MFW Diary.....before moving in!!!

LauraWxx

Hi all,

I am long time lurker and have been reading through a lot of your MFW diaries in preparation for when I move into my new flat at the end of August.

I must admit before reading these boards and diaries of the likes of Tilly and SSS I didnt even realise overpaying exisited

Anyway, the property I am buying is not a long term property, more of a leg up on to the property ladder, it is a new build and have only put 5% deposit down so it is imperative that i build up the equity in the flat before moving on or looking to rent out.


In the first few months I will be trying to OP and build up a bit of a safety net of savings and then once that is to a decent size concentrate 100% on OP's.

The mortgage £356 per month along with all other bills and living costs etc will take up a fair chunk of my salary and therefore OP's are not going to be on a grand scale.

However I aim to do lots of surveys, points savings etc etc and ebaying where I can.

I think the main thing for me is to cut down of food and drink purchases at the shop on the way to work - this alone should save me about £15 per week.

I am currently living between my mothers house and my boyfriends house which makes meal planning and well....planning all together pretty tricky.

Once i move into the flat the bf will stay at mine on the nights we want to stay together and in the longer term move in (i have cream carpets and want a few months on my own to keep them clean!!!).

Anyway....I have gone of for a fair while now.....just wanted to get diary started so it is in the forefront of my mind at all times....got some habits to break!!!

Here to the move :beer: :j :T

LauraWxx

First thing I want to do when moved in is a banking review!

I am aware that I want to get the most out of my bank accounts - something which I am not currently doing. However I will not jeopardise mortgage offer by applying for an account of any sort until mortgage monies are in and paid to developer!

I will prob look at the Halifax reward account and another savings account - prob FD regular saver at 8%

Hiddenidenity

Look forward to reading along your way

*Subscribes* x

LauraWxx

Thank you!!

Things done so far to become mfw minded....

Signed up to survey sites...although got screened out of many as I admitted my profession is marketing :eek:

Having a big clear out of everything at my moms and eBaying as much as possible!

Started charging phone and iPad at work in preparation!

Have a budget for furniture etc for the flat that is broken down piece by piece...trying to bring everything in under budget and using Cashback websites where possible

Already laid the foundations with friends and family that Xmas presses are going to be spare this year!

Reading diaries on here to pick up tips where I can

quintwins

Good luck on your journey, your mortgage seems quite low and you may be surprised once you start budgeting just how much extra goes in the OP pot

lulabelle1

Good luck with your MF journey....

LauraWxx

thank you for your well wishes!

Should of given a bit more detail - indeed my mortgage is fairly low (although still seems massive to me!!) at £71500 (not sure on exact pounds and pence as dont have paperwork with me!)

I have purchased through the first buy scheme whereby you put down 5% deposit and take 20% as an interest free loan that doesn't need to start being paying back until year 6 (or they take 20% of the sale price when you sell).

I am aware that the combination of this scheme and the fact of only a 5% deposit on a new build means I will be in negative equity from the off.....which is why it is doubly important that I OP!!

In the short term I would like to aim for a £100 per month overpayment - I think this will be tight but to be able to see the effect this would have is tremendous.

Then when my boyfriend moves in I would like to make this as near to £350 pm as possible. I wont be charging my boyfriend rent as such....just half of the bills and maintenance which will prob come to around 250ish.

Got two things on ebay finishing tonight and they are already up to the £60mark between them and had something finish last night at £20.

All the bits and bobs money I can raise prior to moving in are going straight into my savings account!

Have a nice weekend all.....lets hope this rain decides to dooo one!!

PS...I'm mid twenties atm...not sure weather that matters or not... I just seem to be forgetting to detail the facts early on!!!!

quintwins

What sort of interest will they be charging you in year 6? Could be worth splitting your saving, and saving your loan in a savings account (with the highest interest possible of course )

Have a nice weekend I'm hoping for n as well

Hiddenidenity

Have a nice weekend x

LauraWxx

quintwins wrote: »

What sort of interest will they be charging you in year 6? Could be worth splitting your saving, and saving your loan in a savings account (with the highest interest possible of course )

Have a nice weekend I'm hoping for n as well

Off the top of my head I'm not sure...(I know that sounds bad but I no it would be around £50 per month just can't remember % off top of my head!!)...however the plan is not to still be in the flat by then and have bought a bigger 'family' home.
In an ideal world I will have OP'd enough to be able to have enough equity to convert to letting mortgage.
Alternatively if I were to sell I would have to repay 20% of whatever the sale price weather that be more or less than what I paid for apartment!

Had a lovely evening....been out with a couple of the girls I go to uni (part time as I work full time) for some dinner.
Had a meal out last night as well (bad timing from a cost point of view two on the trot!!) and had £60 which I didn't expect to have any change from....but I have been very good and refrained from delicious wine and drove and have ended up with £20 left!!

Hoping for a minimal spend rest of weekend.

Couple items have finished on eBay tonight and I have already moved money into current acc and on into savings .... Although technically PayPal money hadn't actually hit current acc but I am too impatient to wait :rotfl: so that is an extra £55 in.
Going to list some more things over the weekend....I appear to have a never ending collection of stuff!

Off to bed now as when I wake it will be only 7weeks 6days until the move!!
Might go and drive by the development tomorrow to have a look how things have moved forward...thinking about it that will save me some money when I move in as i am currently spending a fortune in petrol for my almost daily trips to site to check its still there!!!:rotfl::rotfl:

LauraWxx

Hiddenidenity wrote: »

Have a nice weekend x

Looking forward to a biiiigg looooooooooong lie in tomorrow morning after a few heavy weekends the last few weeks.....hope u have something nice planned???xx :beer: