Ambitious MFW

yukkibear

Hi Annabeth, I've just started a diary here too ready to start tackling our mortgage. I've learnt along the DFW path that the small changes really do add up to big differences so looking forward to reading your journey.

I need to get my spreadsheet set up

pammyj74

CathT wrote: »

Have just caught up AnnaBeth, sounds like you are getting to grips with everything

I can't multiquote either!!!

Where is flylady's thread? sounds interesting

To multiquote is easy, press the middle speech bubbles button (purple/orange) under the first post you want to quote and the next and then for the last one you want to quote press the quote button under the post and it takes them all into your reply.

AnnaBeth wrote: »

Giving up slighlty already pretty much before I've begun.
Don't think I'm alone having read some other threads think quite a few of us at the moment are finding lots of bills etc before xmas.
As we overspent last month think it's already affecting us quite badly this month as well.
I can see how CC debt for everyday things is quickly racked off and not paid back, I hope not to get into that situation but can really empathise with those that do after our last few months!
If you do carefully look at what you spend it is amazing how much goes when you didn't used to notice!
Have a good everyone x

I find having a target to aim for is great. I want to me MF by the time my youngest is 16 which is in 2019.
I used to have a 10% limit of OP but now I am on SVR. The thing I did to get over the limit is to reduce the term instead. So my MP were £594 and I knew I could OP £100 more a month so I reduced my term by 7 years doing that!!! (with the help of going from fixed 5.89% to SVR 3.5% also)
I set a target for each year which I have smashed this year. I have a spreadsheet which tells me how much interest I am saving with each OP. I can see at the moment that every £500 I OP it takes another month off my term. This also saves me £225 in interest for every £500 OP. If only I could OP that every month I'd be laughing.

There are definite things you could reduce in your outgoings and still have good life balance. You have love film AND cinema payments, a window cleaner is a blessing but not neccessary. Your food budget is quite high. If you set yourself a lower budget I bet you could stick quite close to it in reality.

I have less than half your combined income and 2 children at home and through frugal living manage fairly good OPs this year.

Like I say if you look at it on how much interest you are saving with even £50 OP it all mounts up in the end. I know some people on here OP all their small change etc, all the small bits they can.
On your income you should manage a bit more than that.
Have you also looked through your bank ac and see if there are any DDs that you have forgotten to cancel or that you dont need to have anymore?

You can definitely get your spends down, some quite easily

AnnaBeth

linz wrote: »

https://forums.moneysavingexpert.com/discussion/2132075

here is the link to the thread where I learnt all about the daily clicks on cashback sites. I've earnt a lot this year which i'm pleased with, but this has been from doing them almost every weekday evening and weekends when I can. It's a bit of a committment but people just do however many they have time for.

Have a mooch on the thread if you're interested, ask questions aswell, everyones really friendly and helpful on there.

Daily clicks have really gone downhill though in the last week or so with a lot being pulled, but i'd start with Speedcashback if you are interested. They are quick to pay and you'd get £5-£10 a month from them depending on how often you clicked. Ecasher are good aswell, the rest have lost a lot of their dailys but hopefully will get more before long.

Thanks for the tips will give your suggestions a go.

yukkibear wrote: »

Hi Annabeth, I've just started a diary here too ready to start tackling our mortgage. I've learnt along the DFW path that the small changes really do add up to big differences so looking forward to reading your journey.

I need to get my spreadsheet set up

Good luck yukkibear, I'll look out for your diary.

pammyj74 wrote: »

To multiquote is easy, press the middle speech bubbles button (purple/orange) under the first post you want to quote and the next and then for the last one you want to quote press the quote button under the post and it takes them all into your reply.

Thank you! Think it's working!

I find having a target to aim for is great. I want to me MF by the time my youngest is 16 which is in 2019.
I used to have a 10% limit of OP but now I am on SVR. The thing I did to get over the limit is to reduce the term instead. So my MP were £594 and I knew I could OP £100 more a month so I reduced my term by 7 years doing that!!! (with the help of going from fixed 5.89% to SVR 3.5% also)
I set a target for each year which I have smashed this year. I have a spreadsheet which tells me how much interest I am saving with each OP. I can see at the moment that every £500 I OP it takes another month off my term. This also saves me £225 in interest for every £500 OP. If only I could OP that every month I'd be laughing.

There are definite things you could reduce in your outgoings and still have good life balance. You have love film AND cinema payments, a window cleaner is a blessing but not neccessary. Your food budget is quite high. If you set yourself a lower budget I bet you could stick quite close to it in reality.

I have less than half your combined income and 2 children at home and through frugal living manage fairly good OPs this year.

Like I say if you look at it on how much interest you are saving with even £50 OP it all mounts up in the end. I know some people on here OP all their small change etc, all the small bits they can.
On your income you should manage a bit more than that.
Have you also looked through your bank ac and see if there are any DDs that you have forgotten to cancel or that you dont need to have anymore?

You can definitely get your spends down, some quite easily

I agree I'm sure we can get spends down.
We don't have any outstanding DDs that need cancelling I'm good with that. We don't tend to go to the cinema so keeping the spreadsheet I'm hoping that will flag things I don't spend over the next six months and from that I'm going to edit the SOA. Don't want to edit SOA too early want a long look at it first.

Like your idea of spreadsheet with OP savings showing for interest and months think will set a similar thing up. I appreciate having the high income that we do which is helping motivate me to make OPs while we have it as it won't last forever and I think it's the best thing to do.

Thanks for all your encouragement.:T

AnnaBeth

Got Mr T vouchers in the post today - £21, amazing considering haven't done much to get them oh expect probably spend more money on the T credit card than should have done!
Spent the last lot of vouchers on magazine sub for DH since the vouchers aren't going to be able to become x4 the value soon. Felt like good treat before the vouchers loose value.
Expect vouchers to get less as trying to seriously cut the spending so reward points on credit card won't be as good.

Sorted out claiming £60 for some research I did for work. Should get paid that soon and will put straight towards OP I think or maybe fence fund!

Got cheque through today after I closed Santander regular savings account, when realised need to make OPs rather than saving a small amount of money amount with poor rate. Although best rate could find have got my head around low rate on over £150k is huge compared to similar rate of interest on £200 a month! Think we made about 70 pence whilst account was open.

So actually a good day today.

Tomorrow plan to pay in that Santander cheque. For now need to update spreadsheet after spending small bit on food yesterday and what seemed like a lot on printer ink, did have voucher though which saved £5!

Good night everyone x:)

AnnaBeth

Paid cheque in yesterday.

Wondering if can afford to live on salary in the future when planning to have babies. Think it might be worth a try. If cut down spending ++ can see how realistic it is.
Wish us luck people. I know for most it's not possible and not sure it will be for us but going to give it a try!

AnnaBeth

Playing with spreadsheet this morning - day off work!:)

In October we shamefully overspent by £1,046.51 - includes X Box and new computer but didn't include mortgage payment so pretty bad and makes me think on wrong forum!!!:(

November so far we have spent £2,598.09. Predicted spend of £3,307.56 looking at what DD's are coming out soon.

Both those months include OPs of £190.
November includes car bills of £360!

Have begun since recent post putting money away each month for xmas/hols/house & Car Maintenance so hopefully some of those pots although small currently can help off to look at that now!

Even if no one reads this it does help to post!

If anyone is reading this do you think most people expand there outgoings to fit in goings regardless?

LilacPixie

YUP. We bring in between 3300-3500 a month depending on OH's bonus and we always seem to spend whatever the incoming was.

XSpender

AnnaBeth wrote: »

If anyone is reading this do you think most people expand there outgoings to fit in goings regardless?

Yes! We spend what we get in every month:o When I go back to work next year we should be able to save/overpay what I earn less childcare but I can't see that happening TBH.:(

AnnaBeth

This is all very depressing!
At least we're in similar situations!!!
Just looked at mortgage statement, new provider means can check as much as want balance on internet which is really useful but scary!
Paid £803.67 1st of month but they show the interest they've added as £464.03! That's horrendous!!!
New it was bad but worse when see it written like that.
Have saved OPs for Oct and November at £480 will put CTax savings into OP pot so that should make £968 by Feb if round that up to £1,000 can make first OP, looking forward to it already.
I'm going to be super money careful now and stop that amount scaring me!!!

LilacPixie

hey its not that bad. Our new mortgage payment is £706 a month of which over £600 is interest the first month according to my spreadsheet. After the first full year we will only of cleared £900 off the capital, in a YEAR!!!

Here is a thought, £465 is roughly £15 a day assuming a 31 day month, Can you make/save/economise £15 a day??? Smaller figure and possibly more acheivable. closer you get to £15 a day the better and more money neutral your challenge is.