Due to be MF by 45, but want it sooner!

cat04

Thanks for all your info, not confusing at all! We took out our mortgage in Feb, with the first payment being £600 and odd with us completing on 12th therefore a month and a half in one go.

I don't know the ins and outs of the workings behind it all, so your explanation was really helpful. My ex dealt with all the finances, and now I'm with my new partner it's like the roles have reversed and I'm in charge now (more like eek!!)

cat04

Queen-Bee wrote: »

Also, on your SOA, the following look quite pricey:
Satellite/Cable TV...................... 40 £10 Virgin, £30 Sky (I know!!)
Internet Services....................... 40 £10 Virgin £30 mobile internet/laptop (carried from last address)

Have you thought about combining everything under one provider? Re the mobile broadband, I bought a mobile PAYG peg from vodafone, which you can top up as and when you like (ie credits don't expire after a month). It's saved me loads, and I bought it via Topcashback (I assume you know all about buying stuff through Topcashback??)

I saved a huge amount by ditching my BT landline and Virgin Internet in favour of a combined TalkTalk package which costs me £19 pcm, gives me free calls to all landlines at any time and provided £50 cashback at the start.

Also, you mobile...
Mobile phone............................ 35 £25 me, £10 OH
I have a £15 pcm SIM only deal with Vodafone that gives me something like 300 mins and 600 texts a month. I'd already got a handset I was happy with (and even if I wasn't, you can get great Nokia ones for £10, or actually £5 with cashback).

Keep us posted and good luck!
QB

Thanks for your advice Queen Bee Yours is one of the diaries I've managed to read all the way through, and I've learnt quite a lot from it :beer:

We were tied in with BT from our previous address. Our vendors were with Virgin, but we didn't want to have to pay BT a cancellation fee so stayed with them...but that didn't work as we were told that there was no line to the house??!! They have undergrond cables here for BT and it had disappeared. BT wanted to dig up the drive, but couldn't even give us a date to do this for at least 4 weeks :eek: Went through Quidco for Virgin as we needed the internet and home phone asap.

As we could afford it, and OH really wanted it, we got Sky+ HD through Quidco. We don't go out very much at all, esp since the ex has stopped having the girls at the weekends, so went for it. Obviously we now have a surplus of tv services, so one of my next jobs will be to look at what would happen if we cancelled the Virgin TV.

I don't know if I can reduce my mobile monthly payments, or cancel it completely. I suspect not, although I would imagine I could if I 'buy myself' out of the contract. We shall have to see.

Thanks again for your advice

cat04

Afternoon all. I spent yesterday evening having a look at my SOA, and in particular my food and grocery spends. I think we can cut back a lot here. I think I only put a figure of £400 on average per month, but I know that some months it has been a higher than this.

On top of that since October it seems there has been spends that we wouldn't normally have. OH's 30th in October, kids birthdays, then Xmas, My 30th in Feb, new home = new furniture and expenses, lots of family birthdays and Easter... Now we have settled in and got just about everything we need for the house hopefully things will calm down a bit.

As it stands we can afford to keep up our current level of spending, plus make £100 OP per month. We're not skint or in debt (I know we are very lucky) but want to try and pay off as much of the mortgage as we sensibly can as when OH becomes self-employed our income will change every month and we want this noose round our necks gone asap. And this brings us back to the groceries....

As I've mentioned in a previous post we tend to shop on a Sunday afternoon after dinner with the family. We are usually in a bit of a rush as we don't get there till just after 3pm. In Sainsbury's I don't tend to over spend. There are certain things I will only buy if they are on offer, and I only ever buy clothes when they have the 25% off days, but then only if it's something we need, like school uniform, and the occasional cheap top for me. I collect and spend Nectar points, and use mocs to save quite a bit here.

Now Tesco is a different matter. Since moving it is now on the otherside of town. My DD's like hot chocolate (Since DD1 was 18 months she won't have milk except on cereal so thought it was a good way to get milk into her - now she has to have a cup when she gets up, and another after school, DD2 loves it too bless her) and the only one DD1 will drink is Tesco own brand. When I go I end up spending a small fortune. The clothes don't help as the usually have some kids stuff in the sales and predictably I end up buying some. last time I went I needed hot choc, bread, milk and fresh fruit and veg. Picked up other things, some school bits and a couple of things in the sale and ended up spending almost £90. I hate Tesco because of this and have vowed not to go much. OH goes past on his way home from work so will pop in for hot choc and nothing else!

Whilst DD2 is still in pull ups and nappies (the little swine just won't give up her 'pants', even though I know she can go on the potty) there is the expense of all that, but hopefully we will be cracking the daytime potty training soon.

Oh dear, looks like I've rambled on a bit again. I'm treating this diary as a place I can get everything down, and talk to myself about what I need to do. I find it helpful, but on the downside it's boring drivel to anyone who reads it

Got to go and make lunch for the little one now, then off to buy my FIL to be a 50th birthday card and pressie for tonight. He's invited us out for a meal. In a proper resturant. I can't remember the last time OH and I went out together in the evening without the girls...can't wait :j

alfiesmum

I noticed that you said your OH is going self employed soon. When your fixed rate is up, it might be an idea to go with an offset mortgage. A lot of self employed people like them, to store money for the tax man, but in the meantime, reducing the interest due on the mortgage.

Good luck with your quest - it's addictive mind you! You have been warned!!

cat04

alfiesmum wrote: »

I noticed that you said your OH is going self employed soon. When your fixed rate is up, it might be an idea to go with an offset mortgage. A lot of self employed people like them, to store money for the tax man, but in the meantime, reducing the interest due on the mortgage.

Good luck with your quest - it's addictive mind you! You have been warned!!

I hadn't thought about an offset mortgage, that's an interesting thought, thank you

I have found it addictive so far! We've had a busy weekend, but I've still made time to come and read up on different threads, and once I get started on one there's no stopping!

cat04

I finally had my appointment to open a cash ISA this afternoon, which I did with the full £5,100. That's the bulk of the 6 months wages put away now in a safe place

Whilst I was waiting I saw a leaflet for a monthly saver. I have 3 of these already, but OH and I were talking only yesterday about maybe opening a savings account for a wedding fund Not that he's proposed yet or anything, but it's something we've talked about and it will happen sometime in the future. So, I opened one of those too, only £30 per month to start with, until we see what spare cash we have. And if a wedding isn't on the horizon for several years it may get dipped into for holidays, or even paying off more of the mortgage :T

Now to get started on some of my other financial jobs.....IMe thinks mine and OH's middle names must be 'procastrination'!!

cat04

Monday usually comes round too soon and I feel a bit low and tired sometimes, but today I feel totally different - must be the sun! After a lovely walk to school DD2 and I went off to Asda Living to pick up a few summer bits for us all and managed to spend £50...but with this lovely weather it was all things they needed so I don't feel too guilty, and £15 of that was some very comfy mules for me.

I am pleased to report that after spending time planning a two weekly menu, and writing shopping lists to go with these I have managed to have 2 Sunday trips to Sainsbury's and spent a lot less than usual, even though there were packs of nappies and pull ups included etc. Yesterday I spent under £60 for the first time in ages. I have everything I need to make a week's worth of meals and pack ups and will just need to top up with bread, bananas and ham for sarnies once, and milk when we get low.

I 'have' to go and play our 'In The Night Garden' board game with DD2 before lunch so will have to finish later! x

cat04

I haven't managed an update this week as I've been ill, but all better now thank goodness We did a car boot last Saturday and Sunday and managed to make some pennies to add to the fund. We were going to go today but the rain put paid to that. OH is off until Wednesday so we can hopefully get to the Wednesday one and get some more money in that mortgage pot!

I'm feeling happy and optamistic this weekend, which helps motivate me to all the money saving/making tasks I've got planned. Got the energy to have a big sort and clear out of all the rooms which means more bits to add to the car boot boxes, even got both the DD's involved too.

I've done really well with spending this week. After sticking to the shopping list last Sunday I've only had to pop to the shops twice, and once was just for milk and I resisted the 'offers' on things I didn't really need too

Whilst OH is off we're going to have a good look at the finances together and see what savings we can make, which will be put into the OP pot.

cat04

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 2
Monthly Income Details
Monthly income after tax................ 74.69 (As before, summer exam marking pay split over 12 months)
Partners monthly income after tax....... 1048.24
Benefits................................ 593.13 (Child Tax Credit, Working Tax Credit, CB)
Other income............................ 305 (£300 maintenance & £5 Halifax Reawrd!)
Total monthly income.................... 2021.06
Monthly Expense Details
Mortgage................................ 471.7
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 108
Electricity............................. 25
Gas..................................... 28
Oil..................................... 0
Water rates............................. 27.65 (Pay twice a yr, just had last bill so doubled it)
Telephone (land line)................... 12
Mobile phone............................ 35 (Still on list of things to sort out!)
TV Licence.............................. 11.88
Satellite/Cable TV...................... 40
Internet Services....................... 10
Groceries etc. ......................... 300 (Managed to reduce this by sticking to lists etc)
Clothing................................ 15
Petrol/diesel........................... 70
Road tax................................ 30
Car Insurance........................... 45
Car maintenance (including MOT)......... 13.33
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 115.2 (This is until Jan when DD2 will start Nursery for free)
Other child related expenses............ 12 (DD1 starts a dance class next week)
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 16.29
Contents insurance...................... 16.29
Life assurance ......................... 0 (On the agenda as I know it's v important with having kids)
Other insurance......................... 44.83
Presents (birthday, christmas etc)...... 30 (Managed to cut down on this by not spending as much)
Haircuts................................ 5
Entertainment........................... 15 (Have cut down a lot on take aways after a dodgy Chinese lol)
Holiday................................. 0
Emergency fund.......................... 20
Total monthly expenses.................. 1522.17

Assets
Cash.................................... 9250 (£6000 of this is put away in case of unemployment etc)
House value (Gross)..................... 132500
Shares and bonds........................ 150 (Premium Bonds lol)
Car(s).................................. 6000
Other assets............................ 0
Total Assets............................ 147900

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 61235.5..(471.7)....4.19
Total secured & HP debts...... 61235.5...-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-

Monthly Budget Summary
Total monthly income.................... 2,021.06
Expenses (including HP & secured debts). 1,522.17
Available for debt repayments........... 498.89
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 498.89
Personal Balance Sheet Summary
Total assets (things you own)........... 147,900
Total HP & Secured debt................. -61,235.5
Total Unsecured debt.................... -0
Net Assets.............................. 86,664.5
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.

cat04

I know I've been away for a while, but I'm back on to it now and will be back to talk about my new SOA later, got to go pick up DD1 from school now.