Lovethymini's Offset MFW Diary

Twiddy

Just wanted to bump your diary and ask how things are going? Hope you're still "at it" (for want of a better phrase!)...

T

lovethymini

Thanks for the bump, Twiddy.

This year has not been a good year for making OPs I gave up in August when we had to have a new cambelt on the Scenic and adding the 6k we lost on selling DH's car we've had a costly year.

Making OP is a dream right now. Maybe start again next year?

Twiddy

You have already made great in-roads LTM, I'm sure the bug will come back soon (as well as the funds to do it!). We won't give you a chance to give up anyway, we'll just bump you again!!

All the best
T

lovethymini

I still have the bug, but it's in hibernation right now whilst we replace three windows and re-carpet upstairs!

Still - the last year we have done very well with reducing general outgoings and being frugal wherever we can. I'm earning as well now, which is going into the re-furbishment pot

Twiddy

I suppose thats the beauty of an offset mortgage, its not really a commitment to overpay every month, more a flexible way to live your life i.e. overpay when possible, but claw it back when needs be at no extra cost. We'll be in that boat next year hopefully where we'll aim to offset as much savings on a monthly basis as possible, but use those "savings" for family holidays, home maintenance etc....when needs arise.

All the best
T

lovethymini

I'm Back

We got a letter from RBS last week to say our interest rate is going up 0.25%, along with a letter from HMRC to say we're not entitled to Child Tax Credits any more.

So....currently we're at (deep breath) £202,967.96

time for a renewed effort.

There is no time like the present for OP, I mean - interest is so low at the moment, we'll be kicking ourselves in a few years when it's 5 or 6%

We've cancelled plans to go away in August, and I'm hopefully selling my watch on Friday, so there's two good things. Everything else is everyday living.

I'm now down to a size 12 - good because I feel better about that, but bad because I will need some new clothes! I have redeemed through the survey sites in the last week - £15 M&S, £20 Amazon, £5 Next. They can just sit there until we really need something. And I have £50 in Paypal!

I don't expect any big expenses this week - Aldis for a shop and a tank of fuel for DH car (£75) and £20 for renewing my driving license.

tbc......

lovethymini

Sold my watch!

Was a good girl and banked all £1,800 of it straight into RBS. This is the first significant OP we've managed.

lovethymini

Reworked our budgets for the new financial year, allocated £1200 to the mortgage (this is where we've been going wrong).
Uploaded details of my car to a film shooting website, potentially £200 per day, found some old gold to sell, and decided to sell my vintage bike jacket, and then to top it off, I have lined up a lucrative bit of working from home over summer.

I have a pocket diary to note every expenditure we make, and we have a budget of £250 per week. This is really showing us that we have been unknowingly overspending - not good with an offset mortgage. £250 per week is for fuel, food, and any purchases. It's amazing how far money does NOT go!

We're behind target, according to the guideline

lovethymini

Had a result selling that old bike jacket, happened to discover the company who made it still exists and they bought it back off me for £75 to hang in their shop! The proceeds will go in the pot for the plumber for the end of April - Saved up about £500 for that.

The pouring rain the other day assured us that there are definately guttering issues, and there was rain pouring out of a brick above a window DH said he thinks it's related to a broken roof tile. That won't be cheap to fix, will it?

lovethymini

Top Tip -DH fixed leaking brick by putting mastic seal over the broken tile on the roof above it.
Mortgage interest rate rose to 4% this month.
Had to replace fridge after shock revelations made by off chicken and a fridge thermometer - hopefully new one will show a reduced energy consumption; it has replaced two 5' tall side by side units that we inherited from previous owner of the house. We nearly bought an American style one, but after seeing energy consumption figures we went for a Liebherr A+ rated for £450 from the local shop that sells a-graded shop returns.
No OP this month despite DH getting his first payrise in 4 years (£40 a month! woo hoo, doesn't even begin to make up for fuel price increase!)
Managing to keep spreadsheet updated with all expenditures, so no new clothes or magazines allowed until June, and a weekly shop budget of £90/week to stick to.