Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Betterthanever
    • By Betterthanever 1st Sep 17, 1:17 PM
    • 406Posts
    • 2,183Thanks
    Betterthanever
    New but not new - Year 1 of 5!
    • #1
    • 1st Sep 17, 1:17 PM
    New but not new - Year 1 of 5! 1st Sep 17 at 1:17 PM
    Hi! I'm a re-joining member of old.....and whilst I'm reluctant to give up my previous 10,000 post count, I also don't fancy ex husband following my every move as I go into this next exciting chapter of life! I was a DFW stalwart for years, but am pleased to announce am on the MFW journey....with vigour

    I've not been on the boards for a while but it's lovely to see some familiar names and it's comforting having made the decision to come back!

    I'm mid 40s, kids are grown up and more or less independent (one just moved out and one still creating mess at home). I'm lucky enough to have met a fabulous man who was mad enough to marry me a couple of years ago, and life is just the best.

    The house is mine as I bought ex-h out in the divorce, which means the mortgage is also mine. We have plans and desires to start reducing our working stresses in 5 years time and oh can start drawing his lump sum and his pension then if he wishes. As we both lost out dads at 55, we are mindful of the fact we are not here forever. On the other hand we are fit and healthy so would hope to have a good few years to enjoy life ahead of us.

    We love to spend time together and travel and want to do more of this without being tied into 5 weeks annual leave allowance!

    So....all this starts with the fact my fixed rate comes to an end soon. I can switch on 31st October. The remaining term should be 11 years but I've done my calculations and reckon if I take a 5 year fixed rate, I can finish it off when that comes to an end....taking me to 52 and OH to 56 so still plenty of years ahead of us for living!

    My starting point is a current mortgage figure of £116,879.11. It's no small challenge but I'm no stranger to that and I'm going to enjoy this one an awful lot

    I feel like I've come home.....
    Last edited by Betterthanever; 03-11-2017 at 8:45 AM.
Page 1
    • benbenandme
    • By benbenandme 1st Sep 17, 2:45 PM
    • 10,284 Posts
    • 26,418 Thanks
    benbenandme
    • #2
    • 1st Sep 17, 2:45 PM
    • #2
    • 1st Sep 17, 2:45 PM
    If you are who I think you are it has made my day seeing you back on here Welcome home!!
    Mortgage Total: £75,000 £73,315 Mortgage End Date: May 2040
    Brother's loan: £4500 / £25,000
    Holiday Fund: £667 / £1800
    • Betterthanever
    • By Betterthanever 1st Sep 17, 2:51 PM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    • #3
    • 1st Sep 17, 2:51 PM
    • #3
    • 1st Sep 17, 2:51 PM
    Haha.....yes ,it is me. And I'm stupidly quite excited about being back!!

    I'll post some of my plans in due course....I'm still at the checking and double checking stages!!
    • Betterthanever
    • By Betterthanever 1st Sep 17, 5:58 PM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    • #4
    • 1st Sep 17, 5:58 PM
    • #4
    • 1st Sep 17, 5:58 PM
    So....I've spent some time today doing the basics....a survival budget, looking at new mortgage deals, speaking to my current lender, looking at savings accounts and playing with the overpayment calculator.

    I'm with Halifax who can switch me over on 1st November. No fees, no penalties and a 5 year deal I'm happy with. I know there's a chance of things changing in the next few weeks but I doubt it will be significant.

    I can overpay by 10% pa without penalty but have budgeted to be able to allocate more so am looking at the options to save the balance over the same time frame to pay a lump sum to close at the end of the 5 years and also to have a decent level of savings to go towards the fun stuff in retirement/semi retirement.

    OH and I will have a grown up conversation about it over the weekend. Our finances are separate as we both have children from our previous relationships that we need/want to protect, plus we've both worked hard for what we have and want to know we won't lose it if things go wrong. Not that they will, but once bitten and all that. But we are open about our finances and things are always discussed together because decisions do invariably affect us both.

    So....a good start methinks.
    • wildesavings
    • By wildesavings 1st Sep 17, 6:21 PM
    • 170 Posts
    • 484 Thanks
    wildesavings
    • #5
    • 1st Sep 17, 6:21 PM
    • #5
    • 1st Sep 17, 6:21 PM
    Look forward to watching your journey unfold... I'm hoping for an 8 year journey so I should be here for the duration.
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,342 - capital reduced by £5497 so far this year
    • MichaelDH
    • By MichaelDH 1st Sep 17, 6:37 PM
    • 100 Posts
    • 475 Thanks
    MichaelDH
    • #6
    • 1st Sep 17, 6:37 PM
    • #6
    • 1st Sep 17, 6:37 PM
    Welcome.

    Sounds like you've had a very organised day!

    I'm a newbie, made my first monthly OP today. Looking forward to see how you manage to stay on track and hopefully picking up some pointers from you
    Starting Balance August 2016: £170,199.00 | Current Balance (4th October 2017): £164,720.53
    OP's to date (starting August 2017): £906.58

    Target: Balance below £160,000.00 by June 2017
    • Betterthanever
    • By Betterthanever 1st Sep 17, 7:26 PM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    • #7
    • 1st Sep 17, 7:26 PM
    • #7
    • 1st Sep 17, 7:26 PM
    Warning.....I have been known to be a bit obsessive! Join me on my journey at your peril
    • Betterthanever
    • By Betterthanever 1st Sep 17, 10:31 PM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    • #8
    • 1st Sep 17, 10:31 PM
    • #8
    • 1st Sep 17, 10:31 PM
    So, thinking about breaking this down into manageable chunks and not getting overwhelmed and carried away, I need some aims, challenges and tasks for September. I've got a lot of things I am committed to already so it's a bit of a spendy month so it will be a slowish start.

    - open cash ISA or similar cash account for emergency fund that can be used to OP in due course

    - add £50 from "extra" sources to said account.

    - make serious kick-!!! budgets for next 12 months with realistic monthly targets for OP and saving.

    - make signature and add an avatar!

    - don't buy any new clothes, shoes or handbags. Or make-up. Or expensive toiletries.

    - take lunches and breakfasts to work from home every day.

    - think before spending.

    My aim is to be at £114k by the end of the year. This is basically just my normal monthly payment of £1016 plus a tiny bit more. My real ability to OP will start in January.
    • benbenandme
    • By benbenandme 1st Sep 17, 10:44 PM
    • 10,284 Posts
    • 26,418 Thanks
    benbenandme
    • #9
    • 1st Sep 17, 10:44 PM
    • #9
    • 1st Sep 17, 10:44 PM
    As I read each bulletpoint I was mentally thinking "check, she'll do that".... until I got to "Don't buy any shoes"
    Mortgage Total: £75,000 £73,315 Mortgage End Date: May 2040
    Brother's loan: £4500 / £25,000
    Holiday Fund: £667 / £1800
    • Kittenkirst
    • By Kittenkirst 2nd Sep 17, 5:22 AM
    • 1,639 Posts
    • 8,556 Thanks
    Kittenkirst
    Hi Betterlatethannever

    You sound like you have a plan and are very determined- I'm looking forward to cheering you on
    2017 MFW #20 - OP £2348.20/ £2150 106%. New target £2500 93.9%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £52.33

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • Betterthanever
    • By Betterthanever 2nd Sep 17, 8:29 AM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    As I read each bulletpoint I was mentally thinking "check, she'll do that".... until I got to "Don't buy any shoes"
    Originally posted by benbenandme
    See....told you it would be a challenge!!!!

    Actually, I've fractured my hip so am in flats all the time while I am on crutches.....I didn't really *do* flats, so it's a real challenge not to buy more than I need!!
    • FloppyDisk
    • By FloppyDisk 2nd Sep 17, 8:37 AM
    • 507 Posts
    • 3,720 Thanks
    FloppyDisk
    Hello not new, I like your planning. Could you reduce the term if you already know you can save more than your 10% OP allowance? Or would that incur charges?
    July 2012 £139,642 / Dec 2017 £111,214
    EF - £20,156/£25,000
    • Betterthanever
    • By Betterthanever 2nd Sep 17, 8:48 AM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    With the plan I've got it already reduces it from 11+years to 5. If I can do that I will be over the moon.

    My back story is one of financial "challenges"...to be MF at 52, doing it on my own, was something I could only have dreamed of at one time.

    Now it could be a reality, so I'm embracing that challenge. If it takes a bit longer, so be it, but I don't think it will realistically take any less than 6 years.

    OH would pay it off in a shot if needed, but we do actually keep everything very separate and the bricks & mortar are mine only. Obvs if I lost my job or something I have that as a fall back but that's not part of the plan. The biggest satisfaction will be proving to someone who once said I wouldn't be able to do it, that I can.
    • Betterthanever
    • By Betterthanever 2nd Sep 17, 8:49 AM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    5 years not 6! Not yet worked out how to edit posts on my phone!!
    • michelle09
    • By michelle09 2nd Sep 17, 9:59 AM
    • 458 Posts
    • 1,805 Thanks
    michelle09
    I'm guessing one heel is not sensible with crutches?

    (I can't walk in the blasted things but have oversized feet and am nearly 6ft without them so am not missing out!)

    Good luck betterthanever, will be reading with interest!
    • Betterthanever
    • By Betterthanever 2nd Sep 17, 10:20 AM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    Even just walking with crutches is a challenge. I'm very confident in heels but think this would be a step too far! Mind you, I have a ball to go to in a couple of weeks....on of this weekend's tasks is to try on my dresses and ensure I have appropriate shoes.....of course all my long dresses need heels....and my flat shoes may be too sensible and not pretty enough to wear with my shorter dresses. The theme of the ball is black tie and diamonds so sparkly sandals from my summer holiday may have to suffice!
    • michelle09
    • By michelle09 2nd Sep 17, 10:30 AM
    • 458 Posts
    • 1,805 Thanks
    michelle09
    Oh dear! Is there any chance of being off the crutches in two weeks?
    • Betterthanever
    • By Betterthanever 2nd Sep 17, 10:34 AM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    I've been on them since May so probably not! I've another x-ray this week so will get a progress report then. I can't afford to take the risk of more damage at this stage....I've too much I want to do in the future!!

    Current balance £114,744.64. Offset £2,151.73. £112,592.91 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22

    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • Betterthanever
    • By Betterthanever 2nd Sep 17, 10:43 AM
    • 406 Posts
    • 2,183 Thanks
    Betterthanever
    So....plan for the day involves going to the gym, and not to spend any money.

    Other than bus fare to work, which is essential as I can't drive or cycle in at the mo to save money, I had a nsd yesterday. I've got plenty of food in so am hoping for another one today.

    I've started reading a few other diaries and recognise that I've been flying by the seat of my pants for the last few years financially. Don't get me wrong, it's been fab, but it's time I took proper control again so we can get old disgracefully!!

    Current balance £114,744.64. Offset £2,151.73. £112,592.91 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22

    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • Downshifterella
    • By Downshifterella 2nd Sep 17, 10:50 AM
    • 63 Posts
    • 336 Thanks
    Downshifterella
    Hi Better than never
    Another new but not new here and with similar timescales to you! Will be following diary for tips and hints!
    Ouch on the hip, hope it feels better soon!
    MF planning for the simple life
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,937Posts Today

6,555Users online

Martin's Twitter