Mortgage Free ASAP

MoneyQueen

Well, that seems a long list. Good luck with all that

We have the mains switch just next to the fuse box if that hekps

MQ

setmefree2

with all that

Queen-Bee_2

After the first flurry of personal reorganization, my MFW activities are starting to settle down. In particular, most of the initial changes have now been implemented, giving my mortgage free journey a welcome kick-start.

Consequently, I suspect that from now on, this diary will focus more on regulating and reporting the outcome of these changes. In a way, this is good, ‘cos I need to turn my attention to education and career matters - both of which would benefit from a similarly ‘robust’ workout. Given that how much I’ve enjoyed sharing my progress however, it’s unlikely I’ll be able to stay away for long…

Anyway. I digress!! My progress over the last week may be summarized as follows:

Savings Etc
All my new accounts have been opened and are now up and running. As a direct result however, I’ve been inundated by ‘stuff’ from the new providers. Every day, the postman’s squeezed a fat wad of debit and credit cards, pin number letters, on-line banking details and various other marketing material through the letterbox. He must think I’m setting up in business!!

Key observations include…
• That Halifax has provided a 5* service. It opened my 3x accounts swiftly and efficiently, and I’ve been able to move cash in/out of them on-line with the minimum of fuss.
• The jury is still out on Alliance & Leicester. It’s been slower than Halifax setting everything up, and for some reason, it’s seemed a lot more complicated. I’ve been sent a credit card I didn’t request (and don’t want) and likewise had an unasked for Plus Saver account opened. The latter arrived with plethora of information extolling its benefits, but nothing about its interest rate. Checking the interest rate on-line, I found it offers a miserly 0.1%! Don’t think I’ll be making much use of it!

Additional Income
• The room I’m thinking of letting doesn’t have a wardrobe and although it’s quite large, doesn’t have a place where I could put one either. Given that it’ll only be occupied Monday-Friday though, I decided that a stylish coat-stand capable of accommodating a suit and a few shirts would do the job nicely. Tesco Direct had some fabulous ones in a birch finish (which matches the other furniture) for just under £20, so I made a purchase via TopCashback and picked it up in-store yesterday. It’s only a tiny amount of cashback, but it’s all those little amounts that add up…
• I also need to buy some other furniture from IKEA, but can’t find any discount codes for this retailer and it doesn’t feature on any of the cashback sites… Can anyone help?? Clearly I am now firmly of an MSE mind-set to find this an irritation!
• I’ve attended one of the focus groups I mentioned in a previous post which puts a bit more in the room-furnishing pot
• Finally, I’m filling out each and every survey which arrives in my e-box. I think I’d better start keeping track of them… Hopefully, by Christmas, I’ll have accumulated some gift vouchers I can give as presents to various nephews/nieces. My family’s huge and whilst I love them very much, December’s an expensive time for me.

DIY Jobs
• I’ve painted the window frames and sills in my bedroom and bathroom, and feel proud of myself for going up the long ladder with all the equipment!
• The misted-up double-glazing units have been replaced. A local company replaced the units this morning for £124. Some glaziers had quoted £200 plus, so it was well worth shopping around.
• I’ve bought replacement lights for the kitchen from B&Q via TopCashBack using two separate Reserve & Collect transactions to get a £4 credit. All I have got to do now is install them. Hmmm…

Required Actions
To prevent any complacency on my part, I thought I’d also post the next items on the list…
• Review mobile phone arrangements as I suspect there’s scope for me to get a better deal
• Analyze Spending Diary to learn lessons and where there’s scope for further reduction
• Set up database of key dates for insurance renewals, car MOT etc – to give myself ample time to shop around and source the best deal ahead of expiry deadlines.
• Progress DIY projects to include:
o Painting the window frame & sill in the sitting room
o Install the new kitchen lights
o Repairing the broken light in the downstairs loo
o Painting the outside of the conservatory

QB

SmlSave

Well done on getting all that done QB! :T

The jury is still out on Alliance & Leicester

I have to say that A&L were a nighmare when setting up my account and made a complete hash regarding internet access i.e. passwords etc. But it was nice getting the £100 and I've kept it open since.

I'm off to IKEA soon and if anyone does happen to have any discount codes I'd be very interested too

I have to say an extra well done to you QB for re-painting your windows, me and DH gave ours a go last year and gave up!

taka

I don't know of any discount codes but it may be an idea to check whats on offer with their "ikea family card" as there were various things on offer the last time I was in. Its free to join and I think you get free tea or coffee too during the week! I only joined the last time to get money off some kopparberg cider which was my reward for not spending 100s in there! Than and I definitely needed a drink after a trip there! :rotfl: I joined at a machine near the canteen... I don't know too much about it but I'm sure their website will have more info.

Queen-Bee_2

When I started this diary, my primary aim was to reduce my mortgage as much as possible by September 2010 prior to taking up a full-time university place and completely changing my career.

Well, I’ve had the summer to reflect…

One of the reasons for wanting a clean break from my industry sector was not so much the fact I’d been made redundant, but my ex-employer’s treatment of me in the process - and the preceding twelve months. To cut a long story short, this had been so truly dreadful, I found it difficult to countenance the prospect of ever returning to an office environment again.

However, after a summer reviewing my options and greatly enjoying the fact I no longer had to work such long hours (on occasion, I’d literally worked the clock round in the office and 18 hour days were not uncommon in the run up to deadlines), I decided such a radical change would be throwing the baby out with the bathwater. I also discovered I’d still got a genuine interest in my field. Strange as it may seem, I thought this had gone forever.

Clearly, a return to the old regime wasn’t going to feature on my agenda. But the desire to learn something new certainly did.

So I’ve decided to return to university at once and start reading for a Masters degree on a part-time basis. This means I won’t be cooling my heels for a year, and because it’s in a subject related to my existing area of expertise, I’ll be building on my skills base, rather than starting from scratch.

I didn’t see it this way at the time and it doesn’t excuse the way I was treated, but that redundancy was a blessing in disguise!
QB

setmefree2

with your masters and all your plans

Queen-Bee_2

As my plans have now changed, and I won’t be studying full time from next September, it may be possible to bring forward my mortgage free date from March 2017. Balanced against this however, is the fact that my part time Masters is going to cost a mind-blowing £4.6k a year.

This is twice what it would have been last year, due to Government changes in funding legislation and the fact that I already have a Masters qualification. The fact that this is over 20 years old and no longer relevant, that I’m currently looking for work and that my industry sector’s been devastated by the crunch (which is part of the reason I’m keen to up-skill), counts for nothing!

I am very fortunate in that, for the time being, I’m able to finance myself. For many people looking to retrain and enhance their employment prospects however, these changes represent a real barrier to up-skilling and re-entering the employment market.

setmefree2

Queen-Bee wrote: »

Balanced against this however, is the fact that my part time Masters is going to cost a mind-blowing £4.6k a year.

:eek::eek::eek:

Queen-Bee_2

This Month’s Figures
Another month, another mortgage reducing payment. The lifestyle changes I’ve put into place are really starting to bite, but I’ve yet to let my spare room. Nevertheless, it’s satisfying to see that balance go down!

As at September 30th, the key figures are as follows:
- Total payments (Year To Date) £22,190
- Total interest charged (YTD) £2,703
- Daily interest charge £8.33
- Current balance outstanding £66,245

If I’d paid in accordance with my original mortgage payment schedule (ie with a September 2025 end date), my balance would currently be £87,870.

This means that to date, I’ve paid off £21,625 more than would otherwise have been the case. Unfortunately, I don’t have a spreadsheet to calculate my total interest savings at any one time, which is a shame, ‘cos I think that’d be a real eye-opener.

Given my life’s still in a state of flux, it’s difficult to predict a mortgage free date with any accuracy. Having recently totted up all my assets, I think that they just about outweigh my debts.

Right at the moment however, this isn’t the be all and end all – as long as the general trend is downward, I’m happy