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  • FIRST POST
    • wildesavings
    • By wildesavings 30th Aug 15, 10:59 PM
    • 170Posts
    • 475Thanks
    wildesavings
    Drip feeding our mortgage ...
    • #1
    • 30th Aug 15, 10:59 PM
    Drip feeding our mortgage ... 30th Aug 15 at 10:59 PM
    Updated in bold August 2017 with goals for the next year!!!!

    Starting at Aug 2017 - £92441.
    Goal to be 80,000 in August 2018
    TARGETS
    September : Goal - £91400 Actual balance - £91366 (£34 ahead)
    October : 90,360
    November : 89320
    December : 88,280
    January : 87240
    February : 86200
    March : 85190
    April : 84150
    May : 83110
    June : 82070
    July : 81030
    August : 79990

    I've been toying with the idea of starting a MFW diary for a few weeks and I've finally decided to bite the bullet. DH and I (plus 3DD's 12,8,2) were very much geared up to getting this mortgage gone as soon as possible but need to replenish our EF first as DH is the only earner and he's just had 4 months off recovering from surgery.

    So knowing it would take 4 months to build up our EF again then we'd aim to start on the Mortgage.... well that was the plan. Last week our heating system completely packed up and needs replacing at a cost of £3900 So with our CC 0% on purchases for 24 months it looks like we're starting our MFW journey with the most CCdebt we've ever had.

    MD today at £103,650 fixed for another 20months @ 5.37% with 19y8m left on the term! House is worth about £265k No way do we want to be paying it off in 20 years!!- huge charges to get out of the fix of £6000 So we'll stay put for now. Budgets are set, bills are all compared and on the best deals and we're pretty much agreed on our budget. I would love to have the mortgage down to under 90k by the time our fixed deal is up in April 2017.

    Until the EF is back up to £5k and the CC paid off any MFWing will be anything I can make, sell, save and squeeze from our monthly budget to drip feed into the mortgage. ... But I like a challenge. We already overpay by £100 within our DD so don't even feel that but it's really making a difference

    Ideally we want the mortgage gone in 10 years. To achieve that we need to find an extra £250 per month to over pay - OP'd by £400 in Aug before the boiler went pop but from now on its a lot harder to find anything to cream off the top.

    Let the challenge commence.

    Challenges to aim for by 30 April 2017
    1. Clear boiler debt from CC before 0% is up.
    2. Get EF back up to £5000 - (2600/5000)
    3. Get Daily interest below £15 (£15.25)
    4. Average £100 extra OP per month
    5. Get Mortgage Under £100k by April 2016
    6. Get Mortgage under £90k by April 2017
    Last edited by wildesavings; 28-09-2017 at 9:16 AM.
Page 4
    • wildesavings
    • By wildesavings 27th Aug 17, 2:47 PM
    • 170 Posts
    • 475 Thanks
    wildesavings
    So having read lots of other diaries other the last few days I'm inspired to do some little things to help our MFW cause. It seems clear that all the small things add up fast when you read a years worth of diary entries where the author is just chipping away at it yet a year later that adds up and they're knocking capital off on a regular basis.

    1. Tilly-tidying - One of my bank accounts was being completely unused so I've changed it's name to 'Over-payment AC' and will aim to tidy up stray pennies (under £1) from my current account into it. This i'll aim to pay in monthly. it's stands at a whooping 27p

    2. Ebay/FB selling pages. I've been on a major clear out and just sending stuff to charity shops but I might start listing things in the hope that I can glean a few pennies.

    3. Food budget I set myself weekly spend limits and if i'm under I'll put that aside and stash that in the over- payment fund

    Today's been a lovely almost no spend day. Made jars of tomato chutney, blackberry jam, apple pie fillings to freeze all from produce from the garden. Also a massive chilli con carne to feed us all for a few days PLUS meal portions for Mr WS to take to work on nights.

    I'm feeling very virtuous
    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
    • wildesavings
    • By wildesavings 28th Aug 17, 8:14 AM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Tillytidy of 20p.

    SAVED a fortune by dodging the local fete today which with 3 children would be 2 hours entertainment for around £40 and they'd all feel like I was being mean and not allowing them enough rides/goes on things. Instead I've dragged the giant paddling pool out and we'll fill that up (water meter a spinning but still less i'm sure lol).

    Looking at recipes to start a large round of batch cooking to combat those tired evenings when we inevitably end up at the chip shop or ordering in... Family portion of chilli from yesterday went in the freezer and it's fed us for 2 days too. Last night with rice - tonight with jacket potatoes/wedges. Laid the freezer bags flat out, a tip i got online, so they're about A4 and thin so will defrost in record time should I not be quite organised enough to take it out in the morning
    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
    • Poorlittletightgirl
    • By Poorlittletightgirl 28th Aug 17, 12:52 PM
    • 29 Posts
    • 87 Thanks
    Poorlittletightgirl
    Hi Wildesavings,

    I think you probably did the right thing - my friend spent £100 at our local fete, with only 2 kids Also love the flat freezing, you can get more in the freezer too!
    • wildesavings
    • By wildesavings 28th Aug 17, 1:34 PM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Hi Wildesavings,

    I think you probably did the right thing - my friend spent £100 at our local fete, with only 2 kids Also love the flat freezing, you can get more in the freezer too!
    Originally posted by Poorlittletightgirl
    You're probably right! Someone on the FB page has had a moan that everything is vastly expensive. Bouncy castles £5 for 10 minutes, trampolines £5 each etc throw in an icecream and my £40 would've lasted about 20 mins between us all

    Cut up the last of the apples from the tree and eldest daughter made spiced apple muffins, whilst I made a final few jars of nectarine chutney so Christmas cold cuts and cheese board condiments all now totally covered and homemade to boot Neighbour's children hopped over the fence and there's been whooping, laughter and cheering in the garden pool all morning and borrowed children complained when their mother collected them to take them to the fete and mine made no mention of it.
    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
    • Downshifterella
    • By Downshifterella 28th Aug 17, 3:56 PM
    • 63 Posts
    • 321 Thanks
    Downshifterella
    Never heard of flat freezing before but great plan must get into that one!!

    Well done avoiding the fete with littles , fun sometimes but can end up so so expensive!!
    Bet they had just as much fun in the pool!

    Love the Christmas prep going on! Chutney making next in my list here once I have the bits sorted out! X
    MF planning for the simple life
    • wildesavings
    • By wildesavings 29th Aug 17, 10:22 AM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Thanks Downshifter, Love a bit of long term Christmas Prep plus it makes it look like I've gone to tonnes of effort on the day when the effort was all months ago

    Big old week shop today, £68, which has left me with a £5 to my name for 2 days. BUT it included large beef joint for cutting up and making Stifado, 3 days food and a litre of Gin as I'm about to get a bowl of sloe berries from a neighbour's garden. I cannot stress just how under my normal spending this is. I tend to spend £130 a week for food plus top ups so I'm utterly polishing my halo with this. I'm hoping that it becomes my new norm and this in turn frees up some money to throw at the mortgage.

    Hubby still isn't happy about moving money from savings to over pay mortgage yet so and it has to be a joint decision. So I'll just continue chipping away doing my thing and I'm excited to see if I'll make any difference.

    I sat down and worked out that IF we want this mortgage gone in 8 years that gives us 100 payments to do it in.... Those payments would need to average £1050 a month.. We already pay £800 by direct debit which includes a healthy £300 overpayment each month.

    So just £250 per month for me to squeeze out of our already tight finances... I may need to get creative
    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
    • Downshifterella
    • By Downshifterella 29th Aug 17, 11:02 AM
    • 63 Posts
    • 321 Thanks
    Downshifterella
    Well done on reducing food spends, I honestly think that's been the biggest saver attitude.es for us (as well as the one where money creeps up as soon as I take my eye off the ball! )

    Do you have Ald*/L*DL near you? Can get some great bargains there. Lots of value products too are just as good as more expensive, is just hit and miss I find, finding the right ones!

    Absolutely with you re Xmas, I'm starting g to think of some of the homemade gifts we can get going with..... Thinking jams, chutneys and perhaps some elderberry gin or wine (* goes off to Google recipies)

    Good luck with your goals I'm sure you will smash them!! Xx
    MF planning for the simple life
    • wildesavings
    • By wildesavings 30th Aug 17, 10:14 AM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Told OH. again, that we need to attempt to claim PPI which he's been very very skeptical about but my dad had £6500 land in his account a few days ago from a claim and that got his attention. We've only ever had one CC so not expecting much from that BUT I know we've had it on our mortgage for 12 years so I'm hoping there might be a chunk coming our way. So I've done that this morning as we're having a quiet day here today.

    Mr WS is on nights sleeping, it's wet and raining and we're going to town this afternoon for coffee with a friend. So girls are having an at home cinema experience. Beauty and the beast, popcorn buckets filled with homemade popcorn etc. They'll all be cranky once it's done but at this phase of the holidays I'm willing to gamble it to just get some peace for an hour or 2

    Had an email from the nursery DD#3 has just left and we'd overpayed in vouchers so they're repaying us by BAC in the next few days. I think it's under £20 as I very rarely overpay anything so I gave them the Overpayment AC number We hadn't missed it so off the mortgage it can go.

    NSD yesterday so no tilly tidying to do
    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
    • wildesavings
    • By wildesavings 31st Aug 17, 9:46 AM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Thanks to the people who've noted their A sd a price guarantee vouchers I googled and did the same today. So vouchers for 92p and £2.69 to come off my next shop ! Excellent!


    Cashed in our copper jar whilst up town yesterday and £16 to add into the OP A/C - which now stands at 17.21.

    Also applied for the M + S credit card - only want it for the £55 vouchers that'll be 2 Christmas presents covered.


    All in all a very MSE morning
    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
    • Busy Mee1
    • By Busy Mee1 31st Aug 17, 11:45 AM
    • 423 Posts
    • 1,634 Thanks
    Busy Mee1
    Hi Wildsavings spotted you had a diary and thought I would have a nosy. You are doing really well and making terrific progress. I spotted the M&S CC deal and thought it would be worth doing for the £55 vouchers for Christmas too. I will have to persuade Mr Mee to do it though because I already have one !
    • wildesavings
    • By wildesavings 31st Aug 17, 12:52 PM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Ah thanks for popping in Busy Mee1 - Today's the last day for the offer so get in quick.

    It's hard to feel the progress when you're living it but I'm hoping the extra effort I'm putting in will begin to gather pace over the next few months. With our mortgage on a tracker rate of BBR+1% I don't want to waste the opportunity to make a massive dent in it even whilst money is really quite tight for us. I'm hoping that it'll pay dividends for the future too.

    September Target

    Starting balance £92459
    Monthly interest £92.46
    Monthly payment £501
    Target £91440
    Paid off capital this year to date : £4382
    Target amount to pay this month £1111


    That really doesn't look or sound achievable to me at all But even if I don't hit it every month I'm hopeful that the long game of averages will even it out. There may be scope to pay the odd lump sum off in the future which will be great.. I just need to be patient.
    Last edited by wildesavings; 31-08-2017 at 12:56 PM.
    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
    • wildesavings
    • By wildesavings 1st Sep 17, 8:35 PM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Today we collected lot's of windfalls from a friends garden, sloes too, so my first ever sloe gin making session in a few days should be fun.

    Spendy day but on things we were fully expecting and both came in under budget. Chest freezer being delivered tomorrow £150 (through £co too) and a new carpet for our stairs and landing £750.

    Upgraded a/c to n@west rewards as we should earn ALOT more than the £2 monthly charge. 2% rewards on household bill so transferred all DD to that account to maximize rewards

    Been painting the skirting boards etc and took a LOT of junk to the dump.... this decluttering and getting your life in order is like therapy

    Unfortunately my DD#1 just smashed 4 of our wedding plates whilst unloading the dishwasher So now looking on Fleabay for replacements as the design is an old Denby that's discontinued sob

    Dinner was a delicious homemade JO stifado from his european cook book. Major hit all round and enough to make up 2 large freezer HMMicromeals for DH to take to work.


    I feel in the zone and hopeful, although I might not make huge headway this month, that this kind of living is going to pay off long term
    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
    • wildesavings
    • By wildesavings 3rd Sep 17, 9:54 AM
    • 170 Posts
    • 475 Thanks
    wildesavings
    £800 payment to the mortgage yesterday. £700+ of that comes off the capital Taking the balance to 91,666! Goodbye the £92ks...

    Food spends have been much much better than usual but it's still going to be tight this month...It is every month :lol: If I use small money off vouchers I'm sending that amount to the OP ac too. It's money I didn't have so off it goes.

    I've read a few comments in diaries where people say 'So much money left over now that I'm budgeting - What did I spend it all on before?' Whereas I feel like when I have a firm grip on the budget it just all seems to slip away and I'm left wondering how on earth we don't have any debt

    Sold an old toy kitchen for £15 today so that's in the MOP pot too.

    MOP ac now at £40.54... but would like to find another £200 if I'm to be on track to get under the £90'sk in November. Still no sign of the voucher refund. £30 from £co pending too. so hopefully that'll be added soon.

    Off to plug in our new freezer and plan ways of filling it full of yummy food on a tiny budget
    Last edited by wildesavings; 03-09-2017 at 4:33 PM. Reason: adding detail
    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
    • wildesavings
    • By wildesavings 4th Sep 17, 9:47 AM
    • 170 Posts
    • 475 Thanks
    wildesavings
    TT of 71p this morning. Not much else to report really. Back to school prep is going full steam today. Well it will be when I get my butt off the computer lol
    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
    • wildesavings
    • By wildesavings 4th Sep 17, 10:28 PM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Another sale of an old gadet today so £15 in the MOP ac with took the total over £50. Felt like a decent enough amount to throw directly at the mortgage. So £56.78 that i'll never pay interest on again!

    Felt good

    Now to bed, middle DD starting secondary tomorrow... I'm emotionally fragile about it already :rofl: and need a good nights sleep if I'm to cover that up.
    Last edited by wildesavings; 04-09-2017 at 10:47 PM.
    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 4th Sep 17, 10:58 PM
    • 100 Posts
    • 470 Thanks
    MichaelDH
    Well done on the Op!

    I really need to sort out selling some stuff on the local facebook pages. We have boxes that haven't been unpacked from moving more than 12 months ago so obviously stuff we don't need
    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 5th Sep 17, 6:34 AM
    • 365 Posts
    • 1,510 Thanks
    Betterthanever
    Good luck with the first day at secondary school.....for you more than DD by the sounds of it!!

    Current balance £115,428.65. Offset £1,775.31. £113,653.34 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22
    Money for Nothing pot = £392.99
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • wildesavings
    • By wildesavings 5th Sep 17, 9:37 AM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Good luck with the first day at secondary school.....for you more than DD by the sounds of it!!
    Originally posted by Betterthanever
    Thanks! She was sooo positive and happy and I totally held it together until she left
    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
    • wildesavings
    • By wildesavings 5th Sep 17, 9:41 AM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Well done on the Op!

    I really need to sort out selling some stuff on the local facebook pages. We have boxes that haven't been unpacked from moving more than 12 months ago so obviously stuff we don't need
    Originally posted by MichaelDH
    I can really recommend it. Although you get some time wasters and cheeky sods who come to collect and then try to haggle you down. To be expected I suppose but when they do it after having messed you around on collecting it in the mean time it's very annoying. Made £35 through it this week so I'm happy

    I need a day out today so heading to the seaside with littlest one. Sea-air, walk and a bag of chips is exactly what I need
    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
    • wildesavings
    • By wildesavings 6th Sep 17, 2:33 PM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Childcare overpayment funded to my account today. £22.56 - sent it straight to the mortgage.

    So lovely to see it coming down rather than creeping up. Balance now at £91,595!!! I set myself the goal of find an extra £200 in bit's and pieces to overpay this month (this is on top of our £800 payment) and I'm actually well on my way. £79.34 so far. Must attempt to sell some more useless items and continue to shave as much from the shopping as possible. It's looking very tight as always
    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
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