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  • FIRST POST
    • Needhelpsaving
    • By Needhelpsaving 14th Nov 16, 5:58 PM
    • 649Posts
    • 2,724Thanks
    Needhelpsaving
    Getting back on the MFW Wagon
    • #1
    • 14th Nov 16, 5:58 PM
    Getting back on the MFW Wagon 14th Nov 16 at 5:58 PM
    Hi

    I have attempted this MFW wannabe journey before, with little success and after reading so many threads on the forum, would like to try again.

    Looking back, trying to start a MFW challenge with a newborn was possibly not the best time for me as I had made grand plans, just when our income was decreasing.

    A little bit about us, I am 29, have an OH 34 and a LO aged 3. We bought our home 8 years ago and have a mortgage of £80,000, a family loan of £7,000 and £0 in savings

    Our first goal is to save a £1500 Emergency Fund by the end of February, whilst staying on track to pay off family loan (on target to pay off in June 2017).

    I have finished all my Christmas shopping, except 1 gift, so should be on track to save a decent chunk of my salary next month (I work part-time).

    I need to stay accountable in this journey and what better way than to publish it on the internet?!
Page 1
    • Moneyfordreams
    • By Moneyfordreams 15th Nov 16, 8:18 AM
    • 902 Posts
    • 4,432 Thanks
    Moneyfordreams
    • #2
    • 15th Nov 16, 8:18 AM
    • #2
    • 15th Nov 16, 8:18 AM
    Good luck with your plans. Amazing to have xmas sorted so soon
    Mortgage Feb '13 £200000, end 2038. Aiming for before March 2025 (crunched to 2034)
    January 16 £182800 : minimum £360 OP but needs to be £600 to achieve 2025
    Current mortgage £158200
    h@lifax CC £4300 0% until May 2018.. will pay minimum for now, slow stooze
    CC daughter gift and holiday spends £2200
    • hildosaver
    • By hildosaver 15th Nov 16, 9:53 AM
    • 266 Posts
    • 422 Thanks
    hildosaver
    • #3
    • 15th Nov 16, 9:53 AM
    • #3
    • 15th Nov 16, 9:53 AM
    Good luck!
    Mortgage balance September 2012: £121,086 (First ever OP)
    Mortgage balance June 2017: £82,338
    • SueP19
    • By SueP19 15th Nov 16, 12:56 PM
    • 1,700 Posts
    • 14,484 Thanks
    SueP19
    • #4
    • 15th Nov 16, 12:56 PM
    • #4
    • 15th Nov 16, 12:56 PM
    Welcome

    Remember it's not how you get there, it's getting there that matters
    Mort Oct 15 £70,353 £66,422 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 £700/£1,000 Debt May 09 £30,217Oct 17 £14,093[/B]
    • Needhelpsaving
    • By Needhelpsaving 15th Nov 16, 6:51 PM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    • #5
    • 15th Nov 16, 6:51 PM
    • #5
    • 15th Nov 16, 6:51 PM
    Thanks for the encouragement MoneyfoDreams, Hildosaver and SueP19!

    I have been super organised with xmas this year - shame I haven't been as organised with my money.
    Last edited by Needhelpsaving; 15-11-2016 at 7:01 PM.
    • Needhelpsaving
    • By Needhelpsaving 15th Nov 16, 6:58 PM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    • #6
    • 15th Nov 16, 6:58 PM
    • #6
    • 15th Nov 16, 6:58 PM
    Last night I sat and went through our bills. To be honest, we are quite good at reviewing our deals. The internet banking shows that the problem is our lack of control when it comes to personal spends and groceries. Thinking about it, we do seem to have the mindset of ‘Its ok, because we are on top of our bills’.

    This is something we need to work on in December. We have 1 family day out planned, this had been booked and paid for a couple of months ago, but the rest of our outings are likely to be visiting family which has no real cost attached.

    Things to do this week;
    - Cancel contact lens subscription (one off £36 charge to pay off outstanding direct debits), saving £18 per month. This will be diverted to the family loan initially.
    - Add layers instead of cranking up the heating.
    - Plan free activities at home to save money.
    - Submit gas and electricity meter readings.
    - Bake treats from store cupboard food instead of picking things up on the way home.
    • Needhelpsaving
    • By Needhelpsaving 15th Nov 16, 7:00 PM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    • #7
    • 15th Nov 16, 7:00 PM
    • #7
    • 15th Nov 16, 7:00 PM
    Last night I sat and went through our bills. To be honest, we are quite good at reviewing our deals. The internet banking shows that the problem is our lack of control when it comes to personal spends and groceries. Thinking about it, we do seem to have the mindset of ĎIts ok, because we are on top of our billsí.

    This is something we need to work on in December. We have 1 family day out planned, this had been booked and paid for a couple of months ago, but the rest of our outings are likely to be visiting family which has no real cost attached.

    Things to do this week;

    - Cancel contact lens subscription (one off £36 charge to pay off outstanding direct debits), saving £18 per month. This will be diverted to the family loan initially.
    - Add layers instead of cranking up the heating.
    - Plan free activities at home to save money.
    - Submit gas and electricity meter readings.
    - Bake treats from store cupboard food instead of picking things up on the way home.
    Last edited by Needhelpsaving; 20-11-2016 at 9:28 PM.
    • gallygirl
    • By gallygirl 15th Nov 16, 7:29 PM
    • 16,467 Posts
    • 108,121 Thanks
    gallygirl
    • #8
    • 15th Nov 16, 7:29 PM
    • #8
    • 15th Nov 16, 7:29 PM
    Is your OH on board? Would it help to tie up your disposable income so there was none left to spend on 'stuff'? If you put money into savings at the start of the month then the spare money would already be 'spent' and I expect it would be hard to take it out of savings?
    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"
    • michelle09
    • By michelle09 15th Nov 16, 8:40 PM
    • 581 Posts
    • 2,740 Thanks
    michelle09
    • #9
    • 15th Nov 16, 8:40 PM
    • #9
    • 15th Nov 16, 8:40 PM
    Good luck! I'm sure this time will be more successful - and every little bit is helpful.
    • Needhelpsaving
    • By Needhelpsaving 16th Nov 16, 8:44 AM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    Is your OH on board? Would it help to tie up your disposable income so there was none left to spend on 'stuff'? If you put money into savings at the start of the month then the spare money would already be 'spent' and I expect it would be hard to take it out of savings?
    Originally posted by gallygirl
    Hi Gallygirl, thanks for your reply.

    I am lucky that OH is on board - perhaps not to the extent that I am. The priority for OH is family loan as we don't like the fact that we owe family members money. I agree with him on this, but also feel that having savings would give us some balance to not to have to be in that situation again.

    We are agreed that the loan and mortgage need to go, but still need to agree the level of sacrifice we are willing to make to reach this goal.

    Hope that makes sense?

    In terms of the savings, I will definitely separate the savings at the start of the month, instead of trying to save whatever is left at the end of the month.
    Target 1 - Emergency Fund Currently £2329.07/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £70,578.90 (14/01)
    • beanielou
    • By beanielou 18th Nov 16, 10:28 PM
    • 49,552 Posts
    • 186,462 Thanks
    beanielou
    Happy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Needhelpsaving
    • By Needhelpsaving 19th Nov 16, 3:19 PM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    Thanks for dropping by Beanielou!

    Spent the day at home today - cleaning, sorting and decluttering. Still more to do, but it has amazed me how much rubbish has accumulated behind the cupboard doors.

    I have a bag of clothes for the charity shop, a small bag of clothes that need to be recycled and possibly some ebay worthy items (I need to go through the bags more thoroughly). Have some paperwork to shred this evening once LO is in bed.

    Not quite a no spend day, LO needed some replacement dance shoes (£8) as she had outgrown the last pair, but much less spending than a ‘normal’ weekend.

    I have dusted off the mortgage piggy bank and have added any spare change I found lurking around.

    The local cinema is showing Finding Dory tomorrow at a discounted rate - £6 for the 3 of us to see the film, I have booked this as a treat for LO. It will be her first cinema trip and at a fraction of the cost of the usual ticket prices. With snacks from home it should be a frugal trip.
    Target 1 - Emergency Fund Currently £2329.07/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £70,578.90 (14/01)
    • Needhelpsaving
    • By Needhelpsaving 20th Nov 16, 5:24 PM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    Frugal Fail
    - Forgot to take snacks with us to cinema (left them in the kitchen by accident), ended up buying some popcorn and drinks there. - £13

    Frugal wins
    - Had our car parking ticket validated by cinema so did not have to pay for car parking in town centre. Saved £2.50
    - Found and re-purposed some left-over fabric to make a cushion cover for LO room, instead of buying new.
    - Needed some new cushion pads for the 3 cushions on our sofa as the old ones had gone a bit flat. Priced the right size up and they were coming in around £3-4 a piece (45x45cm cushions). I attempted an experiment to pad out the current ones and it worked!
    Last edited by Needhelpsaving; 22-11-2016 at 9:29 PM.
    Target 1 - Emergency Fund Currently £2329.07/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £70,578.90 (14/01)
    • Needhelpsaving
    • By Needhelpsaving 22nd Nov 16, 8:58 PM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    Spendy day yesterday with having to purchase petrol and food shop total spend £85.92. I have meal planned to stretch the food over two weeks and that included a couple of xmas related items to put by until nearer the time.

    The planned heating reductions seem to be working so far. Meter readings submitted for both gas and electricity to ensure account is up to date. I have put washing machine on so that it is finished by the time I get in from work, ready to put onto the radiators to make the heating usage more effective. Also purchased a huge family sized blanket yesterday (£15) it stopped us using the gas fire last night and the same again tonight

    Jobs for tomorrow;
    - Check whether last mobile phone bill from old provider has gone out and then cancel the DD. Done and joint account balanced with £19.44 moved to savings
    - Sort out the cancellation of my contact lens contract and cancel DD.
    - Go through bags of suspected ebayable items to see what is saleable, then get any items ready to be listed. 4 lots identified and put through washing machine to freshen up before listing.
    - Planned NSD tomorrow as planning to stay in with LO NSD achieved

    Last weeks clear out also had a positive knock on effect as now family members are asking about xmas gift ideas I have been able to give practical ideas for xmas gifts (pjís/handbag etc)
    Last edited by Needhelpsaving; 23-11-2016 at 7:46 PM.
    Target 1 - Emergency Fund Currently £2329.07/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £70,578.90 (14/01)
    • Needhelpsaving
    • By Needhelpsaving 23rd Nov 16, 8:16 PM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    Three out of four targets achieved today, planning NSD's tomorrow and Friday to keep me on target.
    Target 1 - Emergency Fund Currently £2329.07/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £70,578.90 (14/01)
    • Kittenkirst
    • By Kittenkirst 24th Nov 16, 7:10 AM
    • 1,711 Posts
    • 9,103 Thanks
    Kittenkirst
    Good progress so far Needhelpsaving

    I love snuggling up in a lovely blanket on colder evenings, so much cozier :

    I have a large bag for EBay for washing, ironing & then listing- it's all staring at me guiltily in the spare room. Good work on getting yours in the washer!
    2018 MFW #20 - OP £391.44/ £3000 13%

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • Needhelpsaving
    • By Needhelpsaving 24th Nov 16, 8:22 AM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    Thanks for dropping by Kittenkirst - do you have a diary?

    The accountability of this diary has meant that I am starting to question my decisions a little more, whereas before I would have had no qualms just purchasing things without thinking much of it.

    I have just sat down to do the budget for next month and I have racked up money on joint CC, which with lots of smaller purchases didn't seem that much until I logged in to check the account - soooo annoyed with myself.

    Anyway, I have given him his CC back (i cut mine up previously for this reason) and will be using cash for purchases this month - I need something that has more visibility I think.

    Will be able to move about £40 to savings on payday, which will be topped up when I receive some money owed to me and under-spending on budget categories.

    ETA- received some owed money this morning - moved straight to savings.
    Last edited by Needhelpsaving; 24-11-2016 at 9:38 AM.
    Target 1 - Emergency Fund Currently £2329.07/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £70,578.90 (14/01)
    • Needhelpsaving
    • By Needhelpsaving 25th Nov 16, 8:38 PM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    Two more NSD's achieved

    Pay day today, money shuffles complete - Credit card paid off and savings rounded up to £110.

    Tomorrow will require some spends as we need bread, potatoes and eggs. Might also see if there is anything suitable for the works secret santa (budgeted).

    Sunday, Monday and Tuesday - aiming for more NSD's
    Target 1 - Emergency Fund Currently £2329.07/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £70,578.90 (14/01)
    • Needhelpsaving
    • By Needhelpsaving 27th Nov 16, 7:21 PM
    • 649 Posts
    • 2,724 Thanks
    Needhelpsaving
    Chilled family weekend, a total of £12 spent on a small grocery shop and part of secret Santa gift. We have really enjoyed the change of our pace and have taken the opportunity to continue decluttering the house.

    Hope everyone has had a great weekend.
    Last edited by Needhelpsaving; 28-11-2016 at 3:55 PM. Reason: Poor grammar
    Target 1 - Emergency Fund Currently £2329.07/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £70,578.90 (14/01)
    • Maximum Saving
    • By Maximum Saving 27th Nov 16, 8:55 PM
    • 181 Posts
    • 333 Thanks
    Maximum Saving
    Hello Needhelpsaving you seem to be making excellent progress. I am warm and cosy wrapped up in a blanket on this cold evening. I took my two kids shopping and didn't have much money. We thought the toilet rolls were expensive in Sainsbury. So we went off to Proper Job to buy a more affordable toilet roll. My children like to eat grapes and these are quite pricey. We bought a pack of grapes in Lidl. I am trying to pay off my mortgage. I do this with overpayments and have a Regular Saving Account to help me.
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