MoneyQueen’s MFW Journey and Daily Diary

MoneyQueen

Update for August

Monthly Salaries = £4521.08

Mortgage

Balance = £88,966.26
Interest Rate 1.29%
Monthly Payment £873.81
OP done in August £0

Savings (These are all Net Rates)

Reg Saver 3.6% Expires Jan 2011 adding 500 per month = £4000
Reg Saver 3.6% Expires Jan 2011 adding 500 per month = £4000
Reg Saver 3.6% Expires Jan 2011 adding 250 per month = £1750
Reg Saver 3.6% Expires Jan 2011 adding 250 per month = £1750
Reg Saver 3.2% Expires Feb 2011 adding 250 per month = £1750
Reg Saver 3.2% Expires Feb 2011 adding 250 per month = £1750
Index Linked Fixed Savings 4.7% Expires April 2013 = £3000
Fixed Savings 4.08% Expires Nov 2014 = £3200
Fixed Savings 4.08% Expires Nov 2014 = £3350
Cash ISA Fixed 5.00% Expires July 2014 = £7218
Cash ISA Fixed 5.00% Expires July 2014 = £10589
Cash ISA Fixed 3.75% Expires Dec 2012 = £3878.91
Cash ISA Fixed 6% Expires Nov 2011 = £3644
Cash ISA Instant Access 3.2% = £5100
Cash ISA Instant Access 3.2% = £5100
Cash ISA 2.5% = £3736.48
Cash ISA 2.5% = £3736.48
Instant Access Savings Account 2.4% = £6303.64
Instant Access Savings Account 0.18% = £35.71
Instant Access Savings Account 0.18% = £35.71
Instant Access Savings Account 2% = £10.00
Vantage Accounts Instant Access 3.2% = £42000.47
Reward Current Accounts = £4.35
Main Current Accounts + MB Float = £1287.14
BoI Current Account = £100
Cash + Loose Change = £20
Euros - £189.12

Total Savings = £117,539.01

Debts other than mortgage

Balance to be paid to a Credit Card in Jan 2011 = -£ 2,877.55
Balance to be paid to a Credit Card in Jun 2011 = -£ 2,255.47

Total Debts other than Mortgage = -£5,133.02

Savings - (Mortgage + Debts) = £23,439.73


Will update my signature now

MoneyQueen

We have reached the end of the challenge as it is 10/10/10 today.

I have not been regular the last few months but there had been things happening in life that were more important.

I have now switched from a job that I just wasn’t happy with. Have started with a new job last week and I just love it. The work is much more exciting even though there is not much increase in my pay cheque, there is great job satisfaction. The company pension is great and the people I am working with are so much fun.

Anyways, over to details of the challenge. We have tried many things over the last 2 years to make/ save/ not waste money. Some have worked, some haven’t.

Even though, we haven’t paid the full mortgage, we have net savings of £31,913 now which is £21,913 more than the target so we are happy with that.

The mortgage will have to stay till the interest rates rise as the savings are earning a better interest rate and some of the savings are in Cash ISAs and we don’t want to cash them to pay the mortgage because of their tax free status.
I will post the end of the challenge figures in the next post but just wanted to take this opportunity to thank everyone on this board. You guys have been a great inspiration and I have loved reading everyone’s diaries even when I haven’t posted on them.:T:T:T

We are now starting with another challenge which is to maximise savings and save a substantial amount till I am 40 which is 9 years away. I am moving over to savings board challenge now as that would be more relevant to the next challenge but I will keep on visiting the MFW board :A

[FONT=&quot]MQ[/FONT]

MoneyQueen

End of Challenge Update

Mortgage

Balance at the start of the challenge= £105,191.52
Balance at the end of the challenge= £87,400.00

Debts other than mortgage

Balance at the start of the challenge= £3,200
Balance at the end of the challenge= £6,303.23

Savings

Savings at the start of the challenge: £59,114.00
Savings at the end of the challenge: £125,617.14

Net Savings

Net Savings at the start of the challenge: -£49,277.00
Net Savings at the end of the challenge: £31,913.91
Change in Net Savings from the start to the end of the challenge: £81,190.91

Current Savings Breakdown ((These are all Net Rates)

Reg Saver 3.6% Expires Jan 2011 adding 500 per month = £5,000
Reg Saver 3.6% Expires Jan 2011 adding 500 per month = £5,000
Reg Saver 3.6% Expires Jan 2011 adding 250 per month = £2,250
Reg Saver 3.6% Expires Jan 2011 adding 250 per month = £2,250
Reg Saver 3.2% Expires Feb 2011 adding 250 per month = £2,250
Reg Saver 3.2% Expires Feb 2011 adding 250 per month = £2,250
Reg Saver 3.2% Expires Oct 2011 adding 250 per month = £500
Reg Saver 3.2% Expires Oct 2011 adding 250 per month = £500
Index Linked Fixed Savings 4.7% Expires April 2013 = £3,000
Fixed Savings 4.08% Expires Nov 2014 = £3,200
Fixed Savings 4.08% Expires Nov 2014 = £3,350
Cash ISA Fixed 5.00% Expires July 2014 = £7,218
Cash ISA Fixed 5.00% Expires July 2014 = £10,589
Cash ISA Fixed 3.75% Expires Dec 2012 = £3,878.91
Cash ISA Fixed 6% Expires Nov 2011 = £3,644
Cash ISA Instant Access 3.2% = £5,100
Cash ISA Instant Access 3.2% = £5,100
Cash ISA 2.5% = £3,736.48
Cash ISA 2.5% = £3,736.48
Instant Access Savings Account 2.4% = £8,774.11
Instant Access Savings Account 0.18% = £35.71
Instant Access Savings Account 0.18% = £35.71
Instant Access Savings Account 2% = £10.00
Vantage Accounts Instant Access 3.2% = £42,000.47
Reward Current Accounts = £4.35
Main Current Accounts + MB Float = £1,852.25
BoI Current Account = £100
Cash + Loose Change = £50
Euros - £201.67

Total Savings = £125617.14

Current Debt Breakdown

Balance to be paid to a Credit Card in Jan 2011 = -£ 2,845.99
Balance to be paid to a Credit Card in Jun 2011 = -£ 3,457.24

Total Debts other than Mortgage = -£6,303.23

Savings - (Mortgage + Debts) = £31,913.91