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  • FIRST POST
    • greent
    • By greent 26th Mar 10, 2:46 PM
    • 6,300Posts
    • 63,845Thanks
    greent
    greent's mfw journey
    • #1
    • 26th Mar 10, 2:46 PM
    greent's mfw journey 26th Mar 10 at 2:46 PM
    Afternoon all!

    I have been inspired after reading lots of the diaries on here to join in.

    Background: OH and I are both 40. Have 4 children (12, almost 10, 4 and 10 months) OH was made redundant twice last year and recently started working as a contractor on a daily rate (4 month contract, may be extended a little) - so we now have a limited co of which we are both directors. I no longer work. We have a BTL property on which we have an interest only mtge and will clear that by selling the property (only bought for capital gain, not income, purposes) BTL property has long term tenant in. Rent covers mtge and buildings insce and repairs/ renewals with a small excess - but not much.However, it's on a fixed rate and takes care of itself.

    MFW relates to our home. Bought in Oct 2005 for 277k, 130k mtge over just under 16 years (kept previous end date) Since then we have added a further 30k to the mtge for a loft conversion (needed due to the no of children!!) that cost approx 35k. We have also spent 20k+ on a bespoke fitted kitchen and building work - but financed that from savings/ income. And decorated and new carpets (previous owners ran out of money and had to sell, so place was full of stuff to do, even though it's still only 11 years old!) Some overpayments have been made, as can be seen from the overall balance.


    OUr mtge is with C&G. I have a statement for balances as at 31/12/09:
    (Balance as at 31/01/2009 was £124 616, so we reduced the balance by just under 20k last year)
    Sub Account 01
    Term remaining 12 years and 7 months.
    Fixed rate 4.79% - until 30/09/10
    Balance £79512.27

    Sub Account 02
    Term remaining 13 years 1 month
    Fixed rate 3.99% until 30/04/11
    Balance £25423.78

    Sub Account 03
    Term remaining 12 years and 7 months
    Fixed rate 4.79% until 30/09/10
    Balance £33.32


    TOTAL BALANCE: £104969.37

    We can repay by 10% a year without incurring penalty fees. We pay £1074.94/ month - this includes an element of overpayment, but I'm not sure how much (we didn't reduce our monthly payments when we paid off £12500 after DH was made redundant the first time)

    My first step is going to be repaying Sub Account 03 We are with C&G, so I will phone them up about this. I can also afford to repay £4k to £5k from sub account 01, I think - but will leave that until after a meeting with our accountant (we are not sure yet exactly how much OH will be paid from the linited co)


    I'm kind of looking for advice/ ideas, I guess... Would posting an income/ expenditure budget be an idea?

    greent


    ETA: We don't have any other debts. CCs are used (Tesco ones for Clubcard points for rewards) but are paid off in full.
    Last edited by greent; 25-05-2010 at 11:41 AM.
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
Page 2
  • pammyj74
    OMG on the braces, are you sure its shockingly that much

    remember its free ebay listing this weekend.

    If i remember rightly there used to be an online thing for the tax credits, can you not update it online?

    I know what you mean about the surveys etc, I have given up on daily clicks as they are very time consuming.

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • greent
    • By greent 8th May 10, 7:26 PM
    • 6,300 Posts
    • 63,845 Thanks
    greent
    UNfortunately, yes, it really is that much We can pay it over something like about 6 months though - which is a help, I guess...

    ebay finally let me on to list some things (It kept taking me back to the log on screen) 26 items on there and a huge pile of stuff still to go. I shall be happy if I get to 50 over the weekend. Am trying to concentrate on the stuff starting at more than 99p and then I can list the cheaper stuff for free anyway during the week.

    Got 2 boxes of DS1 clothes from loft for DS2 - masses of stuff! Have decided that I don't really like about 4 items, so have put them aside for the next NCT sale. Have also found 4 brand new items still with tags on. 1 has definitely gone to DS2 (favourite colour) and I'm dithering about the others - I may use them for presents for cousin's children (birthdays in July)

    Tax credits - you can't apply online, but I did finally get through and they're sending me an application form. At a rough look they think that we may be entitled to about £15/ week now - yeay!!!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • greent
    • By greent 13th May 10, 11:55 AM
    • 6,300 Posts
    • 63,845 Thanks
    greent
    Mini update for May so far:

    Have £65+ in my paypal account with some items ending this weekend on ebay. Will tfr to current account when it gets to £100. Have £200 sat in an unused bank account that is being transferred to my current account. Also have £100 previously transferred from paypal. So have £365 so far towards OP target of £500. I did get £30 back from people yesterday for some theatre tickets that I bought back way in March - so (as I've absorbed that and paid that CC bill ages ago) I may include that - ooh, that makes me £395 ...... getting there..... Must list some more stuff on ebay (such a drag when doing 99p listings!)

    Will also get around to doing SOA.... haven't as yet and I really really should......

    greent x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • Queen-Bee
    • By Queen-Bee 13th May 10, 1:59 PM
    • 819 Posts
    • 2,233 Thanks
    Queen-Bee
    That is really shocking about the cost of your DD's braces - I really feel that stuff like that should be paid for by the state. Otherwise it discriminates against children whose parents' cannot (or don't want) to shoulder such a burden!! And that puts us back several generations... Oh well...

    Well done on all your ebay transactions and listings!
    QB
    • greent
    • By greent 14th May 10, 3:44 PM
    • 6,300 Posts
    • 63,845 Thanks
    greent
    Soa
    Statement of Affairs and Personal Balance Sheet
    Household Information
    Number of adults in household........... 2
    Number of children in household......... 4
    Number of cars owned.................... 2
    Monthly Income Details
    Monthly income after tax................ 575
    Partners monthly income after tax....... 575
    Child Benefit........................... 262
    Other income............................ 40
    Total monthly income.................... 1452
    Monthly Expense Details
    Mortgage................................ 1150
    Secured/HP loan repayments.............. 0
    Council tax............................. 154
    Electricity............................. 65
    Gas..................................... 60
    Water rates............................. 36
    Mobile phone............................ 45
    TV Licence.............................. 12
    Cable TV/internet/ landline............. 50
    Groceries etc. ......................... 450
    Clothing................................ 50
    Petrol/diesel........................... 120
    Road tax................................ 30
    Car Insurance........................... 62
    Car maintenance (including MOT)......... 0 both brand new with service deals
    Car pking.inc in petrol(if not expensed) 0
    Childcare/nursery....................... 0
    Other child related expenses............ 80 Guides, Cubs etc
    Medical (prescriptions, dentist etc).... 30
    Pet insurance/vet bills................. 0
    Buildings and contents.................. 72
    Contents insurance...................... 0
    Life assurance ......................... 20
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 50
    Haircuts (most amount if DH & the boys). 30
    Entertainment........................... 50
    Holiday................................. 100
    Emergency fund.......................... 100
    charity/ memberships.................... 20
    Total monthly expenses.................. 2836

    Assets
    Cash.................................... 14000
    House value (Gross)..................... 320000
    Shares and bonds........................ 20000
    Car(s).................................. 38000
    Other assets............................ 3000
    Total Assets............................ 395000

    Secured & HP Debts
    Description....................Debt......Monthly.. .APR
    Mortgage...................... 101450...(1150).....4.99
    Total secured & HP debts...... 101450....-.........-
    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-

    Monthly Budget Summary
    Total monthly income.................... 1,452
    Expenses (including HP & secured debts). 2,836
    Available for debt repayments........... -1,384
    Monthly UNsecured debt repayments....... 0
    Amount short for making debt repayments. -1,384

    Personal Balance Sheet Summary
    Total assets (things you own)........... 395000
    Total HP & Secured debt................. -101,450
    Total Unsecured debt.................... -0
    Net Assets.............................. 293,550
    Created using the SOA calculator at www.makesenseofcards.com.
    Reproduced on Moneysavingexpert with permission, using IE browser.


    Just done the above. In reality our income is more. That's what we draw out of OH's company monthly, but then we will take 1/4ly dividends. On accountants advise we're meant to keep this as low as poss to maximise our tax credits (didn't get before - OH's gross salary was about 70k) and use savings and then next year increase drawings/ dividends.

    It also doesn't take into account the BTL property. That covers its mtge and a little more but I've earmarked all of that this year for sols fees to extend the lease and do some redecoration.

    We're also expecting a tax bill of between 10-15k for OH when his tax return is done (a redundancy payment last year was paid with basic rate tax and he was a higher rate payer)
    Last edited by greent; 21-06-2010 at 2:42 PM. Reason: tidied soa a bit :-)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • Queen-Bee
    • By Queen-Bee 14th May 10, 5:20 PM
    • 819 Posts
    • 2,233 Thanks
    Queen-Bee
    Hi GreenT

    Your building insurance looks quite high at £72 pcm. I'm assuming this includes contents as well, but even so... Mine was about this level before I focused my MSE attention on it, as I'd simply been renewing with my existing provider.

    By changing to the Halifax, I managed to reduce my premium to £42 pcm - and get £50 cashback. I know that this is still quite steep in comparison with most other posters' on the board (mainly a function of where I am and getting the cover I wanted), which is why I've picked out you £72 as an area for potential reduction!

    QB
    • greent
    • By greent 14th May 10, 5:26 PM
    • 6,300 Posts
    • 63,845 Thanks
    greent
    Hi QB-

    yes it does include contents and is high due to having 4 claims in 14 months..... When it's up for renewal (and we have had a claim free year!!) I will be shopping around. It used to be £38/mth for the 2
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
  • pammyj74
    Its amazing looking at other peoples figures and savings, people having money here there and everywhere lol
    well done

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • greent
    • By greent 14th May 10, 7:39 PM
    • 6,300 Posts
    • 63,845 Thanks
    greent
    Hi Pammy -

    savings due to OH being made redundant (twice in 7months!) with a large payout the first time (nothing the 2nd) and money put aside for tax bill. Shares were SAYEs in previous employer - a bank! Sadly worth 1/5th of what they were
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • anotherginger
    • By anotherginger 15th May 10, 3:47 PM
    • 391 Posts
    • 310 Thanks
    anotherginger
    DD(aged 12) has been told she needs braces for her teeth but isn't eligible for NHS funding (Needs to be a '7' to get funding, she's a '5-6' That'll be £1675!!! Think that might slow up my OPs
    Originally posted by greent
    just a personal response - make sure she actually needs the braces! i was told at about that age that i needed braces, but i was really against getting them and my parents decided to wait and see. a few years ago i got two veneers to 'hide' my slighty crooked front teeth, which were pain free and less expensive!
    • greent
    • By greent 19th May 10, 3:52 PM
    • 6,300 Posts
    • 63,845 Thanks
    greent
    Unfortunately it's a bit more than just crooked teeth

    Anyway, I have just discovered that if I overpay an extra just-under-£700 before the end of June I will be under £100k This is now my target to do. Whilst I have that money and could do it now, DH has been told that his contract is unlikely to be renewed and may even be up by July time (eek!!) so I want to make it from money saved/ obtained, rather than just from savings (it's logical to me, honest!!) Have £400 so far physically in the bank :-) Have £100 waiting to track through on quidco. WIll see what else I can re-jig and how quickly I can do it. Have lots of stuff still to list on ebay at 99p start prices, but that's tedious (however, needs must, and all that!)

    Anyway, this has given me a little challenge and focus - was beginning to waver a little
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • greent
    • By greent 25th May 10, 10:56 AM
    • 6,300 Posts
    • 63,845 Thanks
    greent
    Have just phoned C&G and have got balance for today - £101436 - £20 under my spreadsheet balance (far better that way around!!) I talked through OPs and got the details for one-off OPs to be sent by online banking - so much easier than when I've been into a branch before. Also there is no minimum amount - double checked (there was at one point, but it's definitely gone)

    I'm going to send £750 to definitely make sure we get under the £100k mark for 1st June (I shall phone them in a week to check!!) and now that I have those banking details shall be sending OPs little and often!! Yeay!!!

    Have really got to jiggle the figures to get £750, but it's worth doing - sub £100k is a big psychological thing, so I'm chuffed!!

    greent x
    ....skips off to online banking to send it now.........
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
  • pammyj74
    It is soooo much easier to do it online definitely, I just wish the mortgage account was the same as the bank statement online it (up to date every day!)
    Good luck for getting under the £100k that will be a great milestone.

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • wantabetterlife
    • By wantabetterlife 25th May 10, 10:09 PM
    • 1,223 Posts
    • 5,466 Thanks
    wantabetterlife
    Well done Greent, it will be brill to be under 100k . Have to agree with you pammy about the online payments. I definately dont think i would have overpaid half as much if i had to go into the branch or send a cheque.
    Mortgage £177,750£167859.89
    Overpayments 2016 £2053.58 2017 #26 £2523.06
    Daily interest £19.91 £15.39
    BUY TO LET MORTGAGE £111408 £109975 £105536
    5.14% paid
    Saving £1000
    • greent
    • By greent 1st Jun 10, 5:39 PM
    • 6,300 Posts
    • 63,845 Thanks
    greent
    Woot Woot!!!!
    Just phoned C&G and approx balance (couldn't give definite - grr - but differs by only £1 to my s/sht, so I'll go with it) is £99 917 - under the £100k - yippee!!!


    Extra monies this month will go on OPs as and when they get to £250. Currently I have £50 car tax refund, £50 from paypal, £20 cash from selling stuff to a friend (old stock items) and £9.56 quidco monies received. I also have someone interested in another £30 of stock and my paypal balance is £46 - so I need another £4 in there and I'll withdraw it. That makes almost £160 when the other stock is sold and I'm awaiting monies from an ebay sale of just over £5, so that *should* make my paypal available - bringing it to £210 then. Now, I should be able to find another £40 to make the OP - I shall set myself a little challenge to get the £250 by June 10th :-) 10 items listed on ebay today

    Oh, it's so nice to have a mortgage smaller than £100k...... Hmm - next target.... £95k, I think - I don't want to stretch myself too much... (but I'd like to do it by end of Oct)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
  • pammyj74
    well done on getting to a milestone , and on all the goody paypal figures coming in you'll be overtaking my mortgage figure before too long

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • setmefree2
    • By setmefree2 1st Jun 10, 6:26 PM
    • 8,765 Posts
    • 18,614 Thanks
    setmefree2
    Just phoned C&G and approx balance (couldn't give definite - grr - but differs by only £1 to my s/sht, so I'll go with it) is £99 917 - under the £100k - yippee!!!
    Originally posted by greent

    • Queen-Bee
    • By Queen-Bee 1st Jun 10, 10:25 PM
    • 819 Posts
    • 2,233 Thanks
    Queen-Bee
    Wow, well done on getting under £100k - I think the loss of a digit from the overall total has a real psychological impact!!
    QB
  • Fang
    Congratulations! Everyone on this thread, and board are so inspirational!
  • Leigh-Anne 60
    Oh well done on reaching sub £100k - must be a nice feeling! I should reach that mark in early 2011.... so near but so far!!

    Im shocked about your dd's braces!! My dd (7) has he first appt with the specialist on the 16th, our dentist thinks she will def need one due to having a underhung jaw. I must admit it never even entered my head that i would have to pay anything for it..... Just assumed as she is under 16 it would be free!!
    MFW 2010 challenge - to overpay £5k or more!!

    As @ 31/12/09 £113,206 o/s

    Jan £200 op, Feb £200 op, March £250, April £300, May £395, June £700
    O/S @ 30/4/10 - £108,911.09
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