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  • FIRST POST
    • bubblycrazy
    • By bubblycrazy 25th May 17, 1:54 PM
    • 133Posts
    • 397Thanks
    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 08/07/2017 £47999
Page 4
    • andy1886
    • By andy1886 8th Sep 17, 4:48 AM
    • 226 Posts
    • 311 Thanks
    andy1886
    Just been reading your updates , I think you are doing brilliantly . I hope you proceed with your stocks and shares isa idea because although too far away it is something I am thinking of doing with my spare money once mortgage free .
    Hope everything goes well on the school front and you put your spare time to good use and not a spending spree but somehow I don't think you are the kind of person to do that .
    • bubblycrazy
    • By bubblycrazy 10th Sep 17, 6:20 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    Thanks Andy,

    DS is enjoying school and looks so grown up in his uniform.
    We've adapted to a new morning routine really well.

    I've just checked my emails and I have an interview on Friday for the job I applied for in July
    It's an extra 10 hours per week and would work alongside the job I already do, its for the same company. So I may not have as much free time as I thought! The extra money would definitely come in handy and would mean I would look at opening an S&S ISA. Trying not to get my hopes up too much though.
    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 08/07/2017 £47999
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 10th Sep 17, 9:55 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    Good luck for your interview!! My DD enjoys school so much too! I think at reception age they still teach by playing rather than learning like we used to when we were little. X
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • bubblycrazy
    • By bubblycrazy 10th Sep 17, 10:43 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    Thanks DSM, good luck for your first day tomorrow!
    Yes when I ask him what he's done he says played with the cars, at least it means no homework yet!
    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 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 18th Sep 17, 1:46 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    I find out this week if I passed the clerical test I took on Friday, so I'm constantly refreshing my emails! I'm really not sure how well I did as there were 6 parts, most were fine but one was awful. It's also a 70% pass rate.

    Last week I came under budget by £18.20 and had £1 left from my mobile budget, so I've OP'd £19.20.
    My weekly budget is definitely more achievable now that the holidays are over. Not only with DS off school, but with my different hours at work, my boyfriend and I were eating out much more.
    I'm going to put more money aside next summer for entertainment.

    I'm busy updating my SOA for October, just waiting to find out what my new bill will be for gas and elec as I've just switched tariff.
    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 08/07/2017 £47999
    • Betterthanever
    • By Betterthanever 18th Sep 17, 1:59 PM
    • 368 Posts
    • 1,515 Thanks
    Betterthanever
    Good luck with your test thing and with the new SOA!!

    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!
    • maia_evo
    • By maia_evo 18th Sep 17, 4:55 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    I'm going to put more money aside next summer for entertainment.
    .
    Originally posted by bubblycrazy
    That is a good idea. A bit like saving up for a holiday.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • bubblycrazy
    • By bubblycrazy 18th Sep 17, 9:52 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    Thanks Betterthanever - I have no idea who you used to be on here from the clues!
    Exactly maia, then I won't feel like I'm freaking out at the price of entrance fees to everywhere!
    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 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 21st Sep 17, 10:38 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    My tax credits have went in so £40 has went to the holiday fund, £40 towards days out with DS, and £107.37 mortgage OP

    I've opened a Nationwide account so will hopefully receive £100 for switching.

    Still waiting to find out the result of the clerical test assessment!
    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 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 22nd Sep 17, 6:31 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    Passed the clerical test!
    Now have an interview on the 2nd October. Still trying to keep my hopes down but it would be great if I got it.

    NSD today, taking DS swimming tomorrow so will be spending then.
    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 08/07/2017 £47999
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 22nd Sep 17, 6:32 PM
    • 582 Posts
    • 2,222 Thanks
    wishingthemortgaheaway
    Congratulations
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 22nd Sep 17, 9:16 PM
    • 590 Posts
    • 2,606 Thanks
    SuperSecretSquirrel
    Well done bubblycrazy, good luck on the 2nd!
    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £15,667.31
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k]
    48,973.75 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £264,504.07 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 17.3%
    • Hiddenidenity
    • By Hiddenidenity 23rd Sep 17, 12:34 AM
    • 4,230 Posts
    • 26,372 Thanks
    Hiddenidenity
    Well done! Good luck for the next step x
    • wildesavings
    • By wildesavings 23rd Sep 17, 7:23 AM
    • 170 Posts
    • 475 Thanks
    wildesavings
    Hope you get it

    My last DD just started school too and I totally booked myself up instantly - wished I'd had a bit of a break 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
    • squirrelgirl
    • By squirrelgirl 23rd Sep 17, 2:57 PM
    • 130 Posts
    • 633 Thanks
    squirrelgirl
    Passed the clerical test!
    Now have an interview on the 2nd October. Still trying to keep my hopes down but it would be great if I got it.

    NSD today, taking DS swimming tomorrow so will be spending then.
    Originally posted by bubblycrazy
    Well done!!
    MFW £3510.00/£22968.96: October GC £30/£300
    • bubblycrazy
    • By bubblycrazy 24th Sep 17, 1:34 AM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    Thank you everyone
    Had a great morning swimming with DS. We were in the pool nearly 2 hours, he didn't want to get out! In the end I was freezing so insisted it was time to go!
    I had a voucher for a free swim and signed DS up for a discount card, so only cost £2.20 and the card will get DS in cheaper next time.
    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 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 29th Sep 17, 11:26 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    I came under budget by £5.72 last week so have OP'd that.
    Only another £275 to get under £47000!
    33 more days until I can remortgage
    I've had a pay rise of about £16pm at work, not amazing but it all helps. I'm not going to OP this, it will mean having less money to find in the tighter months.
    I've done a new SOA so will post that soon.
    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 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 1st Oct 17, 11:11 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    September:
    15 NSD's
    £133.48 OP'd (on top of the £100 standard OP)
    Holiday fund is currently at £720
    Remaining mortgage balance: £47275.71

    New SOA:
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 1
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 799.26 (my monthly wage in the term time is £583.30. The holiday overtime makes up the shortfall.)
    Partners monthly income after tax....... 0
    Benefits................................ 159.45
    Other income............................ 0
    Total monthly income.................... 958.71


    Monthly Expense Details

    Mortgage................................ 359.69
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 71.25
    Electricity............................. 23
    Gas..................................... 31
    Oil..................................... 0
    Water rates............................. 16.97
    Telephone (land line)................... 15
    Mobile phone............................ 5
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 65
    Clothing................................ 5
    Petrol/diesel........................... 130
    Road tax................................ 11.25
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 25
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 13
    Contents insurance...................... 0
    Life assurance ......................... 7.89
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 12
    Haircuts................................ 0
    Entertainment........................... 91
    Holiday................................. 20
    Emergency fund.......................... 20
    Shares fees............................. 6.66
    Total monthly expenses.................. 958.71
    Last edited by bubblycrazy; 08-10-2017 at 9:17 PM.
    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 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 6th Oct 17, 8:42 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    I was over budget last week by £3.19 but sold a buggy for £5. I'm waaayy over budget this week so far as I've started xmas shopping and buying for 3 birthdays in November. I know I have the money in savings but I hate spending it from there!

    My interview went quite well on Monday but I won't find out until next week. I'm definitely not holding my breath on getting the job as I've found out someone else who does the job in another building has applied. He's really nice and everybody likes him so I'll just have to wait and see!

    I've had an email from nationwide saying I'll get the £100 switch bonus within 10 working days. If anyone is wanting to switch to them let me know as I can refer you and we both get £100.

    I'm thinking I might need to increase my petrol budget as the same amount of fuel isn't lasting a full week anymore

    Hope everyone has a great weekend.
    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 08/07/2017 £47999
    • bubblycrazy
    • By bubblycrazy 8th Oct 17, 10:39 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    I've edited my SOA to increase petrol by £13 per month/£3 per week. I've realised the reason I'm using more is because of DS starting school, it's a 20 minute trip there and back twice a day. So much for the pay rise being used in the tighter months.

    I blew my budget to pieces this week. Spent £101.10 instead of £63 However £22.97 of that was on birthday and Xmas presents.
    The £100 from nationwide has been paid (thanks MSE'r!) so I'm going to take it out of this. I'll probably OP the remaining £61.90 but will wait until next weekend in case of any unexpected spends this week.
    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 08/07/2017 £47999
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