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  • FIRST POST
    • bubblycrazy
    • By bubblycrazy 25th May 17, 1:54 PM
    • 87Posts
    • 194Thanks
    bubblycrazy
    Mortgage free ASAP
    • #1
    • 25th May 17, 1:54 PM
    Mortgage free ASAP 25th May 17 at 1:54 PM
    Hi everyone

    I've decided that starting a diary will help keep me on the straight and narrow and give me a place to think out loud and to remind me of my plans.

    I've lived in my home since August 2014 with my DS. My current mortgage balance is approx £48270. I OP £100pm which brings my MFD to 2033 (from 2049 ). Ideally I would like to be MF by the time I'm 40 (2025). My rate is 4.79% fixed for 5 years (wish I hadn't been so cautious!) so just over 2 years left.

    These plans will have to wait for the moment as my income has taken a nosedive and I need to sort out my month to month spending first.
    My main issue at the moment (apart from losing WTC) is that my job is term time only but with guaranteed hours out of term which are classed as overtime. My pay is annualised so the months when I have no overtime my income doesn't cover my outgoings. The months when I work out of term, I have excess income. For example this month's pay will be bigger than normal due to the hours I worked in Easter. I plan to pay off 2 months worth of council tax to cover next month too.
    Fortunately I don't have any debts apart from my mortgage.

    I will post a SOA when I can work out the best way to do it. Should I only put in my minimum wage and everything will show as a negative, or put in the average monthly income based on my pay last year?

    I am going to start using YNAB. I used to keep a spreadsheet but my laptop broke last year and I miss my spreadsheet! I also want to track my exact spending on non essentials.

    I've rambled enough for now, all advice and encouragement welcome!
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 01/02/2017 £48899
    Balance 08/07/2017 £47999
Page 3
    • bubblycrazy
    • By bubblycrazy 17th Jul 17, 12:45 PM
    • 87 Posts
    • 194 Thanks
    bubblycrazy
    Thanks Wish, yes it is 4 weekly so good idea about the extra payment.
    Nothing to report this weekend, I was working Sat and Sun. Just impatiently waiting for the tax credits letter to arrive.
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 01/02/2017 £48899
    Balance 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 28th Jul 17, 10:26 AM
    • 87 Posts
    • 194 Thanks
    bubblycrazy
    Wow, didn't think it was that long since I'd posted!
    Had a lovely weekend away at a wedding and only overspent by £6.41. I had a broadband refund of £23.96 so this covered the overspend, plus another £17.55 to go into holiday savings.

    I needed 2 new tyres which cost £75 but I had the money in my car maintenance savings to pay for these.
    I'm at a charity night tomorrow for my friends little boy, so will probably go over budget this week.

    Tax credit letter came through and I am £188.21 better off every month! This really needs to go into the holiday fund until there's enough to cover March's trip away.
    My home insurance is due and the renewal quote was about £180. Shopped around and got it for £119. I don't have enough saved for that yet (only £39 in the pot), so will have to use this months tax credits for the other £80.

    I've been looking into my pension and I don't think it's going to be very good, and I can't pay more into it because it's a DB pension. Been thinking about putting some money into an S&S ISA but I'm pretty clueless about it and I'm fairly risk averse. Not sure what to do.

    Will report back on Monday with final months round up.
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 01/02/2017 £48899
    Balance 08/07/2017 £47999
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