Challenge of a lifetime!

cotswoldaccountant

Morning all, hoping for a NSD today, and just acquired a new client so that is good news.

Hoping for a couple of bank payments due to arrive too, so that I can make an OP later today!

happycamel_2

Hi CA, I hope you don't mind but I've PMed you because reading your diary has given me the courage to set up in practice. Thanks, HC

cotswoldaccountant

Thanks for your message HappyCamel, I'll be in touch shortly.

First direct debit to the new mortgage has been taken, and I've started making some overpayments, so I feel we are well on the way! After the initial excitement of getting under the £400k position, now I feel like being in the £300s is going to last a very long time! I must keep plodding away with the overpayments, and checking the balance regularly for motivation.

Just sold a digital radio that we had hardly ever used as our house gets no digital reception, so that has been overpaid.

Now must make the most of my working day and be productive!!

cotswoldaccountant

HappyCamel I have e-mailed you so hopefully you have received my e-mail.

Another OP made this morning as a client unexpectedly paid me early, so have rounded up and OPd straight away.

I like the way the new mortgage company work out interest - it is calculated daily, but only applied to the account just before the end of the month (and only about 2 days before our payment goes out). Under the old mortgage, it was a bit soul destroying as interest was added to the account every day, so when I rang to check the balance it was always a bit more than I had hoped for! Obviously there is no real difference as we are still being charged the interest, but it's nice not to know about it straight away!

cotswoldaccountant

Morning all.
Nice surprise this morning when I found that Quidco had just paid me £28.56 cashback. I've rounded up to £30 and OPd it straight away.
On track to make the planned £3,000 of overpayments this month - £2520 OPd so far, and still have lodger money to come in this month plus a couple of other bits and pieces though. It's tight though, and we haven't had any major expenses this month - plus it's a short month. I really need to be OPing £3k per month every single month, plus the £1k built into my normal monthly payment, in order to pay off the mortgage in 5 (and a bit) years. I would like to book a holiday too which will eat into funds somewhat! Think we will stay in the UK though, or just do an easy short haul flight, as it is still a bit of a nightmare taking 4 young children on long journeys.
CA

alwaystryyourbest

Hi just been reading your diary, big mortgage but it is going down nicely..
I to have a big family 6 kids...we are going away to spain this year we have been away with them before, i find anymore than a 4 hour flight is to long... Can i ask do you take the children food shopping ???,i only ask because when ever i take all mine shoppping,i spend so much more ..:eek: on a plus note when i add up the shopping for us it adds up to between £400 to £500 for a month,which i don't think is to bad..

cotswoldaccountant

Hi alwaystryyour best, thanks for reading! How lovely having 6 children. I think we will stop at 4 but that doesn't stop me wanting more!

I try to never take them food shopping, for lots of reasons:
- very stressful as they usually don't behave well because they are bored
- I usually end up buying them cookies or something to keep them quiet on the way round
- I don't always find the best value items as I am picking things up in a hurry to try and get it over with quickly
- they demand things that weren't on the list so I end up buying unnecessary things
- I come home without everything I wanted, usually because I have given up the shop because of the trauma of it all.
Makes me sound like a terrible mother - they're usually pretty good children, but they just hate food shopping!
So we usually do an online shop once a fortnight or so, topped up with fresh food as needed from local co-op.
I do take them occasionally though, as I think it's useful for them to experience food shopping, and I will give them tasks like finding certain things, and working out prices etc for me!

We spend too much on food for my liking - it really does seem to add up. £400 in January but that was a cheap month - usually it is more.

CA

alwaystryyourbest

Got to go food shopping today,and taking all the kids.:eek:
we have no snacky food in house,not even one biscuit, i have made a big list hopeing to spend £100 to get me started on my march shopping...but with kids in tow we will see..
Have a nice day.:)

cotswoldaccountant

Morning all!

Just updated my signature - and what a difference this new mortgage is making! I couldn't believe it when I first worked out the figures. Almost £7k paid off the mortgage in Month 1, and just over £5k in Month 2. We used to pay nearly £2k interest a month on our old mortgage, but that has dropped to about £800 a month on this one. The bank seem very helpful and are happy to run through the overpayments I have made - I am limiting myself to phoning once a month for an update, so they tell me the monthly interest then too. Month 1 we were charged £28 per day interest, Month 2 was £26.67. £2.60 a DAY saved already! Can you tell I am very excited about this?!

We have decided to spend some money though, to get some work done on the house. We have a downstairs en-suite bedroom, well away from the rest of the house, where we usually have a lodger, but being such an old house, and a badly insulated room, we find that we can't let it for 6 months of the year as it is too cold. Which is ridiculous really, and although the work is expensive, it will pay for itself in about 3 years if we continue to let the room out - and it will be a really lovely room, with new bathroom, underfloor heating etc. So we will hopefully get that started in the spring, then we may be back up to 2 lodgers for a while!

I've been decluttering recently, and trying to find things to Eb@y - had success last night with a baby carrier. Lots going to the charity shop, and cupboards are becoming slightly clearer. We seem to have accumulated a lot of stuff though, in the baby days and thereafter, so it will take a while to get it back to a manageable level. I have signed up for a couple of NCT sales too, so they will be a good outlet for the baby toys that finally all of our children have grown out of!

We may need to go shopping today, as pretty much everyone in the house needs new socks! And the boys all need new trousers, everything has gone through at the knees. They are all growing so quickly!

Hope everyone has a good day.

CA

muddywhitechicken

WOW that's amazing how much less interest you are paying

Have a great weekend!