So after our initial Light Bulk Moment yesterday I spend the afternoon with my beloved spreadsheets, crunchety crunching those numbers. We went through it before bed, causing some severely scary dreams, i cant tell you. Fahed almost bottled it because it leaves us with no cash for crisis management but I explained that there will be a different way of operating going forward. No slack in the budget but month one excess is an immediate emergency fund. After that we have a budgeted amount to overpay each month but I am not going to re-schedule the mortgage. I will leave repayments as they are so we overpay every month but if there is a catastrophe then we just pay a basic month.
Today I called the mortgage company to get an exact balance. I was only £20 out in my estimate of £192k.
I analysed the Sky bills to see what can go.
I checked my contract end date for the mobile and found I can drop down to sim only from October.
My other big areas of potential saving are food & consumables.
Another problem is my soft inability to say no to my kids. They are good and don't take advantage but i have been covering course fees, car insurance and fuel for a few months (year or so??) for the eldest. The youngest has now gone off to uni (sob) but is fully sponsored so I am hoping my financial responsibilities are over for a bit there too.
Finally we spend a lot of money financing my overseas in-laws. There are some who ask for nothing & I try my best to help them anyway but there are some who think we are an actual bank I believe. Its always the same ones. Anyway we have agreed to pay them £1800 further and then we are done.
So we have never really been in a position where we could do this before but now we can make some progress. We can actually do this!