgage. I'd want to be sure that if major sources of income dried up I would still have a roof over my head, and that I could swap that roof for one that suited me better elsewhere. Being mortgage free is one of the best things that has ever happened to me.0
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moneyistooshorttomention wrote: »Caron - sounds like it's time for what I call a "cost/benefit analysis" re what to do re your mortgage.
I'd sit down and think out what else (the "opportunity cost" I believe it's called) I would spend the money on instead and figure out which I got the best value-for-money from. To me - the other things I would have spent that money on instead boiled down to:
a. Further work on the house = well I felt I'd done enough on it, bearing in mind it was my "starter house" and not a "forever home" house. I wouldn't have added that much to the price I could sell it for eventually/chopped that much time off how long it would take me to sell on eventually and the house had what it needed to cover me for a few years (quite a few more than planned on in the event - but that's another story)
b. Holidays = well...when you think the way I do personally = you think "I'll be doing loads of travelling later on. I can wait....".
The other element is how secure your finances are. I had a job-that-was-supposed-to-be-secure (ie Civil Service) - but I was all too conscious that that job wasn't as secure as it was supposed to be. Also all too conscious that I'd lost salary I was due for more than once prior to that job (courtesy of being a "political animal" for many years and thus being refused jobs/even unfairly dismissed from a job I already had). I wasn't going to alter My Life to suit employers - that was a given - and I knew I needed financial security more than many because of that sort of thing happening. I needed to put myself in a financial position that any such actions by employers would have less of an effect on me (well it was either that or give up doing what I decided to in My Own Time and be prepared to "shut up and put up" if any alternative employer I ever needed was in a line of business I wasnt happy with).
SO:
- what else would you spend the money on instead if you don't use it for that?
- how secure (or otherwise) do you feel financially?
In your position personally - I'd want as much money available as possible in case the NHS being the way it is meant I had to spend all sorts of my money on healthcare costs (ie because the NHS refused to do so). Maybe you'd feel you had more spare income available (with no mortgage to pay) in case you had to cover their costs for them? Maybe you feel you'd have more of a lump sum to hand in case you had to cover their costs for them in one huge chunk (eg an operation) on the other hand?Caron, I think Money is suggesting the right questions to ask yourself. Personally I'd come down on the side of at least paying something extra towards the mortgage. I'd want to be sure that if major sources of income dried up I would still have a roof over my head, and that I could swap that roof for one that suited me better elsewhere. Being mortgage free is one of the best things that has ever happened to me.
Thanks folks,
Yes getting it as low as possible during this fixed period is my main aim. I've overpaid my mortgage since I got it in 2006 however under the deal I'm restricted in how much I can over pay in any 12 months without a stiff penalty.Having done the maths the penalty outweighed the benefit of breaching the ceiling. I paid the max I could off in December so can't make any more overpayments until this December. Meantime my overpayment funds are in a savings account which I add to every month.
I would love to be completely mortgage free but short of an unexpected windfall that is a bit away even if I used all my savings which I don't want to.0 -
Good morning everyone,
It's another cold & miserable one here. Lots of snow round about causing havoc on the roads and few rural communities effectively cut off. No snow here, there was some overnight but it's mainly away now.
I'm looking forward to pancakes tonight, gone are the days when I would seem not to be able to make enough of them as hordes of hungry boys would seem to be able to eat their own body weight of them. I might though make enough crepe type ones for savoury pancakes, then thicken the mix and make some scotch ones for the freezer.:)
Lunch will be more of the pea & ham soup and then I'll freeze what's left. I also have a portion of stew and dumplings which will also be getting popped in the freezer for a future meal. My stash of HM ready meals is quite decent at the moment so I'll plan to use these up (and no doubt add some) over coming weeks. Hopefully the weather will pick up mid-March and I can move back to less "winter-warmer" type meals for a few months anyway.:)0 -
welcome back mrA and thanks for giving me a giggle
Me too re the mortgage and money is right about holding some back for an nhs rainy day. There was no penalty in my day and we had one of those interest only mortgages with an insurance link, the one that took many people by surprise and would have left many short. Every time I managed to get some cash together, I would put it into specifically paying off the capital. We were mortgage free at my age 55 and that is when savings took off, when I had to make up for lost time and also when we still had to help support the children. Such a big psychological relief when the bank didn`t own the house or any part of it0 -
There is a need to think of food and plan for the day, I had weetabix protein for breakfast, with berries. Only one meal of weetabix left and then will have either spelt toast or porridge as I have spelt flour and oats to use. I am still ploughing through the overbought organic dried apricots, I have 4 soaked each morning for a snack but fear they will last a long time. Apricots and walnts and pistachios, needing the protein for my hair
I found 2 nice turkey wings in a vac packed bag in the freezer, they are thawing and have just realised that I have half a tub of rollmops to use today. No cold salad left, so will get cracking on chopping and peeling shortly, at least it will be done. I am going to make a one meal casserole from the turkey, in the pressure cooker, for tonight because turkey is a food that helps me sleep the whole night through
ooh I had a hm pizza yesterday at lunch, from the hm dough divided and frozen. It was fab, such a lovely lunch and one to look forward to. Topped with tomato puree, 6 small defrosted tomatoes, sliced shallot, crumbled de-frosted feta and sardines, the better ones from costco. I gave all the JW sardines in tomato to the foodbank, 14 tins, bought in a mad moment when I thought they were banning sardine fishing0 -
I agree with the other MF people (as per my sig) There really is nothing like knowing that no one can take this from me.
Cold and a bit wet south of Manchester. No snow thankfully. I had beans with poached egg on toast for breakfast. Having a coffee now and had an apple a short while ago.
Had 2 rehome the 2 'new' cats on Saturday, broke my heart but my existing nearly 15 yr old cat, was scared of them and hid in the wardrobe. she'd not been in the sitting room for the last 6 months. Luckily, the shelter I'd got them from found a lady they could go straight to rather than going back into those tiny pens. I miss them terribly, but in a way it's nice to have my house back and not have to divide the house in two, to keep them separate. Catface can now come and go as she pleases.
Keep warm everyone.Mortgage free as of 10/02/2015. Every brick and blade of grass belongs to meeeee. :j0 -
I decided to cycle to the pool this morning - what a plonker - the wind was blowing me everywhere lol.
When I did eventually arrive, I was absolutely exhausted, and extremely hungry too. Ended up going in the cafe for eggs and bacon lol. I will probably be nibbling on lettuce leaves for lunch
:eek::eek: but :rotfl::rotfl:
Pancakes about 7.30 ish....;)
Absolutely - I have 3 main funds "mortgage overpayment", "house improvement" and "rainy day/me" as well as a number of smaller day to day to savings accounts. Thankfully my mortgage is all repayment so no shortfalls to consider:). Unfortunately I was only just getting out of the tight years of single parent/2 kids at uni years when my health failed but at least they had both graduated before this happened.:Dwelcome back mrA and thanks for giving me a giggle
Me too re the mortgage and money is right about holding some back for an nhs rainy day. There was no penalty in my day and we had one of those interest only mortgages with an insurance link, the one that took many people by surprise and would have left many short. Every time I managed to get some cash together, I would put it into specifically paying off the capital. We were mortgage free at my age 55 and that is when savings took off, when I had to make up for lost time and also when we still had to help support the children. Such a big psychological relief when the bank didn`t own the house or any part of it
Your pizza sounds divine:)
ooh I had a hm pizza yesterday at lunch, from the hm dough divided and frozen. It was fab, such a lovely lunch and one to look forward to. Topped with tomato puree, 6 small defrosted tomatoes, sliced shallot, crumbled de-frosted feta and sardines, the better ones from costco. I gave all the JW sardines in tomato to the foodbank, 14 tins, bought in a mad moment when I thought they were banning sardine fishing0
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