Mortgage Reduction Beginner to Novice - The Show Begins

Mortgage_Reduction_Novice

Just back from a lovely city break. I didn't want to go because I couldn't justify the money but MrMRN talked me into it and said I needed a break. So in order to justify it to myself, I used MSE hotel booking guide to get a good rate and then bought through quidco, I used Tesco points for three activities/museums and walked all over the city instead of getting paid forms of transport.

I feel better for the break (both the rest and the toned legs:cool:) but OH bought an ipad :eek:. I can't discuss my feelings about this at the moment.

While walking a lot we had some good discussions about household budgeting and OPs and we're both (yes he agreed to be involved) going to do a full review when the mortgage changes again in November. Roll on November...!

misscousinitt

Glad you enjoyed the break AND managed to get OH on board - success!

Sometimes I think you need to get away to take stock of things, it then helps you to move forward.

MCI

Radish72

Sounds like the perfect break, rest and toned legs (apart from the ipad oops)

Roll on November - why is everyone wishing the years away :rotfl:

Mortgage_Reduction_Novice

Today I did an awful lot of painting! There's some serious decorating going on at the MRN household.

I've also done a 10 day meal plan (includes two bulk cooking nights), shopped it and brought bags and bags of shopping home for less than £40.

Because of decorating me and OH have been wearing our scruffy clothes for a few days running so I've hardly done any washing loads compared to usual.

Two weeks off work has been saving me £15 per day in fuel so I'm quids in this month... will go towards my council-run gym membership to get me through (and keep me warm in) the winter.

Payday on Friday - I'm expecting a little pay rise but as I'm on holls till Monday I can't check my payslip so will have to wait till it appears in my bank account to find out how much it equates to as take-home-pay. Then on Monday I'll update my student loan spreadsheet with the new amount for repayments.

Decorating has wiped out the joint account so not much to scoop off for the end of the month - never mind. Renovation then smash the OPs will always be our moto.

Mortgage_Reduction_Novice

My final monthly round up:

Mystery Shopping £8
Textbroker £10.79
Valued Opinions £10 voucher
MrMRN's M&S CC £9 voucher
Consumer Pulse £20 voucher

Leftovers in the joint account £41.20 (into savings for remortgage fees November)
Leftovers in my account £538 (£379 for annual gym membership, £159.5 into ISA)

Done.

Tilly_MFW_in_6_YRS

Just stopping by to say well dne n the decorating. You seem to have achieved so much :T:T

Big savings on fuel for you as well. What a world we are living in at the moment :eek:

Best wishes Tilly x

lulabelle1

Found your diary and have subscribed... x

Mortgage_Reduction_Novice

I conducted a finance review over the weekend (Mr MRN didn’t want to be part of it so I’ve separated into joint and personal fiscal affairs!). I wanted so see if I could reduce outgoings to increase savings/OPs.

Joint Spending:
£1400 starting balance each month
-£800 Mortgage
-£250 Groceries (started the grocery challenge this month)
-£122 Council Tax
-£48.25 Gas & Electric
-£36.72 Life Insurance
-£34 Buildings & Contents Insurance (saved monthly allowing annual payment)
-£19 Water
-£15 Internet & Phone
-£12.12 TV Licence

End of month balance £62.91 (usually spent on wedding presents, DIY items, entertainment or put into joint savings)

I’m think we could do a lot better on joint savings. I’ve identified the grocery spend as the obvious culprit. The grocery challenge should help, I’m going to reduce by £20 each month till I can’t cut back anymore.

MRN’s Spending:

£1685 Income
-£550 Joint account contribution
-£330 fuel to get to work (!)
-£210.2 Car finance
-£111 Monthly saving for final car payment
-£100 Cash
-£100 ISA
-£100 house renovations (saved or spent)
-£50 Monthly saving for car insurance/servicing/repairs
-£32 Monthly saving for annual gym membership
-£20 Haircuts
-£15.50 Mobile phone

End of month balance £66.30 – if any remaining put into ISA or swallowed by birthday/Christmas presents, evening classes, entertainment, day trips etc.
All clothing and make-up is paid using mystery shopping and auditing income after tax so if I haven't earnt it I can't buy it.

I’ve been looking for a job closer to home since January which I know will free up money spent on fuel and frequent car servicing. So I am trying in that department but it’s still better financially for me to have a job with a big commute than no job at all.

Can anyone see where else I could cut back?

misscousinitt

Hi MRN

Only a couple of things jump out.

The car finance is a big thing - how long have you got to go?

Do you have your haricut every month?

Groceries are always an area where you can save - but to be fair I think £250 is a reasonable budget (though I'm sure they would disagree on DFW).

MCI

Mortgage_Reduction_Novice

Hi MCI,

Car - two more years of payments then a lump sum. I have the lump sum in savings already but I figured that'd wipe the savings so better to save monthly aswell. Any ideas, is this the wrong approach?

Haircut is every other month but £40 a go. I could try to stretch another week or so between cuts. Please don't suggest training hair cuts - I did this through Uni and PhD with variable results!

I know I can cut back on the groceries with a little effort and by easing it in so that MrMRN doesn't notice the difference. I think £125 is too much per person but in reality I probably eat £100 worth and MrMRN eats £150 (physically demanding job). I'll get myself to the OS boards ASAP!