Just starting my MFW journey

chunky79

StuartGMC wrote: »

Chunky
just PM me your e-mail address and I'll send it.

Thanks have pm'd you x

One question arises; you state interest is not calculated daily. What basis is it calculated upon? If it is annual you may be wise to look at the rules on OP and earn (a tiny amount of) interest in savings then move it over ahead of the annual calculation for example? I wasn't aware there were still mortgages based on annual calculations now having been on one 1994-1999 or so.

Will definately look into this, just going on what the bank has told me, although i may seem balanced i am a jelly head since spending most of my adult life around children , when i look at my mortgage statement it shows payment made then interest is taken out, so would that be classed as daily? Thanks for the heads up.

Best wishes in your plans.

Really pleased you have offered your spreadsheet, I am afraid mine is very basic.

We have seen accountant today, things are more clear. So once i have had a look at your spreadsheet and crunched the figures i will certainly have a better idea of what i can afford to pay comfortably.

P.S. your welcome for the mention, it has been the inspiration of both yours and Finacial bliss's diary that has made me finally take this leap, so its you 2 i should be thanking :T

gallygirl

:hello:Hi Chunks and welcome

Do check with your mortgage lender re interest. As Stuart has said, it is rare now for interest NOT to be calculated daily. Also ask them about reclaiming overpayments if necessary. If you can claw back then, assuming mortgage rate exceeds savings rate (and you have used up your ISA allowances), you could pay your 5 months buffer to your mortgage and reclaim if necessary.

Good luck on your journey. This is v addictive!

StuartGMC

Spreadsheet in your inbox; don't be too over-awed initially, step through it and it will all come together. You said you had a few months of groceries receipts, so this should get the averaging calculation off to a good start.

Remember, if you don't have MS Office you can get the open source alternative OpenOffice entirely free from https://www.openoffice.org - thoroughly recommended.

cha97michelle

I've been hit a bummer already. I was driving today, and noticed the engine management warning light on my dashboard was on, and the stupid thing didn't turn off again, so my car has had to be booked in to the garage on Wednesday to get it checked out. They are a nice and cheap local garage, but we only spent £500 there last week on DHs car. At least it can be checked out before i am back at work, and fingers crossed it won't be too serious or expensive as i was hoping to have a few hundred spare on the 1st of April to get it below £55k as i thought it would be a psychological boost. I'll have to try and think of another plan. It might just be wait another few weeks and pay a slightly larger amount, but i will wait and see.

Michelle, x

littlemrtinkle

goodluck with everything, just remember to live a little along your way.

SmlSave

I hope your car is ok and only needs a little 'tweak'

chunky79

cha97michelle wrote: »

I've been hit a bummer already. I was driving today, and noticed the engine management warning light on my dashboard was on, and the stupid thing didn't turn off again, so my car has had to be booked in to the garage on Wednesday to get it checked out. They are a nice and cheap local garage, but we only spent £500 there last week on DHs car. At least it can be checked out before i am back at work, and fingers crossed it won't be too serious or expensive as i was hoping to have a few hundred spare on the 1st of April to get it below £55k as i thought it would be a psychological boost. I'll have to try and think of another plan. It might just be wait another few weeks and pay a slightly larger amount, but i will wait and see.

Michelle, x

Hope its nothing too serious, as far as cars go i am well p*****d off, my car cost £473 3 weeks ago and my fathers £1100 which we have paid half to.

For when OH is back over here contracting, we were going to purchase another car but i think i will stick to first class walking, i could do with it, i maybe only a size 10 but i am far from fit.

We are just looking into that car warranty that was in daily mail apparently everything is covered even the belts, all you have to do is use a garage and not a dealer and have yearly service which we, here is the link to it if anyone is interested in having a look.

http://www.dailymailwarranties.co.uk/quote_page1.html


Woah Stuart, your spreadsheet makes mine look embarassing:o its very good thankyou, i shall plug away at it this weekend as OH is on long weekend this weekend so i should have more time, although i should get OH onto it, he is a developer after all .

Littlemrtinkle, i know what you mean about living along the way, i can't make too many cut backs as the kids don't see daddy all week so it is important for us to have a few luxuries at the weekend, luckily we have had some good weather so we can get out at weekends now on walks and visitng farms again. I have kids that love animals, although i am not sure where they get it from.

Its my oldest dd's birthday today she is 11, gosh where as the time gone. I still vividly remember thinking, gosh is she really mine! As though it was only yesterday.

take care xx

setmefree2

chunky79 wrote: »

Its my oldest dd's birthday today she is 11, gosh where as the time gone. I still vividly remember thinking, gosh is she really mine! As though it was only yesterday.

take care xx

Happy birthday to her_party_. You're right it does go quick:o. When they get to High School it just seems to go even faster. Before you know it GCSEs are upon you.....

Have a lovely day:D

cha97michelle

Happy Birthday to your DD.

The car was in today, luckily only a temperature sensor on the engine, but i booked it for its overdue service while it was in so i am not car-less for two whole days. Total cost was £207. Enough, but not as catastrophic as i feared.

I don't use mine apart from for going to work really, as i am getting back into walking around the village to do my errands. It all helps with money saving and weight loss for me, especially when i am pushing my boys round in the double buggy. I did a mile to the Drs today, and then back again, and called and picked up some milk on the way back hopefully postponing a more expensive shopping trip.

Good news on our mortgage front. Our rate drops from 4.99 to 2.5% when our fixed rate ends on 31/03, and i have calculated our payment will drop by £142 a month, which hopefully i can overpay. Maybe not this month as the 2 lots of car repairs went on the CC. And after our payment was made for march, my interest dropped from £7.57 to £7.53 a day. DH thinks i am too geeky for knowing that. He knows and supports what i am doing, but isn't interested in the finer details like me.

Have you overpaid any yet since starting your challenge? We'll have to compare one month after you starting to see how you're doing.

chunky79

cha97michelle wrote: »

Happy Birthday to your DD.

The car was in today, luckily only a temperature sensor on the engine, but i booked it for its overdue service while it was in so i am not car-less for two whole days. Total cost was £207. Enough, but not as catastrophic as i feared.

I don't use mine apart from for going to work really, as i am getting back into walking around the village to do my errands. It all helps with money saving and weight loss for me, especially when i am pushing my boys round in the double buggy. I did a mile to the Drs today, and then back again, and called and picked up some milk on the way back hopefully postponing a more expensive shopping trip.

Good news on our mortgage front. Our rate drops from 4.99 to 2.5% when our fixed rate ends on 31/03, and i have calculated our payment will drop by £142 a month, which hopefully i can overpay. Maybe not this month as the 2 lots of car repairs went on the CC. And after our payment was made for march, my interest dropped from £7.57 to £7.53 a day. DH thinks i am too geeky for knowing that. He knows and supports what i am doing, but isn't interested in the finer details like me. :rotfl: :T

Have you overpaid any yet since starting your challenge? We'll have to compare one month after you starting to see how you're doing.

I am pleased the car wasn't too expensive, i had 3 sensors go at once and car kept cutting out, tbh although my cost was almost £500 its not a bad price when you think of 3 sensors plus labour so not too bad
That interest rate is going to be alot better for you too :T

Apart from the first overpayment of £250 not added anything else yet but hopefully will in the next week once i have got my head around stuarts spreadsheet. Plus i get paid both wages Friday next week.

I have decided i want the mortgage off by the time dd is 16 if all goes well it should be achievable, she is adamment she is going to uni and if she carries on the way she is going she will do it, (i will scrub toilets to get her through it). Dd wants to be a vet and has wanted it since she was 5. She is at level 5 already and heading for a 6 for leaving junior school, i may go with her lol i have been saying it for years:o . AND if she doesn't go then so be it but at least i will have better finances for helping her is she does.