Glam's MFW Journey

setmefree2

Glamazon wrote: »

Finally got round to ringin them!

So for every £1 we borrowed we pay back £2.13 - that should make it nice on the eye when we start making OP. :j
I have the account details as well so no stopping me now!

Good Luck :T:T:T

Glamazon

Just made £18 selling a few bits on eBay! :j

jennynoo

If you want to get all geeky, I used this calculator: http://www.drcalculator.com/mortgage/uk/ which is really flexible and shows very clearly what effect over paying has. I do a budget that covers each month for a year so I know how much money I should be saving each month to cover all the big annual payment but if I have more left over at the end of a month I put that on the mortgage. However we already have savings to cover emergencies and some extra savings which will go towards nursery costs.

Glamazon

Hi Jenny

Thanks for popping over to read my diary! I'll take a look at that calculator now.

Thanks!

Glamazon

said I'd be crap at keeping a diary but to be fair not really done much!

Still not paid anything off but we have sorted out OH's bank accounts to maximise the interest in his current accounts. I have a spreadsheet on the go and know that by the end of May when I have all the money I need through I can start allocating it to mortgage, emerguncy fund & paying Dad back.

Had a letter through yesterday giving me all the details in what we owe & have paid last year - £21.48 interest charged daily :eek:
Showed OH & it seems the mission begins

chickaroonee

I think just understanding your financial situation is half the journey though - I never even used to know how much was outstanding on our mortgage or how much interest we paid (daily or yearly!) but now I do it's such a motivator!

Good luck with it all.

PS - how is the mystery shopping going?

jennynoo

Our mortgage started out something like that, in the first year our mortgage averaged £19.52 interest per day, three years later we've got it down to £7.29 per day (averaged for the year so far) . Every time we overpay we reduce the term instead of reducing the amount we have to pay so as interest rates came down we were just overpaying by more and more. I calculate how much we pay per day on interest at least monthly as it is a big motivator and much more easy to visualise that the thousands we owe!

twinklie

OOOh glad I found you Glam...I know you don't know me but I stalk the preg thread so I kinda cyber stalked your pregnancy!!
My daily interest is only £5 odd a day but we have a very small mortgage and a bit of a rubbish house. It still upsets me though, spending all that before I even get out of bed everyday! It's just RUDE!!

Good luck with your journey!

Glamazon

twinklie wrote: »

OOOh glad I found you Glam...I know you don't know me but I stalk the preg thread so I kinda cyber stalked your pregnancy!!
My daily interest is only £5 odd a day but we have a very small mortgage and a bit of a rubbish house. It still upsets me though, spending all that before I even get out of bed everyday! It's just RUDE!!

Good luck with your journey!

oooooooooooooo hello stalker :wave:

Can u believe my little one is 7 months old??? :eek: Being pregnant seems sooooooo long ago - hopefully won't be long til I will be again

Jenny - How do you calculate the interest then? Would be fab to see it go down!

Glamazon

Wow :j

Just sorted out my spreadsheet and by the end of May I will have the following

£1k to pay back to my Dad
£465 to OP on mortgage
£400 into emergency fund

OH will match the last 2 payments so once I have received all the money will be able to pay £800 into Emergency Fund AND £930 off mortgage. :j

Won't be able to move the money until end of May - some of it I've not received yet as £800 will be in May's wages and the rest will filter through in May. And that's when I go back to work so will have guaranteed income from then on for bills etc

OH and I have decided that from July we will keep mortgage payment at the reduced rate of £782 and always OP the £222 that we are paying now just in case we need the money (don't want to have the DD set at the current rate just in case)

Any money made from EBay or Mystery Shopping is earmarked for Overpayments and will be paid as soon as money received.

Am itching to make my first OP but scared that I'll do it and then need the money while I'm on maternity leave!