gratefulforhelp's austerity measures

gratefulforhelp_2

Mainly inspired by chamichelle's "Bumbling along to be mortgage free" and also the MFW challenge thread every year, I have decided to start a diary to motivate myself through my next challenge which will be financially surviving maternity leave and continuing to pay off the mortgage.

The good things about my situation financially are that DH and I both earn a good salary, in relatively secure jobs, and we also have a little income from CM when the ex can't get away with not paying it.

The difficulties are mortgage payments of £1550 per month, childcare of £600 per month, and a planned year on maternity leave, a chunk of which will be unpaid.

We also spend an astronomical amount on petrol/diesel as we live in the back of beyond.

Aims for the next 18 months...

1. February purchase puppy. We have a year at home together, and plans in place for it when I return to work, which may be part-time anyway.

2. At the same time, start maternity leave.

3. March baby arrives safely (God Willing).

4. At around this time, change car (12 years old, 130k miles, 5 seater) for a newer 7 seater 4x4. We need a 4x4 as work will dock our pay if we miss due to snow days, plus having to drive in ditches to avoid tractors and the loony drivers who follow the hunt. 7 seats as there will be 5 of us plus the dog and occasionally MIL who refuses to drive.

5. Continue to overpay the mortgage throughout, without incurring extra debt apart from the car debt.

Mortgage totals are up to date in my signature, we started at £260k in 2007, so making very small inroads into it.

Thanks for reading!

nellis10

Good Luck with your MFW journey. I'm using the rest of this year to sort out finances/declutter/get ready for 2011...I'm on a mission to find £500/month to overpay our mortgage!! :j

gratefulforhelp_2

Thanks Natalie. What's your strategy?

nellis10

A couple of things planned:

• Savings from not using car park (now working from home 9/10 days) = approx £70 net
• Savings from shift allowance (wfh = 2pm to 10pm) = £230 net
• Savings from cutting down crap = £200 hopefully
• Plus I'm hoping hubby's business will pay off the remainder of £5000 I took out when hubby had to buy out his partner that will free up £100/month

Hubby will also be doing his share and will be trying for £500-£750 a month....not sure how it will all go, but between us there should be a minimum of £500 overpay per month if not more.

What about you?

gratefulforhelp_2

That's a brillaint plan.

Well...I have a contract for extra exam marking in Jan which will be worth about £400 net, ditto June for me and DH each. Also saving £600 childcare each month while on maternity leave.

The other key thing, though, is to cut down on the shopping bill, which is an eye-watering £450 per month for two adults, two children. EEk!

nellis10

Mine is the same if not worse, but for 2 adults and 1 child!!
That's were the real savings are going to be found...I can do an £80-£100 weekly without batting an eyelid and STILL have nothing to make for dinner!!! :rotfl:

So I'm hoping to join some of the grocery challenges, and store cupboard challenge to use up everything and stay good! I'm also ordering a fortnightly fruit and veg box to use and going to get a monthly meat pack, to stop me going to the supermarket almost daily!!!!!

newgirly

WELCOME!:hello:

Well done on starting a diary, what a big mortgage though! I will definatly be popping in for a nosy regularly. Good luck

gratefulforhelp_2

nellis10 wrote: »

Mine is the same if not worse, but for 2 adults and 1 child!!
That's were the real savings are going to be found...I can do an £80-£100 weekly without batting an eyelid and STILL have nothing to make for dinner!!! :rotfl:

Scary isn't it? I have saved money in the past by mealplanning, but working full time with two littlies, and being a school governor and time seems to melt away. I'm cancelling Mr S for this week as is half term and have no excuse not to shop in person, also will be out and about anyway, so no extra fuel costs.
But I'm vegetarian, and so we don't buy much meat (the rest of the family aren't veggie) or fish.

newgirly wrote: »

WELCOME!:hello:

Well done on starting a diary, what a big mortgage though! I will definatly be popping in for a nosy regularly. Good luck

Thanks, newgirly! Yeah, its a scary mortgage, there's a story behind it...we lived in a two up two down tiny cottage, then second child on the way and really needed to stay in the village. This was the only place on the market with the space we needed...previous owners gave us a good price and so we kind of nailed our financial feet to the floor to get it!

LilacPixie

Welcome GFH.

gratefulforhelp_2

Thanks very much, LP.

cha97michelle

Found you. Made me feel all warm inside to be your inspiration. :rotfl:

You quote your food spends as being high, but it will be loads easier to get it lower when you can be at home keeping on top of stuff. I find i can go to the shop daily if need be to buy the one item we need. I lose track of what we spend exactly, but it mostly falls in the £200-250 for us, and we are proper carnivores. That is just food though - no toiletries or pet food or cleaning stuff or nappies. It does all depend on what you include.

I think i need to become a bit more dedicated in 2011 too. I have lost track of what we spend a little with all the extra spends for DIY and home improvements, so i am sure i could have it better organised and make even more overpayments before these rates go up again.