Taka's MFW journey

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Not sure if this helps if you're thinking of an all-in challenge, but my figure (£17.8K:eek:) counts my normal repayments but not overpayments, because OPs are whatever extra money I have on hand at any one time. So the more I can keep my spending on the £17.8K challenge down (or at least vaguely close to budget, which it certainly wasn't this year), the more I can OP if that makes sense. Otherwise, you might find yourself doing some "creative accounting" as to what is in and what out of the 4K challenge - I know I was guilty of this for about 8 months until I switched to all-in

taka

It was payday yesterday :j Looks like I have £705.02 to transferto the ISA so I will have £1463.94 in total in there. Yipeeeeee Only another £2138.06 to go by the end of the tax year. :eek:

I should be able to pay at least £450 after December's payday (19th I think) as long as I don't overspend on Xmas so I would be just over halfway. :j

I really need to start Xmas shopping soon - only 5 people to buy for plus 2x secret santas at work (usually a £5 limit for each of these 2). My Dad already has his present, my brother wants cash to spend on decorating so that leaves 3 + secret santas to get. Oh and I need to get a 30th birthday pressie for my bruv too as his birthday is just after xmas. What do you get a bloke for his 30th Its scary when your wee brother is turning 30. I will have to come up with something suitably embarassing for his card too :whistle: Hmmmmmmmm...

techno12

taka wrote: »

Righty ho... Update time... ummmmm... nothing much has changed :rotfl:

2) Overpayments of £500 - the default is for this to reduce my payments and keeping the same term.

Number 2 defeats the whole point of being MF before the end of my term so thats not the one to go for

Funnily enough the above is exactly what I've chosen to do (though I've only made a single £100 OP on my £140k mortgage - building up my ISA first!).

The reason is I'd rather bring down the min amount I am obliged to pay, so if the worst comes to the worst I will need to find less each month.

The new lower monthly figure means I can put more towards the next OP anyway, so it makes no difference whether I reduce the term or not - I'll still be reducing the capital owed by the same amount, as this is the only figure that counts...ie the amount I actually owe..

taka

techno12 wrote: »

Funnily enough the above is exactly what I've chosen to do (though I've only made a single £100 OP on my £140k mortgage - building up my ISA first!).

The reason is I'd rather bring down the min amount I am obliged to pay, so if the worst comes to the worst I will need to find less each month.

The new lower monthly figure means I can put more towards the next OP anyway, so it makes no difference whether I reduce the term or not - I'll still be reducing the capital owed by the same amount, as this is the only figure that counts...ie the amount I actually owe..

Hi Techno :hello:

Yeah I know what you mean but I'm not sure it would work out for me as it still doesn't bring my mortgage free date forwards which is what I want to do to allow me more choices career wise etc down the road. I can only overpay by up to and including £500/month without incurring early repayment fees and if I manage to stick to my 2009 budget I will be fairly close to this limit. I guess I can change the term whenever I want so that may be a bit of a moot point Arghhhhhh!! I still have till autumn (hopefully :rolleyes: ) to decide.

Good luck with your mortgage overpayments!

taka

It looks like I am going to Canada in Jan for a conference! :j Not quite sure yet what I will need to pay upfront and claim back, and what will be paid directly. My plans for flat repairs saving for the next few months may be a bit all over the place till its sorted out :eek:

I'll need to sort out some spending money and possibly a bit more as I may be able to stay a bit longer and go skiing too (well snowploughing badly and falling lots in my case :rotfl: ) as we'll be in the Rockies. My poor holiday fund is looking rather empty at the mo... a measly £160 :eek: Thats not going to get me too far...

Hmmmm also need to get a passport sharpish... mine just ran out :eek: :eek:

evab_2

ooh I'd love to go to Canada, it's on my list of places to visit. Have a lovely time even though it's work!

taka

evab wrote: »

ooh I'd love to go to Canada, it's on my list of places to visit. Have a lovely time even though it's work!

Thank you - it should be good! Its actually my 1st international conference so I'm a bit nervous! I'm fairly junior in my job so I've never had the chance to go before (and probably wouldn't have if I hadn't specifically asked). It will be a really good opportunity for me. I need to present a poster too... eeeeek :eek: I've only really done that at institute open days before - never at a conference let alone an international one. :eek: Oh well I guess I needed a sharp kick to step out of my comfort zone but still eeeeeekkkkkk :eek:

I'm getting a bit worried. I'm in the process of changing my current account and today is the 1st day that my direct debits/ standing orders should be coming out of my new account. My pay safely made it to my new account and BOS have removed all DDs/SOs from my old account. 3 have come out of my new account from what I can see online but 4 are nowhere to be seen! :eek: That would be my life assurance, buildings and contents insurance, credit card and most worryingly my mortgage! :eek: :eek: :eek: :eek: I'm just hoping that Nationwide just haven't got round to showing them online yet but have actually taken them especially as the mortgage and life assurance are through nationwide! Normally my mortgage payment shows up on the 1st in my mortgage account but its not there yet either! :eek:

taka

I finally gave in and phoned Nationwide re the above...

• My mortgage should be coming out today its just not showing yet online... phew...
• Buildings and contents are set up to go but they have not been taken yet
• Life assurance (L+G via nationwide) - who knows - its listed as a DD too in my account but they haven't taken it yet. I got passed all over nationwide and then to the wrong bit of L+G to try to find out what was happening but by the time I got through to the right bit they had shut :mad:
• credit cards - no signs, no DD showing as set up Nationwide end. Just checked CC's end - due tomorrow apparently.Historically was always set to the 1st so...
• Oh forgot about my bus pass DD too - not taken yet either At least that was still working as of this morning :rolleyes: Hope it still is or it'll be a long walk home :rotfl:

Oh well the change over was going way to smoothly :rolleyes:

setmefree2

taka wrote: »

It was payday yesterday :j Looks like I have £705.02 to transferto the ISA so I will have £1463.94 in total in there. Yipeeeeee

Fab:D

SmlSave

Just caught up with your thread taka :wave: Sounds like you've got next year all sorted!

I like the idea of joining the 4K'rs, might have to follow your lead and have a look what this year worked out as.

Any news on the Nationwide account? I hope its all been sorted - things never go as smoothly as we want :cool:

The conference in Jan sounds good. Will you get any time to look round the area or is it in and out to present the poster?

Arn't I nosey?