Glam's MFW Journey

jennynoo

Glamazon wrote: »

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!

Either divide the interest you have paid so far this year (which is what my online statement shows me) by the number of days so far this year to give you an average for the year so far. Or divide your total remaining balance by 365 then multiply by the interest rate over 100. eg 100,000/365*0.025=£6.85 per day.

I hope that's right as that's what I have been doing!

Glamazon

jennynoo wrote: »

Either divide the interest you have paid so far this year (which is what my online statement shows me) by the number of days so far this year to give you an average for the year so far. Or divide your total remaining balance by 365 then multiply by the interest rate over 100. eg 100,000/365*0.025=£6.85 per day.

I hope that's right as that's what I have been doing!

Thanks for that.

I don't have an online statement. Wonder if I can get them to set one up.

ETA - that calculation does work just did mine 160,620/365*0.488 = £21.47 per day

Glamazon

Just paid off £320 :j

OH owed me £160 for posting all his ebay junk & paying his fees, I hadnt missed the money so he matched! Paid it off in branch.

:D:D:D:D:D

setmefree2

Nice One :j

Glamazon

Just checked my online account and found an ISA with £3.69 in
So I transferred the money out along with 66p interest I got on my current account last month so just did my first online payment of £4.35

Glamazon

Had set aside £215 this month so that if I didn't need the money I would use it to OP. This is my last month on SMP as next month I'll be back in work and get all my holiday paid as well.

What happens yesterday? Gas and Electric bill - £266 :eek:
No idea how the Gas is so high as its higher than last quarter and I thought we had the heating on more

So I'll be spending £133 on that and then I'm buyng a new pushchair for £50 so the leftovers will go on an OP.

I'm hoping to do better from next month!

Baby_steps_2

Glamazon wrote: »

What happens yesterday? Gas and Electric bill - £266 :eek:
No idea how the Gas is so high as its higher than last quarter and I thought we had the heating on more

Hi Glam,

Wanted to say well done on the first overpayments :T I'm only just starting to overpay to and our starting amounts are very similar, although my OH is not as interested as yours.:mad:

Could the high bill amount due to last quater being estimated, and this one being an actual from a reading?

Good luck on your return to work.

Glamazon

Baby_steps wrote: »

Hi Glam,

Wanted to say well done on the first overpayments :T I'm only just starting to overpay to and our starting amounts are very similar, although my OH is not as interested as yours.:mad:

Could the high bill amount due to last quater being estimated, and this one being an actual from a reading?

Good luck on your return to work.

Hi Baby

Thanks for reading. It is an actual reading - I thought it was an estimate as I hadn't seen the meter reading guy then checked and he came on a day we were out in the car so the side gate would have been open.

Thinking about it, perhaps we had the heating on more because of all the snow - I don't know.

OH is great about it really but did moan that paying off £320 wasn't going to make a difference in the grand scheme of things - he laughed when I told him about the £4.35 :rotfl:

He has said if he can free up some money he'll try and pay off a couple of grand but we'll see!

pammyj74

Its really great that your OH is on board with the OPing, many on here dont have that shared commitment to pay off the mortgage early (I dont as single parent lol)

You seem to be doing really well hun
Are you back at work this week?

Glamazon

Well, it's been over a year since I posted :eek: Where does the time go???

Just a quick update. So far this year we have overpaid £1,400 :j

We are currently overpaying £60 per week (rather than £240 each month, it's all about the daily interest!). My daily interest rate was £10.59 in March and is now £10.41

I find my spreadsheet is the key to it all - still clearing out on Ebay and trying to get some overtime in work.

Currently mortgage stands at £152, 125.49 which includes £4k fee.

I should add we are now on the SVR which is currently 2.5% - 2% above Base Rate so interest rate is half what it was