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  • FIRST POST
    • MeandO
    • By MeandO 10th Nov 17, 11:39 AM
    • 1,188Posts
    • 5,729Thanks
    MeandO
    MeandO's mortgage-free musings
    • #1
    • 10th Nov 17, 11:39 AM
    MeandO's mortgage-free musings 10th Nov 17 at 11:39 AM
    *sneaks in from DFW board*

    Hello, I'm MeandO, I'm thirty something just and I'm a mortgage-free wannabe.

    To cut the backstroy short, things kind of went like this:

    2008: Married, mortgage free.
    2011: Mini MeandO arrived.
    2013: Moved house > £60K mortgage with (now ex) husband.
    2013, later: Life went a bit pear shaped.
    2015: Single, £102K mortgage to buy ex out of house.
    2017: Moved area to a £30K cheaper house to enable me to go P/T to be around for Mini MeandO and eradicate need for childcare.

    So, last year I moved from a new build to an old house which needed a bit of work, mostly decorative and now 70% done. The rest will be tackled as and when (and if!) I can afford it. I went P/T at work which has increased our quality of life tenfold, but has obviously had financial implications. I also have a small business I run from home which has greatly helped to build up some savings in the past few months, but I will be closing this down soon for a variety of reasons. Hopefully one day I will be able to develop that income source again, but not right now.

    DS's Dad and I still get on well depsite being (almost) divorced and he does his fair share of parenting, so I live alone with my little boy for half the week and DS spends half the week with his Dad.
    I have a lovely man in tow now, we don't live together but are only a short walk from each other which is lovely. Hopefully one day we will 'combine households', but I don't see that happening imminently.

    My mortgage deal is fixed but expires in May 2018, so I am trying to overpay as much as possible before that date. With long term goals in mind, if I can manage to knock at least 10 years off the mortgage (currently 24 years left to run ) then I will be ecstatic.
    I'm not in the position to overpay in large chunks, apart from last year with funds from the sale of the old house, but I frequently throw pennies/pounds/chocolate buttons at the online mortgage account to reduce it by what I can. Every penny counts and all that...
    Link to my old thread for those interested:

    http://forums.moneysavingexpert.com/showthread.php?t=5650914&page=16

    Feel free to drop by for a virtual cuppa and cake, I'd pull up a chair though, I think I'll be here some time...

    M
    X
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
Page 3
    • MeandO
    • By MeandO 27th Nov 17, 10:35 AM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    Savings now: £2065/£3000
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 28th Nov 17, 10:06 AM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    A spend of £99 on the credit card last night but paid it straight off this morning + £1. DS's Dad transferred me £50 of that as it was something for DS. There's a balance of around £400 on the credit card now which, although not ideal, is not umanageable and will be paid off as a priority, hopefully within a month or two.

    I picked up some groceries yesterday including quite a few YS bargains which will be portioned up and frozen. I spent around £35 in the supermarket (which included £4.50 on some clothing) and then just under £10 in home bargains on household goods as they are much cheaper there. That shop should do DS and I for a good 10 days or so now.

    I had my mortgage statement through the post yesterday. I was a bit disappointed that my term hasn't reduced at all, but then the first big overpayments early this year had to reduce the monthly cost of the mortgage to make it affordable for me after going part time. I have already asked them that any future overpayments are to reduce the term, but I will be phoning them back to check that's been done after the next OP as I have little faith it will be actioned.

    Lunch is a portion of soup taken out of the freezer last night. DS's tea tonight will be a lasagne which I batch-cooked and froze a little while ago. I will grab something from the fridge, maybe a jacket potato and one of yesterdays YS fish portions.

    I had more bad news about my Mum's condition last night, so feeling a bit with the world presently. I really do hope 2018 is going to be a better year for us all.
    Last edited by MeandO; 28-11-2017 at 10:24 AM.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • kirtsypoos
    • By kirtsypoos 28th Nov 17, 10:30 AM
    • 3,099 Posts
    • 13,784 Thanks
    kirtsypoos
    Sorry you've had more bad news about Mum MeandO, but well done on keeping our chin up despite everything that has been going on for you. How is the new oven faring?
    £150/3000 OH BC(95% PAID)
    PAID VERY, Barclaycard x2, Vanquis, Natwest, O/D, Tesco & MBNA x2 PAID LBM 24/07/15 - Debt: £150/31010.23 (99.51% paid)
    Mortgage - £160,500.00 (2017 O/P £2475.46) PAYDBX 17 #006 - £18,079.25/14,539.71
    • MeandO
    • By MeandO 28th Nov 17, 10:31 AM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    Thanks Kirtsypoos xx

    New oven is fab, thanks! Although I'm a bit obsessive about cleaning it every time I use it to keep it shining and sparkling!
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 28th Nov 17, 12:32 PM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    I've just paid the car insurance which is due to expire in a couple of weeks. I got it for £292.20 by shopping around (present company wanted £400! ), so have transferred £300 over from the savings to cover this.

    Savings now at £1765/£3000
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 29th Nov 17, 9:50 AM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    Last night I did something I've never done before... I ordered myself a takeaway for delivery. I had real cravings for chinese food, was in a bad mood and really fed up, so thought I'd treat myself. Instantly regretted wasting the money once I'd placed the order, but was too late to cancel. When the food eventually arrived, an hour and a half later , I didn't enjoy it at all and felt ill from eating too much afterwards. Lesson learnt. Never again! To make myself feel better for wasting the money, I took £20 out of my spending money and paid it off the mortgage as an overpayment.

    Savings: £1765/£3000
    Mortgage: £78,650

    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 29th Nov 17, 12:47 PM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    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................ 1382.54
    Partners monthly income after tax....... 0
    Benefits................................ 182.39
    Other income............................ 220
    Total monthly income.................... 1784.93


    Monthly Expense Details

    Mortgage................................ 381.6
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 81
    Electricity............................. 33
    Gas..................................... 33
    Oil..................................... 0
    Water rates............................. 31.05
    Telephone (land line)................... 28
    Mobile phone............................ 26
    TV Licence.............................. 12.12
    Satellite/Cable TV...................... 10
    Internet Services....................... 10
    Groceries etc. ......................... 150
    Clothing................................ 20
    Petrol/diesel........................... 40
    Road tax................................ 3
    Car Insurance........................... 30
    Car maintenance (including MOT)......... 67
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 25
    Medical (prescriptions, dentist etc).... 0
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 6.25
    Contents insurance...................... 6.25
    Life assurance ......................... 13.74
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 40
    Haircuts................................ 0
    Entertainment........................... 120
    Holiday................................. 40
    Emergency fund.......................... 150
    Swimming club........................... 16
    DS's Dinner money....................... 28
    Central heating cover................... 20
    Total monthly expenses.................. 1421.01



    Assets

    Cash.................................... 1765
    House value (Gross)..................... 170000
    Shares and bonds........................ 0
    Car(s).................................. 6000
    Other assets............................ 0
    Total Assets............................ 177765



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 78650....(381.6)....3.1
    Total secured & HP debts...... 78650.....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Bank of Mum and Dad............0.........200.......0
    Sainsbury's CC.................423.28....100.......0
    Total unsecured debts..........423.28....300.......-



    Monthly Budget Summary

    Total monthly income.................... 1,784.93
    Expenses (including HP & secured debts). 1,421.01
    Available for debt repayments........... 363.92
    Monthly UNsecured debt repayments....... 300
    Amount left after debt repayments....... 63.92


    Personal Balance Sheet Summary
    Total assets (things you own)........... 177,765
    Total HP & Secured debt................. -78,650
    Total Unsecured debt.................... -423.28
    Net Assets.............................. 98,691.72


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using Firefox browser.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 29th Nov 17, 12:52 PM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    I thought it would be interesting and quite helpful to update my SOA as I haven't done one for a while.

    A few things are spread across a couple of different categories - the phone/sky/broadband etc as I've just divided the Sky payment up.

    It does show that I need to be saving £100 a month into the car maintenance pot, which I intend to do separately from the main savings from now on. I will also be able to save at least £150 into an emergency fund, £40 for holidays and school hols (I'm not planning on any big trips for a long time now), £40 a month towards Christmas & birthday gifts and still have a generous 'everything else/entertainment/treats' budget. The remaining £63.92 will be allocated to mortgage overpayments, hopefully, unless it is needed for anything else.

    With regards to the grocery budget, I often don't spend all of this, so any leftover can also be sent to the mortgage.

    Oh, and I know the £100 a month CC payment isn't the minimum, but it's the minimum I will be paying just to get rid of it quickly.

    I will be able to save an extra £200 a month for the next 2-3 months too as the very generous bank of Mum and Dad have instructed me not to make that payment until Feb/March.
    Last edited by MeandO; 29-11-2017 at 1:04 PM.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 4th Dec 17, 10:08 AM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    I updated YNAB this morning and I had £37.40 spare, so I sent it to the mortgage to round it down.

    Total now:

    Mortgage: £78,400



    We had an awful weekend.
    My parents came to visit, but unfortunately we had to make an emergency dash to hospital with my lovely Mum, courtesy of some wonderful paramedics. Everything is such a worry, I really don't know what else to say about the situation, but it makes me so sad.

    Not much else moneysaving news to report. I have plenty of food in, although need to pick up some household stuff, so will pop to home bargains this week. I also need to fill the car up with diesel, but that is accounted for and should last the month.

    I had my bi-annual haircut on Saturday before the weekend went pear-shaped. £26, but paid in cash and budgeted in.

    I've brought breakfast (of sorts ) and lunch to work, dinner for myself will be hunted down from the fridge and freezer, DS's is planned and defrosting. I'm looking forward to getting home today and pottering around for the evening. I fancy doing some cooking this week and getting a few more meals in the freezer along with a few festive treats to cheer everyone up a bit. I've rescued 4 pears which have seen better days from OH's fruit bowl this morning, so will may make something pear-y and ginger-y...
    Last edited by MeandO; 04-12-2017 at 10:16 AM.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • Kittenkirst
    • By Kittenkirst 4th Dec 17, 10:19 AM
    • 1,640 Posts
    • 8,557 Thanks
    Kittenkirst
    Oh, I’m sorry to hear your weekend was so stressful, it must have been very scary with the paramedics etc out, hope you get some time tonight to wind down a bit.

    What type of festive treats are you thinking of making?
    I’m hoping to make some biscotti this week to pop in a tin for Christmas to posh up some coffees on the cold nights
    2017 MFW #20 - OP £2348.20/ £2150 106%. New target £2500 93.9%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £52.33

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • MeandO
    • By MeandO 4th Dec 17, 9:53 PM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    Thanks for popping by Kittenkirst
    Biscotti sounds lovely. Iím not sure what to make yet, but I havenít done the obligatory mince pies yet, so they are a must sometime before Christmas. Iím hoping to get DS interested enough to make and decorate a Christmas cake with me as well. I fancy trying something a bit different though too, so will have a read through some of my recipe books. I have a lovely Scandinavian baking book which has some lovely Scandi festive treats in so I may try a couple of those.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 4th Dec 17, 10:06 PM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    DS and I sorted through all of his toys today after school. I reminded him that he needs to make room for any new toys Santa may bring and, as there are lots of children who don’t get toys at Christmas, it may be nice to donate some. It took us an hour and a half, but he was really good and has sorted 2 bin bag fills of toys he no longer wants! We have filled one bag for the charity shop; some we have put aside for family and friends, and some I have since listed on gumtree and eBay to make a few £’s. I’m really pleased, we now have loads more space and the playroom (or other end of the lounge!) is much less cluttered.

    As I was listing things, I forced myself to finally get round to listing a few other items that I have been meaning to do for a while now. I’ve gone for a mixture of eBay and gumtree, but if a few things don’t sell on gumtree then I will list them on eBay too.

    I’ve also make a good attempt at tidying the bedroom I use as my office. It currently has Christmas stuff in there alongside the new shower and bathroom materials which, I hope will be done soon, but i’ve managed to declutter and tidy everything else in there.

    I have a large, heavy piece of equipment that I used to use for my small business which I am now likely to sell. It is really heavy and can’t be posted, so I will have to sell it locally. It should net a couple of hundred pounds though if I can sell it. I’ll look at doing that at the weekend.

    I’ve just cashed in survey points for another £5 amazon voucher. I have bought everything I need for Christmas now so I will save it for DS’s birthday shopping or perhaps the January sales if anything reaches out and grabs me!
    Last edited by MeandO; 04-12-2017 at 10:09 PM.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 5th Dec 17, 9:41 AM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    Just received notification of a refund, so that will be around £35 back to the credit card.

    There's some interest on the items for sale, nothing has sold yet though. I was hoping to wake up to lots of 'BIN's' gone - how impatient of me!
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 6th Dec 17, 11:11 AM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    Had yet more awful news about my Mum's condition last night, so last night was a bit of a write off. I did manage to get a bit of work done, but not a lot.

    DS's school has decided to bleed dry us parents even more lately. DS had to take £1 into school today for non-uniform day, plus £2.50 spending money to buy some Christmas crap 'crafts'. There's a 'demand' for £5 for teacher's Christmas presents, courtesy of the band of the 'cool Mum's club' (who don't actually lower themselves to speak to any other parents in the school yard until they want money, but make sure they are heard by everyone every day by talking so loudly to each other about their latest exploits that I seriously thought at least one of them must be deaf at first). Then there's £8 wanted from the school for a photograph of all the classes (why would I want this?!); £20 for a school photo (I ordered the copyright free photo online and saved money), not forgetting the £35 spent on costumes the past few weeks and the £4 for children in need events and £4 for a disco. Seriously, it's starting to take the p*ss now.
    Anyway, I've not partaken in most of the above and DS isn't bothered by most of it excoet the fun stuff, so I make sure he's not left out of that.

    The little bit of tax credits that I receive has gone in today and YNAB has been updated. There is a little bit of money 'spare', so I will be splitting that between the mortgage and the savings later.

    I have ordered an online shop for tonight. I've bought a few bits for Christmas food shopping to freeze, such as a smoked ham joint for £8, so it is more expensive that normal at just under £70. It does mean that most of the Christmas food shopping is done though, apart from fresh veg. I don't really know what plans are for Christmas Day yet, but it won't involve cooking for more than 3 - 4 of us at the most. Christmas is complicated when you're divorced, with a child, and all your family live a long way away. It's made even worse by the fact that my Mum is so very poorly.

    Tonight is DS's swimming lesson and then we need to pop to Home bargains to pick up a card and little birthday present for DS's friend. I already have one thing in my present box, but need something to add to it.
    I also need to post some parcels, including 2 returns which sould see £30 back to the bank account.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 6th Dec 17, 11:22 AM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    £20 paid off the mortgage,
    £15 paid into the savings.

    New totals:

    Savings: £1780/£3000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380



    That's £125.79 overpaid to the mortgage so far this month which I'm really pleased with, especially considering it's only been 10 days so far. I'm not sure how much more I can afford to overpay this month, if anything, but I shall certainly try. If I can keep that up every month I will knock 7 years and 8 months off my mortgage!
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 6th Dec 17, 1:26 PM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    £114 just spent on the credit card , but it is something I have been price watching for some time. The cheapest it had been previously was £169, so quite a saving.
    A BIN has been sold on ebay in the last hour too, so have transferred the funds straight to the credit card to start paying the new balance off.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 7th Dec 17, 10:49 AM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    A couple more ebay sales overnight so I've paid another £25.59 to the credit card. A sale of £20 has been arranged locally for the weekend, hopefully they will turn up.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 7th Dec 17, 12:28 PM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    Another sale of £15 locally for collection on Saturday.

    I've donated some of DS's too small bits to a colleague for her grandchildren today and also have a big bag earmarked for the charity shop which I'll try and drop off this weekend.

    Tonight I have a bit of running round to do - to the post office and the chemist. Hopefully all spends at the post office will be covered by my business account card I have with them, depending on how much prepaid credit is left on there.

    I got stung for yet more money last night once I'd picked DS up - at a school fair. Another £8 gone 'buying back' his artwork...


    I'm hoping for a NSD today. Yesterday was costly!
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 7th Dec 17, 1:19 PM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    Another BIN has just been sold on ebay, so I've just paid another £10 off the credit card.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
    • MeandO
    • By MeandO 8th Dec 17, 1:18 PM
    • 1,188 Posts
    • 5,729 Thanks
    MeandO
    Another BIN sold on ebay for £15, but have left the money in the account for now as I had to pay £50 in postage yesterday as the business postal account was pretty much drained of credit unfortunately.

    The £114 item came and is being returned. Less than impressed with it and happy to have the money refunded. I also returned a few other items for refunds yesterday so they should be credited once received, although for much smaller amounts.

    YNAB updated, it's looking a little tight so no extra to throw at the savings or mortgage yet unfortunately.
    Savings: £1000/£2000
    Mortgage Feb 2015: £102,000
    Mortgage now: £78,380

    "Life shrinks or expands in proportion to one's courage" - Anais Nin
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