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  • FIRST POST
    • bubblycrazy
    • By bubblycrazy 25th May 17, 1:54 PM
    • 116Posts
    • 310Thanks
    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
    • 222 Posts
    • 301 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
    • 116 Posts
    • 310 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
    • 191 Posts
    • 854 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
    • 116 Posts
    • 310 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
    • 116 Posts
    • 310 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
    • 177 Posts
    • 619 Thanks
    Betterthanever
    Good luck with your test thing and with the new SOA!!
    Former DFW Need 230. Determined to be MF.
    Current balance £116,878.11. Offset £1034.
    end date - 03/29 aiming for 10/22

    Bring it on!
    • maia_evo
    • By maia_evo 18th Sep 17, 4:55 PM
    • 56 Posts
    • 118 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 £1000 (currently £701) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £4445
    • bubblycrazy
    • By bubblycrazy 18th Sep 17, 9:52 PM
    • 116 Posts
    • 310 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
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