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
    • 6,869Posts
    • 8,759Thanks
    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
    • 40 Posts
    • 58 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 = £103, M Feb '17 =£79,227, Apr 17 = £ 77,196 Original End Date = April '34
    CC = £2900 £2540 £2522
    Loan = £7000
    Onwards and upwards
    • jackieblack
    • By jackieblack 9th Mar 17, 12:09 PM
    • 6,869 Posts
    • 8,759 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
    • 40 Posts
    • 58 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 = £103, M Feb '17 =£79,227, Apr 17 = £ 77,196 Original End Date = April '34
    CC = £2900 £2540 £2522
    Loan = £7000
    Onwards and upwards
    • jackieblack
    • By jackieblack 9th Mar 17, 12:26 PM
    • 6,869 Posts
    • 8,759 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
    • 40 Posts
    • 58 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 = £103, M Feb '17 =£79,227, Apr 17 = £ 77,196 Original End Date = April '34
    CC = £2900 £2540 £2522
    Loan = £7000
    Onwards and upwards
    • Kittenkirst
    • By Kittenkirst 9th Mar 17, 8:16 PM
    • 1,270 Posts
    • 6,020 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!
    Emergency savings- £2170.20 /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £948.07/ £2150. 44%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£301.69
    • -taff
    • By -taff 9th Mar 17, 9:10 PM
    • 7,021 Posts
    • 4,431 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
    • 6,869 Posts
    • 8,759 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
    • 6,869 Posts
    • 8,759 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
    • 5,550 Posts
    • 37,899 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 / £6,135 paid so far

    Mortgage £53,630 5 yrs 2 months left. Total owed £74,251 planning to clear in 18 months
    Weight loss target 2017 28lb target /1.5
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

947Posts Today

6,484Users online

Martin's Twitter