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  • FIRST POST
    • Poorlittletightgirl
    • By Poorlittletightgirl 13th Aug 17, 3:12 PM
    • 26Posts
    • 66Thanks
    Poorlittletightgirl
    Crazy twenties, sensible thirties, fun, fabulous and mortgage free forties
    • #1
    • 13th Aug 17, 3:12 PM
    Crazy twenties, sensible thirties, fun, fabulous and mortgage free forties 13th Aug 17 at 3:12 PM
    Hello,

    Well after years of loving the MSE website, one sleepless night this weekend I took my first proper look into the forums and discovered MFW. Wow the diaries I’ve read have been so inspirational, that today I’ve decided to start my own. I would love to be as motivated as some of the posters on here.

    So here goes, a bit about me....
    I spent my twenties travelling, working overseas and generally having a good time, whilst remaining debt free and as a rule being a bit tight with money! So the last three years have seen a huge change; settling down, buying a house, having a baby (now a lively toddler) and getting pregnant with my second child.

    I currently work for my friends business, three mornings a week, which is great for flexibility and spending time with my baby but not so good for our finances. My partner covers most of the bills, whilst I try and make our money go as far as possible.

    Our finances...
    • Re-mortgage approved: £78,000 outstanding @ 2.14% fixed for 2 year - £52,000 equity
    • Savings:
    £8000 just OP on new mortgage
    £6,400 invested in stock market
    • Incoming £2728 per month
    Outgoing’s £1848
    The remainder (£880) is left in our personal accounts and spent unnecessarily

    Ultimate goals....
    • Pay off the mortgage within 10 years - by the time I hit the big 40 - June 2024

    Goals for remainder of 2017....
    • Save £140 per week towards £7000 annual OP
    • Meal plan/batch cook consistently
    • Reduce entertainment spend
    • Start buy & sell account to pay for new clothes and toys
    • Make own Xmas presents
    • Encourage OH with current stop smoking campaign, to aid OP’s and better health

    Well, I think that's enough from me, can't wait to read more diaries and see some progress.
Page 1
    • penny*pincher
    • By penny*pincher 13th Aug 17, 4:12 PM
    • 43 Posts
    • 136 Thanks
    penny*pincher
    • #2
    • 13th Aug 17, 4:12 PM
    • #2
    • 13th Aug 17, 4:12 PM
    Hi PLTG

    Welcome to the forum. I hope your diary helps you to keep focused and motivated on your journey

    You appear very focused and driven to meet your target which is great - I look forward to following your journey!!
    Help to Buy ISA: July 2017 £1200.00, August 2017 £1400.00, September 2017 £1604.01
    Savings: July 2017 £13,312.56, August 2017 £14,312.56, September 2017 £17,513.71
    - And so you all know - I absolutely LOVE Christmas!!
    • Poorlittletightgirl
    • By Poorlittletightgirl 13th Aug 17, 8:47 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    • #3
    • 13th Aug 17, 8:47 PM
    • #3
    • 13th Aug 17, 8:47 PM
    Thanks P*P. Good luck with the start of your journey too, such a good idea to get on the right track before you've got your mortgage! You look to be off to a flying start.
    • 21katy
    • By 21katy 13th Aug 17, 11:15 PM
    • 5 Posts
    • 18 Thanks
    21katy
    • #4
    • 13th Aug 17, 11:15 PM
    • #4
    • 13th Aug 17, 11:15 PM
    Good luck with the diary. Looking forward to seeing updates. In a very similar financial situation myself. Trying to save as much as I can to help go towards them over payments. Easier said than done at times. lol
    1st competition win ever happened this year 2017. £250 on channel 5 competitions wooo! Comp for fun, anything I do win is a bonus
    [B]OP 2017[B] - 3000/6000
    • Kittenkirst
    • By Kittenkirst 14th Aug 17, 6:07 AM
    • 1,572 Posts
    • 8,077 Thanks
    Kittenkirst
    • #5
    • 14th Aug 17, 6:07 AM
    • #5
    • 14th Aug 17, 6:07 AM
    Some great goals therePoorlittletightgirl

    Looking forward to reading your updates & seeing your progress!
    2017 MFW #20 - OP £1884.86/ £2150. 87.6%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £132.24

    Emergency fund £3725]/£6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • shangaijimmy
    • By shangaijimmy 14th Aug 17, 7:52 AM
    • 2,198 Posts
    • 10,039 Thanks
    shangaijimmy
    • #6
    • 14th Aug 17, 7:52 AM
    • #6
    • 14th Aug 17, 7:52 AM
    Shiny new dairy and shiny new MFWer to share a journey with. Welcome and all the best of luck. A diary is the best thing for making me accountable and committed, and i look forward to reading your posts.
    MFW: Turning June 2036 into March 2023... 30//120 Payments Challenge, Diary Reduction £32,077.72
    Aug 2009: £163,051 // Current: £103,922.28 // Avg Daily Interest £4.67
    MFiT-T4 #8 - 47.86% of £41,000
    • Poorlittletightgirl
    • By Poorlittletightgirl 15th Aug 17, 3:16 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    • #7
    • 15th Aug 17, 3:16 PM
    • #7
    • 15th Aug 17, 3:16 PM
    Thanks everyone, I've started to get quite excited about seeing my finances build up.

    Some goals for the end of August:
    • There is limited wiggle room with most of our household expenses. We already have good, fixed contracts with these and I renegotiate at the end of each. However will complete an SOA to see if anyone can offer helpful suggestions.
    • Our monthly personal spend can be massively reduced – My oh by not smoking and myself from spending less on lunches/coffees and playdates. I love the idea of nsd, so I will aim for 3 of these per week and reassess in September.
    • Investigate starting my own business, which has been a consideration for the last few years and I started a course to do this last September, however the course did little to motivate me. I need to start researching to develop my skills and make time to get started.
    • Look at claiming working tax credits. I had thought we were just over the threshold, but I’m finding it hard to discover what this actually is.
    • Poorlittletightgirl
    • By Poorlittletightgirl 19th Aug 17, 9:59 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    • #8
    • 19th Aug 17, 9:59 PM
    • #8
    • 19th Aug 17, 9:59 PM
    After speaking to a friend I have become extremely motivated to get my own business running. The plan is to make all of my Christmas presents for family and friends, to practice and improve my skills. Hopefully this will then help my motivation to keep going once the baby arrives in a few months. I struggled to do anything but basic functions last time due to severe sleep deprivation, lasting well over a year. This time, I hope to be blessed with a good sleep, well I’m not really getting my hopes up much!

    So far this week, I’ve compiled a spreadsheet to compare the cost of materials from various sources, as well as started to make my first product. This has been slow off the mark though, as I quickly realised I am missing a few tools and materials still.

    I have meal planned for the next two weeks and did my regular two-weekly shop – this was around £20 more than usual. I have come to the realisation that I need to stop trying to be superwoman cooking everything from scratch and occasionally accept help from the frozen section. I figure buying a couple of £1 frozen pizzas should prevent us from ordering an expensive takeaway, when we can’t be bothered cooking. Also my extreme pregnancy craving from junk food, which resulted in three (?) trips to the C@-@P last week for ice creams, chocolate and crips, costing around £3-4 a time, could be solved with a massive tub of @ldi £1 ice cream and 40p bar of cheap choc!

    I'm still excitedly reading so many other diaries, I love that they span over years and I can read the full mortgage free story in some many cases. Some diaries are mammoth, so I need to be careful not to spend too much time just reading and forget about my own aims

    One thing I've come to realise from reading others diaries, is how lucky I am to have found this concept only a couple of years into my mortgage paying, hopefully saving myself a fortune in interest and not wasting any mortgage paying years. Thanks Everyone for your MS contributions.
    Last edited by Poorlittletightgirl; 19-08-2017 at 10:02 PM.
    • Kittenkirst
    • By Kittenkirst 20th Aug 17, 7:28 AM
    • 1,572 Posts
    • 8,077 Thanks
    Kittenkirst
    • #9
    • 20th Aug 17, 7:28 AM
    • #9
    • 20th Aug 17, 7:28 AM
    We too pop in a frozen pizza every now & then- I do prefer homemade but if your evening hasn't gone to plan and you're really late in, a naughty thinbase pizza and oven chips/salad veg is much better for the waistline & the pocket than £15-£20 takeout

    Another thing I do, is when making something from scratch I either purposefully (or sometimes just by accident!) make too many portions- I immediately take out the additional portion into Tupperware and move it away...that way I have some homecooked 'ping' meals for those late/can't be bothered nights

    There's a lovely Thai green veg curry & rice and a Gujarati dhal, rice & chapati tubs in the freezer just waiting for the perfect day!

    Also do remember just because its dinner time doesn't mean you have to have a large meal- I'm sometimes not that hungry but make big meals out of habit- I've started thinking before cooking and if not all that hungry, I have a small meal (egg on toast, cereal bowl, crumpets and jam etc!)

    Sorry if these are things that you always do but it was a big realization for me so may help
    2017 MFW #20 - OP £1884.86/ £2150. 87.6%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £132.24

    Emergency fund £3725]/£6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • Poorlittletightgirl
    • By Poorlittletightgirl 20th Aug 17, 12:13 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    Thanks Kittenkirst, your freezer sounds yummy!

    I try and make bigger portions to freeze, especially in the winter when my huge slow cooker comes out. But I've been a bit lax recently. I think this was also part of the reason for my larger shopping spend - I want to get back in the habit and get the freezer stockpiled for when the baby arrives. Lots of bolognaise, stew and soups will probably be on the menu
    • 21katy
    • By 21katy 20th Aug 17, 12:51 PM
    • 5 Posts
    • 18 Thanks
    21katy
    I do like reading your diary. Meal planing is definitely the way forward. Freezer meals for them days when you can't be bothered to scratch.
    It really is uncanny how much I can relate to your situation. We have £67,000 mortgage left. About £70,000 equity thankfully. Trying to save towards the over payments too this year. Never done it before but just have the drive now. I sell things on ebay every now and then, try to use that money for my personal spends. We too spend a lot for entertainment package but that is our little luxury at the moment. At the moment i'm currently looking in to another ISA account. Been informed my rate is dropping from 1.75 to 1.4. Quite a hit. Looking forward to your future posts and the inspiration. Good luck with the journey
    1st competition win ever happened this year 2017. £250 on channel 5 competitions wooo! Comp for fun, anything I do win is a bonus
    [B]OP 2017[B] - 3000/6000
    • Poorlittletightgirl
    • By Poorlittletightgirl 20th Aug 17, 2:14 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    Thanks 21Katy, not boring everyone then as I had thought

    £70k equity is great, have you had the mortgage long? Are you going to start your own diary to keep you motivated? Will look forward to reading if you do x
    • Poorlittletightgirl
    • By Poorlittletightgirl 20th Aug 17, 5:45 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 2
    Number of children in household......... 1
    Number of cars owned.................... 2

    Monthly Income Details

    Monthly income after tax................ 605
    Partners monthly income after tax....... 1569
    Benefits................................ 82.8
    Other income............................ 600
    Total monthly income.................... 2856.8


    Monthly Expense Details

    Mortgage................................ 360
    Secured/HP loan repayments.............. 0
    Rent.................................... 520
    Management charge (leasehold property).. 0
    Council tax............................. 187.33
    Electricity............................. 35
    Gas..................................... 36
    Oil..................................... 0
    Water rates............................. 46
    Telephone (land line)................... 7.5
    Mobile phone............................ 30
    TV Licence.............................. 12.08
    Satellite/Cable TV...................... 0
    Internet Services....................... 7.5
    Groceries etc. ......................... 130
    Clothing................................ 5
    Petrol/diesel........................... 100
    Road tax................................ 14.2
    Car Insurance........................... 62.5
    Car maintenance (including MOT)......... 15
    Car parking............................. 15
    Other travel............................ 0
    Childcare/nursery....................... 252.11
    Other child related expenses............ 25
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 10
    Buildings insurance..................... 20
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 5
    Haircuts................................ 0
    Entertainment........................... 20
    Holiday................................. 100
    Emergency fund.......................... 0
    Total monthly expenses.................. 2015.22



    Assets

    Cash.................................... 0
    House value (Gross)..................... 130000
    Shares and bonds........................ 6400
    Car(s).................................. 14000
    Other assets............................ 0
    Total Assets............................ 150400



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 78000....(360)......2.14
    Total secured & HP debts...... 78000.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 2,856.8
    Expenses (including HP & secured debts). 2,015.22
    Available for debt repayments........... 841.58
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 841.58


    Personal Balance Sheet Summary
    Total assets (things you own)........... 150,400
    Total HP & Secured debt................. -78,000
    Total Unsecured debt.................... -0
    Net Assets.............................. 72,400
    • 21katy
    • By 21katy 20th Aug 17, 6:11 PM
    • 5 Posts
    • 18 Thanks
    21katy
    Since 2014. I like reading people's diaries. I'm not entertaining enough to write my own ha plus it is a big commitment. Good luck to you though. Looking forward to your future entries.
    1st competition win ever happened this year 2017. £250 on channel 5 competitions wooo! Comp for fun, anything I do win is a bonus
    [B]OP 2017[B] - 3000/6000
    • Poorlittletightgirl
    • By Poorlittletightgirl 23rd Aug 17, 10:44 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    Money Saving goals achieved so far
    • Started the meal planning/batch cooking/freezing for when baby arrives
    • Set up a DD to joint account for OP’s (agreed on £50 per week each as other half decided £70 was too much, I think this is a reasonable compromise).
    • Looked into new bank account with up to £175 reward, now to apply
    • Going to bank tomorrow to open a 5% regular saver account – annoyingly wouldn’t let me do this online. Apparently it doesn’t think it’s my main account, as my wage is too small these days, lol
    • Mortgage paperwork is almost complete and ready to send.
    • SOA complete
    • Seem to be managing the 3 nsd per week, but have started a spending diary to keep track of this.
    • £250 transferred to joint account for overtime worked when my colleague has been away for last few weeks.
    • Tax credit form applied for.

    I’m not sure if we will achieve our target for OP’s by the end of 2017. We have a few expensive months coming up, as all our big outgoings seem to need paying for at a similar time and I have a feeling the extra money in our joint account will just cover these.

    22/8 – nsd
    23/8 – big spend day, went sale shopping and spent £70 on new underwear, although most of this was well needed and I would have had to buy, the lady in the shop said I’d saved over £100!

    This year I am having a buy nothing new, no spend year, on clothing, etc. for myself. The aim is to get fit and toned next year and treat myself to a new capsule wardrobe, avoiding fast fashion and trying to purchase as ethically and sustainably as possible. I follow a group on FB, where many people have done this and they usually allow a couple of cheats in the year. So this is cheat number one nearly 9 months in! I wasn’t actually going to buy all the stuff today until next year, however the shop is closing down next week, so the savings were too good to miss.
    • Poorlittletightgirl
    • By Poorlittletightgirl 25th Aug 17, 11:15 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    At the minute I’m focussing on financial and property decisions that will need to be made in about 2 years time. We currently own a house in another country and moved back to England to have our first child. We rent out our house and rent a property here, pretty much breaking even (unless we get any repairs that come up). We are just remortgaging our house on a 2 year fix and will have our rented house for 2 years. At this point we will need to decide whether to sell our house and buy where we are, move back to the house we own, keep the old house and buy another here or move to a completely new area.

    In 2 years we will also be applying for schools for my son, so it will be a key time in planning our future and I find the thought really daunting. I’m constantly changing my mind about what might be the best option for our family. My current thinking (as of yesterday), is that we remain close to family and our support network, even though it’s not our ideal location. If we save our planned OP’s, we may have enough for the deposit on a small second house, allowing us to keep our first property as a BTL and have someone else pay our mortgage. But we would then have quite a large second mortgage. But would we be better to just sell our first house and concentrate on clearing one mortgage? Any thoughts would be appreciated!

    24/8 - Would have been a nsd but spent the evening in A&E after OH had a funny turn (indigestion potentially, not the heart attack first suggested luckily!). So £6(?!?) on parking and £4 on snacks and magazines for the wait.

    25/8 - £18 on tea, as neither of us had the energy to cook or do anything today.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 26th Aug 17, 3:02 AM
    • 298 Posts
    • 1,218 Thanks
    wishingthemortgaheaway
    Hope OH is ok.
    Am subscribing for the ride ( i did wonder why you had mortgage and rent to pay but hey presto explanation)

    Just looking at your SOA (and there are many others better at this than me....)

    Do you have an emergency fund already set up? This is really important to cover any unexpected bills without throwing any Mops (mortgage over payments) off. £1k is a good place to start if you don't.

    Childcare, do you use childcare vouchers? If you don't, could you use one of the new tax free childcare accounts? That would reduce your childcare bill by 20%, you both have to work 16 hours plus a week I think, but, if you already work and are going to start your own business (therefore be self employed) you should manage this.

    How do you keep track of your spending? Do you have a spreadsheet or use an app? Both of these are great ways to see where little savings can be made. I use 'You need a budget' (YNAB) but I bought it when it was a one off payment, it's now a subscription service. I think I would still pay for it now though as I love it so much.

    Tilly tidy' (TT) are a great way of making small overpayments that you won't miss. There seem to be a couple of ways of doing it. I round down my YNAB categories to a whole £ each day, other people do it to their actual bank accounts.

    We're in a similar situation to you (currently sat up with the toddler who doesn't think sleep is necessary) but we've only got the 1, congratulations on number 2, when will they arrive?

    It sounds like lots of big decisions will need to be made in the future, so obviously the more equity you have, the better it will be. Just keep plodding along.

    Wish
    The 100 payment countdown (each payment = £400)
    2017
    July : £36,800 8/100
    August: £36,411.85 8/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • Poorlittletightgirl
    • By Poorlittletightgirl 28th Aug 17, 7:34 AM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    Thanks for the thoughts Wish, I have been following your diary with interest and already picked up a few tips! The OH is doing fine now, lots of rest this weekend and I think a check up at the Dr's next week to put our minds at rest!

    I do have a bit of an emergency fund, currently waiting to be invested, after my re-mortgage completes - it's in the final stages with the solicitors and the legal fees have changed a couple of times, so I'm just holding off moving anything and confirming exact figures until then. I also have access to spare cash in my S&S Isa, which again I need to decide where's best to invest.

    We are currently looking into childcare vouchers through my partners work, he is a bit rubbish with anything to do with admin/paperwork/finance, so it has taken him ages to organise, but hopefully his work have said we are able to backdate this.

    I have a budget spreadsheet and manual spending diary at the minute, but like the idea of the app's. I need to look into this, this weekend and maybe start the free trial for the beginning of September.

    26/8 - £12.60 spend on fish and chip lunch (Auntie usually treats us, but we were passing so paid)

    27/8 - £6.50 spend on toddler sports class and 2 drinks, plus £1 donation for mini train ride for DS, which he cried the whole way through

    Next week more effort will be made with nsd's.
    • Poorlittletightgirl
    • By Poorlittletightgirl 1st Sep 17, 1:46 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    I've noticed a few posts with monthly budgets on and think this is a great idea, especially to look back on at the end of the month, so here goes:

    Cash Balance c/fwd £678.05

    Ingoings
    Wages £1,500.00
    Wages £250.00
    Child Benefit £82.00
    Nursery Help £100.00
    Rent £500.00

    Total Ingoings £2,432.00

    Outgoings
    Mortgage £502.58
    Rates £940.00

    Rent £520.00
    Council Tax £109.00
    Electricity £36.00
    Water £46.00
    Gas £35.00
    Nursery £252.00
    Food £130.00
    MOT £150.00?
    Petrol/Diesel £100.00
    Pet Insurance £100.00
    Birthing Class £100.00


    Total Outgoings £3,020.58

    Ingoings less Outgoings -£588.58

    Cash Balance C/Fwd £89.47

    Goals for September:
    1. Keep an accurate spend diary – find a good app for this
    2. 3 x nsd per week
    3. Eb@y sales
    4. Start to make products for business
    5. Try to have £100 left in account towards OP

    28/8 - £11 spend at supermarket on yellow sticker items, fruit and milk. Usually tend to do this every few weeks, when OH gets bits he has to buy for work and I tag along for cheap bread and bagels to fill the freezer.
    29/8 – Asda £13 spend – leaving presents for nursery & bits they don’t sell in @ldi
    30/8 – nsd
    31/8 - £7 for window cleaner and £5.75 on charity shop bargains for lo
    • Poorlittletightgirl
    • By Poorlittletightgirl 6th Sep 17, 3:53 PM
    • 26 Posts
    • 66 Thanks
    Poorlittletightgirl
    Several nsd’s helped out by a sickness bug going round and hence a reluctance to leave the house! Hopefully the food shop will also last us a bit longer, as only a few slices of toast have been consumed over the last few days.

    Not good news with our car Mot, was actually double what we expected, so another £150 to cover in the budget. September is probably our most expensive month, with our more expensive annual outgoings until the end of December. I’m not sure we will be able to make any OP’s until the New Year, however I feel more aware of our outgoings now and feel determined that we will reach our goal.

    1/9 - £65 food shop & pizza for little one’s tea
    2/9 - nsd
    3/9 - nsd
    4/9 - nsd
    5/9 – nsd
    6/9 - nsd
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