Matt's mission to be MF!

Matt_The_Chippy

MallyGirl wrote: »

I am so glad I have a current account mortgage - I think I would get very confused with moving stuff about and seeing the bigger picture with an offset one. I just have a massive overdraft so if I want to spend I just do and the overdraft gets bigger.

I like having the savings separate to my normal accounts, stops it being dipped into too easily. Not sure I would like the overdraft getting bigger!

Matt_The_Chippy

sweetdaisy wrote: »

I think my Offset mortgage may be different to yours. I don't earn any interest at all on my offset accounts until I become fully offset.

Oh I see. Now there's an incentive for you then, chase that fully offset goal!

sweetdaisy

Matt_The_Chippy wrote: »

Oh I see. Now there's an incentive for you then, chase that fully offset goal!

When I become fully offset I then start earning interest on my offset accounts and no longer pay interest on the mortgage :j, however it will be a very long time until my savings match my mortgage balance!

The advantage of direct OP's is that I get to see the mortgage balance reduce (which is what motivates me), so maybe I need a 50/50 approach (50% OP's and 50% into the Offset savings account).

southerndave

Just catching up on threads - how's things going Matt?

abouttimetoo

Hi Matt, hope all is well?

Regards
ATT

Tilly_MFW_in_6_YRS

Hi Matt, just checking in and hope all is OK in your world.

Best wishes Tilly

Matt_The_Chippy

Hi Tilly and everyone. Wow, its been a long time since posting! I have popped in and had a look but not wanted to post as I've felt bad with myself for falling off the savings wagon! I haven't really been able to save and increase the pot since last summer. I have spent a bit silly on a car and keeping the bills paid as my earnings dipped quite a bit from normal levels. I have just about kept the pot upto a similar level to before. I have now taken a new job off the tools that is £3.50 an hour more than before, its on a trial period paid through an agency. If I'm successful and get taken on properly, the money will be less but I will get more benefits than self employed. So that is the goal for me. Hopefully I can get back into the regular saving habit and I can feel better to make more of an appearance around here!

Have a good day all.

sweetdaisy

Welcome back . All the best with your new job and I am sure that it won't take you long to get back on the MFW wagon.

Matt_The_Chippy

Thanks Sweetdaisy. I will get stuck into my new job and there is a mountain to learn about yet.

I do feel like a bit of a fraud for not continuing the good start I made at saving towards the mortgage. The £5k mistake on the car will be partially rectified when I get my act together and sell it for a loss. I won't beat myself up too much about it though. I justify any loss on it by way of making some money on selling car parts I've built up. Learn and learn hey!

sweetdaisy

Matt_The_Chippy wrote: »

I do feel like a bit of a fraud for not continuing the good start I made at saving towards the mortgage. The £5k mistake on the car will be partially rectified when I get my act together and sell it for a loss. I won't beat myself up too much about it though. I justify any loss on it by way of making some money on selling car parts I've built up. Learn and learn hey!

Just think of it as a little blip :rotfl:. Sometimes we need little 'blips' to put things into perspective.