I need a strategy.

[Shuffleuplove]

I am just coming out of a financially abusive marriage, and I need to start to manage everything on my own. I also have to remortgage.

So, I need a strategy. I’m driving myself mad with different approaches;

Pay off the mortgage as fast as poss vs interest only on as long a term as poss and reduce outgoings

What budget to stick to - how much to set aside for savings etc

Best money management app for simpletons like me.

All comments welcome!

I’m 51, solid income, good pension arrangements, LTV on house after remortgage likely to be about 30%.

How much do you earn
How much is your mortgage
Kids? Ages?
Pension?
Debt?

Definitely a repayment mortgage if you can, especially as you're 51, you need to think about how you would afford a mortgage later in life if you still had one.

My first priority would be building up at least 6 months worth of living expenses in savings. Somewhere you can access the money easily if needed, I use premium bonds for the majority of my savings.

Once you have that safety net, then I'd think about a longer term plan, depends on your other circumstances, but I would try to overpay your mortgage.

Money saving expert is brilliant about pretty much everything.

Second the MSE recommendation. What works for you depends on your circumstances. Have a look at:

www.moneysavingexpert.com/family/money-help/

Also:

ukpersonal.finance/flowchart/

Thankyou! Hugely appreciated.

How do you record it all day to day? I was using YOLT but they’ve closed down.

I would use a bank account like Monzo or Starling from a budgeting perspective.

With Monzo you can put money into pots for different purposes Which makes budgeting easy. You can also assign categories to individual transactions and label them so you can easily identify what you’ve spent on groceries, clothes, kids stuff for example.
When switched to Monzo transformed my spending habits. Especially when I realised how much I was spending in Costa and on lunches at work.

YNAB (you need a budget) is a fantastic budgeting app and it has helped us save a fortune. I first heard about it years ago on the MSE forum and I recommend it all the time.
Dave Ramsey is an American broadcaster and you might find his podcast worth a listen. I don't always agree with him but he provides a good starting off point to get you to a secure position.
Martin Lewis at MSE gives incredible advice and it's much more nuanced than Dave Ramsey, but Dave Ramsey is good for the joined up overview if that makes sense.
And I would definitely get the mortgage paid off as fast as you can. Congratulations on the new start x

I definitely wouldn't get an interest only mortgage unless you have a very clear and realistic plan of how you're going to raise the capital sum.

I know a few people who took out interest only mortgages years ago, and are now facing having to sell their homes in a few years time, because the mortgage term will be up and they don't have the money to cover it.

It's not a good place to be when you're approaching retirement age.

I’m looking at YNAB - how much time do you spend inputting and tweaking? Do you check it each day?

Also divorced and I have an interest only mortgage as it was previously a buy to let and I was tied into the mortgage. As other have stated this is not ideal. What I am doing to combat this is save extra each month so that I can make the up to 10% lump sum capital payments my mortgage allows per year. Paying interest only but making lump sum overpayment is the only way I can reduce the amount I owe until the fixed term of this mortgage ends. It may be possible for you but you MUST be diligent in saving money to pay off the capital.