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  • FIRST POST
    • CathT
    • By CathT 2nd Sep 10, 11:22 AM
    • 5,351Posts
    • 36,752Thanks
    CathT
    CT's attempt at being mortgage free
    • #1
    • 2nd Sep 10, 11:22 AM
    CT's attempt at being mortgage free 2nd Sep 10 at 11:22 AM
    Hi all,

    Originally came across this forum and had the idea of OP in the short term while interest rates so low but have been so inspired to make being MF a realistic goal.
    Initially was inspired by Financial Bliss's diary and then read many others taking in lots of tips and posting the occasional comment.

    So, a bit about me. Live with DH and DD (aged 2) with outstanding mortgage of just over 119,000 with about 19.5 years left on the term. We are young ish! and would hope to be MF by time i'm 40 (DH 45) so pretty much a 10 year ish plan.

    We have a fair income (about 40k joint) but have been used to living on a lot less so am hoping to direct disposable income at mortgage)

    Thanks for reading so far and I hope you will join me on my journey to keep me motivated!!
    Last edited by CathT; 20-12-2011 at 1:49 PM.
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
Page 2
    • CathT
    • By CathT 10th Sep 10, 8:46 AM
    • 5,351 Posts
    • 36,752 Thanks
    CathT
    Thanks for that Iris. It's like when you get cold callers, i never think to say 'oh, she's not here sorry' when it's me they are after!!
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
    • CathT
    • By CathT 10th Sep 10, 8:47 AM
    • 5,351 Posts
    • 36,752 Thanks
    CathT
    SOA

    Mortgage:690.26
    Sky 46.00
    Tc lic 12.37
    Sky cover 9.00
    British Gas 70.00
    Gas Cover 16.37
    Water 25.00
    C/Tax 125.00
    BT 16.00
    Life Ins 11.57
    Pension 25.00
    Charities 10.00
    My car ins 16.46
    Sofa 0% 33.63
    Internet 6.99
    I-phone 47.00 (includes 12 insurance)
    Oh phone 25.00

    Food and
    petrol £350

    OH personal spends £150

    Total £1685.65

    Income

    DH £1100 (before bonus, gets occasionally!)
    Me ~£1100 (my childcare voucher comes out of this but tends to cover costs of £240 monthly!)
    Tax credits+child benefit £200

    Total £2400

    Surplus £714.35

    Currently send minimum of £100 to mortgage. Not sure where the rest goes actually!!
    Last edited by CathT; 23-09-2010 at 8:34 AM. Reason: had not finished post
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
    • CathT
    • By CathT 10th Sep 10, 9:01 AM
    • 5,351 Posts
    • 36,752 Thanks
    CathT
    Sorry for sudden posting without introducation, blame company of nearly 2 yr old!!!
    Any advice/tips greatly appreciated. We always seem to go over food budget!
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
    • museumworker
    • By museumworker 10th Sep 10, 9:06 AM
    • 1,968 Posts
    • 11,125 Thanks
    museumworker
    on SOA but have to do one too now!

    Am off for my fancy shopping trip but will come back later and comment on your SOA and post mine too

    If you're not sure where money is going, I would recommend spending diary - can use an online one, but my best was just a tiny notebook which I would write in as soon as I spent it (although I'm sure theres an i-phone app you can use too, that would justify it) I need to start one of those too...
    Mortgage 16/03/2011: £190K 01/01/2017: £107,729.65 01/07/2017: £95,979.89
    OPs 2011-2016 = £45K 2017 OPs = £9250.20
    • Iris Blue
    • By Iris Blue 10th Sep 10, 9:57 AM
    • 1,318 Posts
    • 5,764 Thanks
    Iris Blue
    Hi again!

    A quick look at your SOA. What about haircuts, birthdays , christmas ,clothes, house ins, parking , holidays, entertainment, cinema trips, takeaways..or do all these come out of a monthly budget ? Like MW says you could do with logging your spends in a diary then you know where its going. I have every penny accounted for on mine, what I have extra goes towards OP-ing

    I use budgetbrain.com from this site as it tells you everything that you should be writing down. it makes you be really honest with what you're spending.

    Iris
    I can't be bothered updating this anymore
    • wynnvegas
    • By wynnvegas 10th Sep 10, 10:29 AM
    • 1,376 Posts
    • 6,392 Thanks
    wynnvegas
    Hi Cath,

    Well done. A spend diary is a great idea - like I say, we were comfortably blowing £800 on crap a month at our worst without even realising it! I would think you'll be able to get a better i-phone insurance deal than the £12pm you're paying. Martin has his guide here (http://www.moneysavingexpert.com/insurance/cheap-mobile-phone-insurance#cheapest) which advised anything between £15-£60 per year depending on the model and cost of replacement etc. I believe paying insurances off annually saves a good bit as well but I've no reference point as we've never paid monthly.

    Cheers,

    Billy
    Mortgage Free: 28/10/2010
    Time / Interest Saved: 18.5 years / £61,866.50
    • Iris Blue
    • By Iris Blue 10th Sep 10, 10:54 AM
    • 1,318 Posts
    • 5,764 Thanks
    Iris Blue
    That's just it Billy , you don't realise how much you waste do you on the little bits here and there do you until you cut back.

    Just another thought Cath - I presume your on duel fuel as you've put british Gas down but not electricity. Seems a little high.. but not sure of your house size. Mines £83 a month for duel for 7 of us (soon to be 8 )
    I can't be bothered updating this anymore
  • Day Dreamer Girl
    Hi CathT

    Anyone else constantly feel like they want to move?
    Originally posted by CathT
    We are so undecided on what to do and have been for a long time, do we stay or do we go. We want to move down south and want to do it while we are young enough.

    TBH I should probably stop watching all these property programmes, they give me delusions of grandeur!!
    Originally posted by CathT
    This is my downfall too
    Mortgage Balance at start July 2010 - £170,000.00
    Current Balance - £169,305.15
    Savings toward overpaying - £269.98

    Weight to lose by 6th Nov 2010 - 12lb
    Weight lost - -3lb
    • CathT
    • By CathT 10th Sep 10, 12:27 PM
    • 5,351 Posts
    • 36,752 Thanks
    CathT
    Think I should have done SOA when DD not around! (but that doesn't happen!) We also owe approx £1000 on 0%CC but don't have bills to hand to check. Tend to send 50-100 to this. I know i should pay this off first but I think i'd benefit more by sending what I can to the mortgage before interest rates shoot up.

    Have just switched to BG monthly monitor deal so I have estimated my DD as I think it will change month to month but I need to average out over the year so not hit with big bills in the Winter.

    Unfiortunately i have never budgeted for car expenses, holidays (last one 2006), presents, other day to day expenses - but have just paid for them as needed.
    I now save £10 a month that get from halifax accounts and leave it separate as i thought that would at least tax one car for the year.

    DH car insurance was paid outright last year but both cars are due for renewal in December.

    I have just paid outright for home insurance so that has swallowed up all the money I had left this month!!!
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
  • Baby steps
    SOA


    Sky 46.00
    Sky cover 9.00
    BT 16.00
    Internet 6.99
    Originally posted by CathT
    Cath, my only point is could you look at getting all three from the same supplier. With sky they offer free broadband if you have your phone and TV with them. I only have the basic sky package (3 mixes I think no sports and movies), but only pay £35 a month for TV, phone and internat.

    It may be worth looking at this area to check your getting the best value. Even if not through sky, talk talkk do phone and TV offers.

    Looks like your doing well with everything and making a really good start to the journey.

    Baby steps.
    Mortgage @ 01.06.10 £165,999
    Mortgage @ 31.10.13 £14,664
    • CathT
    • By CathT 14th Sep 10, 3:04 PM
    • 5,351 Posts
    • 36,752 Thanks
    CathT
    Hi all,

    Have just had chance to come back to my diary and look at SOA. Am unsure what my energy costs are going to be cos changing supplier in next few weeks (hopefully for the final time!) I have always been cautious with elec use but not so much with gas (until become a MFW that is) We have a 3 bed detached (although radiator not really used in bedroom 3) and are not really home that much! Both work full time but shifts. Prob only 3 days someone actually at home. Just wondering what others consumption is? We have double glazing, cavity wall, loft insulation, jacket on tank etc but an inefficient boiler and the radiators never actually get hot!

    Have tried to get SKY cheaper for a while and was offered 25% reduction which runs out in Jan (were paying 57.50!!!) I think we may cancel movies and sports (+espn) taking package down to ~£20 a month, will cancel the cover (a lot of people say is not necessary anyway-any thoughts?)
    Think we are locked into BT for another 6 months or so as they reduced DD if i signed up for 12 months.
    Can't get the free sky broadband, virgin tv or bt vision in my area unfortunately.

    Sofa still has 19 months remaining.

    Will def look at i-phone insurance, think i would be too afraid to go without completely but will shop around. Thank you for the link Billy.

    One more thing before i go, am new to Quidco. What is the difference between validated, tracked and received? I still have no credit on the account and thought it would be quicker to ask here than trawl through t&c's.

    Anxiously waiting for payday to send some more OP!!
    Last edited by CathT; 14-09-2010 at 3:04 PM. Reason: error in text
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
  • Baby steps
    Hi,

    Worth thinking about sky phone in the future at least. As for iPhone insurance, mine is covered by my bank as kne as the perks of a gold account (along with travel insurance and breakdown cover and a few extra bits all for £12.95 a month).

    As for quidco, my understanding is that validated means qudico have registered the
    spend on your account, tracked mean the supplier have acknowledged the transaction and received means that quidco have received the money front the supplier and are waiting to pay it to you. Hope that helps and I'm sure someone will correct me if I'm wrong!!
    Mortgage @ 01.06.10 £165,999
    Mortgage @ 31.10.13 £14,664
    • cha97michelle
    • By cha97michelle 14th Sep 10, 10:54 PM
    • 5,639 Posts
    • 67,574 Thanks
    cha97michelle
    tracked and validated are the other way round on Quidco.

    I think i need to look at our SOA again. I only did it a few months ago but a few bills have changed a little bit.
    • CathT
    • By CathT 15th Sep 10, 7:54 AM
    • 5,351 Posts
    • 36,752 Thanks
    CathT
    Thanks baby steps and Michelle. With SOA in the past I have found that I have cancelled something (i.e gym membership) to save money and then one of my other dd's goes up completely wiping out my saving!

    However, does make me reluctant to add anything new. DH prob upgrading car but willing to forfeit some of personal spends, cancel sports etc and hoping the money saved on tax (going from 1.8l to 1.1) and insurance will recoup the cost of the car!

    We could have a balance of £3000 (after deposit and trade in) but they only offer 7% on finance. Wondering whether to use a CC then use 0% transfer deal to save some interest costs. Would need to be disciplined with repayments tho. Or just take the loan and save extra to pay it off as quick as possible but not sure what would be left for OP's.

    I also get payrise next month so could poss afford it without noticing much difference (in theory anyway, doesn't it always work like that?!)
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
    • museumworker
    • By museumworker 15th Sep 10, 12:12 PM
    • 1,968 Posts
    • 11,125 Thanks
    museumworker
    SOA

    Sky 46.00 I think others have commented already on combining with other offers. I would consider getting rid, reducing number of channels, or calling them to threaten getting rid and see how much better they can do! My sis recently halved her virgin bill as she called to go to a better deal at sky - they reduced price greatly and gave better service to keep her.

    Sky cover 9.00 What is this?

    British Gas 70.00 sounds like you shop around already for this, would look at cheap ways of improving heat output (bleed radiators, have boiler serviced, add reflective foil to behind radiators to reflect heat back into room, draft proof doors, thick curtain in front of outside doors/windows etc). Our joint elec and gas for 3 bed house is about £55 a month. Have newish boiler though (although radiators are rubbish too).

    Gas Cover 16.37 may be able to shop around for this

    Life Ins 11.57 can always check this - is it for 2 people or one?

    I-phone 47.00 (includes 12 insurance) but you've said this is important to you, others have mentioned insuring through other means

    Food and petrol £400 maybe split out food and petrol. Food is the one area big savings can be made through meal planning etc

    OH personal spends £200 what about your personal spends? OH and I both have £150 a month pocket money to spend on what we like.


    Currently send minimum of £100 to mortgage. Not sure where the rest goes actually!!
    Originally posted by CathT
    Did you put down childcare, clothes, christmas and bday presents, holidays? These mount up, although we normally pay for them annually is good to see how much that averages out a month.

    Hope these comments help, will do my own SOA soon so you can do the same for me .
    Mortgage 16/03/2011: £190K 01/01/2017: £107,729.65 01/07/2017: £95,979.89
    OPs 2011-2016 = £45K 2017 OPs = £9250.20
    • CathT
    • By CathT 15th Sep 10, 12:53 PM
    • 5,351 Posts
    • 36,752 Thanks
    CathT
    Thanks for your comments MW.

    I am hoping we can reduce our gas and elec consumption and due to new deal with BG should be getting cheapest tariff availiable across all providers.

    I will cancel the sky cover, maybe today? Someone told me if there is a fault just threaten to cancel anyway! We took it out when we had work done to front of house and had to call out an engineer as the dish got knocked.

    Our life insurance covers us both and pays the mortgage should either of us die.

    We NEVER stay on budget for food and petrol and although we have this set amount in a separate account we always end up using the other joint account at end of the month. Am definitely going to look at meal planning esp with colder weather approaching soups and stews/casseroles seem more appealing and I know DD will enjoy these meals.

    We don't currently budget for clothes, presents (don't have holidays argh!) and buy as and when we need them so would be good to have a reserve account for things like this.

    My wages are after my childcare voucher comes out and this tends to cover most if not all of the costs each month.

    Am planning a cheap christmas (don't people always do that!)

    So, things to do today:

    1) Cancel ESPN (can't alter rest of package till Jan) saving £7 a month
    2) Cancel Sky Cover - saving £9 a month
    3) Look at options to fund possible new car purchase and also think of haggling tips!
    4) Set OP goal for next month after working out what wage will be next week (we were both underpaid last month!)
    5) Look at meal planning ideas
    6) Persuade DH to have less personal spends since I barely spend anything on myself!
    7) Be more frugal overall!!
    Last edited by CathT; 15-09-2010 at 5:07 PM.
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
    • katsu
    • By katsu 15th Sep 10, 1:37 PM
    • 4,372 Posts
    • 13,697 Thanks
    katsu
    Thanks for posting your SOA. I use Martin's budget planner too.

    I'm sure you can save money on the gas cover - try Martin's site articles.

    I personally just pay for an annual service rather than insuring it. I had mine done today at £65, and have spent ~£400 on the boiler over 4.5yrs - basically all because it was badly maintained and bodge mended in the past when it broke My boiler is at least 11yrs old and the engineer says it has life in it yet. If I'd had your insurance it would have cost me ~£900 over the same period

    My theory is one of "self-insurance" - sometimes it is better to save the money/think how you would replace the item if it broke/consider the realistic maintenance costs, than to insure it.

    For pressies, I keep a spreadsheet (goes back a couple of years) showing what is in my stash, what it cost, and when I allocate gifts to people it keeps a running annual budget. I spent around £180 last year on 23 people as we have a large family. I love my list and feel it helps me appreciate the bargains better.
    Debt at highest - £8k Debt Free 31/12/2009 (six years and counting )
    OP savings pot: £690.06.
    Total OPs since 2010: £2,128.50. Original MFD: May 2036 Current MFD: 1 August 2034
    • CathT
    • By CathT 15th Sep 10, 5:10 PM
    • 5,351 Posts
    • 36,752 Thanks
    CathT
    Thanks for popping by Katsu, i will look into the gas cover savings. Since I've had it for 2 years now I think if i cancelled my boiler would go BANG!

    I'm rubbish at keeping track of what presents i've bought, already started christmas shopping but not sure where i have put the stuff and who it's for!!

    Not managed to do much off my list today!
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
    • themull1
    • By themull1 15th Sep 10, 5:44 PM
    • 4,197 Posts
    • 4,113 Thanks
    themull1
    What are your husbands personal spends? they seem a bit high?
    • CathT
    • By CathT 15th Sep 10, 6:08 PM
    • 5,351 Posts
    • 36,752 Thanks
    CathT
    Just so that he has his own money really and some sense of control cos i organise the rest of the finances! Sometimes he buys food shopping (often junk tho) but i suspect he wastes rather a lot. Might reduce him down to £150 this month and see what difference that extra £50 makes to my MF spreadsheet!

    What does everyone else have for personal spends?
    Nov 2017 -
    part 1 - £79,999
    part 2 - £46,117
    Total - £126,116
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