MFW in 5 years

golfiematt

another £500 o.p this month, been hard juggling my c/c balance making sure its still 0%, and ive just finished my college course so should get my results in august.ive just worked out if pay my max o.p i will have paid my mortgage off october 2013!!! i keep saying its not likely b ut im gonna give it my all. thats only a potential 39 more payments woohoo!:rotfl:

golfiematt

ok ive finally decided to put my monthly/annually bills and payments into a spreadsheet and heres how a family of 3 manages on a relatively low income (both myself and my partner work).
OUT (MONTHLY)/ (ANNUALlY) GAS + ELECTRIC £50.00/ £600.00 VIRGIN B/B £31.00/ £372.00 COUNCIL TAX £100.00/ £1,200.00 WATER £33.33/ £400.00 MORTGAGE 1 £566.19/ £6,794.28 MORTGAGE 2 £20.76 / £249.12 FOOD £250.00/ £3,000.00 CLOTHES £25.00 / £300.00 PETROL £100.00/ £1,200.00 HOUSE INSURANCE £10.00 / £120.00 CAR INSURANCE £40.00 / £480.00 CARE CLUB £58.93/ £707.20 Phones £20.00/ £240.00 RAC £4.00 / £48.00 sub total
£1,309.21/ £15,710.60

0.P £500.00/ £6,000.00 total
£1,809.21/ £21,710.60



IN (MONTHLY) (ANNUALLY) WAGES £1,048.00 / £12,576.00 WAGES £760.00/ £9,120.00 CTC £73.00/ £876.00 CHILD ALLOWANCE £81.00/ £972.00 total
£1,962.00 £23,544.00



Net cash £152.79/ £1,833.40

please note the petrol and car insurance is for 2 cars(i also haven't included my current c/c balance which is £1500 on a 0% till may 2011)
*approximate o.p to date is 14k which is drawable within a couple of days. This doubles up as our backup money if we lose a job/ill health. etc.

golfiematt

hopefully i can keep up my o.p's till xmas ,thats my short term aim.any comments on my statement are welcome

golfiematt

another £500 o.p'd this month & ive just found out that i passed my nvq 4 in accountancy woohoo!
Off to disneyland paris next week which i cant wait, but its going to be tough to save a big OP next month

golfiematt

Wow what a fab little break we have just had, little 1 loved meeting all the characters!. I have also just recieved my nvq certificate and i am going to have it framed and put up on the wall! on target for my regular o.p. still got 1.6k on c/c but that goes on the back burner for now as im on 0% still. Feeling good at the moment, the break was just what we all needed to recharge our batteries.

gallygirl

Glad you enjoyed it Matt, when I went to Florida I loved meeting Donald Duck - dk why he was my favourite but I loved his round tummy :rotfl:.

Well done on nvq & OP's :T

golfiematt

yeah donald was great, we saw him at the character breakfast, my lads face was priceless!

golfiematt

£500 0.P for sept. its that time of year for me coming up in oct i have car tax, insurance, service, m.o.t. + any repairs and i know its at least 1 tyre! not to mention birthday season!......... to counteract this ive cancelled virgin and am signed up to b.t £9.50 a month line rental when paid up front, not bothering with any tv package and hoping to find a cheap b/b deal if anyone has a good deal let me know!
i was going to look into ebaying but my hotmail account has decided to die for the past week!.... still, chin up im sure things wil look better soon.

golfiematt

another £500 o.p. which should bring my balance down to £35700ish.
looks like things may be changing as ive had a bid on a 2nd property accepted, if this goes through my mortgage will go up to around 90k although its early days yet. In the meantime my o.p's are going to have to go on hold. I know this looks like a backward step but if i can manage to get the 2nd property and rent it out then its a good investment in the long term.

Queen-Bee_2

Hello GM - your tactic to buy a second property is the same as mine when I'm mortgage free and back in work. Would love to know more about it! How much did you pay as a deposit? a £60k mortgage on a second property sounds pretty low...?
QB