Mortgage free ASAP

Kittenkirst · 31 May 2017 at 8:40AM

Hey bubbly, have you tried Account Tracker (in the App Store, assume you can get it on android) it's on v5.2.2 and I find this fantastic and have been using it for years (August 2014).

You can set up all different accounts on there and set up recurring regular payments/transfers etc. I use this for all future spending and also to then add in any small spends as and when. It's great as it does have a feature that you can see how much you've spent in your identified categories across various time frames.

I really rate it

bubblycrazy · 31 May 2017 at 11:47AM

Thanks for the welcome armchairexpert. Yes my food shop is usually under £15pw due to a few different factors:

• I shop at Asda once a week and almost everything I buy is from the smartprice range. I do click and collect so not tempted by extra spends. I never need to top-up shop.

• Every Tuesday we go to my dad's for tea and every Wednesday to my Nana's. I usually go to my dad's on either a Saturday or Sunday too. :money:

•The staff room where I work has a complete fitted kitchen so I don't need to purchase ready meals.

• This figure doesn't include any toiletries, household products or milk as I bulk buy these.
In January I bought everything I thought I would need for 6 months. I seriously overestimated and probably have enough for another 6 months! The only categories I estimated correctly were washing powder and sanitary towels. I bought too much UHT milk at once and still had 2 cartons left by the expiry date.
I plan on topping these items up when I have a larger pay month.

Kitten, I'll have a look at Account Tracker, thanks.

Payday today so off to do some money shuffling :j

bubblycrazy · 1 June 2017 at 12:03AM

I have been a money saving wizz today! Signed up to a new SIM only deal for £3.99pm :money:
My current contract ran out last year and I'm currently paying at least £12.99pm.
This is a guaranteed saving of £9pm which I'm going to OP on the mortgage. Will wait until the SIM has arrived and PAC codes have been changed over first.

I also switched bank accounts to Lloyds TSB for £130. This will be OP as soon as it comes through. :j

As today was payday and had extra hours added on, I worked out what I need for the month and transferred everything else into my savings. I also transferred the yearly bills and ad hoc money into the savings. So everything currently in my bank has been budgeted for this month. Anything left on 30th June will be an OP. (Assuming there will be anything left!)

NSD today. Just starting this diary has got me back into my old money saving ways. Since I started my new job last year I've never really known if I'm coming or going. Since working out a budget again I feel so much more in control.

Had a chilled day at my Nana's with the family. Sat out in the sun and got burned

Day out with DS and my boyfriend tomorrow, then at work in the evening.

andy1886 · 1 June 2017 at 4:53AM

Just been reading your diary and want to wish you all the best with your plans . My circumstances are similar to yours with regards to being on a fixed rate . When the fix ends I am just going to drop onto the lowest rate my provider offers and overpay what I currently am plus the savings between the new rate and the current one . Fingers crossed rates stay low for the next 3 years ! Currently the maximum I can overpay in a year is 10% of the balance which I currently won't reach but as the balance drops I soon won't be far off it .
Can I just say it is inspiring what you can overpay with the figures in your soa , it just shows how different priorities result in different attitudes to what people do with their money . I really wish you all the best in your quest .

bubblycrazy · 1 June 2017 at 11:48AM

Thanks for the encouragement andy, have you worked out if it would be worthwhile coming off the fix early and paying the ERC? I can also OP 10% but won't have any worries about reaching that for a while!
Are you a night owl or a really early bird? :eek:
Good luck in your MF journey :beer:

My priorities are to become MF to decrease my outgoings to enable me to work less and have more free time to live my life.
I love my job (which is something I've never said before in previous roles!) However it's still just a job, and I would rather be spending time with family, reading, playing the guitar, catching up on 10 years worth of cross stitch :rotfl: and exploring the world.

I also hate having debt and paying soooo much interest. Knowing the house is mine regardless of what happens would be very reassuring.

andy1886 · 2 June 2017 at 5:51AM

bubblycrazy wrote: »

Thanks for the encouragement andy, have you worked out if it would be worthwhile coming off the fix early and paying the ERC? I can also OP 10% but won't have any worries about reaching that for a while!
Are you a night owl or a really early bird? :eek:
Good luck in your MF journey :beer:

My priorities are to become MF to decrease my outgoings to enable me to work less and have more free time to live my life.
I love my job (which is something I've never said before in previous roles!) However it's still just a job, and I would rather be spending time with family, reading, playing the guitar, catching up on 10 years worth of cross stitch :rotfl: and exploring the world.

I also hate having debt and paying soooo much interest. Knowing the house is mine regardless of what happens would be very reassuring.

Ha I am an early bird , don't see ten o'clock anymore , I have not worked out the penalty for coming of the fix early but I think it is 1% for each early year so at the moment that would be 3% . I would need to work out the new repayment figure , new overpayment figure and interest charged and saved and that is way above my financial ability .
Providing the safety of the home being ours is the goal , it would mean so much to us , working to enjoy life for a change . It is too far off to make any plans but I know I could work less hours or a lower ranked job if need be which would be a great option to have .

System · 2 June 2017 at 6:03AM

Investing long term would get most people mortgage free a fair bit quicker than overpayments...
But you'll be tempted not to sell the investment to pay off the mortgage

SuperSecretSquirrel · 2 June 2017 at 7:57AM

bubblycrazy wrote: »

My priorities are to become MF to decrease my outgoings to enable me to work less and have more free time to live my life.
I love my job (which is something I've never said before in previous roles!) However it's still just a job, and I would rather be spending time with family, reading, playing the guitar, catching up on 10 years worth of cross stitch :rotfl: and exploring the world.

Love this, I feel very much the same way!

andy1886 wrote: »

Providing the safety of the home being ours is the goal , it would mean so much to us , working to enjoy life for a change . It is too far off to make any plans but I know I could work less hours or a lower ranked job if need be which would be a great option to have .

We're multiplying!

MatthewAinsworth wrote: »

Investing long term would get most people mortgage free a fair bit quicker than overpayments...
But you'll be tempted not to sell the investment to pay off the mortgage

I can see this from both sides. I've seen you pop up on a few MFW threads pushing investment over voluntary overpayments. What you seem to be missing is the certainty an overpayment gives you. Far too easy to sell some shares to splurge, not quite so easy to withdraw from the average mortgage. Also, markets go up, markets go down, sure they tend to go up over the long term, but when starting out with a limited amount of slack in the budget it's good to know that your £100 is definitely working for you not against you. A guaranteed 4.79% risk free win is not to be sniffed at!

SuperSecretSquirrel · 2 June 2017 at 8:10AM

Bubblycrazy, just want to add that the fact you are pulling this off on a single part time net income of under 1k per month - well, that's incredible!

Living smaller certainly has its benefits. Smaller mortgage, smaller bills, smaller financial commitments in general - gives you the flexibility to work part time, choose only work you enjoy, spend time with family, maintain minimal stress levels. Seems like the path to happiness to me

System · 2 June 2017 at 10:18AM

Supersecretsquirrel - it demands discipline not to splurge or panic in a crash, you're right that peace of mind is valuable, and when my mortgage falls below a certain level I'll overpay because getting my monthly costs down (even the repayment element) would mean quicker and safer retirement

Mortgage free ASAP

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