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  • FIRST POST
    • EatingTheElephant
    • By EatingTheElephant 26th Jan 16, 7:50 PM
    • 1,191Posts
    • 6,495Thanks
    EatingTheElephant
    Time to get serious
    • #1
    • 26th Jan 16, 7:50 PM
    Time to get serious 26th Jan 16 at 7:50 PM
    Hello Everyone

    I have been reading this forum for quite a while now. There have been many mentions that a diary has helped many of you with your goals, so I'm here to join in and knuckle down.

    My oustanding mortgage is very small, that is not the real challenge!

    This year the mortgage will be gone, however we are really keen to move.

    Getting a mortgage for the type of house we want will be difficult, so the plan is to save as much as possible. It doesn't help that I am very impatient!!

    The initial focus is to clear the current mortgage and reduce the outgoings. On the 1st January it was £9400 and I was hoping to have it paid off by the end of the year. It is currently at £3900

    So far I have claimed credit back from energy suppliers, claimed outstanding expenses from the business and sent off scrap gold. Ate from the mealplan, there was lots of food left over from Christmas and used the nectar points at $ainsburys and T3sco points for food, claimed the cashback sitting in T0pCashback, scoured all the accounts to shuffle bits into the mortgage and bought virtually nothing all month (not sustainable I know!!).

    Off to hunt for the next financial area of focus....
Page 43
    • hiddenshadow
    • By hiddenshadow 13th Jan 18, 7:19 PM
    • 2,394 Posts
    • 10,858 Thanks
    hiddenshadow
    I don't understand why organisation/planning is such a foreign concept to people - I've gotten strange looks when I mention that I have a budget.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 14th Jan 18, 3:28 AM
    • 816 Posts
    • 3,602 Thanks
    wishingthemortgaheaway
    I don't get it either. When an acquaintance went back to work following Mat leave, on part time hours, she rand another friend in tears because she didn't have enough in her wages to meet the bills & pay the childcare. She had just assumed it would be ok because 'everyone goes part time after mat leave'
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 0/£2,500
    • smallholdingsister
    • By smallholdingsister 14th Jan 18, 7:51 AM
    • 3,624 Posts
    • 28,963 Thanks
    smallholdingsister
    I have no words for that!
    • shangaijimmy
    • By shangaijimmy 14th Jan 18, 8:16 AM
    • 2,346 Posts
    • 11,231 Thanks
    shangaijimmy
    You can underestimate the impact a good budget has on mental health, not to mention household atmosphere. Equally weekly food plan means we eat proper meals instead of making it up!
    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
    • EatingTheElephant
    • By EatingTheElephant 14th Jan 18, 8:36 AM
    • 1,191 Posts
    • 6,495 Thanks
    EatingTheElephant
    I don't get it either. When an acquaintance went back to work following Mat leave, on part time hours, she rand another friend in tears because she didn't have enough in her wages to meet the bills & pay the childcare. She had just assumed it would be ok because 'everyone goes part time after mat leave'
    Originally posted by wishingthemortgaheaway
    Iím amazed by this one!

    I know I plan/organise more than most, but surely you have to know what money you have coming in or what you are eating for the next meal?

    I now realise Iíve done a good job with my daughters, both have a budget to know they can afford the regular bills they have. Sticking to it is another matter, but at least they have the budget!

    Another load of soup made for lunches yesterday, tomato and lentil, and a batch of pork and bean chilli made in the sc to give about 3/4 easy meals over the next few weeks. Iíve also found a recipe for sweet potato fritters Iíd like to try. We will be travelling around quite a bit this year with pupster so easy cheap portable food is a must.

    Apart from that yesterday was spent catching up, ironing, shuffling money to meet account requirements, filing and a couple hours up the stables, where there is mud everywhere!
    • hiddenshadow
    • By hiddenshadow 14th Jan 18, 10:40 AM
    • 2,394 Posts
    • 10,858 Thanks
    hiddenshadow
    Also appalled at the mat/part leave assumption.

    I didn't embrace formal budgeting until a few years ago, but I've always at least followed rough guidelines (pay yourself first, try and keep needs/wants/savings to certain percentages, etc.).

    Also only recently adopted meal planning, for that matter - definitely think we're eating more healthy things and more variety as a result.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • Karmacat
    • By Karmacat 14th Jan 18, 10:56 AM
    • 28,335 Posts
    • 157,778 Thanks
    Karmacat
    Astonishing on other people's lack of budgets! I'm like hiddenshadow, never really budgetted formally, mostly because I was self employed for so long, but making sure I was putting aside a lot of savings was crucial. And now that's a lifesaver for me.
    Retired August 2016
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 14th Jan 18, 7:41 PM
    • 816 Posts
    • 3,602 Thanks
    wishingthemortgaheaway
    I know, unbelievable. But it seems us mses are the minority in real life.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 0/£2,500
    • Watty1
    • By Watty1 14th Jan 18, 9:30 PM
    • 2,985 Posts
    • 20,813 Thanks
    Watty1
    We must be!! I've always had a rough plan. I still do have a rough plan and yet when I mentioned to a friend recently that we have "bills account" and put money into it on the 1st of the month to cover all the bills and save a little for the yearly ones I was met with a look of pure astonishment. Almost as if I had lapsed into a foreign language .... which I suppose I must have
    Mortgage at start of diary Sept 2013: £132,995 Aug 2015 £0
    Overpaid next mortgage. £79,491 down to £27152
    Knotted hanky fund now in full swing: £3776.40
    • gallygirl
    • By gallygirl 14th Jan 18, 10:09 PM
    • 16,467 Posts
    • 108,103 Thanks
    gallygirl
    We must be!! I've always had a rough plan. I still do have a rough plan and yet when I mentioned to a friend recently that we have "bills account" and put money into it on the 1st of the month to cover all the bills and save a little for the yearly ones I was met with a look of pure astonishment. Almost as if I had lapsed into a foreign language .... which I suppose I must have
    Originally posted by Watty1
    Ah well, he who laughs last laughs longest .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • hiddenshadow
    • By hiddenshadow 15th Jan 18, 2:34 PM
    • 2,394 Posts
    • 10,858 Thanks
    hiddenshadow
    We must be!! I've always had a rough plan. I still do have a rough plan and yet when I mentioned to a friend recently that we have "bills account" and put money into it on the 1st of the month to cover all the bills and save a little for the yearly ones I was met with a look of pure astonishment. Almost as if I had lapsed into a foreign language .... which I suppose I must have
    Originally posted by Watty1
    I think the concept of multiple accounts is foreign to a lot of people. I got some very strange looks when I'd count up my accounts and come up with a double-digit number...sadly, even more strange looks when I'd explain that it was to maximise interest earned on savings.

    I mean...who doesn't want free money? If it were lying on the pavement you'd pick it up, right? This just saves handling cash/coins that have been rained/trodden on.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • EatingTheElephant
    • By EatingTheElephant 15th Jan 18, 6:38 PM
    • 1,191 Posts
    • 6,495 Thanks
    EatingTheElephant
    Thank you everyone, I feel so normal on this board

    I love having a seperate bills account, put the money in there once a month/once a year, then forget about it (I think I’m basically lazy).

    The tomato and lentil soup was a good one at lunch today. A new recipe which will be a keeper.
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