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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,346Posts
    • 11,231Thanks
    shangaijimmy
    New Diarist - Attacking the Banks!
    • #1
    • 13th Mar 15, 12:18 PM
    New Diarist - Attacking the Banks! 13th Mar 15 at 12:18 PM
    Hi all,
    Thanks for popping and helping me to stay motivated. This would be the 3rd version of the opening post, but is reflective of where we are currently at. Lots has changed over the last 3 yrs, not least adding a 3rd child to our household!

    This post details my current goals, and as it seems a shame to ignore previous achievements I've summarised them below. This is a 120 payment challenge which would knock 11yrs off our initial draw down of 30yrs. I'm hoping for 100 payments so we'll see how we progress!

    Achievements - 34 payments
    • Balance - £99,371.84
    • Diary Reduction Total - £36,628.18
    • Cumulative Overpayments - £20,308.75
    • Monthly Average Overpayments - £597.32
    • Monthly Average Net Reduction - £1,077.30

    Long Term Targets
    • 5yr/60th payment - £86,000
    • 7yr/84th payment - £38,000
    • 9yr/108th payment - £7,000

    Targets for 2018
    • Jan 2019 - £98,200
    • Feb 2018 - £97,000 (End of Yr 3 Balance £39k diary reduction)
    • Mar 2018 - £95,800
    • Apr 2018 - £94,600
    • May 2018 - £93,400
    • June 2018 - £92,200
    • July 2018 - £91,000
    • Aug 2018 - £89,800
    • Sept 2018 - £88,600
    • Oct 2018 - £87,400
    • Nov 2018 - £86,200
    • Dec 2018 - £85,000
    Last edited by shangaijimmy; 05-01-2018 at 11:47 AM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
Page 2
    • shangaijimmy
    • By shangaijimmy 20th Mar 15, 8:05 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    I actually think we're starting to get the rewards now as we are so much more relaxed about the future, how much we owe and how much we are now actually committed too per month. At one stage we were paying £960 per month (some rate rises in the first year added) and that probably accounted for 50% of income. Now at £680 and about a 6th of income.

    Quick update on HSBC accounts - we've opened the current account so next step is online banking and then open ISA each for the save together scheme. Great shout 'ourcorner'!!
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • ourcornercottage
    • By ourcornercottage 20th Mar 15, 8:12 PM
    • 1,506 Posts
    • 7,483 Thanks
    ourcornercottage
    You are very welcome, I've had a ton of tips off of this site and have saved thousands! I'm thinking of starting a blog of all my latest tips as the girls at work seem to think I have another bright idea every day!

    Edited to say I've just started it! http://stretchyourpennies.blogspot.co.uk
    Last edited by ourcornercottage; 20-03-2015 at 10:24 PM.
    £119,375.00 MFW16 #9 £3952.49/£6000 Jan-£536.60 Feb-610.39 Mar-£1006.22 Apr-£549.92 May-£739.57 Jun-£504.79 July-£5 (reg op £199.17)
    Kw gen'd 12/15-94 1/16-132 2/16-236 3/16-231 4/16-419 5/16-438 6/16-375 7/16-0
    Save 12k 2016 #59 - £3708.48/£3000 || MFiT-T4 #12 - £67000
    • shangaijimmy
    • By shangaijimmy 21st Mar 15, 7:47 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    Just had a quick peek at your blog. You've started something now!!

    Also not much money saving gone on today. We're in the midst of complete house redecoration so spent a load today on bedding, lights etc... Stil with budgeting this will all come for surplus cash from under spends so it's not all bad!

    All things being well our budget/SOA will be posted tomorrow.
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • zootie
    • By zootie 22nd Mar 15, 9:55 AM
    • 251 Posts
    • 667 Thanks
    zootie
    I have subscribed to your diary shangaijimmy.
    I feel I am not doing this properly....rushes off to create some spreadsheets!
    • shangaijimmy
    • By shangaijimmy 22nd Mar 15, 1:20 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    Hi zootie. Once you start on spreadsheets there's no going back- addiction beckons...
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 22nd Mar 15, 1:38 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    Budget - Here Goes
    As promised our monthly budget.
    • Income
    • £3402.55

      Outgoing
    • Mortgage - £687
    • Council Tax - £173
    • House Insurance - £11.38
    • Mortgage Cover - £33.83
    • Life Cover - £13.80
    • Mrs SJ Gym - £9.99
    • Mrs SJ Mobile - £10
    • Line Rental - £16.40
    • Water - £42.69
    • Gas & Electric - £120 (paying back some money from not paying enough)
    • Me Private Pension - £122.57
    • Car Insurance - £18.20
    • Car Insurance 2 - £18.82
    • TV Licence - £12.12
    • Pet Insurance - £9.30
    • Mortgage Overpayment - £423

      Total - £1737.63

      Monthly Allowances
    • Petrol Me - £80
    • Petrol Mrs SJ - £120
    • Food - £320
      Total - £520

    We put £600 away into various savings pots (kids, long term, holidays, cars). After all this plus some spend allowances for each of us we have £300 surplus each month that we use for anything that crops up such as dentists, new tyres, school trips decorating, hair cuts, nights out etc...

    So we're quite planned without being too strict. Always trying for the balance between paying off mortgage debt (we have no other debt), and living!
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • ourcornercottage
    • By ourcornercottage 22nd Mar 15, 6:04 PM
    • 1,506 Posts
    • 7,483 Thanks
    ourcornercottage
    To be honest I don't think I could shave anything off your SOA with the exception of the monthly food bill and the water. Do you have a meter? Has it been read recently as this seems a bit steep.
    £119,375.00 MFW16 #9 £3952.49/£6000 Jan-£536.60 Feb-610.39 Mar-£1006.22 Apr-£549.92 May-£739.57 Jun-£504.79 July-£5 (reg op £199.17)
    Kw gen'd 12/15-94 1/16-132 2/16-236 3/16-231 4/16-419 5/16-438 6/16-375 7/16-0
    Save 12k 2016 #59 - £3708.48/£3000 || MFiT-T4 #12 - £67000
    • shangaijimmy
    • By shangaijimmy 22nd Mar 15, 10:15 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    Ourcorner, water bill does intrigue me and we have had meter read recently too!

    Of all the rest we've had to be pretty good with things from buying the house and we've never let that slip. I also pick up as many tips from here as possible. Our food and petrol are kinda the maximum I want to spend so we do frequently have under spends. I'd say our food shop probably averages at £60 per week, and I always figure the under spend will pay for a meal out, takeaway etc...

    Where I do get puzzled is our retirement planning. Mrs SJ has an excellent final salary work pension, but I sadly do not. I have a my private pension as detailed and then a basic 1% salary sacrifice that work matches, so all in all i actually add £190 per month to my pot. My focus for now is mortgage as I figure the house will be become part of the pot, and I'll get some proper advice in 10yrs time when I am hopefully MF!
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 23rd Mar 15, 4:56 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    So whilst having a brew in work i thought i'd report a few of my obsessive targets:
    • Every £1000 paid i colour a block on our house in the kitchen (my picture is very naff however so any help would be well received )
    • Daily Interest - Currently at £7.41, next target is getting it under £7
    • But then i know i won't be happy and i'm already ear marking £6.42 as that means i'll never pay more than £200 a month interest!!

    Oh the obsessions...
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 24th Mar 15, 1:23 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    Not sure if i mentioned it but we are currently 1 room into a full house redecoration...and with it a major house de-clutter.

    So there's a bin bag of clothes in front of me just waiting for the agonising ebay listings tonight! Keeping it MSE though its 100 free listings that ends today!

    Any sales that go into the paypal fund will then be used to buy bedding, curtains, light shades etc...
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 24th Mar 15, 8:26 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    27 new items listed...!
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 27th Mar 15, 1:01 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    We're all done for March now and have managed to overpay by £625.02 which is our bet month ever!

    I'll post some exact data this weekend for how this affects LTV, % of loan paid off, interest paid, daily interest etc... at some stage of the weekend. Though this is very much dependent on the progress of decorating. A Marvel super hero's bedroom for a 6yr old beckons!
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • lippy1923
    • By lippy1923 27th Mar 15, 1:12 PM
    • 1,235 Posts
    • 3,441 Thanks
    lippy1923
    We're all done for March now and have managed to overpay by £625.02 which is our bet month ever!

    I'll post some exact data this weekend for how this affects LTV, % of loan paid off, interest paid, daily interest etc... at some stage of the weekend. Though this is very much dependent on the progress of decorating. A Marvel super hero's bedroom for a 6yr old beckons!
    Originally posted by shangaijimmy
    Well done on the OP

    Really wish I could OP now but getting married this summer and lots to pay for, so any money saved is going in the ISA for now.

    Once wedding is all paid for I will be OPing every month! can't wait!
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £91,758
    Emergency Fund £29,200

    • shangaijimmy
    • By shangaijimmy 27th Mar 15, 1:34 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    Thankfully (not sure if Mrs SJ will approve of me saying but...) all our really big spends our out of the way, so we can hammer it now.

    We will need a new kitchen but i'm hoping we can leave that at least 8 years when we'll be into our last 20k owed.
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 28th Mar 15, 7:31 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    Feeling very frustrated with HSBC. It was over a week ago that we applied over the phone for a joint advance account ready to open 2 ISA's for the safe together £10's. Today we received a welcome pack (8 days later) with nothing meaningful in it to be honest. No cards, no account number etc...

    Slowest bank on record!! Managed 3 Halifax, 2 TSB and 1 Flex Direct with full functionality within a week!

    On the plus side i managed to get half of the bathroom decorated today so will finish in the morning, and loads of prep work (light fitting, polyfilling, moving furniture, emptying drawers etc...) done on eldest son's bedroom.
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • Busy Mee
    • By Busy Mee 28th Mar 15, 7:52 PM
    • 92 Posts
    • 362 Thanks
    Busy Mee
    Really impressed with your diary Jimmy and slightly jealous of the way you are playing the banks...brilliant stuff !
    Jan15. £1009.34/£1000 ISA Feb 15 £1003.47/£1000
    March £1023.07/£1000 ISA

    ISA 2 £8143.43

    Weight loss. 12lb/14lb
    • shangaijimmy
    • By shangaijimmy 28th Mar 15, 8:07 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    March Payment Details
    Mortgage details for the Month of March. Payment 1 of my 120 payments goal

    Value - £221,000
    Mortgage - £136,000

    Payment - £687
    Overpay - £625.02
    Total - £1,312.02

    Interest - £229.86
    Daily Int - £7.41

    Net Reduction - £1,082.16
    Balance - £134,917.84

    % Left - 99.20%
    LTV - 61.05%
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 28th Mar 15, 8:08 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    Really impressed with your diary Jimmy and slightly jealous of the way you are playing the banks...brilliant stuff !
    Originally posted by Busy Mee
    Thanks for reading. Its early days for playing the banks as such but im trying!
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 29th Mar 15, 9:00 PM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    Dilemma time. Do I add to my March accounts (listed in post 37) with another £25 that I received refereeing today? Or do I place it on my golf membership card for discounted food and drinks?

    Everything says put it on my membership card but there's that slight temptation to overpay... As it covers 3 and half days worth of interest!

    Opinions welcome?
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • lippy1923
    • By lippy1923 30th Mar 15, 1:00 PM
    • 1,235 Posts
    • 3,441 Thanks
    lippy1923
    Membership card lol

    I would say enjoy the money as it's not going to make much of a difference on the mortgage and you have already made a massive OP this month. Live a little
    If you really can't decide then half and half

    Love how you have worked out all the little details, daily interest etc.
    Think I will be adding a little something to my signature, so I can countdown my 120 mortgage payments. Help keep me motivated a little. I will start my 120 from April!

    Keep up the diary. I will be lurking.

    Lippy
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £91,758
    Emergency Fund £29,200

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