Mortgage free by Dec 2019...we shall see.

liuhut · 19 July 2010 at 4:57AM

I joined the mfi3 challenge and I have been thinking about doing a
diary for a while to try and keep me motivated.

Bit of background, we got the house in 1997 for 62500, since then we extended it and put the money
onto the mortgage. I think it would be worth about 180,000 if we sold it today...not that I want too., the mortgage just hasnt moved much since we got the place, I think the lowest its been in 52k.
The mortgage at the start of this month stood at £62938.08.... the rate is 3.19, the minimum payment is 344.21. I've started to pay 640 a month into it. If i keep this up then we should become mortgage free in dec 2019, just in time to start a new decade!! I'll be 42 hubby 47 and the kids will be 19 and 15.

Just to complicated things a bit, the house is in England which we
rent out, we are in Australia, we rent here at the moment which really suits us, we couldn't afford to buy in the area that we are in and it gives me the flexibility to move around and come home when we want to.
I've started to try and save some money,
so far I've

asked for more days at work
hubby has done the odd bit of overtime
started entering comps here... got a
phone call last week to say I had won something big!!! Just waiting to hear exactly what I've won and then I will post!
filled the freezer with meat and am going to try to have a cooking day
sorting lunchs the night before... no school dinners here unfortunatly

I'm hoping to have the mortgage down to 48000 by 12/12, if I can
scrape more cash together to throw at it it will be great.
i might post a soa just to keep me on track.., not sure as costs here
are so different...

anyway sorry to have gone on, I love reading everyone elses
inspirational diaries, just hope that me posting will keep me on track
although Im sure i'll have a few hitches!

L x

liuhut · 1 August 2010 at 12:50PM

wow been so busy not realised I posted so long ago.

We had a good weekend money wise.
Over payment went out to A&L so by the snowball calc the mortgage should now stand at £62466.
We went to do our tax return and are getting $1810 back...going to put this straight onto savings.
OH had a phone call last week to say he is being offered a better paid job, just needs to pass the medical so fingers crossed. If he does get this, he will get holiday pay from his old job so that should be a fair bit.
Also found a new savings account for the kids with a MASSIVE 10% interest on it.....rates in Oz are still high!! anyway I've opened two accounts and am planning on paying the max into these - have already sent the first $500 into it
trying to decide if its best to keep money here with the interest rates here being better V's exchange rates and how they can change...I need someone with more brain power to help me with that one!!

so the plan for August is to reduce food spending, we got out the rather dusty pie maker earlier which was a massive hit with everyone, going to try to have a baking day every month.
Got 19 hours overtime in the next two weeks so need to be organised at home,
Need to ring gas & elec to check on Direct Debit amounts.
Few people owe me money for tickets etc so need to chase that.

Think that will keep me out of mischeif for now!! Off to bed now, night all x

Thrugelmir · 1 August 2010 at 3:56PM

In currency terms now is a good time to use your Aus$ to buy £.

With Oz bank base rates so high. The exchange rates have weakened over the past 18 months or so. As the UK's interest rates rise in the future then you'll get fewer £'s for your Oz $'s.

However the increased income from your UK property will buy you more Oz $'s.

Hope this makes sense.

liuhut · 3 August 2010 at 4:12AM

Yeah it does make sense, thanks for taking the time. I think its a bit of a gamble really which is the best way to go, I think long term we will be in England so am going to go with sending money home at the moment and just keep some savings here for a rainy day. Especially as the Aus $ is buying so many more £ at the mo it seems the right thing to do.

Best bit of news today is that I have been a month out with my mortgage figure, as the statement takes so long to get to me!!! The figure of 62463 was for 30/6 and I've made another OP since then....so I think on the next statement I will 'only' owe £61988!!! Finally on to the 61's and i didnt even realise!!

On my lunch from work, just popped home to organise tea and got to go back again now. Sure you lot are fast asleep in your beds!! Wish I was.
L

gerbiljo · 3 August 2010 at 12:27PM

hey good luck with your quest!

liuhut · 9 August 2010 at 3:19AM

Hi Gerbilo, thanks for dropping in!

Well, had a busy weekend, we went looking for whales with friends down the Great Ocean Road which was just amazing as we spotted one! it was very MSE as each family took a turn to cook the evening meals, saw loads of Koala's in the wild as well.

OH found out on Friday that he had passed his medical & so has been offered the job, it will mean a pay rise of about $20k so very pleased about that as we can manage on what he earns now, will just make things a bit easier. The hours should also mean that I get a few evenings to my self a week so I'm planning on having one night a week of batch cooking and the other of 'making/saving money' well thats the plan!! Also his old work are going to work out how much the is owed in holiday pay.

rang the gas and lecky today and I have managed to cut the DD's from 115 & 70 a month to 70 & 60, very pleased as I am trying to be careful!
Tidies out the freezer and the cupboards last week and just need to finish a meal plan from the list before I go food shopping.
Still trying to get the money for the tickets, if they dont pay then I will sell their tickets at the door lol.

Right off to do lunch and get the washing in. Have a good Monday everyone
L x

liuhut · 16 August 2010 at 11:11PM

Hi everyone.

Little update from me... I rang A&L last night and got the details for me to send OP to them, I'm going to stick with £640 a month for the DD and then just send extra when I want, anyway got the details and have sent £100 as a test payment to make sure it works before I send anymore!
OH starts his new job on Monday, he's doing 60 hours training the first two weeks so need to book before and after school care, worked out the amount he should be paid and I should be able to save $$$!
The girls that owe me money both told me that they are going to sort it out this week and OH will also get about 4 weeks holiday pay from his old job, I'm thinking I will wait until the end of the month before I start moving money around just so I know where I am..

Working off my figures I reckon I now owe 61888...its going in the right direction!!

liuhut · 30 August 2010 at 10:33PM

Hi everyone

Just got my mortgage statement for end of July which shows 61992. The regular OP for 640 went out the account yesterday sooooo by my calculations (and they arnt very good!!) we should be 61412. Really pleased that its gone down over £3k since feb.

OH has started his new job and he's really enjoying it, he is still training and he hasn't been paid yet so still waiting to so what his actual weekly wage will be. They have talked about him going up to the next level already which is about $7 an hour more than we initially though but trying not to get carried away working out figures!
My annual payrise came through from work which was $1.20 an hour extra and I'm working 5 days this week so it will be a nice pay packet again.
Now the negative.... Had to go to the dentist yesterday. DD1 had chipped her tooth so they filled that and then i needed a filling....$450 later...arghhh oh well, it was a bit unexpected but I had the money which was nice.

I've been doing loads of batch cooking and the DD's have taken to my HM soup, they have been taking it to school in little flasks along with the HM cupcakes they have been making, need to get over onto Oldstyle to try and cut down the monster shopping bill....

Off to get the DD's ready for school and then work for me. Have a good day/night
L x

liuhut · 21 September 2010 at 12:14AM

Hi guys

Not posted for a few weeks...which have been very expensive! OH has finished his training but not started getting his proper wage yet so just guessing at the mo.
I've sent an extra op of £300 this month, on my snowball calc its knocked a month off it....so aiming for Nov 19 now - OH will be 47 that month so that would be a nice b/day present to be MF!

Off to work now,
L x

golfiematt · 21 September 2010 at 8:40AM

good luck with your challenge! have you got someone renting your home in the uk? what would happen if no one rented it ?

liuhut · 22 September 2010 at 12:22AM

Hiya Matt, thanks for popping in. Yeah we have someone renting it from us, they have been in it for 18 months and so far have had no problems, I 'think' that they want to stay longterm so fingers crossed and I do have insurance incase they dont pay. If I didnt have it rented then I could afford to pay the mortgage from our wages here, although I wouldnt want to its nice to know that I could afford to if I need to.
Better get off here, got to be at work in 30mins and not even dressed yet!
L x

Mortgage free by Dec 2019...we shall see.

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