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  • FIRST POST
    • Busy Mee1
    • By Busy Mee1 1st Apr 16, 10:34 AM
    • 299Posts
    • 970Thanks
    Busy Mee1
    Getting a Grip and Saving towards the mortgage
    • #1
    • 1st Apr 16, 10:34 AM
    Getting a Grip and Saving towards the mortgage 1st Apr 16 at 10:34 AM
    It is nearly a year since I last posted - due to a combination of work and losing my log in details However I am back with my sleeves rolled up bcause the new Personal Savings Allowance means I can start getting my hands on some of the lovely bank accounts that are now on offer without having to pay the taxman.
    So a potted history of me and mine - we are me, OH, DS (25) and DD (23) who since I last wrote has moved in with her boyfriend but I am still financially supporting as she is in her last year at university. Son is financially independent, still living at home but looking to buy his own place shortly.
    We have a large mortgage because we built out own house 7 years ago. We do however have a great mortgage deal - a lifetime tracker of 0.69% so instead of overpaying the mortgage I put any spare cash into higher paying ISAs and have until now been looking longingly at some of the higher rate current accounts - we are both higher rate tax payers so have been pointless using anything but ISAs until now.
    The numbers:
    Mortgage debt: Jan 15 288778.23. March15 286,217.61. Jan 16 277958.44
    March 16 275,920.98

    Savings: Jan 15 22080.81 March 15 25,790.53 Jan 16 34,361.10 March 16 36966.91

    So as you can see although I haven't been posting I have kept up the saving, averaging 1000 per month.
    I also set myself a goal of losing a stone and I have lost a stone and a half
    I think setting goals in writing on here really worked for me and so I am back
    Last edited by Busy Mee1; 01-04-2016 at 11:31 AM.
Page 12
    • Busy Mee1
    • By Busy Mee1 19th Mar 17, 8:16 AM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    Sunday
    Hi Try Harder - I don't feel like I have loads of energy most of the time, and I have quite a lot of help from Mr Mee. Because we do similar jobs we have always shared the housework etc and I am pretty organised. My kids hoot with laughter when I talk about retiring because they think I will be bored ........I won't ...I will just be doing the things I want to do.

    We had a fabulous weekend away last weekend, some great company and lots of laughs. The weather was superb and we did lots of walking - it definitely feels more like spring now. We spent a bit more money than we would have liked, but I used cash rather than card and will just try and adjust spending for the rest of the month to make up for it.

    In other financial news, two of our regular savers matured this week from M&S and TSB earning 96.82 and 80.21 in interest. We have another three to mature over the next couple of weeks from TSB and Santander. I am now setting up accounts for next year to maximise the PSA and also (deep joy ) a new spreadsheet
    The plan for 2017/18 is as follows:
    4 x T@sco accounts = 4 x 3k = 12k @ 3%= 360 interest
    2x N@tionwide = 2x 2500= 5k @ 5% =250 interest
    2x N@tionwide regular savers = 2 x 500 per month @ 5 %= 325
    Total interest for 2017/18 is 935. I am also going to use my Santander as my odds and sods account so will keep an eye on the interest earned there to make sure we don't exceed the 500 each PSA.
    I am also going to start another regular saver with M&S starting in May so that the interest payment falls into the following tax year (2018/19).
    This means that my TSB accounts are redundant - so I will probably shift some DDs to those so that they can be switched
    • Busy Mee1
    • By Busy Mee1 19th Mar 17, 8:32 AM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    I got rudely interrupted while writing my post and I didn't want to lose it so I will carry on where I left off.
    I need to find a tax free home for the rest of my savings so I have been looking at S&S ISAs. I am trying to do a bit of research but feel a bit nervous because we have never invested before. I am tempted to use one of the managed S&S ISAs like Moneyfarm but I know this will cost more than doing it myself and surely this is not beyond my capability. I would welcome any advice from anyone who has dipped their toe into this world.
    In the meantime the money can sit in the offset account for my mortgage which effectively gives us 0.90% interest.

    On the home front DS is abroad this week and DD has practically moved back in with NB, so it just looks like the two of us this week. I will need to try and remember how to cook for just two. It should help with the food budget though.
    DD and NB are coming for roast dinner today so I will probably do something with the leftover chicken for tomorrow night as I am in London all day.
    I think that is all - have a great week
    • Busy Mee1
    • By Busy Mee1 20th Mar 17, 8:40 AM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    Monday
    I am on the train to London and thought ai might as well take advantage of the free WiFi to update my grocery spends, 192.83 /250. I went over budget and spent 68.78 - I didn't do a list this week and it shows I think. Will need to be more careful next week
    I did however find 2p which I added to the change pot, along with 50p found in the seal of the washing machine - all road kill and washing machine flotsam fnds its way into my change pot..

    Yesterday I made Fortunes's bacon,leek and poato soup and it was a good job I did as DD and NB turned up starving after a long walk so they each had a bowlful with garlic bread and the rest is portioned up for lunches this week. I also made another batch of hob nobs, however I seem incapable of replicating this recipe - each batch turns out different on the last. It doesn't seem to matter though as they still get eaten
    DD and NB stayed for Sunday dinner and I used up some salted caramel puddings left from Christmas - we only have one box of chocolate biscuits left from Christmas now and then it is all gone ! I think Mr Mee will take those to work.
    I boiled up the chicken carcass for stock and used the leftover chicken to make a casserole for tonight and probably tomorrow nights dinner.

    I am steeling myself for a foul day at work today - I came back from the long weekend last Wednesday feeling all refreshed and walked into a horrid situation at work. I keep having to counsel myself and just try to keep behaving appropriately when all around me seem incapable of doing so. I definately need to get myself away from this role and have feelers out with a few contacts. Hopefully today may not be as bad as I think....

    Have a great Monday
    • Fortune Smiles
    • By Fortune Smiles 20th Mar 17, 8:46 AM
    • 2,363 Posts
    • 18,995 Thanks
    Fortune Smiles
    Hope the day goes well.

    Fortune x
    Moving Costs: 100% Mortgage: 25% remaining House Deposit Contribution: 64%

    "It is possible to move mountains by carrying small stones."
    • themadvix
    • By themadvix 20th Mar 17, 12:57 PM
    • 757 Posts
    • 3,062 Thanks
    themadvix
    Hey BusyMee, some great interest figures there! Regarding S&S ISAs, I'd have a read of Ed's thread (Only Freedom Will Do) - I'd never dipped my toe into investing, but he knows a lot about it and there's a lot of chat on his thread, as well as a link to a TV programme on YouTube all about funds. It was really very interesting and illuminating. I now have an S&S ISA with Charles Stanley Direct invested in Vanguard trackers.

    Hope that helps and I hope work isn't too awful today. Fingers crossed re the feelers!
    OPs 2017 = 2603/10000
    S&S ISA = 200/600
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance June 2017: 99,974
    MFW2017 no. 38
    • try harder
    • By try harder 20th Mar 17, 1:38 PM
    • 400 Posts
    • 1,228 Thanks
    try harder
    Glad to hear that you had a lovely weekend away but sorry to hear about the work situation.I hope it turned out to be a better day than you expected .
    • Busy Mee1
    • By Busy Mee1 26th Mar 17, 8:00 AM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    Spring is here !
    Thanks everyone for popping in, and thank you for suggesting Ed's thread for investment advice Mad Vix- I am currently working my way through his thread.
    So the clocks changed and the weather looks set to be beautiful again - a bit of sunshine makes you feel so much better. It was absolutely glorious yesterday and I spent the afternoon in the garden sorting my pots out and doing some general tidying up. I might treat myself to some pots of miniature daffodils today to fill out the pots ( they were 3 pots for 1 last week in H@me Bargains) I hope there are some left this week.
    The week at work turned out to be much better than expected but we were all quite shocked by the events in Westminster as our office is close by. It was such a dreadful thing to happen and awful for the families who lost loved ones.
    In MF news, another regular saver matured (TSB) and another 80.21 in interest banked. All the paperwork for my N@tionwide has arrived, the online banking set up and 2500 deposited. I recommended Mr Mee as a friend and "he" applied to switch his TSB account ( after I hurriedly remembered to swop 2 DD over to it ) Hopely that should gain us 200 in switching bonus (100 each). I found out the that I am not owed as much from British Gas as I thought, if anything - the first bill showing a 600 credit, didn't take into account the electricity so now I am down to a 300 credit and that is only estimated. Mr Mee sent of the final readings to the new provider and can't remember what they were, so we now have to wait for them to let BG know... Grrr I must have had 4 different bills from BG and all very confusing.
    It looks like it is going to be another beautiful day, we are going shopping and then will visit MIL for Mothers Day. I hope to get in the garden too.
    Hope everyone has a lovely day
    • Busy Mee1
    • By Busy Mee1 26th Mar 17, 11:07 AM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    Quick update on grocery spends - 64.47 spent, so total for March is 257.30 and an average of 64.32 per week. I have slightly exceeded the 250 budget by 7.30 but I think I can live with that : )
    • try harder
    • By try harder 27th Mar 17, 3:10 PM
    • 400 Posts
    • 1,228 Thanks
    try harder
    Such beautiful weather here again today ,what a difference it makes to the way we all feel i have just walked the dog and people are working in their gardens ,cleaning their cars ,walking their dogs and all have happy faces ,chatting and laughing it really does make you feel brighter.I hope you got to spend some more time in your garden on sunday too ,it was such a beautiful day for Mothers Day ,did you have a lovely day with your children ?I saw four of mine and the two grandchildren ,i had a lovely weekend but was so tired last night i am not used to so much activity i spend a lot of time on my own and have got used to the peacefulness .
    You have done well with the food budget again this month it makes such a difference over the year doesnt it .Looking forward to seeing your monthly updates .
    • Busy Mee1
    • By Busy Mee1 1st Apr 17, 7:58 AM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    March Update
    Well here we are again at the month end, and it has been a long month. There has been significant financial activity in the Mee household this month as our five regular savers came to an end and I set up new accounts and spreadsheets for the new tax year. In fact I had a bit of an administrative meltdown on Thursday night thinking I had lost some money or miscalculated somewhere along the line.......thankfully I hadn't phew :T

    Anyway the round up for March is as follows:

    Saved in March 1670.61
    Total Savings 46,030
    Mortgage 249,429.34
    Savings:Mortgage 18.45%
    Odds and Sods account 2000

    The amount saved in March was greatly helped by the interest from the regular savers (386.93). But we still managed to exceed our monthly target without the interest (1283.68) Getting a grip of the grocery shopping has really helped.

    I have more admin to do this weekend, sorting out regular savers for N@tionwide and setting up standing orders etc. Hopefully once it is all set up it should be all relatively low maintenance. The big news this week is I have finally taken the plunge into S&S ISAs. I was tempted by the link in the MSE email for 200 cash back for investing 1600 in Nutmeg (500 lump sum + 12 monthly payments of 100) I am a sucker for cash back !. I think this will help me to understand how it all works and the 200 will cushion any losses or fees.

    I was going to say we have a nice relaxing weekend planned - but they never quite turn out that way. I am going to the gym, the house needs to be cleaned and we are going to look for some new garden furniture this afternoon :eek:DD and NB are coming for Sunday dinner tomorrow and I think we are "babysitting" their dog in the afternoon.

    Have a good weekend everyone :)
    Last edited by Busy Mee1; 01-04-2017 at 8:05 AM.
    • Busy Mee1
    • By Busy Mee1 1st Apr 17, 8:28 AM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    I have just realised it is my Anniversary- I started this diary one year ago today. It has been amazingly helpful both in keeping me focused and because there are so may helpful and supportive people on here. If the are any lurkers on here wondering about starting their own diary - just do it, it can lliterally change your life !
    • EatingTheElephant
    • By EatingTheElephant 1st Apr 17, 9:04 AM
    • 896 Posts
    • 4,518 Thanks
    EatingTheElephant
    Happy diary anniversary
    • try harder
    • By try harder 1st Apr 17, 10:39 AM
    • 400 Posts
    • 1,228 Thanks
    try harder
    What a brilliant month you have had and what a result from the regular savers, i must say that i find it very difficult now as i have 6 current accounts and several regular savers and feel like i dont know if im coming or going but i suppose if you want to earn the money you have to work at it .
    Well done too on the cashback with the ISA that was really good i am with HL i really enjoy researching and choosing the funds that i want to invest in and hopefully watch them increase in value ,so far they are mostly doing well.
    Just seen your post ,we have both been on here a year now ,hasnt it gone quick i love it and it definitely keeps you focused .You have done amazingly well this year and i have tried to follow some of your wise advice.
    Sounds like you have a very busy but nice weekend ahead ,the sun is shining beautifully here hope it is where you are too ,have a lovely weekend .
    • try harder
    • By try harder 1st Apr 17, 10:48 AM
    • 400 Posts
    • 1,228 Thanks
    try harder
    Back again BM ,i did write a very long message to you on the 25th March -post number 198 i dont think you saw it and not sure if i explained myself very well .hopefully you will get the idea .Thank you as always for your help .
    • Busy Mee1
    • By Busy Mee1 3rd Apr 17, 8:10 AM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    Monday
    It's Monday again and I am on the train to London again- this is getting to be a regular routine ! However I have just worked out that with the Easter Bank Holidays I only actually have 12 days to work until our next holiday and 2 weeks off work. Not that I am on a countdown or anything
    As predicted the weekend has been fairly busy with lots of what Mr Mee calls money laundering going on. All savings have now been shuffled into the new accounts for the new tax year and I now just need to set up his regular saver and change some standing orders. I ended up having to make a list of financial things to do at the weekend, which shows much there was.
    I also managed to phone British G@s to sort out my final bill and they owe us 500. It is a good job because Mr Mee has declared he needs 4 new tyres on his car that will cost 450 We have all our car expenses at this time of year and I really need to set aside a portion of our emergency savings specifically for cars, so I don't begrudge it so much.
    Nothing much else was spent this weekend,the garden furniture we went to look at wasn't very good so we are still looking.
    The grocery shopping was done within budget and 53.25 spent out of this month's budget.
    I spent yesterday mostly cooking - pasta for lunches, lemon drizzle cake to use up some lemons and a chocolate cake because DD's nice boyfriend particularly likes chocolate cake, and Sunday dinner. The lemon drizzle was frozen and the leftover chocolate cake sent to work with DS, mainly so I don't eat it
    Think that is all I have to report -have a good week
    • themadvix
    • By themadvix 3rd Apr 17, 9:08 AM
    • 757 Posts
    • 3,062 Thanks
    themadvix
    Belated happy diary anniversary!

    Excellent 'money laundering' (love that!) going on BusyMee, not sure how you keep on top of it! It is amazing though, what a difference a diary makes to one's focus - it doesn't have to change much in spending habits to make a huge difference overall. I totally agree with you there!
    OPs 2017 = 2603/10000
    S&S ISA = 200/600
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance June 2017: 99,974
    MFW2017 no. 38
    • LadyGnome
    • By LadyGnome 3rd Apr 17, 9:49 AM
    • 410 Posts
    • 1,506 Thanks
    LadyGnome
    I am really impressed with all the money shuffling and interest farming that is going on. You had very good results in March. I am off from the end of this week (not that I am counting or anything)
    Have a good week.
    Mortgage
    Start Nov 2012 310,000
    April 2017 251,443.64 Reduction 58,556.36
    MFW 2017 #42 2054.30/3100
    End Oct Sept 2034 but I have a cunning plan...
    • try harder
    • By try harder 3rd Apr 17, 2:01 PM
    • 400 Posts
    • 1,228 Thanks
    try harder
    What a brilliant weekend you had ,sounds like you have everything well organised ,i especially like the sound of the lemon drizzle cake and the chocolate cake but i mustnt think about it as i am meant to be on a diet .Hope you have a good day.
    • Busy Mee1
    • By Busy Mee1 3rd Apr 17, 4:58 PM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    Gosh that is so nice, visitors while I was at work. It was a lovely afternoon in London - just a pity I was shut away in a meeting room. I did walk to the station rather than taking the underground though and am now on the train back up North. I too am supposed to be on a diet TH but I have been rubbish over the weekend and that is why leftover cake was put in the freezer or sent to work with DS. I have zero willpower !
    • Busy Mee1
    • By Busy Mee1 5th Apr 17, 8:31 AM
    • 299 Posts
    • 970 Thanks
    Busy Mee1
    Wednesday
    It's Wednesday and I am back on the train to London for my second trip of the week. I don't mind going but they tend to be really long days.
    Anyway I thought I would take advantage of the free WiFi again and do a cheeky mid week update. There is still quite a bit of money shuffling going on and I am slightly concerned that I haven't been able to activate Mr Mees N@tionmwide online account and set up his regular saver. If I don't do this today it won't mature in the 17/18 tax year and it will mess up my plans to achieve the PSA amount for this year. I will have to do some rejigging if I can't do it tonight.
    In other news we have received a credit from British G@s for 579.50 and I have claimed 90.56 in expenses. I have put this into my Mortgage offset savings pot for now until the music stops on all the other money movement and then I can work out where it needs to be allocated. Mr Mee wants a chunk of it for new tyres - so frivolous
    Mr Mee has also received a 100 Debenhams gift card from work and kindly donated it to me and I might try and save this to buy Christmas presents.

    I have spent quite a lot of time on trains this week and I have used the time to think about some new targets. We look like we are on track to achieve operation 50k by June 2017. This will offset our mortgage to under 200k.

    Our mortgage has another 7 years to run and is split into two parts:

    169,000 is interest only
    80,429.34 is a repayment mortgage
    Total 249,429.34

    Once we have hit the 50k saving total in June Mr Mee will have 28 months until retirement and the plan is to try and save as much as we can to offset the interest only part of the mortgage. Mr Mee will receive a good final salary pension and lump sum and hopefully his lump sum and our savings will cover at least the interest only part of the mortgage. We don't intend to pay the mortgage off unless the base rate of interest changes significantly because we have a tracker mortgage of 0.69% and are currently paying 0.94% on our mortgage and we can do better by leaving our money in savings. The repayment part of the mortgage will take care of itself over the next 7 years provided we can make the payments (which we can easily if I carry on working and less easily but manageable if I retire early). Our plan B will be to sell the house and downsize as we have a sizeable chunk of equity in the house and could buy a decent property outright. I am not ready for this yet though having put a lot of blood sweat and tears into building our house. Much will depend on how happy I am at work ( not very at the moment but working on a plan )
    So to cut to the chase, we are currently saving 1250 a month and therefore saving an extra 10k every 8 months. Therefore the schedule should look like this :

    June 17 50k
    Feb. 18 60k
    Oct. 18 70k
    June 1980k
    Nov 19 85k

    If we can do better and save 10k every 7 months then the schedule looks like this:
    June 17 50k
    Jan 18. 60k
    Aug 18 70k
    Mar 19 80k
    Oct 19. 90k

    This will mean we will have 90k by Mr Mee's retirement date I would quite like to push it to 100k but I am not sure how realistic that is, so for now I am going to stick to the above.

    So this all sounds easy in theory but we all know how easily I can get knocked off track, it will only take one of the kids to get married or a brilliant trip somewhere exotic to come up and that could put a serious dent in the plans and I will have to work longer

    Anyway enough rambling for this morning and off to work. Have a great day
    Last edited by Busy Mee1; 09-04-2017 at 8:15 AM.
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