Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • jackieblack
    • By jackieblack 9th Mar 17, 11:24 AM
    • 7,171Posts
    • 9,445Thanks
    jackieblack
    Getting the right balance - aka 'wanting my cake and eating it too'!
    • #1
    • 9th Mar 17, 11:24 AM
    Getting the right balance - aka 'wanting my cake and eating it too'! 9th Mar 17 at 11:24 AM
    Recently divorced (after 24 years of marriage) and mutually agreed financial settlement finally sealed by the judge 6 months ago. Thanks to ex-H's generosity, I have been able to keep the former family home, where I have lived for almost 17 years - yay!

    Unfortunately, in order to meet the affordability criteria for the (luckily for me, relatively small, particularly by today's standards) previously joint mortgage to be transferred into my sole name, I had to extend the term quite significantly. Mortgage would originally have been paid off in about 8 years time, but now (officially) has 16 1/2 years left to run

    One thing I have recently done, although more as a security blanket for myself rather than as a purposeful OP, is to transfer the equivalent of a year's monthly mortgage payments to the mortgage. This is mainly so I have the security of knowing that if something happened, if I was seriously ill or in an accident, that I would have a year's breathing space on having to worry about how I'm going to pay the mortgage. Hopefully (fingers crossed) I will never need to use this for this reason and will get the benefit of finishing the mortgage a year earlier at the end of the term.

    In the meantime, I really want to chip away at the mortgage as much as possible and get it paid off sooner, however I also want to build a new life for myself and travelling is a very very important part of that, for me. I travel exclusively to the USA (for the last 11 years) having 'done' most other places I wanted to go to before I was married.

    I don't earn a huge amount, so I need to find a way to still be able to travel (albeit maybe not as frequently as before) but also chip away at the mortgage and bring the term down as much as I can - hence 'wanting my cake and eat it too!'

    I work in a school, in a support role, so there are two months of the year I don't get paid for (although pay is averaged out over 12 monthly pay days). This also means I am restricted to travelling during school holidays, when prices are at their highest!

    Extending the term has reduced the monthly mortgage payments by about £130 a month. I could just about afford this, but it would mean only being able to afford to travel about once every third year. I know this wouldn't be the end of the world but have, unfortunately, known enough friends/family my age or younger who have suddenly developed serious health problems, or suddenly passed away, to have developed a strong need to live life now while I have the opportunity to do so and not put things off until some vague point in the future that may or may not ever come.

    I live fairly frugally. I keep to a strict budget that allows me, despite a fairly modest income, to do most of the things that are most important to me. However there is not a lot of wiggle room to accommodate mortgage overpayments, so I have decided that the only realistic way I can erode the mortgage term is by using any extra money that comes my way to chip away, little by little. eg I have recently changed my current account to one that pays interest and have transferred the interest into the mortgage each month. I also do survey and anything earned from these will go as OP to the mortgage. Sometimes rewards come in form of gift vouchers so I will transfer an equivalent amount to the mortgage when I spend these.
    Hopefully there should be a (small) handful of these payments each month (but nowhere remotely approaching the £130 needed to bring it back to the original remaining term).
    I shall be utilising the 'every little helps' theory

    Apologies if this has turned into a bit of a ramble..... one drawback of living alone is no-one to talk to!
    Last edited by jackieblack; 10-03-2017 at 6:41 AM. Reason: typo :o
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
Page 1
    • Jelllibeanz
    • By Jelllibeanz 9th Mar 17, 12:05 PM
    • 91 Posts
    • 229 Thanks
    Jelllibeanz
    • #2
    • 9th Mar 17, 12:05 PM
    • #2
    • 9th Mar 17, 12:05 PM
    Hello JB

    I heartily recommend the every little helps theory and regularly use the Tilly Tidying method to chip away throughout the month.

    One thing we do is a couple of weekends away during the year to a caravan. The change of scene may not be as fun as going abroad, but it is refreshing and gives us somewhere different to explore. We sometimes go as a family unit or with friends, which reduces the cost further. Plus we can take the dog and not pay for kennels.

    You sound very sensible. Well done on keeping the house and good luck with your MFW journey x
    Control freak taking back the reins MF and DF Wannabe
    M '09 = £103k M Feb '17 =£79.9k, Aug 17 = £69k Original End Date = Apr '34
    CC = £2900 £1550
    Loan = £7000 £5760
    Onwards and upwards
    • jackieblack
    • By jackieblack 9th Mar 17, 12:09 PM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    • #3
    • 9th Mar 17, 12:09 PM
    • #3
    • 9th Mar 17, 12:09 PM
    Hello JB

    I heartily recommend the every little helps theory and regularly use the Tilly Tidying method to chip away throughout the month.

    One thing we do is a couple of weekends away during the year to a caravan. The change of scene may not be as fun as going abroad, but it is refreshing and gives us somewhere different to explore. We sometimes go as a family unit or with friends, which reduces the cost further. Plus we can take the dog and not pay for kennels.

    You sound very sensible. Well done on keeping the house and good luck with your MFW journey x
    Originally posted by Jelllibeanz
    Thanks!


    What is 'Tilly Tidying'? (Been around MSE a while, but never heard of this one!)
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Jelllibeanz
    • By Jelllibeanz 9th Mar 17, 12:23 PM
    • 91 Posts
    • 229 Thanks
    Jelllibeanz
    • #4
    • 9th Mar 17, 12:23 PM
    • #4
    • 9th Mar 17, 12:23 PM
    I think the concept is that every so often you look at your accounts and round them down to the nearest £5 or £10, which ever you prefer. Then you skim/Tilly Tidy the odd few quid/pence into another account.

    Some like their mortgage to be at a round number whereas others like their current/savings accounts at a round number. Personally I like to go into my current account round it off at least once a week so that I know exactly how much money is left for spending in the month. I pop the money over to my mortgage. It's such a small amount I barely notice it.

    I believe it's been called Tilly Tidying after another board member.
    Control freak taking back the reins MF and DF Wannabe
    M '09 = £103k M Feb '17 =£79.9k, Aug 17 = £69k Original End Date = Apr '34
    CC = £2900 £1550
    Loan = £7000 £5760
    Onwards and upwards
    • jackieblack
    • By jackieblack 9th Mar 17, 12:26 PM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    • #5
    • 9th Mar 17, 12:26 PM
    • #5
    • 9th Mar 17, 12:26 PM
    I think the concept is that every so often you look at your accounts and round them down to the nearest £5 or £10, which ever you prefer. Then you skim/Tilly Tidy the odd few quid/pence into another account.

    Some like their mortgage to be at a round number whereas others like their current/savings accounts at a round number. Personally I like to go into my current account round it off at least once a week so that I know exactly how much money is left for spending in the month. I pop the money over to my mortgage. It's such a small amount I barely notice it.

    I believe it's been called Tilly Tidying after another board member.
    Originally posted by Jelllibeanz
    Ooh! That's brilliant! I guess it's like the online banking equivalent of chucking your small change in a jar at the end of each week (and I rarely use cash so that's not a great accumulator for me )
    Why didn't I think of that before!?
    Converted!

    Thanks!
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Jelllibeanz
    • By Jelllibeanz 9th Mar 17, 12:30 PM
    • 91 Posts
    • 229 Thanks
    Jelllibeanz
    • #6
    • 9th Mar 17, 12:30 PM
    • #6
    • 9th Mar 17, 12:30 PM
    No problem. Glad to be able to help Be careful... it may become addictive x
    Control freak taking back the reins MF and DF Wannabe
    M '09 = £103k M Feb '17 =£79.9k, Aug 17 = £69k Original End Date = Apr '34
    CC = £2900 £1550
    Loan = £7000 £5760
    Onwards and upwards
    • Kittenkirst
    • By Kittenkirst 9th Mar 17, 8:16 PM
    • 1,593 Posts
    • 8,233 Thanks
    Kittenkirst
    • #7
    • 9th Mar 17, 8:16 PM
    • #7
    • 9th Mar 17, 8:16 PM
    I'm a total tilly tidy fanatic but I just round down to the nearest pound every day. I don't miss the 'change' but really adds up!
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £206.32

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • -taff
    • By -taff 9th Mar 17, 9:10 PM
    • 7,444 Posts
    • 4,888 Thanks
    -taff
    • #8
    • 9th Mar 17, 9:10 PM
    • #8
    • 9th Mar 17, 9:10 PM
    Have you also looked around for things to ebay or FB sell?
    I've got lots of stuff I could do that with, it's just finding the oomph to do it.
    I changed job recently so I'll have a lot more free time when I'm wide awake to do that, so next week, I'll start listing all the stuff I no longer need, like textbooks, listing old DVDs I won't watch again, unwanted Christmas presents, that kind of thing.
    • jackieblack
    • By jackieblack 10th Mar 17, 7:01 AM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    • #9
    • 10th Mar 17, 7:01 AM
    • #9
    • 10th Mar 17, 7:01 AM
    Have you also looked around for things to ebay or FB sell?
    I've got lots of stuff I could do that with, it's just finding the oomph to do it.
    I changed job recently so I'll have a lot more free time when I'm wide awake to do that, so next week, I'll start listing all the stuff I no longer need, like textbooks, listing old DVDs I won't watch again, unwanted Christmas presents, that kind of thing.
    Originally posted by -taff
    We did a massive clear out of all this kind of 'stuff' a few years ago to help fund our last family holiday, which we knew would be stupidly expensive but was something we'd always promised ourselves we'd do (Christmas/New Year at Walt Disney World - it was amazing!)
    Last edited by jackieblack; 10-03-2017 at 7:04 AM.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • jackieblack
    • By jackieblack 12th Mar 17, 5:20 PM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    Have 'tidied' my accounts and, added to the bits and bobs I've already OPd since Christmas, it adds up to an amount equal to 13.1 monthly payments (Obviously 12 months worth of this is my 'safety net')
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • newgirly
    • By newgirly 12th Mar 17, 5:33 PM
    • 5,810 Posts
    • 39,722 Thanks
    newgirly
    Hi Jackie black, welcome

    Well done so far, the Tilly tiding defiantly keeps the overpaying to the forefront of your mind, when we couldn't afford to make op's I would always make one of 10p a day , just so it felt like we were still trying.

    Upping your income with surveys etc. may be the way to go of you are already quite careful, apologies of I'm stating the obvious here also matched betting is a way of making extra if you can work out how to do it properly (I never did!) , anyway best of luck with your new mf journey
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • jackieblack
    • By jackieblack 3rd May 17, 7:10 PM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    Update:

    OP'd £66.21 in April and £54.36 so far this month
    New total = 13.66 MPs

    According to an online calculator I've just used this puts the estimated remaining term at 13 years 6 months - not sure exactly how that works but I guess it's something to do with reduced interest due to OPs ?
    Last edited by jackieblack; 03-05-2017 at 7:20 PM.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • jackieblack
    • By jackieblack 3rd Jun 17, 6:44 AM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    Update:

    Total OP'd in May = £109.82 would be great to do this every month but is unlikely
    New total = 13.93 MPs
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Kittenkirst
    • By Kittenkirst 3rd Jun 17, 9:39 AM
    • 1,593 Posts
    • 8,233 Thanks
    Kittenkirst
    Fab overpayment for May there Jackieblack!!

    Some months my OPs are big and some months they are small but the key thing is we're still overpaying and making headway!
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £206.32

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • jackieblack
    • By jackieblack 3rd Jun 17, 12:32 PM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    Fab overpayment for May there Jackieblack!!

    Some months my OPs are big and some months they are small but the key thing is we're still overpaying and making headway!
    Originally posted by Kittenkirst
    Thanks! Yes, was quite surprised when I added them all together, but it included an interest payment from an old account I don't use anymore so a 'one off'. I doubt it'll add up to anything close to that this month.
    But 'every little helps' as a certain supermarket tells us!
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Jelllibeanz
    • By Jelllibeanz 3rd Jun 17, 2:08 PM
    • 91 Posts
    • 229 Thanks
    Jelllibeanz
    You're making great progress
    Control freak taking back the reins MF and DF Wannabe
    M '09 = £103k M Feb '17 =£79.9k, Aug 17 = £69k Original End Date = Apr '34
    CC = £2900 £1550
    Loan = £7000 £5760
    Onwards and upwards
    • jackieblack
    • By jackieblack 7th Jul 17, 6:48 AM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    Total OP'd in May = £65.22

    Have worked out that mortgage interest is working out about £80 per month, so aim is for overpayments of around this amount (on average) each month, meaning that as much of the monthly mortgage payment as possible will go to reducing the capital amount.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • jackieblack
    • By jackieblack 6th Aug 17, 9:03 AM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    Oops!
    Realised the above post should have said June, not May

    July has been disappointing, only managed £25.12

    But have 'cashed out' a couple of survey vouchers which, when they arrive, I'll use to buy a birthday present for next month and pay the same value as an OP, so this should boost August's OPs
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • jackieblack
    • By jackieblack 9th Oct 17, 6:52 AM
    • 7,171 Posts
    • 9,445 Thanks
    jackieblack
    £77.44 OP in August
    Only £25.46 in September, mainly due to a last minute unexpected opportunity to take a trip which, due to it's last minute timing was more expensive than it might have been with more advance planning (although each element was the best value I could get).
    Consequently, I don't anticipate huge OPs for the next couple of months while I'm playing catch up with my finances (it was SO worth it though )

    Total OPs currently = 14.84 MPs According to the OP calculator this reduces my mortgage term by 2 years, from 15 years to 13 years and save me £1932 interest

    The minimum OP I am aiming for each month is £25. This would reduce the term to 11 years 4 months and save me £2799 in interest

    If I can average £50pm OP, that would reduce the term to 10 years with £3457 interest saved
    Last edited by jackieblack; 09-10-2017 at 7:11 AM.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Betterthanever
    • By Betterthanever 9th Oct 17, 1:37 PM
    • 285 Posts
    • 1,108 Thanks
    Betterthanever
    Any OP is better than none. It all makes a difference, especially when added together with all those other small payments. Keep going, you're doing great just fine!!
    Former DFW Nerd 230. Determined to be MF.
    Current balance £116,149.98. Offset £1,236. £114,913.98 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22

    Bring it on!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,401Posts Today

6,892Users online

Martin's Twitter
  • RT @LordsEconCom: On Tuesday Martin Lewis, Hannah Morrish & Shakira Martin gave evidence to the Cttee. Read the full transcript here: https?

  • Ta ta for now. Half term's starting, so I'm exchanging my MoneySavingExpert hat for one that says Daddy in big letters. See you in a week.

  • RT @thismorning: Can @MartinSLewis' deals save YOU cash? ???? https://t.co/igbHCwzeiN

  • Follow Martin