Matt's mission to be MF!

Matt_The_Chippy

I really appreciate your thoughts and it does genuinely help me.

I'll have to update my sig at some point. I didn't think my username would become out of date! Matt the assistant site manager doesn't have the same ring to it though!!!

Tilly_MFW_in_6_YRS

Morning Matt, we all go through periods where we go off track, or life throws stuff at us.

I'd always recommend you post, as it does help to keep you on the straight and narrow :T

Hope you stick around, even if you've changed your job, no doubt you're still making stuff for the kids. Ae you still selling as many car bits as well?

Best wishes Tilly x

Matt_The_Chippy

Thanks for the lovely message while I've been away Tilly.

Wow, that was a quick 6-7 months since posting. So I better give a bit of an update to our mortgage situation. We have not got back to the same level of savings since I went off the rails and spent lots on cars and unnecessary stuff.

Since getting a grip about 4 months ago, I've put £3,600 back into my savings. There will be another £243 OP tomorrow as part of the monthly DD & approx £90 interest on the mortgage savings account. When I get my £2.5k tax rebate from last year's accounts, that will be added to the savings to bring me up higher than ever before. I can then put my costly and time consuming blip behind me!

Once all of these amounts go in, I will be exposed to about £52k of mortgage interest. As I had about £112k just over 2 years ago, I do feel proud of reducing it so much. I know the interest rates will start rising soon. That's why I've wanted to reduce my exposure to rates increasing as my mortgage is a tracker. I don't want to change it as it's so flexible for us. I've needed money from the savings, phoned up and it's in my bank account the next day! Plus it feels great to get £90+ interest per month to help cover the interest charged on the mortgage per month.

I will do better to stay on the forum more now. Especially as I don't feel so glum from losing my way so much over the last year plus!

Looking forward to sharing in the wonderful banter again!

muddywhitechicken

Welcome back!

Matt_The_Chippy

Thanks MWC.

Well the monthly OP went in today and the bank gave me it's monthly interest payment. Nice to see £92 off them! Just need my tax rebate sharp now.

sweetdaisy

Nice to see you back .

Matt_The_Chippy

Very kind of you. Hope you've been well sweetdaisy?

sweetdaisy

Matt_The_Chippy wrote: »

Very kind of you. Hope you've been well sweetdaisy?

Hi Matt, I am well thanks. I have scaled back on the mortgage OP's a bit as we dipped into savings back in February to replace our cars, so concentrating on building up savings again at the moment 😊.

Matt_The_Chippy

Merry Christmas all!

Well my tax rebate landed and got banked into the savings, £2,525. Although I have taken out £1,500 to bring two accounts out of overdraft, saving £60 a month charges. I'm nearly upto my highest again in savings, having managed to recover £6k+ in the last 6 months from my darkest low point of the year.

From work I get my fuel paid, so I've been trying to save this as it normally gets paid each month. Last time was two together, meaning I could save £286 at once. Hopefully I won't need to draw some back but it feels like I paid less than chippying days. It's less in the bank each month but steady all year, where before was up and down. Also now I pay £200 a month in company pension (they match this), so it worth it.

I now feel refocused for 2015, I'm on a real crusade to spend less and save more. I've set myself a target of reducing the amount exposed to interest by as close to £1k per month. So some into savings and the regular mortgage payment partly off the capital.

I've had about a year of being really poor towards this adventure and the last 6 months getting a grip again. Now to push on and make some good inroads into the target next year!

Love to all in your challenges!!!

sweetdaisy

Wishing you all the best for your plans in 2015 .