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Banking the Difference on Mortgage, etc

October 24th, 2015 at 10:31 pm

Hello all, hoping all is well!

My latest financial transactions of note are adding the $183 mortgage savings straight onto the mortgage principal. Have added this amount to the banking the difference challenge, and the anticipated end of year figures will now be:

$5300 50wk challenge + $3558.54 banking the difference
= $8858.54

At the same time, I also put our $180 monthly insurance savings into the mortgage offset too - we now have $760 saved up for that, so those savings are on schedule.

The mortgage interest rate has gone up so next month our payment might be a bit higher, which reduces the savings Frown


On my mind as well as going away on our camping trip is paying for the balance of the Thailand trip next year. We paid $300 (which mostly came out of the holiday fund) deposit and $1300 remains, haven't been advised as to when it is payable so it's best to work towards repaying it anyway.

I lodged our tax returns and I receive back $1616. Of that $1283 goes back to the EF for the study unit I purchased, and $130 goes back to the EF for money we borrowed from it.

That will amount to a $203 snowflake which I will put towards our $1300 payment, leaving $1097 payable. Over the next couple of months I think our focus will be trying to save a decent amount towards it.

I also lodged B's tax return, but he is payable and that payment is coming out of his business income which he has saved.


The only other thing on my mind right now is doing the grocery shopping. I was given a $10 off voucher if we spend over $100, so I'm pretty sure we will need to spend that - so there will be the first $10 towards the holiday fund!!!

8 Responses to “Banking the Difference on Mortgage, etc”

  1. scottish girl Says:

    You're doing really well!

  2. snafu Says:

    February is a terrific time to visit Thailand as it's Chinese New Year with wonderful celebrations and fireworks but prices are moderate. April is Songran taxi the most efficient way to get around but you must negotiate/bargain the fee before clambering on & insist on having a helmet. Tuk tuk is such a rip off, drivers demand big city American prices + the canopy blocks your view. You've about 10 weeks to year end, possibly $ 130. per week depending on departure and incidental costs.

  3. snafu Says:

    This computer is dropping sentences making a response gibberish. I was trying to say...

    April is Songran taxi the most efficient way to get around but you must negotiate/bargain the fee before clambering on & insist on having a helmet.

    if it's still muddled, please accept an apology, I'm not computer literate

  4. alice4now Says:

    Thailand, how exciting! That's one place I will visit in the future.

  5. bluesfemme Says:

    Can't believe our banks at the mo. So happy to benefit from the insured deposits and now upping loans in defiance to rba. I have a s/sheet for the mortgage (ta petunia :-) and had been enjoying the dropping daily amount of interest (started at over $40/day in March) following overpayments but this wipes half the gains. Through gritted teeth I will continue on!

  6. VS_ozgirl Says:

    Thanks SG!
    Thanks for your wealth of information Snafu, I'll try to remember about the tuk tuk.. Can't go in April as that's a critical work time.. Hoping for March.. As for savings, will do my best Smile
    Alice4now haven't been there before but have heard many great things
    Blues femme I was so annoyed when I heard that our bank was the first to pass on the charges to the mortgages. Grrr.. Totally with you on this one.

  7. frugaltexan75 Says:

    That's a decent amount of tax refund - sounds like you "spent" it well. Smile

  8. VS_ozgirl Says:

    The refund came from paying for study units which is now a requirement of my job (to be degree qualified).. I get some money back from tax and twice yearly bonuses which are to go towards it.. At least now the EF will be back at the correct balance (about $3700)

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