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  • FIRST POST
    • LadyGnome
    • By LadyGnome 20th Apr 16, 6:05 PM
    • 420Posts
    • 1,550Thanks
    LadyGnome
    A Journey of Many Pounds Starts With a Single Penny
    • #1
    • 20th Apr 16, 6:05 PM
    A Journey of Many Pounds Starts With a Single Penny 20th Apr 16 at 6:05 PM
    Like many I have lurked for some time popping up on people's diaries with comments but I've decided it's time to come out of the shadows and start my own.

    Let me introduce myself. I am 46, live in London with MrGnome and two school age children. We have been MF before but when we decided to move we kept the MF house as a BTL and bought a project to do up. Mr Gnome does up properties as a part time business so he did a back to the brickwork renovation and extension on the house which is now finished (mostly ). I work full time as the main earner.

    The combination of the renovation and house price rises mean our LTV is below 50% so our interest rate is pretty good (2yr fix at 1.74%).

    I won't be making huge overpayments as we currently pay school fees as well as the mortgage. Additionally I have to balance frugality with enjoying life with the children.

    As the mortgage is large
    £268,261 today
    I am focussing on smaller goals which I will put in the next post.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
Page 2
    • LadyGnome
    • By LadyGnome 26th Apr 16, 11:27 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Like the savings pots idea and mid range tickets. Am sure it'll be great and this way you have more spare to OP.

    Have a good eve
    Originally posted by brizzledfw
    Thanks. Just got to resist the urge to spend the savings on a nice pre-theatre meal. MaccyD here I come
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 28th Apr 16, 10:19 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Mortage payment went out today so one step closer to paying it off.

    My £5 lottery win has now credited so I moved £2 to each of the mortgage, holiday and children pot.

    Had to buy a bit more school stuff as the younger Gnomeboy's jumper looked like he had been doing battle with a wild animal. Mr Gnome had stitched up the holes but further damage means it is now beyond redemption.

    I have updated my weekly goals as I have managed to bring food to work this week. I have also updated the bigger goals at the start and my sig to reflect the new mortgage amount.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 29th Apr 16, 9:54 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Pleased that I managed to bring food to work all week. Next week should be even easier as it is only a four day week .


    I am debating if I set an overpayments goal for the year as well. I have to balance motivating myself against putting myself under stress. If a goal is too stretching I tend to see it as just another burden and it annoys me. Consequently, I tend to set goals that I have a reasonable chance of smashing. I think if the mortgage was nearer the end I would be fine with something more challenging.


    Lots of thinking aloud here...
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 1st May 16, 4:55 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    I think I will try having an OP goal for the year of £3100 (1% of the original total). If it starts to annoy me then I will get rid of it. I will have a small OP to make on Tues as I get a small amount of monthly interest on the holding account and I have a small surplus on the car tax pot as I round up the monthly saving figure to the nearest whole pound.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • AlexLK
    • By AlexLK 1st May 16, 9:48 PM
    • 5,772 Posts
    • 29,935 Thanks
    AlexLK
    I too have a lot of difficultly setting goals as once set I start to stress about how to achieve them. If I don't achieve them, the feelings of failure out way any benefit I got from setting the goal. Last year I made a £10k savings challenge, which was really a earning over and above usual income challenge. Met the initial goal, so extended my target to £12k which I missed. Still feel bad for failing to meet the £12k, didn't set a challenge for this year and cannot find the motivation to earn extra.
    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.
    • LadyGnome
    • By LadyGnome 1st May 16, 11:22 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Alex, maybe start with something small and achievable as a goal for this year. When you've done it, stop and congratulate yourself rather than immediately moving the goal posts! £10k is an amazing target to have reached but I bet you didn't really acknowledge it. You need to learn to focus on what you have achieved rather than the negatives (easier said than done I know).
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • AlexLK
    • By AlexLK 2nd May 16, 12:02 AM
    • 5,772 Posts
    • 29,935 Thanks
    AlexLK
    I set myself a small goal in March to make £500 from decluttering for the month. Never got far with the declutter and only made £250.

    Anyhow, my last post was not written out of self pity but to say you are not the only one who finds targets are a cause of stress.
    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.
    • Busy Mee1
    • By Busy Mee1 2nd May 16, 7:06 AM
    • 367 Posts
    • 1,325 Thanks
    Busy Mee1
    Just thought I would say hi - really impressed with your approach and the 3 pots. Such a good balanced way of saving and making sure you have enough money for "life" as well as paying the mortgage off.
    Boys are lovely but they do eat you out of house and home and grow at a rate of knots. My son didn't stop growing until university and now towers above us all 🚶
    • brizzledfw
    • By brizzledfw 2nd May 16, 7:51 AM
    • 7,061 Posts
    • 34,159 Thanks
    brizzledfw
    Target setting is a tricky one..I know what you mean about getting despondent about unattainable financial goals. I have just tried to set them anyway, joined challenges on here etc and just see what I can do. Even if you miss them it's usually provoked a more MSE behaviour than if you'd stayed passive.

    My sales target was thoroughly missed for last month but I am reinstating it for this. Likewise, bringing all the data for the budget, pension, OP pot etc as well as TopCshback onto my phone means that I am much more in control of the detail and OH and I keep YNAB updated religiously. So I am learning that I need to make the targets recording easier on myself, data/logistics wise iykwim and updating the diary is also critical
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    September '17 Savings Rate Goal: 33% [August 33%]
    Declutter 100 items before 30.09.17 35/100 ** LSDs Target 5 for September 02/05 **AFDs 09/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 5 for September 01/05 Trying to be a Frugalista
    • LadyGnome
    • By LadyGnome 3rd May 16, 10:47 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Anyhow, my last post was not written out of self pity but to say you are not the only one who finds targets are a cause of stress.
    Originally posted by AlexLK

    Target setting is a tricky one..I know what you mean about getting despondent about unattainable financial goals. I have just tried to set them anyway, joined challenges on here etc and just see what I can do. Even if you miss them it's usually provoked a more MSE behaviour than if you'd stayed passive.
    Originally posted by brizzledfw

    Thank you both for these comments, I needed a bit of moral support. I did wonder if I was the only person on here who struggles a bit with targets on what is, after all, a goal orientated board.


    I think I will continue to set targets that I have a reasonable chance of achieving and try to remember to pat myself on the back for getting there before setting a new one. However, if they start to demotivate me then I will drop the targets apart from saving for known longer term expenses and just keep plodding on.


    Just thought I would say hi - really impressed with your approach and the 3 pots. Such a good balanced way of saving and making sure you have enough money for "life" as well as paying the mortgage off.
    Boys are lovely but they do eat you out of house and home and grow at a rate of knots. My son didn't stop growing until university and now towers above us all 🚶
    Originally posted by Busy Mee1

    Hello and thanks. I decided that I had to allow some breathing space in the budget for fun stuff as the mortgage is too big to shift quickly. I think if I tried to be very frugal for the length of time needed I'd probably go crazy and it wouldn't be fair on the children. I am slightly worried about the end of your post, I think I am going to need a second mortgage to cover the boys food and clothing
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 3rd May 16, 1:02 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    I had to buy myself some new trainers for walking on the weekend as I had worn out the tread on my old ones (I tend to use things to death). Just under £30 in SD so that is OK.


    I managed to reactivate my dormant account with the Spanish Bank so will be able to access the £43 left in there soon. I might convert this into a savings account or I might set it up as a "current" account with 2 direct debits so I can switch it somewhere else and bag a switching bonus.


    I am waiting for the monthly interest to credit on my holding account so I can transfer it and the car tax surplus into the pots.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 3rd May 16, 1:18 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Goals
    May Monthly Goals

    Holiday Fund to £1200 - £1220.63/£1200

    Reconcile Children's savings pot once bill received for music lessons - provisionally done as bills still not received

    Investigate the safe custody item my bank says it is holding for me - appointment first week of June

    Sort out change of address for shares

    Decide what to do with Spanish Bank account

    Move £500 to regular Saver (max per month) - Done

    Update Signature with OP target - Done
    Last edited by LadyGnome; 25-05-2016 at 10:16 AM.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 3rd May 16, 1:25 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    May - Week 1 Goals
    Bring food to work
    Tuesday - Done
    Wednesday - Done
    Thursday - Done
    Friday - Done

    Walk from station to work
    Once - Wednesday

    Financial
    Move £500 to Reg Saver - Done
    Update Signature with OP target - Done
    Move car tax surplus+ interest
    Update Holiday fund figures
    Make appointment to check safe custody item
    Last edited by LadyGnome; 06-05-2016 at 9:33 AM. Reason: Progress updates
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • AlexLK
    • By AlexLK 3rd May 16, 10:39 PM
    • 5,772 Posts
    • 29,935 Thanks
    AlexLK
    All sounds good. What instruments do your children play?
    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.
    • LadyGnome
    • By LadyGnome 4th May 16, 9:29 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Hello Alex
    The oldest (12 y.o.) plays the flute after starting on the recorder when he was young (recorder = easy to play and hard to break). He also sings in the school choir and plays in the school orchestra.


    I started the youngest (now 8) on the recorder but he hasn't really got on well with it and I think he didn't like the teacher's style. However, it does mean he can read music so it was worth it. We are debating what instrument to try next, he is keen to try the guitar but I am wondering if an orchestral instrument would be better. In the meantime, he really loved learning all the songs for the school musical (Joseph) and was wandering around the place singing, so we have decided to start singing lessons. I don't think he has an exceptional voice but he seems to get a lot of pleasure out of singing and that is what matters at his age.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 4th May 16, 10:08 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Interest received on holding account so I've used some of it to round the car tax surplus up to £12 pounds and paid £4 to each pot.

    I've won the Euromillions (well £5.20 ) so when that comes through I will round it up with a bit more of the interest and pay another £2 to each pot.

    Sadly ERNIE didn't pick my Premium Bonds this month (not that I have a results checker app on my phone or anything)

    I was trying to work out why this month it feels like money is particularly tight. I think the main reason is that £100 of my salary gets loaded on a cashback payment card and I use that for some of my general frittering day to day expenses. However, I have decided to give in to the Gnomeboys request for an Xbox so have been saving most of the money on the card. Current balance is £157.79 so next payday it should be close to the cost of an XBox (I will top up a bit if needed but hopefully there will be some special offers around). If I use the card to buy it from Argos I will get 5% cashback and I was thinking of going through Quidc0 or TCB as well. However, I am feeling a bit squeezed at the moment and will be until my June payday when the balance on the card will be mine (all mine...)
    So 51 days to the end of the Xbox squeeze
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 5th May 16, 9:50 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Bought a few small bits and pieces yesterday to top up the food I am taking to work. 8 small kitkats in Tesc0 for £1 and some popcorn. One kitkat a day should keep me away from the vending machines in work. I've hidden them in the kitchen from the Gnomeboys as they won't last very long if they find them. I'll let them have one each on the weekend; if I am feeling nice.

    50 days to the end of the Xbox squeeze
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 5th May 16, 9:53 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    p.s. I might have added a page on my spreadsheet counting down to the end of the XBox financial squeeze (with bricks to colour in)
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 5th May 16, 11:28 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    I've just spend a huge amount (£156) on tickets to an event in Nov that the Gnomeboys will love.

    I have an events budget pot but hadn't budgetted for this. However, there was another event that I was thinking of buying tickets for in July that I've decided to skip so that will cover some of the cost as the money for that is in the pot. I may need to repurpose some other funds too.

    I know that buying the tickets was the right thing as it is something the boys will really love so they won't mind missing out on something else.


    Update - Looking at my spreadsheet I've identified about £130 I can allocate to the tickets
    Last edited by LadyGnome; 05-05-2016 at 12:33 PM. Reason: Update
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 6th May 16, 9:30 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    The Gnomeboys are very excited about the tickets which are for wwe live. It is very popular with their school friends as well so I think there will a bit of chat about it today in the playground.

    My £5.20 Euromillions win credited. I rounded it up to £6 and sent £2 to each pot.

    I've managed to bring my food to work every day this week
    49 days to the end of the Xbox squeeze
    Last edited by LadyGnome; 06-05-2016 at 9:36 AM.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
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