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  • FIRST POST
    • Tradcob
    • By Tradcob 16th Nov 17, 12:46 PM
    • 66Posts
    • 146Thanks
    Tradcob
    A plan, a budget & a good life
    • #1
    • 16th Nov 17, 12:46 PM
    A plan, a budget & a good life 16th Nov 17 at 12:46 PM
    Hello everyone,

    My partner and I have just sold our first house we are moving in with parents whilst we find our Ďforever homeíÖ. Which we may just have found! It is more money than we had ideally wanted to spend, but is achievable on our salaries, and with the deposit we have, if we make a few tweaks to our lives.

    So, I thought I would start this diary to keep track of our spending, and keep me in the MSE frame of mind!

    So, a bit of background, There is just myself and my OH currently, we enjoy the outdoors, walking, cycling etc. but also are very happy at home with a good book/ film. We have 2 cats who love to cause mischief whenever possible. And the plan of starting a family at some point in the near (ish) future.

    We have recently got engaged, but are not planning a wedding until we are settled in our new home (I donít think either of us will want a big fuss anyway- so when I start planning and panicking on here, please remind me of this!)

    I know Iím probably starting this mortgage free thinking before weíve even bought the place, but is it ever too early to start thinking budgets and planning for the future?
Page 1
    • Tradcob
    • By Tradcob 16th Nov 17, 12:52 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    • #2
    • 16th Nov 17, 12:52 PM
    • #2
    • 16th Nov 17, 12:52 PM
    got a meeting with the mortgage man tomorrow (to ensure I've done my workings out correctly) so fingers crossed that when we leave the meeting we'll be calling the estate agent up to make the offer on our potential new home!!!!
    after that we'll be taking the cats to a cattery (they sadly cant come with us whilst we are at parent as they have other cats and both pairs wont mix) i'll miss them so much, but fingers crossed it wont be for too long before we're bringing them home.
    Then the moving process really starts! we have the kitchen to pack up still, and a few bits from our bedroom, but other than that I think we're organised. The removal man comes on Saturday morning, and we'll be taking most of our stuff to storage. Then we'll be cleaning the house ready for the new owners and then moving in with the parents!
    I'm tired already! haha


    Its all go go go this weekend!


    wish me luck!
    • MSE Andrea
    • By MSE Andrea 16th Nov 17, 12:53 PM
    • 8,838 Posts
    • 21,147 Thanks
    MSE Andrea
    • #3
    • 16th Nov 17, 12:53 PM
    • #3
    • 16th Nov 17, 12:53 PM
    Never too early in my mind. Well done!

    And good luck!
    Could you do with a Money Makeover?


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    • fiona100
    • By fiona100 16th Nov 17, 1:00 PM
    • 22 Posts
    • 46 Thanks
    fiona100
    • #4
    • 16th Nov 17, 1:00 PM
    • #4
    • 16th Nov 17, 1:00 PM
    Wow, Caught a diary on the opening few posts..


    You sound like a super focussed couple, so do you mind if I come along for some inspiration?


    Cheers Fiona
    • Tradcob
    • By Tradcob 16th Nov 17, 9:16 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    • #5
    • 16th Nov 17, 9:16 PM
    • #5
    • 16th Nov 17, 9:16 PM
    Hi fiona, of course, tag along to what will be a crazy journey im sure!
    Hi andrea, thanks for ths well wishes!
    Im going to have a nosey at some other diaries tonight for some inspiration, i do enjoy hearing how far others have come, it really makes you appreciate that we're all just trying to do our best
    Fingers crossed for the mortgage chat tommorrow!!!
    • getmore4less
    • By getmore4less 17th Nov 17, 5:11 AM
    • 30,842 Posts
    • 18,447 Thanks
    getmore4less
    • #6
    • 17th Nov 17, 5:11 AM
    • #6
    • 17th Nov 17, 5:11 AM
    Hello everyone,
    ..........
    I know Iím probably starting this mortgage free thinking before weíve even bought the place, but is it ever too early to start thinking budgets and planning for the future?
    Originally posted by Tradcob

    Best to start thinking about how to clear the debt before you commit to it.

    Draw up a SOA based on living in the new place and start living on it now.

    Make sure it has at least 5 years worth of other savings included(like the wedding) and if planning the family probably best to do at least a 10 year projection with maternity included.


    for this sort of scenario I find MSMoney(free) a great tool as it has all the planning and reporting of cashflows built in
    • Tradcob
    • By Tradcob 17th Nov 17, 7:52 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    • #7
    • 17th Nov 17, 7:52 PM
    • #7
    • 17th Nov 17, 7:52 PM
    Well, its been a busy day!
    Work this morning, then mortgage meeting which went well. We put an offer in on our dream house which we think they might just accept... if we're lucky... but its the highest we are going to go, fingers crossed on that?!
    Took the cats to the cattery, girl cat decided to make me feel very guilty by hissing at the lady... and me... boy cat had a nosey round and seemed ok. At least they have each other, hopefully they will settle quickly.
    We moved our picnic bench, and have finished off the only food in the house (bacon, beans & toast).
    Now it's time to do some more packing and try and not obsess about the offer we've put in!
    • HOL82
    • By HOL82 17th Nov 17, 9:16 PM
    • 10 Posts
    • 21 Thanks
    HOL82
    • #8
    • 17th Nov 17, 9:16 PM
    • #8
    • 17th Nov 17, 9:16 PM
    Iím a newbie on here too and also planning early so definitely nothing wrong with it!! We are moving next month, we havenít extended our mortgage as much as we could have but the house needs lots of work and we are over 35k short on what we need for the work. We deliberately didnít put it on the mortgage to force us to save it.

    Enjoy the planned move and the wedding planning (got married in August, itís the best feeling so enjoy). Will follow your post keenly as a fellow newbie!

    HOL
    x
    • shangaijimmy
    • By shangaijimmy 17th Nov 17, 9:28 PM
    • 2,282 Posts
    • 10,616 Thanks
    shangaijimmy
    • #9
    • 17th Nov 17, 9:28 PM
    • #9
    • 17th Nov 17, 9:28 PM
    So exciting...when do you find about the offer?
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • Tradcob
    • By Tradcob 18th Nov 17, 9:20 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    Offer accepted!!!!!

    Oh my goodness I'm so excited!!! I cant even describe!

    I got the call as our removal man was here and we were half way through the drama that is moving stuff into storage.

    Soory its only a short update, but can honestly say i have never been so tired, so many emotions in one day!!
    • Tradcob
    • By Tradcob 20th Nov 17, 8:16 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    Wow! So, i have just sat down after 3 days packed with moving of stuff to storage, and into our temp accommodation as well as rubbish to the tip and cleaning.... lots of cleaning! Im exhausted, but pleased to say that the house looks great for the new owners. We are just settling in but should be comfortable until we move into our new house!
    • Tradcob
    • By Tradcob 21st Nov 17, 5:44 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    Had a chill out day today, well after a final check of the house before dropping thd keys off at the estate agents, its officially sold. We then spent a couple of hours on the phone changing our address or cancelling policies that we no longer need, feel very organised 😀
    Feel that we will really be ontop of things with the new house!
    • Tradcob
    • By Tradcob 22nd Nov 17, 10:06 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    Todays money saving
    Hi all!!!
    I hope you are all happy bunnies?!
    Today i have been sorting out homebuyers survey for our house, i think ive found the best value for money option, so have booked them.
    I've also checked how many boots points i have as ive never spent any points ( do you havd to reach a minimum amount befor you can spend?) Ive got £7.80, which considering i rarely go to boots i think us ok, they can go towards something nice for my mum for Christmas. Its my birthday tomorrow, so may not get round to dping anything moneysaving! See you all soon 😀
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 23rd Nov 17, 5:57 AM
    • 654 Posts
    • 2,598 Thanks
    wishingthemortgaheaway
    Nope, no minimum spend for the points, it's like a gift voucher. I love my boots points.
    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
    • Betterthanever
    • By Betterthanever 23rd Nov 17, 6:24 AM
    • 407 Posts
    • 2,199 Thanks
    Betterthanever
    Good news on the house offer! And hurrah for being organised!!

    Current balance £114,744.64. Offset £2,151.73. £112,592.91 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22

    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • Tradcob
    • By Tradcob 4th Dec 17, 12:35 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    Hello everyone!
    I hope you are well!
    I've been a busy bee over the past week and did not manage to get on here to update- ooopsie!
    So, what have I been up to?
    Well, I've pretty much done my Christmas shopping- sticking to my budget (and arranging my siblings as we go together on prezzies for mum and dad).
    I've been cancelling a number of direct debits with various companies which we don't need anymore as we currently don't have a house- I like the idea of starting afresh with the new house as we'll be able to cash in on new customer deals (no one seems to reward loyalty these days!).
    My partner and I have been looking into the relevant insurances and to be honest- it hurts my head! I mean I get the point, we need building and contents insurance- that's sorted (got a great deal too), and life insurance is easy to understand too- but the monthly payments for critical illness insurance is scary!


    Survey on the new place has been done- and nothing too scary on there, which is great, I'm so looking forward to moving in!


    Oh and I've done some workings out
    Mortgage End date (with no overpayments) will be May 2047!!! and I will be 60 at that point!!!
    so obviously, because I'm in this forum, I'm wanting to be mortgage free a lot sooner than that- but there we go, the line is in the sand, lets see what I can do to shorten that time period!!!


    Oh!!!! also (see I told you I've been busy!) OH and I have been talking about the wedding, and currently loving the idea of a simple do, and the reception at home, much less expensive than a full on reception but much more us :-)


    bring on the new year, the new house and the new surname for me :-D
    • beanielou
    • By beanielou 4th Dec 17, 12:55 PM
    • 49,069 Posts
    • 182,248 Thanks
    beanielou
    All very exciting
    When do you hope to move to your new house?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
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    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Tradcob
    • By Tradcob 4th Dec 17, 6:32 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    Should be abke to move in early in the new year
    • Tradcob
    • By Tradcob 6th Dec 17, 12:51 PM
    • 66 Posts
    • 146 Thanks
    Tradcob
    Hello!

    Well, itís all a bit busy again, chasing solicitors, estate agents, insurance stuff, mortgage application paperwork, as well as shutting down the final old stuff from our first house on top of my day job and living with the future in-laws is making the days seem like hard work. I donít feel like Iím able to really concentrate fully on my job (distracted with personal stuff) and trying to not fall into the age old MSE nightmare of ĎIím too busy to make my lunch/ forget the lunch I make and therefore end up spending a fortune at work!í

    • Received a bill for the storage container we have- so thatís on the list to do today
    • Ring the solicitors (if I donít, Iíll end up at the bottom of the pile, and I really want to ensure that all paperwork for the new house is done before Christmas)
    • Sort through small box of paperwork we kept separate from storage as it looked important (but we havenít actually looked at in the 2 weeks since the move day!)
    • Send a letter to the Student Loan Company (I canít get on the website, the people on the end of the helpline couldnít helpÖ. Great! So a letter it is in the hope they can sort it- Iíd love to know how much I owe- I think it will be around £5000 and Iíd love to get that cleared before we start a family)

      I have also been thinking about work and what I can do to earn a bit extra, I am working toward a promotion, which I donít think Iíll achieve until possibly this time next year, its just the way things work at our place, you have to be working at said level for months before your pay will reflect. ButÖ. I do work flexi timeÖ previously Iíve used Ďsaved upí flexi for extra time off, which is lovely donít get me wrong, but Iím thinking of a more even split between time off and getting paid the extra for next year, and extra in my pay will go straight to something useful, and I have to decide how best to approach things yet, but essentially the pots are as follow:
      • Wedding fund
      • Savings (planned for maternity)
      • Student Loan
      • Mortgage
    Now I know that the best thing to do financially would be to chuck as much as possible at the mortgage (you knowÖ. When we actually get one!) but the other things are potentially quicker to tick off, so I need to do the workings out for a basic wedding & reception at home, I cant see it being loads of cash, but is cash none the less!
    The saving fund, again, I need to play with the numbers as, Iím the main wage earner in our house, so OH has suggested it make more financial sense if he takes some of the time off and I return to work early, but I kind of thinkÖ. Especially with the first born, I would need time to recover both mentally and physically from labour and becoming a new mum, Iíll play with the numbers and see what I need to save to support 6 months off rather than the 4 months OH is suggesting J
    As Iíve said, Student loan is probably around £5000 and Iíd love to get that out of the way foreverÖ at which point both OH and myself will only have the mortgage as debt between us- so nothing else and all of our extras can go towards thatÖ.

    Do I sound like I donít have a clue? Or that my priorities seem backwards? I do wonder sometimes!
    • VDOT47
    • By VDOT47 6th Dec 17, 2:04 PM
    • 45 Posts
    • 44 Thanks
    VDOT47
    Hi Tradcob,


    Good luck with your move - have your solicitors given an indication of when you might be able to exchange and complete? I assume you are the bottom of a chain, so a lot will depend on the others above you and how quickly they can get in a position to exchange I suppose.


    Personally, I wouldn't bother trying to pay off the student loan (over and above any amounts you have to pay from your salary) as it will probably be on a lower interest rate than the mortgage. I would prioritise savings for wedding and maternity and then mortgage overpayments if it were me.
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