My last update focused on my concern of having a monthly net loss on the budget plan.
A couple of months - and some laziness in not updating monthly progress later - and thinks have taken a good turn for the.... better.
I received end of year bonus which after tax was slightly more than expected. We've been really sensible and paid off the remainder of our house loan - which still had 18 months to run @ 280 per month!
I also received a 2.5% pay-rise taking my gross annual pay to £70,736. Unbelievably high.
I'm intent on shifting those payments direct onto the Wedding Credit Card to clear that off asap. The 0% interest runs out in Sept'17 so the aim is to have cleared by then.
Some other financial news...
- I'm travelling so much with work it is going to be cheaper to get weekly train passes than the current annual one I own. Although this will fluctuate expecting to save roughly £50 per month.
- This financial year I've been paying back some old taxes on child benefit, as well as paying for child benefit we are currently receiving. From April '17 I expect to only be paying for benefit we currently receive. Expect to see an increase of roughly £100 per month.
- The pay-rise should equate to £60 net increase per month.
- We took out a £2,400 interest free loan when having our carpets fitted. Re-paying £100 per month.
All very positive. I am excited to update my debt tables and graphs on 1st April to show the removal of the house loan!
Another positive of being able to repay this loan now and use the money to repay the remaining loans quicker is that when it comes around to my next potential annual bonus we shouldn't have debt to clear other than mortgage.
A year is a long time to plan for this, and it will be interesting to see how our circumstances will have changed again by then, but if we are debt free and can use that money how we wish then excellent. I will be pushing for more investment in our wealth accumulation - Mrs will push for an amazing holiday :)
Hi Brian
ReplyDeleteI've just taken the time to read your blog from the start and it's been a tremendous journey to see where you started and where you are now - a massive well done and congratulations on your efforts.
Those early posts of your being at the end of a long tunnel of debt reminded me of when I was paying down my debt - it's very tough but what a feeling of relief when you see that debt start going down!
However, you have taken on a challenge with the new house which may take a bit of juggling before you are able to control the newly increased expenses. Maybe an idea to postpone investing to build up the bills account/emergency fund first? Matched betting profits will help but as you know, profits are not guaranteed every month and it takes effort to make those profits.
Good luck with keeping to your budgets. With your high wage, I think once your debts have been paid off and you stick to a budget, your wealth accumulation will rocket and you have time on your side!
Thanks Weenie, yes, you've hit the nail on the head with a need to have a cash buffer... I keep trying to not think about it ;) should really be prioritizing this now!
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