I’m working on our budget for 2011…already! I want 2011 to be our most budget committed year yet and so we need to get it right.
Having a budget that doesn’t work, or one that you really don’t want to stick to just causes problems, so I’m getting prepared. Our priority next year will be the house; by the end of the year we need to be 100% ready to rent out and so the house to do list needs completing and paying for [approx £2,400].
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“I’m working on our budget for 2011…already!”
Yep, me too
Is your council tax included under “House Expenses”? Thankfully it looks like there are no major items on your house TODO list.
I’m hoping to get my house redecoration completed on this year’s budget.
Big items on my list for next year include travel and new carpets! I’m running the spreadsheets on it!
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Laura Reply:
November 10th, 2010 at 11:10 am
Tony: Yes Council Tax included. Good to see I’m not the only one working on the budgets
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Thanks for the link love =)
We’re hopeful to have a budget like yours in a year’s time. We’ve paid off a huge amount of debt but it’s not all gone. When we are debt free we want to focus on mortgage repayment and saving for travel as well.
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Your mortgage overpayment is (wisely, I feel) substantial. You obviously realise the dangers of falling house prices and increasing interest rates. Would you consider switching to fixed rate (I assume it’s not at the moment)? -SG
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Laura Reply:
November 10th, 2010 at 11:09 am
Salis Grano: We might consider; at the moment our base rate tracker mortgage has worked out really well {luckily} and so until rates increase there is no need to switch.
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Salis: completely agree. Higher interest rates *should* have happened already, but of course the government wants people to carry on spending in a life of debt-fueled consumerism. For that reasons that pumped money into the economy through Quantitative Easing aka printing money on a truly massive scale. USA is now embarked upon QE2, and there is talk of QE3 and QE4. Sounds more like the Titanic to me. Of course, you can’t go on printing money indefinitely, with rising debt levels and the potential to stoke inflation dramatically there’s a natural limit to how much QE you can do before the economy bites back. It’s just not sustainable. I foresee very tough times ahead indeed in the West. For that reason my interest rate is fixed until my mortgage is paid off (which should be some time in 2012 at current rates of overpayment). At that point I will have zero debt, and a decent roof over my head. That thought helps me sleep better at night.
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