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  • FIRST POST
    • AlexLK
    • By AlexLK 8th Mar 15, 11:07 PM
    • 5,696Posts
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    AlexLK
    Renovations and Repayments.
    • #1
    • 8th Mar 15, 11:07 PM
    Renovations and Repayments. 8th Mar 15 at 11:07 PM
    Hello and welcome to visitors familiar with my journey thus far and are surprised to see me on such a sensible board and a further warm welcome to the new faces wondering what they've let themselves in for.

    Let me begin by clarifying a few points: the first one is I am not sure whether I'm actually serious or not about clearing my mortgage and the second is the fact my house needs quite a bit of work doing to it. This work I do myself and in the time my wife and I have lived in the house we've learnt all kinds of new skills. The current project involves renewing the windows and I am making the frames myself, two are done and I'm pleased to say look great.

    I plan to use this mortgage free (how very grown up) diary to document the renovations and my savings activities, out of which overpayments may or may not be made. However, I am fully committed to long term saving and making as much money as possible. A long term goal of mine is to add to the BTL portfolio I shall one day inherit and am already becoming more involved in which is perhaps a good reason to pay my mortgage off and make my current property into an investment.

    Aside from the recent interest in moneysaving I have a four year old son, run my own company, play and teach the violin and piano whilst studying for my own interest. Oh and don't mention the cars.

    Those familiar with my debt-free diary will know I'm not exactly great at record keeping but am trying to improve, so please don't expect the detailed financial updates others seem to put on here. To kick things off, I suppose I ought to confess the mortgage debt is a total of circa £185,000 and I have no real timescale or plan in mind to pay it off.

    Sorry if this is not a particularly articulate introduction, as I seem to be at a loss how to tailor it to both those who've read my debt free diary and to new readers frequenting mortgage free.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
Page 3
    • ourcornercottage
    • By ourcornercottage 11th Apr 15, 8:02 AM
    • 1,497 Posts
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    ourcornercottage
    AlexLK I was just wondering is there any chance that your wife could "manage" the house financially? In our household I control (not in a bad way) most of the money I sort out all the bills etc and then my BF and I have an amount per month which is ours to spend as we wants to. If he had control of all the money quite frankly nothing would ever get paid. We always have a minimum of 3 bank accounts (although more at moment) one for bills, one for his spends, one for my spends. The majority of the money goes into the bills account and then we have our own to spend/save as we want. It works for us and like I said, if he had control of all the money it would be a disaster!

    In terms of your business for tax reasons you should probably draw something from it. Ask your accountant the best amount and draw that every month. If you don't want to touch it put it into a savings account in your joint or wife's name that need you both to take it out and forget about it.

    If you are both bad with money would either of your parents help with the organisation?

    Sounds like you are seeing your way through the mist, just keep going things will come right. Look forward.
    £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
    • AlexLK
    • By AlexLK 16th Apr 15, 10:45 PM
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    AlexLK
    ourcornercottage: It has taken me days to be able to respond to this before realising you probably haven't read my debt thread. Anyway, my wife is not going to be taking financial responsibility for the household, nor are my parents. I do not have a problem paying the bills, whilst I have not been wise with money in the past, that is in the past. In the past year or so, I have bought absolutely nothing for myself, paid my debt and started to save. Perhaps it's too little too late but better than refusing to admit I had a problem and doing nothing about it.

    In regard to the business I do draw a small monthly salary, sorry if I'd given the wrong impression about that but the majority is reinvested.

    I will agree I do need to keep looking forward, whilst I may be a loser to everybody else, I'm not in the eyes of my son and that is enough of a reason for me to carry on.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • ourcornercottage
    • By ourcornercottage 17th Apr 15, 7:49 AM
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    ourcornercottage
    Well done you. Never in a month of Sunday's would that happen in my household. You should just feel proud of yourself. My BF is self confessed rubbish with money but admits it's an issue and is happy for me to look after things. Goodness knows what would happen if I didnt, we would have absolutely nothing.

    How are the windowns coming on?
    £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
    • newgirly
    • By newgirly 17th Apr 15, 8:10 AM
    • 5,683 Posts
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    newgirly
    Hi Alex , just wanted to pop in and say welcome , congratulations on becoming debt free I've cleared a similar amount over the last few years (and have reborrowed some to do work on the house!) Its not easy is it

    I have to be nosey though, what classic cars do you have if you don't mind me asking?
    MFW 21
    Target for 2017 £38,545 / £10,784 paid so far

    Mortgage £49,452 4 years 10 months left. Total owed £69,512 planning to clear in 18 months
    Weightwatchers target - 29.5 lb start date 11/5/17 so far 8.5lb lost
    • edinburgher
    • By edinburgher 17th Apr 15, 8:30 AM
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    edinburgher
    I don't think anybody thinks you're a loser Alex, that's the black dog talking.

    I think you're a very interesting chap with several strings to his bow (baboom!) (even if you are an arch-Conservative)

    What's on the agenda for today? Looks like a good one to continue in the garden if the weather darn sarf is anything like Scotland
    • Mara_uk7
    • By Mara_uk7 17th Apr 15, 10:25 AM
    • 1,201 Posts
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    Mara_uk7
    Hey Alex ! Good to see you posting again .. Kinda missed you over on the "other" thread. Sun is cracking the pavements here, Lambs gambolling in the fields ... its an open top kinda day ! Glad to hear you are cracking at with the house renovations, can you infect my hubby with some enthusiasm please ?
    • AlexLK
    • By AlexLK 18th Apr 15, 12:24 AM
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    AlexLK
    Well done you. Never in a month of Sunday's would that happen in my household. You should just feel proud of yourself. My BF is self confessed rubbish with money but admits it's an issue and is happy for me to look after things. Goodness knows what would happen if I didnt, we would have absolutely nothing.

    How are the windowns coming on?
    Originally posted by ourcornercottage
    I am pleased with how I've managed to turn my dealings with my finances around.

    No progress on the windows but the front garden is beginning to look nice for the first time ever, in fact I used to be too ashamed to call it a garden! However, it seems this year I've started to become that sad old man, always watering the plants or mowing the lawn. Unfortunately, I can't say it's been cheap to sort it out and there's still a few things to buy yet but I have avoided the expensive garden centres and nurseries by choosing to grow my own.

    Hi Alex , just wanted to pop in and say welcome , congratulations on becoming debt free I've cleared a similar amount over the last few years (and have reborrowed some to do work on the house!) Its not easy is it

    I have to be nosey though, what classic cars do you have if you don't mind me asking?
    Originally posted by newgirly
    Thank you. No, it's not easy. I think it's changing the spending mindset which is the most difficult part as there are so many things I often wish to buy but know wouldn't be the best idea in reality.

    Nice to see someone else on here with some appreciation for the cars. I have a Triumph GT6, Triumph TR7 V8, MGB project, BMW Z3 2.8i and I suppose the Landy is almost at that age now, too.

    I don't think anybody thinks you're a loser Alex, that's the black dog talking.

    I think you're a very interesting chap with several strings to his bow (baboom!) (even if you are an arch-Conservative)

    What's on the agenda for today? Looks like a good one to continue in the garden if the weather darn sarf is anything like Scotland
    Originally posted by edinburgher
    Thank you.

    You're guilty for me beginning to read about investments after you posted a blog on your diary. I'm now considering whether I could invest the profits of the things I buy to sell and make further gains from what is "free" money. Perhaps, I could beat the mortgage interest without actually paying off the mortgage, if that makes sense?

    Today has indeed been a garden day between a bit of work and going out in the car.
    Last edited by AlexLK; 18-04-2015 at 12:40 AM.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • AlexLK
    • By AlexLK 18th Apr 15, 12:46 AM
    • 5,696 Posts
    • 29,373 Thanks
    AlexLK
    Hey Alex ! Good to see you posting again .. Kinda missed you over on the "other" thread. Sun is cracking the pavements here, Lambs gambolling in the fields ... its an open top kinda day ! Glad to hear you are cracking at with the house renovations, can you infect my hubby with some enthusiasm please ?
    Originally posted by Mara_uk7
    Thank you and I've missed you too, dear.

    It's been nice here too for the past couple of weeks. I'm actually beginning to rather warm to this place since starting to sort it out.

    Not sure enthusiasm is contagious, unfortunately, Mara! Mind, I suppose I ought to go to bed (they all seem to be early to bed on MFW, no wonder there's so many expectant parents on here) before I've no enthusiasm tomorrow.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • edinburgher
    • By edinburgher 18th Apr 15, 7:54 AM
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    • 55,357 Thanks
    edinburgher
    Perhaps, I could beat the mortgage interest without actually paying off the mortgage, if that makes sense?
    Yes, that sounds perfectly achievable with a balanced portfolio in the current low interest environment, shouldn't be too hard

    Mind, I suppose I ought to go to bed (they all seem to be early to bed on MFW, no wonder there's so many expectant parents on here) before I've no enthusiasm tomorrow.
    One of the 'joys' of regular Mon-Fri office jobs is that they often force you to compress everything into the weekend. Saturday morning becomes a blur of housework, grocery shopping etc. Luckily I made my way through 4 (non-alcoholic) beers last night, so it's not an actual blur

    I imagine you have a bit more flexibility, beyond the obvious time bound things like making sure your son gets to school on time?
    • gallygirl
    • By gallygirl 18th Apr 15, 8:05 AM
    • 16,382 Posts
    • 107,295 Thanks
    gallygirl
    Nice to see someone else on here with some appreciation for the cars. I have a Triumph GT6, Triumph TR7 V8, MGB project, BMW Z3 2.8i and I suppose the Landy is almost at that age now, too.
    Originally posted by AlexLK
    What colour is the TR7? (say it's blue, say it's blue, say it's blue ). Unlike you Alex I remember them when they were new . No Stag?
    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"
    • Sa1sysoo
    • By Sa1sysoo 18th Apr 15, 11:33 AM
    • 233 Posts
    • 826 Thanks
    Sa1sysoo
    Ok, I've got to step out from lurking.
    Gallygirl, I could kiss you for asking about the Stag! I grew up with my Dad's Triumph Stag (Racing Green), but it sadly went to seed after he passed away.
    It's one of my greatest wishes to get one!
    2017 £2 Savers Club #19 - £35/£100 Target
    1% Club - 28%/100% Declutter 2017 in 2017 - 951/2016
    Joint Overdraft: £1,400/£1,500, Tesco (0%): £4,685.85/£4,681.95
    DH Overdraft: £1,500 Virgin CC (0%):£5,135.23/£3,857.70
    • AlexLK
    • By AlexLK 18th Apr 15, 10:00 PM
    • 5,696 Posts
    • 29,373 Thanks
    AlexLK
    Yes, that sounds perfectly achievable with a balanced portfolio in the current low interest environment, shouldn't be too hard

    One of the 'joys' of regular Mon-Fri office jobs is that they often force you to compress everything into the weekend. Saturday morning becomes a blur of housework, grocery shopping etc. Luckily I made my way through 4 (non-alcoholic) beers last night, so it's not an actual blur

    I imagine you have a bit more flexibility, beyond the obvious time bound things like making sure your son gets to school on time?
    Originally posted by edinburgher
    Thanks, I suppose I could have a go with this first £5,000. Have to admit I'm rather daunted by the prospect as I know very little about investing money and am not really a gambler.

    I remember the "joys" of a "normal job" all too well. What are your long term plans for work, I know you wish to change job / career? More importantly, what sort of Scotsman drinks non-alcoholic beer?

    In terms of the hours I work, it's very flexible unless I've booked an appointment with a customer. I do one afternoon per week teaching music within a secondary school which is fixed and half paid, half voluntary and one afternoon per fortnight helping music pupils get ready for auditions at my old prep school, both of those are fixed and they insist I keep to the same day. No school for my son, yet. That will start in September and be quite the shock as I will have to get him there.

    What colour is the TR7? (say it's blue, say it's blue, say it's blue ). Unlike you Alex I remember them when they were new . No Stag?
    Originally posted by gallygirl
    Sorry, it's red.

    I used to have a Triumph Stag. It was Russet Brown with a tan interior.

    Ok, I've got to step out from lurking.
    Gallygirl, I could kiss you for asking about the Stag! I grew up with my Dad's Triumph Stag (Racing Green), but it sadly went to seed after he passed away.
    It's one of my greatest wishes to get one!
    Originally posted by Sa1sysoo
    You should buy one then. They aren't particularly expensive cars.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • gallygirl
    • By gallygirl 18th Apr 15, 11:54 PM
    • 16,382 Posts
    • 107,295 Thanks
    gallygirl
    Sorry, it's red.
    Originally posted by AlexLK
    Would you consider spraying it ?
    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"
    • AlexLK
    • By AlexLK 19th Apr 15, 12:32 AM
    • 5,696 Posts
    • 29,373 Thanks
    AlexLK
    Would you consider spraying it ?
    Originally posted by gallygirl
    No.

    It's going up for sale soon with the Z3 to be replaced with a Daimler 250V8 or XJ-S V12 or if my wife and I are feeling particularly yobbish, one of these: https://www.youtube.com/watch?v=kP0uBqTn6IA (MG ZT 260 V8, could be even more amusing if it happens to be the Rover version).

    Or ... one of these would be fun https://www.youtube.com/watch?v=-iXiqTtoT4w, if a little hard to come by.

    ...Sorry, I've really gone and spoilt my image now.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • gallygirl
    • By gallygirl 19th Apr 15, 8:00 AM
    • 16,382 Posts
    • 107,295 Thanks
    gallygirl

    It's going up for sale soon with the Z3 to be replaced with a Daimler 250V8 or XJ-S V12 or if my wife and I are feeling particularly yobbish, one of these: https://www.youtube.com/watch?v=kP0uBqTn6IA (MG ZT 260 V8, could be even more amusing if it happens to be the Rover version).

    Or ... one of these would be fun https://www.youtube.com/watch?v=-iXiqTtoT4w, if a little hard to come by.

    ...Sorry, I've really gone and spoilt my image now.
    Originally posted by AlexLK
    OMG It's Dukes of Hazzard .

    Get an XJ-S please. Black, or Racing Green -my ex-boss had a green one for years and it made me smile every time I saw it . And the version with single rectangular headlights, not the pair of round ones. Convertible obviously.

    If it absolutely HAS to be a Daimler, a nice dark red please. Not white, unless you're going to be doing weddings. Or yellow - shouldn't that be illegal .

    Thank you for your co-operation .

    Prof. Google has been my friend this morning, I don't carry this knowledge in my head .
    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"
    • AlexLK
    • By AlexLK 19th Apr 15, 11:32 AM
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    • 29,373 Thanks
    AlexLK
    OMG It's Dukes of Hazzard .

    Get an XJ-S please. Black, or Racing Green -my ex-boss had a green one for years and it made me smile every time I saw it . And the version with single rectangular headlights, not the pair of round ones. Convertible obviously.

    If it absolutely HAS to be a Daimler, a nice dark red please. Not white, unless you're going to be doing weddings. Or yellow - shouldn't that be illegal .

    Thank you for your co-operation .

    Prof. Google has been my friend this morning, I don't carry this knowledge in my head .
    Originally posted by gallygirl
    In all likelihood, it'll be a Daimler as I really like '60's cars. Certainly not in white as I have no wish to do weddings whatsoever. My first preference for colour would be dark blue as then it would match the GT6 but Mrs. K. would like a red one. That said I don't believe you can pick the colour of a used car.

    If we go the XJ-S route it won't be new enough to be a convertible as we both like the original mid-70's cars. Pre-HE = about 9mpg though , it's not usually something that bothers me but I realise that's rather bad!

    Better face up to the finances today though ... it's not been a great month.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • gallygirl
    • By gallygirl 19th Apr 15, 12:55 PM
    • 16,382 Posts
    • 107,295 Thanks
    gallygirl
    That said I don't believe you can pick the colour of a used car.
    Originally posted by AlexLK
    Don't you just go on Autotrader and filter by colour before looking at anything else? No, don't suppose you do Alex .
    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"
    • AlexLK
    • By AlexLK 19th Apr 15, 3:12 PM
    • 5,696 Posts
    • 29,373 Thanks
    AlexLK
    Struggling for motivation this afternoon as I'm trying to update the finances before going away. Unsurprisingly, I have not been very diligent as it's not been the greatest couple of months for the business. I'm really very disappointed with this month's savings.

    Trying is better than pretending it simply doesn't exist, though?

    Don't you just go on Autotrader and filter by colour before looking at anything else? No, don't suppose you do Alex .
    Originally posted by gallygirl
    Can't say I've ever done that; I have bought a car to win a bet though, back in my uni days.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • AlexLK
    • By AlexLK 19th Apr 15, 7:07 PM
    • 5,696 Posts
    • 29,373 Thanks
    AlexLK
    Sunday 19th April, 2015.

    Dear Diary,

    Well, it's that time of the week again! I've spent the afternoon trying to make sense of my finances and come to the conclusion that whilst it's been a rather dire month businesswise, I am at least not running at a loss. The regular readers know I seem to often get the maths wrong, so I'm pleased to report I checked it twice and have saved the totals on the spreadsheet.

    Today has also been a thinking about what to do with the savings day and I am seriously contemplating trying to invest the money as I'm clearly not buying a BTL with £5,000, nor will it make a great dent in my own mortgage. Any advice getting started would be much appreciated as whilst I've read a few things I can't say I really understand any of it.

    Such pragmatic thinking about the future has been no bad thing and I may be some of the way towards getting a five year plan, of sorts, together. This is a big step for me as since my mid-twenties I've not even been able to imagine being on this planet for another five years and consequently found myself planning accordingly.

    Unfortunately, I cannot see the finances being any better for the rest of the month as I'm going to Spain (feeling quite guilty about that when I ought to be putting my time into the business) but I'm hoping for a good May.

    ETA: I'm pleased that I've managed to get somewhere with the front garden, it's really made a difference to how I feel about the house in general as it's looking so much better. I'm looking forward to Mrs. K. seeing it for the first time when she gets back from her holiday.

    Next project will be the ongoing window one and a refresh of the kitchen. I also have some planters to make for the garden and a garden swing to make for my son.

    Yours Faithfully,
    Alex.
    Last edited by AlexLK; 19-04-2015 at 7:14 PM.
    Money saved 2017: £3330. Overpayments 2017: £500.
    Saved £11,000 in 2015, £9,800 in 2016.
    From £32,000 in debt on 2/9/2013 to debt free on 12/1/2015.
    • newgirly
    • By newgirly 19th Apr 15, 10:34 PM
    • 5,683 Posts
    • 38,953 Thanks
    newgirly
    Thats a nice collection you have there Alex, kind of the opposite of lots of mfwer's who are trying to reduce the number of vehicles they have quite an eclectic mix as well, must be so much fun

    I love classic cars too but have only had a midget and a mini so far, finances have put a stop to all that in the last few years unfortunately.

    I've noticed that prices seem to have really shot up in the last year or so on many cars, and cars that were not considered "classics" a couple of years ago now are, (or maybe I'm just getting old!) .

    PS if you ever need a babysitter for the GT 6 , I can help
    MFW 21
    Target for 2017 £38,545 / £10,784 paid so far

    Mortgage £49,452 4 years 10 months left. Total owed £69,512 planning to clear in 18 months
    Weightwatchers target - 29.5 lb start date 11/5/17 so far 8.5lb lost
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