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  • FIRST POST
    • Viking_mfw
    • By Viking_mfw 9th Jul 17, 3:10 PM
    • 16Posts
    • 75Thanks
    Viking_mfw
    Viking's Diary
    • #1
    • 9th Jul 17, 3:10 PM
    Viking's Diary 9th Jul 17 at 3:10 PM
    So I'm a recent convert to MSE, oddly directed here by my FIL's love of the Martin Lewis Money Show. We're trying to move house right now to a place closer to work, which will actually involve picking up a much bigger mortgage, but having lurked for a few weeks I finally worked out yesterday that our current mortgage is costing us £15.50 a day in interest, (fixed at 3.5%) and this means more than half the monthly payment is interest. I practically fell off the couch.

    This deal comes to an end in August so even if we can't sell our house we can refix at less than 2% with the same provider - and hopefully that's the deal we'd be getting on the new, bigger mortgage. I've never OP'd before, but tomorrow I am going to remove the £65 that has been maundering in an old building soc account for more than 5 years and pay it in so I can make my first ever OP.

    I really am a complete newbie - this is our first month of budgeting our spending (OH has done his for years but I do most of the money making and spending including the money he hands over for bills); I'm trying to meal plan more productively; I'm reading the Millionaire Next Door and I'm thinking far more carefully about the choices I make than before.

    So I think a diary will really help move things along. I'm not aiming for early retirement but I would like to not be living month to month so much with a really decent combined salary. My aim is to be able to pay down the mortgage and reduce the daily interest in the first instance. I might be looking to shave a couple of years off right now, but I expect that if we do manage to move then we'll be looking to pay down as fast as possible to reduce the monthly bill.

    I've been hugely inspired by so many MFW diaries on here and I thought I might as well give it a go!

    Viking_MFW
Page 1
    • PrincessLou
    • By PrincessLou 9th Jul 17, 5:17 PM
    • 500 Posts
    • 1,906 Thanks
    PrincessLou
    • #2
    • 9th Jul 17, 5:17 PM
    • #2
    • 9th Jul 17, 5:17 PM
    Good luck - it sounds like you've had your light bulb moment! Everything's sounding really positive and motivated

    Have you thought about doing an SOA? That's usually the best way to start in seeing what you have, what you're spending and how you could possibly cut back.
    Mortgage - £105,500
    • Viking_mfw
    • By Viking_mfw 10th Jul 17, 10:00 AM
    • 16 Posts
    • 75 Thanks
    Viking_mfw
    • #3
    • 10th Jul 17, 10:00 AM
    • #3
    • 10th Jul 17, 10:00 AM
    Thanks PrincessLou, that's a useful suggestion. This month's budget is supposed to help move us towards that, to find out what we actually do spend our money on... so hopefully at the beginning of August I will be in a better position to do an SoA.

    V
    • Viking_mfw
    • By Viking_mfw 11th Jul 17, 7:58 PM
    • 16 Posts
    • 75 Thanks
    Viking_mfw
    • #4
    • 11th Jul 17, 7:58 PM
    • #4
    • 11th Jul 17, 7:58 PM
    Hurrah! I have officially made my first ever OP on the mortgage

    The £65 had accrued an extra £5 in interest since I last looked at it, so that's £70 sent to the mortgage, which also tests the process (it seems deceptively simple...) I excitedly told DH, who gave absolutely no indication of having heard at all... sigh.

    Nice to get a win since today's been pretty crappy - one of those days when you have to implement something at work that wasn't your decision or your timeline but you have to be the announcer and take the flak when it comes back...
    • Kittenkirst
    • By Kittenkirst 11th Jul 17, 8:31 PM
    • 1,428 Posts
    • 7,063 Thanks
    Kittenkirst
    • #5
    • 11th Jul 17, 8:31 PM
    • #5
    • 11th Jul 17, 8:31 PM
    Sorry to hear you had a pants day at work!

    But WAHOO on your first OP! I will warn you that it becomes massively addictive.

    I've been doing the 'Tilly Tidy' method (named after a forum member!) to up my overpayments- essentially you round down accounts by moving it across to the mortgage. I round down our joint account to the nearest £ whenever a debit goes out, other people do it to the nearest £5 or £10.

    Anyways, however you do it, good luck and keep us updated. We're all in this for the long haul
    Emergency savings- £3195. /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £1441.10/ £2150. 67%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £120.33 June £279.15 July: £71.17
    • Viking_mfw
    • By Viking_mfw 12th Jul 17, 8:35 PM
    • 16 Posts
    • 75 Thanks
    Viking_mfw
    • #6
    • 12th Jul 17, 8:35 PM
    • #6
    • 12th Jul 17, 8:35 PM
    Thanks Kittenkirst Looking forward to it being addictive...!

    The Tilly tidy was what got me reading these diaries in the first place - found a reference to Tilly Tidies somewhere and had to go looking for what one was, ended up reading her entire diary over a period of about three weeks. I am a bit nervous about them - I am paranoid about ending up in my overdraft at the end of the month. Maybe when I have a bit more confidence about my budgeting skills

    Nothing exciting to report today... although it was a NSD, so here's to small victories.
    • shangaijimmy
    • By shangaijimmy 12th Jul 17, 9:06 PM
    • 2,000 Posts
    • 8,482 Thanks
    shangaijimmy
    • #7
    • 12th Jul 17, 9:06 PM
    • #7
    • 12th Jul 17, 9:06 PM
    Shiny new diary

    Tilly's are a great way for daily motivation and momentum and you generally end up with about £20 a month to OP, which you don't normally miss (especially with your new budget).

    I found the best method to engage Mrs SJ was the picture of the house on the fridge, and then when each £1k is paid off i colour in a brick. That alongside constantly telling herwhat our daily interest is and was.

    I'm sure you'll find what works and you'll have plenty of support on here which makes up for lack of it at home.
    MFW: Turning June 2036 into March 2023...
    28//120 Payments Challenge, Diary Reduction £29,621.76
    Aug 2009: £163,051 // Current: £106,378.27 // Avg Daily Interest £4.78
    MFiT-T4 #8 - 42.45% of £41,000
    • Viking_mfw
    • By Viking_mfw 12th Jul 17, 9:11 PM
    • 16 Posts
    • 75 Thanks
    Viking_mfw
    • #8
    • 12th Jul 17, 9:11 PM
    • #8
    • 12th Jul 17, 9:11 PM
    He's keen, just distracted

    I will try TTs as of tomorrow. Nervously

    Also went on Swagbucks while waiting for the washing machine to finish and tipped myself over into a £5 Amazon voucher, so there's today's exciting news.
    • Jessy103
    • By Jessy103 13th Jul 17, 10:14 AM
    • 328 Posts
    • 1,323 Thanks
    Jessy103
    • #9
    • 13th Jul 17, 10:14 AM
    • #9
    • 13th Jul 17, 10:14 AM
    Good luck with your journey Viking and well done on your first OP!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount April 2017 - £64,990.00
    Overpayment Target for 2017 - £5,000 /£2,672.76
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £275.96
    • Elephantchunks
    • By Elephantchunks 13th Jul 17, 8:57 PM
    • 77 Posts
    • 392 Thanks
    Elephantchunks
    Happy new diary Viking! All sounding very positive. Well done on doing your first OP. I will stick around and cheer you on. Good luck!
    July 7/31 NSD
    Saved so far: July £1675/£2650 +Paid £380 Survey
    Save before we move: End of June £1447/£2380
    Save before we move: End of May £975/£2380
    • TwentySomethingGirl
    • By TwentySomethingGirl 14th Jul 17, 11:17 AM
    • 149 Posts
    • 343 Thanks
    TwentySomethingGirl
    Hi and welcome

    Good luck with your overpaying, as they say..every little helps!

    TSG
    Mortgage £126746 DEC14 £122423.53 DEC15 £115041.70 DEC16
    MFW2017 #85 £2633.7/£2500 12K IN 17 #85 £5500/£12000
    MFW2016 £3614.63/£2500
    MFW2015 £811.60/£1200
    • Viking_mfw
    • By Viking_mfw 14th Jul 17, 1:33 PM
    • 16 Posts
    • 75 Thanks
    Viking_mfw
    Thanks everyone Such a friendly place.

    Yesterday was a day of ups and downs... we sold our house! That is to say, we've accepted an offer at the level we wanted from a cash buyer, which is not to be sniffed at in this market.

    Then in the evening I managed to unlock the online banking for the mortgage to check the OP had gone in... and had a nasty shock. When I rang up to find the balance on the mortgage a few weeks ago, on which all our plans for the future are based, I must have misheard the balance, because the balance is £8k more than I thought it was. This leaves us £4k short for the 25% deposit we need on the forever house. I've recovered a bit today but now to beg, borrow and scrimp enough to make it happen. (In fact my lovely mother will lend us the money in the short term, so we can go ahead with the purchase if they accept the offer, but we will need to pay her back.) So offer made on the forever house and now waiting to hear if they've accepted it.

    In good MSE form, however, we will now need to eat down the contents of the freezer and store cupboard, so there's an opportunity to not spend as much money this month and next! I bought eggs, milk, fruit and washing powder this morning and that should get us to next weekend, so a total of £16.38 for the week. My OH gets free lunch at work every day this month, so he eats up then and doesn't eat in the evening (not a way I could function!). I've got pounds and pounds of frozen runner beans that I grew two years ago and never got through because he doesn't like beans, so I suspect that they will be featuring heavily in my diet for the next couple of months!

    I also OP'd £30 my grandmother gave me last night as a reaction to the shock. Every little really is going to have to help. Dug out some old unwanted gold jewellery last night and will take it to the jewellers to sell tomorrow.

    TTs will be my Sunday MFW job. Reading EarthGirl's diary at the moment and the section from a few year's ago where she did something sensible and financy every day seems like a good model to try.

    V
    • Elephantchunks
    • By Elephantchunks 15th Jul 17, 5:19 PM
    • 77 Posts
    • 392 Thanks
    Elephantchunks
    Superb, this is all moving very quickly. Congrats on accepting an offer. I have my trunk crossed that you get your offer accepted on you forever house.

    Re. The runner beans, (dont know if you've already done these, but if you haven't) there are lovely chutney recipes around which might mean your OH can help you eat them. There are also soup recipes, although I've never tried these.
    July 7/31 NSD
    Saved so far: July £1675/£2650 +Paid £380 Survey
    Save before we move: End of June £1447/£2380
    Save before we move: End of May £975/£2380
    • Jessy103
    • By Jessy103 16th Jul 17, 2:41 PM
    • 328 Posts
    • 1,323 Thanks
    Jessy103
    Congratulations on the offer, hope it all goes smoothly and good luck with the dream house!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount April 2017 - £64,990.00
    Overpayment Target for 2017 - £5,000 /£2,672.76
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £275.96
    • VintageHistorian
    • By VintageHistorian 16th Jul 17, 9:58 PM
    • 120 Posts
    • 704 Thanks
    VintageHistorian
    Welcome to the MFW board Viking! Good luck with moving house and with OPing in the coming months!
    "You won't bloom until you're planted" - Graffiti spotted in Newcastle.

    Make £3 a Day in May 2017 - ££25.74/£93 (2017 total - £112.98) | Womble #03 - £4.32 | Overpayments - £490.88
    • Viking_mfw
    • By Viking_mfw 18th Jul 17, 3:50 PM
    • 16 Posts
    • 75 Thanks
    Viking_mfw
    Thanks for all the encouragement

    Our offer was accepted! We are now delighted and terrified in equal measure - I don't know if anyone else finds this but once the stress of getting a buyer is over, I find myself stressing about all sorts of other things, like whether they will really give us the mortgage they said they would, etc.

    Our buyer is now moving fast as well - his surveyor came round this afternoon. Our vendor has spotted something she likes which is end of chain, so fingers crossed there.

    The weekend turned out to be completely full so no progress made on anything there. Except that I found out the jeweller I thought bought gold doesn't, but he recommended someone else who is actually a second hand jewellery dealer so it might turn out better to go to him when I get the chance.

    Got a rebate from my last mobile phone bill with my old provider - they sent me a final bill saying they were going to charge me £3.68 and then took the £30 as normal. They were so blase when I rang to complain I wonder if they do it as standard and only refund the people who notice?! Anyway, that £26.62 has been OP'd.

    I also put out an appeal on freecycle for moving boxes and have just been to collect some from a lady in the village. My friend is moving house on Friday and we're going to pinch hers when she's done as well. Having already arranged this was immensely satisfying when my OH said last night "I suppose I'd better order some packing boxes" - nope! Not until we've exhausted the free ones! Have to make the most of the cheap possibilities - there's going to be so many other things to spend our money on!

    Viking
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