Flying to Mortgage Freedom?

Dragonrider

Today feels like a bit of a new beginning!

I started a diary a little while ago (here's the link https://forums.moneysavingexpert.com/discussion/3246070 but my husband's job was completely up in the air, so I couldn't really plan.

However, things have moved on significantly....

Firstly, he decided on a career path! He's doing Public Health training 4 days a week and A&E 1 day a week with occasional weekends to keep his hand in. His salary has dropped a lot, but it's just about manageable, and he can always top up with locum shifts if we get desperate. Unfortunately they put him on the emergency tax code for this month, so we're way in the red for the next few weeks :cool:

Secondly, baby number 3 is due at Christmas - another girl! I reckon the correct term is a gaggle of girls, but OH is saying it's definitely a nightmare of girls! Really happy as everything seems to be progressing nicely so far, and the two older girls are excited about having a new baby sister.

Thirdly, we just found out today that we have got permission to put up a conservatory (I know you don't normally need permission, but we live in an area with lots of covenants attached to the houses), so we will increase our downstairs space by a third, which will make a massive difference with 3 kids' worth of toys! We've worked really hard over the last 6 months to save enough to be able to pay for it in cash, so it's already budgeted for.

Fourthly, I now have a full year's worth of spending diary, which has been a real eye-opener I already had it about right for bills (which I keep in a separate account), but the day-to-day spending money just disappears so easily! And no matter how much you try to budget, there is NEVER a normal month - something unexpected always comes up. But it is amazing how writing everything down focuses the mind on not buying unnecessary things...

So the plan from here on is:

1. Overpay the mortgage by £50.10 each month (which rounds our DD up to a nice number)
2. Re-build our savings pot after paying for the conservatory - aiming for £250 per month while we adjust to new incomings
3. Thereafter, decide whether I can get a better savings rate than mortgage rate - at the moment my ISA is beating my mortgage rate by .5%, but the fix will be up soon and there don't seem to be such good rates around now.
4. Save more when I am on maternity leave (as I won't have to pay for childcare, and luckily get 6 months full pay)
5. Sort out the back garden - I would really like to plant an apple tree and some raspberries - I have done well this year with strawberries and blueberries, and want to extend our repetoire! And it's lovely to see the girls interested in growing things, picking berries straight off the plants and popping them in their mouths!

So roll on the next year, I am excited to begin!

Dragonrider

Dragonrider

So, I've decided to be brave and post some details from my spreadsheet to keep me on track.

I'll aim to update every month - the incentive I need to stick to my budget!

Mortgage (DD/OP/Balance/Daily Interest)
September 2012: 1149.90/50.10/-261,033/21.38

Spending budget
Groceries: 300
Fuel: 100
OH spending inc travel to work: 200
My spending inc travel to work: 150
House & garden: 50
Family fun: 150
Presents: 50
Christmas: 20
Kids Activities (Tumbletots and swimming): 10

These figures are based on my spending diary, and so I know that the ones that are difficult to keep to are Groceries and OH spending...

Wish me luck!

Dragonrider

cotswoldaccountant

Good luck Dragonrider! And congratulations on baby number 3! I have three boys and a girl, so totally understand about the proliferation of toys around the house...

You are lucky to have had a good year with your fruit crops - I've found the weather to be dire when it comes to growing things this year, although I don't have green fingers at all so it doesn't take much to create a gardening disaster here!

I've subscribed to your diary so will follow with interest.

CA

Dragonrider

Thanks CA!

We don't seem to be able to make boys... I'm the oldest of 4 girls myself so I suppose I shouldn't be too surprised!

Your progress looks fantastic already, I will watch with interest!

Dragonrider

Dragonrider

First of October, and already an update to make!

Mortgage (DD/OP/Balance/Daily Interest)
September 2012: 1149.90/50.10/-261,033/21.38
October 2012: 1149.90/50.10/-260,472/21.34

Spending budget
Groceries: 51.25/300
Fuel: 100
OH spending inc travel to work: 200
My spending inc travel to work: 150
House & garden: 50
Family fun: 150
Presents: 50
Christmas: 20
Kids Activities (Tumbletots and swimming): 10

Have given OH £100 cash and told him to make it last to the end of the month!! I know he'll not be able to do it, so I've built myself in some slack by budgeting him for £200!!

Dragonrider

Dragonrider

Hmmm, two updates in one day. Having to put it up for all to see is even more motivating than keeping a private spending diary

Mortgage (DD/OP/Balance/Daily Interest)
September 2012: 1149.90/50.10/-261,033/21.38
October 2012: 1149.90/50.10/-260,472/21.34

Spending budget
Groceries: 51.25/300
Fuel: 0/100
OH spending inc travel to work: 0/200
My spending inc travel to work: 2.97/150
House & garden: 0/50
Family fun: 3.15/150
Presents: 0/50
Christmas: 20/20
Kids Activities (Tumbletots and swimming): 0/10

It's DD2's birthday in a couple of weeks and we're having a family party, so I'm going to have to factor the extra food into the grocery budget - going to have to get creative with the party food!

Dragonrider

Dragonrider

£50 PAYG on Oyster today, so that's upped my spending massively. On the plus side, I haven't spent anything else...

Mortgage (DD/OP/Balance/Daily Interest)
September 2012: 1149.90/50.10/-261,033/21.38
October 2012: 1149.90/50.10/-260,472/21.34

Spending budget
Groceries: 51.25/300
Fuel: 0/100
OH spending inc travel to work: 0/200
My spending inc travel to work: 52.97/150
House & garden: 0/50
Family fun: 3.15/150
Presents: 0/50
Christmas: 20/20
Kids Activities (Tumbletots and swimming): 0/10

Dragonrider

Dragonrider

Sitting here stuffing my face with Cadbury's whole milk - that was NOT the intention of taking the dog out for a late walk this evening!

If there's chocolate in the house, then I'll eat it, so I normally don't buy it, but couldn't resist tonight... Can I blame the baby?! :rotfl:

Mortgage (DD/OP/Balance/Daily Interest)
September 2012: 1149.90/50.10/-261,033/21.38
October 2012: 1149.90/50.10/-260,472/21.34

Spending budget
Groceries: 54.30/300
Fuel: 0/100
OH spending inc travel to work: 0/200
My spending inc travel to work: 54.97/150
House & garden: 0/50
Family fun: 3.15/150
Presents: 0/50
Christmas: 20/20
Kids Activities (Tumbletots and swimming): 0/10

Dragonrider

Dragonrider

DD1 and I painted a moneybox in a pottery cafe today for DD2's birthday next week - we did the same for DD1's 2nd birthday, so it will be nice for them to have one each.
Hope it comes out well...

Mortgage (DD/OP/Balance/Daily Interest)
September 2012: 1149.90/50.10/-261,033/21.38
October 2012: 1149.90/50.10/-260,472/21.34

Spending budget
Groceries: 60.49/300
Fuel: 0/100
OH spending inc travel to work: 0/200
My spending inc travel to work: 55.97/150
House & garden: 0/50
Family fun: 6.15/150
Presents: 20/50
Christmas: 20/20
Kids Activities (Tumbletots and swimming): 0/10

Have a good weekend everyone,

Dragonrider

Dragonrider

Missed my target on the petrol by 1p when filling up today - too impatient! Hopefully won't need to put any more in before the end of the month...
Have quizzed OH on how much of the £100 cash he has left, but answer came there none

Mortgage (DD/OP/Balance/Daily Interest)
September 2012: 1149.90/50.10/-261,033/21.38
October 2012: 1149.90/50.10/-260,472/21.34

Spending budget
Groceries: 60.49/300
Fuel: 50.01/100
OH spending inc travel to work: 100/200
My spending inc travel to work: 55.97/150
House & garden: 2.89/50
Family fun: 15.70/150
Presents: 20/50
Christmas: 20/20
Kids Activities (Tumbletots and swimming): 0/10

We ended up having a lovely sunny weekend with walks by the river and trips to local gardens, which made the dog very happy.

Now the working week begins

Dragonrider

Dragonrider

These balances are coming down and there's still most of the month left....:(

Mortgage (DD/OP/Balance/Daily Interest)
September 2012: 1149.90/50.10/-261,033/21.38
October 2012: 1149.90/50.10/-260,472/21.34

Spending budget
Groceries: 137.69/300
Fuel: 50.01/100
OH spending inc travel to work: 100/200
My spending inc travel to work: 63.94/150
House & garden: 22.56/50
Family fun: 29.00/150
Presents: 30/50
Christmas: 20/20
Kids Activities (Tumbletots and swimming): 0/10

Till the next time!

Dragonrider