We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
MoneyQueen’s MFW Journey and Daily Diary
MoneyQueen
Posts: 929 Forumite
:money:Hi,
First of all a very Happy Christmas and New Year to all MFWs. This is my first post in MFW Board and like all of you we also want to be Mortgage Free.
Some info about us
I and OH - just two of us (both in our late twenties)
Why are we here
We have been thinking about using this thread to keep a log of what changes we have done to our lifestyle, daily activities and how well we are doing and most of all to KEEP US MOTIVATED.
Reason why we are doing this
We both work full time right now and somehow it is not working so we have been thinking about getting rid of the mortgage as soon as possible and then I can leave my job, we can have kids and I can spend time with my family rather than worry about mortgage payments and my job (I don't like my job anyway)
Also I love the feeling when DH or kids come home from work/school and I am already there to welcome them at the door or kiss them good bye in the morning as they leave the house
Time Frame
We don't have a set time frame in mind yet but I will update this section once we know..
MF by [strike]31/12/2010[/strike] 10/10/2010 (Updated on 02/01/2009)
Things we will do/ are doing during this challenge (I will add more as the time passess)
1. Make small changes every now and then to our lifestyle
2. No Holidays till all this is done apart from very low cost or freebies (apart from the yearly one to India. DH is an Indian and has folk out there whom we like to visit every year. His parents are quite old and we think it is our moral responsibility to visit them at least once every year as he is the only son- so no compromises there)
3. We don't drink as lot so don't really think we would miss it even if leave it altogether
4. Meal Planning and Batch Cooking. I am thinking of having a day off work every month for cooking for the freezer
5. Buying reduced food as much as possible from the supermarket (We don't have a local market near us so am afraid it will have to be Supermarket only). Not sure what our monthly bill for Groceries is. I have joined the Grocery Challenge on the OS Board for £100 for Jan 2009
6. Doing as much overtime as possible at work. Though generally this opportunity comes only once or twice in a year
7. Make more use of my slow cooker
8. Buy in Bulk if it is cheaper (I have a large kitchen so storage is no problem)
9. Try not to use car at the weekends unless absolutely necessary
10. Getting rid of the Telly (already done that)
11. Using vouchers for supermarket shopping (Have read this on this website but don't know what they are and how you get them)
12. Taking Packed Lunches to Work (Already do this)
13. Using services of all the kitchen gadgets that we have collected over the years so as to save time and effort in the kitchen
14. Doing something special for each other rather than give expensive gifts on Birthdays/ Anniversaries
15. Not buying clothes/ shoes etc unless absolutely necessary
16. Using less heating
17. Reducing our use of electricity/ gas (We already have low energy bulbs everywhere)
Things we can't do
1. Get another job (I think my current job contract doesn't let me do that + our current jobs are already very hectic) and we do need some us time
Now Few Facts
Mortgage
Mortgage Balance at the time (Start of the Challenge) = £105191.52
Mortgage Type: Lifetime Tracker with interest rate 0.79 above the BOE base rate (currently 2.79%)
Started Mortgage in Sep 2008 for 10 years
Normal Monthly Payment - £945
Savings
Savings Balance on 31/12/2008
Reg Saver 6.4% Expires Jan 2009 Adding 250 per month = £6377.21
Reg Saver 6.4% Expires Mar 2009 Adding 250 per month = £6000
Reg Saver 5.6% Expires Nov 2009 Adding 500 per month = £1000
Reg Saver 5.6% Expires Nov 2009 Adding 500 per month = £800
Reg Saver 6.4% Expires Nov 2009 Adding 250 per month = £500
Reg Saver 6.4% Expires Dec 2009 Adding 250 per month = £500
Reg Saver 6.4% Expires Oct 2009 Adding 250 per month = £750
Reg Saver 6.4% Expires Dec 2010 Adding 250 per month = £250
Reg Saver 5.8% Expires Nov 2009 adding 250 per month = £500
Reg Saver 5.8% Expires Nov 2009 adding 250 per month = £500
Fixed Savings 3.6% Expires Jan 2011 = £5000
Fixed Savings 6.5% Expires Nov 2009 = £2937.61
Fixed Savings 5.6% Expires Feb 2009 = £4000.61
Instant Access 4.08% (Emergency Fund) = £6000
Cash ISA Fixed 6.3% Expires July 2009 = £6700
Cash ISA Fixed 6.3% Expires July 2009 = £10000
Cash ISA Fixed 6% Expires Nov 2009 = £3655
Cash ISA Fixed 6% Expires Nov 201 = £3644
Total Savings = £59114
Debts other than mortgage
Balance to be paid to a Credit Card in Jan 2010 (currently 0%) = £2700
Balance to be paid to a Credit Card in Oct 2009 (currently 0%) = £500
Total Debts other than Mortgage = £3200
Monthly SOA
Monthly Household Income (after tax) - £4028
Mobile -£30
Mortgage - £945
Transfer to Regular Savings Accounts - £3000
Council tax (Paid by 0% Credit Card) - £172
Telephone and Broadband - £25
Fuel (Paid by 0% Credit Card) - £80
Electricity/ Gas -£77.5 (Direct Debit)
Food & Groceries (including eating out once a month, Paid by 0% Credit Card) - £100
Work expenses -£10
Shopping + Misc (Paid by 0% Credit Card) - £20
Credit Card Payment (0% Balance Transfer) - £25
Credit Card Payment (Purchases at 0% for 12 months) - £50
Total (excluding payments by 0% Credit Card) - £4162.5
As you can see the monthly outgoing is more than the income. Every month the deficit will be paid by taking some money out of the £6000 we have in the instant access account
Why saving rather than overpaying the mortgage
We have our savings at a higher interest rate (even after paying the tax) so I think it is better to save the money in the saving accounts. So we will keep the money in Saving Accounts as long as we are getting a better return in comparison to our mortgage after taking into account the tax and then we will pay the lump sums in the mortgage account once we have the full amount or savings ra te drop suddenly.
So here we go…
=====================
Monthly Balance Updates
Update for Jan 2009 - See [post=17800697]Jan 2009[/post]
Update for Feb 2009 - See [post=19042363]Feb 2009[/post]
Update for Mar 2009 - See [post=20276453]Mar 2009[/post]
Update for April, May 2009 - See [post=21264357]May 2009[/post]
Update for Jun 2009 - See [post=22847545]Jun 2009[/post]
Update for Jul 2009 - See [post=23733781]Jul 2009[/post]
Update for Aug 2009 - See [post=24745261]Aug 2009[/post]
Update for Sep 2009 - See [Post=25654291]Sep 2009[/Post]
Update for Oct 2009 - See [Post=26472133]Oct 2009[/Post]
Update for Nov 2009 - No update done
Update for Dec 2009 - See Post #
Update for Jan 2010 - See Post #
Update for Feb 2010 - See Post #
Update for Mar 2010 - See Post #
Update for Apr 2010 - See Post #
Update for May 2010 - See Post #
Update for Jun 2010 - See Post #
Update for Jul 2010 - See Post #
Update for Aug 2010 - See Post #
Update for Sep 2010 - See Post #
Update for Oct 2010 - See Post #
First of all a very Happy Christmas and New Year to all MFWs. This is my first post in MFW Board and like all of you we also want to be Mortgage Free.
Some info about us
I and OH - just two of us (both in our late twenties)
Why are we here
We have been thinking about using this thread to keep a log of what changes we have done to our lifestyle, daily activities and how well we are doing and most of all to KEEP US MOTIVATED.
Reason why we are doing this
We both work full time right now and somehow it is not working so we have been thinking about getting rid of the mortgage as soon as possible and then I can leave my job, we can have kids and I can spend time with my family rather than worry about mortgage payments and my job (I don't like my job anyway)
Also I love the feeling when DH or kids come home from work/school and I am already there to welcome them at the door or kiss them good bye in the morning as they leave the house
Time Frame
We don't have a set time frame in mind yet but I will update this section once we know..
MF by [strike]31/12/2010[/strike] 10/10/2010 (Updated on 02/01/2009)
Things we will do/ are doing during this challenge (I will add more as the time passess)
1. Make small changes every now and then to our lifestyle
2. No Holidays till all this is done apart from very low cost or freebies (apart from the yearly one to India. DH is an Indian and has folk out there whom we like to visit every year. His parents are quite old and we think it is our moral responsibility to visit them at least once every year as he is the only son- so no compromises there)
3. We don't drink as lot so don't really think we would miss it even if leave it altogether
4. Meal Planning and Batch Cooking. I am thinking of having a day off work every month for cooking for the freezer
5. Buying reduced food as much as possible from the supermarket (We don't have a local market near us so am afraid it will have to be Supermarket only). Not sure what our monthly bill for Groceries is. I have joined the Grocery Challenge on the OS Board for £100 for Jan 2009
6. Doing as much overtime as possible at work. Though generally this opportunity comes only once or twice in a year
7. Make more use of my slow cooker
8. Buy in Bulk if it is cheaper (I have a large kitchen so storage is no problem)
9. Try not to use car at the weekends unless absolutely necessary
10. Getting rid of the Telly (already done that)
11. Using vouchers for supermarket shopping (Have read this on this website but don't know what they are and how you get them)
12. Taking Packed Lunches to Work (Already do this)
13. Using services of all the kitchen gadgets that we have collected over the years so as to save time and effort in the kitchen
14. Doing something special for each other rather than give expensive gifts on Birthdays/ Anniversaries
15. Not buying clothes/ shoes etc unless absolutely necessary
16. Using less heating
17. Reducing our use of electricity/ gas (We already have low energy bulbs everywhere)
Things we can't do
1. Get another job (I think my current job contract doesn't let me do that + our current jobs are already very hectic) and we do need some us time
Now Few Facts
Mortgage
Mortgage Balance at the time (Start of the Challenge) = £105191.52
Mortgage Type: Lifetime Tracker with interest rate 0.79 above the BOE base rate (currently 2.79%)
Started Mortgage in Sep 2008 for 10 years
Normal Monthly Payment - £945
Savings
Savings Balance on 31/12/2008
Reg Saver 6.4% Expires Jan 2009 Adding 250 per month = £6377.21
Reg Saver 6.4% Expires Mar 2009 Adding 250 per month = £6000
Reg Saver 5.6% Expires Nov 2009 Adding 500 per month = £1000
Reg Saver 5.6% Expires Nov 2009 Adding 500 per month = £800
Reg Saver 6.4% Expires Nov 2009 Adding 250 per month = £500
Reg Saver 6.4% Expires Dec 2009 Adding 250 per month = £500
Reg Saver 6.4% Expires Oct 2009 Adding 250 per month = £750
Reg Saver 6.4% Expires Dec 2010 Adding 250 per month = £250
Reg Saver 5.8% Expires Nov 2009 adding 250 per month = £500
Reg Saver 5.8% Expires Nov 2009 adding 250 per month = £500
Fixed Savings 3.6% Expires Jan 2011 = £5000
Fixed Savings 6.5% Expires Nov 2009 = £2937.61
Fixed Savings 5.6% Expires Feb 2009 = £4000.61
Instant Access 4.08% (Emergency Fund) = £6000
Cash ISA Fixed 6.3% Expires July 2009 = £6700
Cash ISA Fixed 6.3% Expires July 2009 = £10000
Cash ISA Fixed 6% Expires Nov 2009 = £3655
Cash ISA Fixed 6% Expires Nov 201 = £3644
Total Savings = £59114
Debts other than mortgage
Balance to be paid to a Credit Card in Jan 2010 (currently 0%) = £2700
Balance to be paid to a Credit Card in Oct 2009 (currently 0%) = £500
Total Debts other than Mortgage = £3200
Monthly SOA
Monthly Household Income (after tax) - £4028
Mobile -£30
Mortgage - £945
Transfer to Regular Savings Accounts - £3000
Council tax (Paid by 0% Credit Card) - £172
Telephone and Broadband - £25
Fuel (Paid by 0% Credit Card) - £80
Electricity/ Gas -£77.5 (Direct Debit)
Food & Groceries (including eating out once a month, Paid by 0% Credit Card) - £100
Work expenses -£10
Shopping + Misc (Paid by 0% Credit Card) - £20
Credit Card Payment (0% Balance Transfer) - £25
Credit Card Payment (Purchases at 0% for 12 months) - £50
Total (excluding payments by 0% Credit Card) - £4162.5
As you can see the monthly outgoing is more than the income. Every month the deficit will be paid by taking some money out of the £6000 we have in the instant access account
Why saving rather than overpaying the mortgage
We have our savings at a higher interest rate (even after paying the tax) so I think it is better to save the money in the saving accounts. So we will keep the money in Saving Accounts as long as we are getting a better return in comparison to our mortgage after taking into account the tax and then we will pay the lump sums in the mortgage account once we have the full amount or savings ra te drop suddenly.
So here we go…
=====================
Monthly Balance Updates
Update for Jan 2009 - See [post=17800697]Jan 2009[/post]
Update for Feb 2009 - See [post=19042363]Feb 2009[/post]
Update for Mar 2009 - See [post=20276453]Mar 2009[/post]
Update for April, May 2009 - See [post=21264357]May 2009[/post]
Update for Jun 2009 - See [post=22847545]Jun 2009[/post]
Update for Jul 2009 - See [post=23733781]Jul 2009[/post]
Update for Aug 2009 - See [post=24745261]Aug 2009[/post]
Update for Sep 2009 - See [Post=25654291]Sep 2009[/Post]
Update for Oct 2009 - See [Post=26472133]Oct 2009[/Post]
Update for Nov 2009 - No update done
Update for Dec 2009 - See Post #
Update for Jan 2010 - See Post #
Update for Feb 2010 - See Post #
Update for Mar 2010 - See Post #
Update for Apr 2010 - See Post #
Update for May 2010 - See Post #
Update for Jun 2010 - See Post #
Update for Jul 2010 - See Post #
Update for Aug 2010 - See Post #
Update for Sep 2010 - See Post #
Update for Oct 2010 - See Post #
0
Comments
-
Welcome aboard.
You seem very organised already, so you should make progress rather quickly.
Good luck in your quest.
This forum is a great motivator.0 -
Wow MoneyQueen,
That's is very impressive. Can't see you having any problems paying off the mortgage in double quick time.
A couple of points from you list:
4. Could you do this on a Sunday rather than lose a holiday or are you on shift work?
11. Vouchers just refers to any money off coupons you can find - those in papers, magazines, off the back of food boxes etc. Then if you dare hand them over when with your shopping even if you have not bought the goods and the money comes off your bill. I'm a real chicken with this but my OH will happily hand them over whist mumbling something about 'the wife handed them to me'. There's lots of discussion about who will and won't accept them but you are better trying it yourself and if it doesn't work, then trying it again.
What are you doing for fun especially as you have now got rid of the TV?
Welcome!
FloxxieMortgage start September 2015 £90000 MFiT #060 -
Hi there, found all your info really interesting as you save approx the same amount of money as we try to each month. However I was amazed to see that you only spend £100 per month on food. Our food budget is more like £300. How are you managing this if you don't mind me asking - any tips to save money in this area would be much appreciated.
Also wondered where your savings are held as these are pretty good interest rates given the current climate.MFW Challenge (Tgt Date Nov 07): ACHIEVED FEB 07!
Mthly Savings (Tgt 60% of Inc): Average 41.67% (but we have just paid for a new kitchen!)
Savings Goal £500k (Target Date 50th B'Day Nov 17): 30.41%0 -
Hi uzubairu,
Thanks for the encouragement... I just hope we can continue with the challenge and can make this big difference to our lives.
Good luck to you too0 -
Hi Floxxie,
Thanks for replying
4. I just don't want the cooking time to come out of our 'us' time so will take a day off when DH is at work. We get 25 holidays in a year so 12 days in year shouldn't be a problem as in any case we won't be taking many holidays.
11. Thanks for explaining about vouchers. For us it will have to be the otherway round. DH gets embarrased easily.
Well, both of us are big internet surfers. So entertainment is no issue. I love "You Tube" and then I can get books from Library. We both are not big TV fans anyway. We have also got lot many DVDs so we can watck them on our computer.
Thanks
Saw your signature... You seem to be well on track... Good Luck to you too..0 -
amethystcash wrote: »Hi there, found all your info really interesting as you save approx the same amount of money as we try to each month. However I was amazed to see that you only spend £100 per month on food. Our food budget is more like £300. How are you managing this if you don't mind me asking - any tips to save money in this area would be much appreciated.
Also wondered where your savings are held as these are pretty good interest rates given the current climate.
Hi amethystcash
We have regular savers in HSBC, Halifax, Barclays, Abbey and LLoyds for both of us - They have all been running before the decrease in the interest rate and hence the good rates. I guess we will struggle when they mature as there are not any with good interest rates now.
We fixed our ISAs at the best rates we could get at that time as it was anybody's guess that the interest rates will go down further
Regarding the Grocery Budget, I generally try to cook everything from scratch, unless the readymade stuff is cheaper and doesn't have lots of unnecessary additives. Both of us are Veggie which helps. We don't have any kids which helps even more. As DH is Indian, he knows what all will be cheaper in the Asian stores so pick all those things from there- eg all flour, rice, lentils etc. We don't eat bread a lot but whenever we eat, it has to be baked at home or reduced from the SuperMarket. We try to batch cook and freeze leftovers.
I would suggest you check the Old Style Board. They have got some great experts there and trust me, you would really be able to save atleast one-third of what you spend monthly without even noticing.
Good Luck0 -
NSD till now... but we may have to go to the Supermarket tonight. so will provide a final update in the evening...0
-
Update for 31/12/2008
Well couldn't have NSD. We went to a NewYear party and the drinks cost us £10.
but then it was 2008.. No more drinks in 20090 -
Happy New year everyone...
We have now decided about a time frame for this personal challenge. It is 2 years. So hopefully be should be mortgage free by 31/12/2010
I will update the first post
Now update for today (01/01/2009)
1. NSD today
2. Entered the Leccy and Gas Readings today. Daily consumption is
Elec - 6 KWH
Gas - 47 KWH :eek:
So I guess some changes are required here. Will try to enter weekly readings now and see how we go. We have got an energy consumption measuring device. Will see if we can find it and then will see which device is consuming the most leccy.
3. Have a box of loose change. Am going to count it just now and see how much we have got.. I guess there must be some in my handbag also. Will see if we can spend it in Supermarket or use it for OP the mortgage
4. Also have some 30 swiss franks. so see if we can get them changed to £ and put them in a savings account.
5. Will be cooking a meal in SC for tomorrow
I need some tea now0 -
Well read your diary and good luck in paying off £50,000 in 2 years plus the interest even if your rate is only 2.79% ( on a tracker ).
You have got some great saving rates at the moment and have fixed for a good length of time so you look well on track to clear the mortgage by 2010.
Please check the T & C of your 10 year tracker for ERC,s if you clear early.
Your regular saver accounts look to be £42,500 plus interest by the end of the year 2009 alone.
I would hope you would keep the ISA,s and add each year ( 2 X £3600 ) and also consider your pension arrangements.
Check also if there are limits to overpaying the mortgage each year.
Saving rates are going to be cut this year but you now have a very low mortgage rate so you cant have it both ways.
Once again well done you are using the system very well but dont forget to enjoy life a little on the way.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards