MFW Diary - Take 1!

endoftherainbow

Hi. Just wanted to say well done for starting your MFW Diary. OP can be a struggle at first but it does get easier and it is really encouraging to see your outstanding balance reduce over time. I've just made a one-off payment today, I consider it a Christmas present to myself (sad I know, but it does please me!). Good luck

kirstypark

just wanted to say hello too and well done for starting so young, I wish we had thought of doing this at your age..it would have made such a differance. Another point about overpaying now is that when interest rates go up ( and they will go up and down over the lifetime of your morgage) you will be in a good place to cope with any rise. I remember our interest rate going up a year into our mortgage in the 80s and our payment doubled overnight...cant remember how much the interest rate was back then, but it was in double figures.

PS I am another scot...:beer:

Calfuray

originalmiscellany wrote: »

And as you said on the front page, saving a few hundred quid actually means you save a lot move in terms of the total cost you will repay - that for me what the real incentive, knowing that every £20 you save is actually a total saving of £60 - suddenly (I know it's thinking long term) the savings short term suddenly add up - and as you've seen cutting the end date by 6 months is amazing Keep it up

Thank you! And I know, I need to remember every little counts

endoftherainbow wrote: »

Hi. Just wanted to say well done for starting your MFW Diary. OP can be a struggle at first but it does get easier and it is really encouraging to see your outstanding balance reduce over time. I've just made a one-off payment today, I consider it a Christmas present to myself (sad I know, but it does please me!). Good luck

Thanks It's definitely a bit of a struggle! And it's not sad, my OH asked me what I wanted for Xmas and I told him to pay the money he would have spent into the mortgage instead

kirstypark wrote: »

just wanted to say hello too and well done for starting so young, I wish we had thought of doing this at your age..it would have made such a differance. Another point about overpaying now is that when interest rates go up ( and they will go up and down over the lifetime of your morgage) you will be in a good place to cope with any rise. I remember our interest rate going up a year into our mortgage in the 80s and our payment doubled overnight...cant remember how much the interest rate was back then, but it was in double figures.

PS I am another scot...:beer:

Doubled? :eek: I was looking at the history of the BoE rate, I can't imagine when it was 13%, and obviously the interest rates would have been higher than that! :eek:
But yes, plan is to build up emergency fund, OP as much as possible and in two years (and a half) I'll be graduated and can hopefully get a half-decent job!
Thank you for the support too


Now, obviously the OP calculator shows what happens if you pay the same amount monthly or a one off OP, but I don't (and I assume most people don't) pay a static amount regularly. Is there any sort of program where you can put in how much you paid each month and it is a bit more accurate?

Hope everyone's well, been enjoying catching up on the diaries

Calfuray

£100 OP made when got paid yesterday with idea that I won't miss it since it was only in my account for less than 24 hours

And need to see about a R85 form for my savings account. I don't know if I am mean to include my SAAS money though?

Hope everyone is recovering from the party

MoneyMission

Well done Calfuray.

Wish I could start OP'ing but until car pot is full (end Feb) it will have to wait.

Think the party went on quite a while. Some are still MIA!

Calfuray

MoneyMission wrote: »

Well done Calfuray.

Wish I could start OP'ing but until car pot is full (end Feb) it will have to wait.

Think the party went on quite a while. Some are still MIA!

Thank you And Feb will be here before you know it

I did a bad thing and bought a laptop today.... buuuuut, used Am*zon vouchers from surveys, used cashback credit card, and got it in the lightning deals at 25%, and only used Xmas money on it, then OPed the rest of my Xmas money :rotfl:

Ate so much yesterday that I felt really quite horrible Still need to visit family this weekend, yay, more presents!

Need to do research on chest freezer today and then chill, proper cleanup starts tomorrow!

Calfuray

Also, found locoblade's spreadsheet - woop! But can't get it to work properly

VoucherMan

Calfuray wrote: »

Also, found locoblade's spreadsheet - woop! But can't get it to work properly

If you can't work it out there's plenty of us on here who use it & could probably point you in the right direction.

It's a lot better than the simple overpayment calculators on many sites, and great seeing how different ops can effect your mortgage (or am I just easily pleased?)

Calfuray

VoucherMan wrote: »

If you can't work it out there's plenty of us on here who use it & could probably point you in the right direction.

It's a lot better than the simple overpayment calculators on many sites, and great seeing how different ops can effect your mortgage (or am I just easily pleased?)

If you are easily pleased, then so am I!

I've put the details in, with the 35 year term. On the right, it says I will pay it off in 23.5 years and save 17k in interest etc when I haven't even put in any OPs yet?
Would it help if I uploaded a screenshot?

And thank you!

VoucherMan

Calfuray wrote: »

Would it help if I uploaded a screenshot?

Possibly.

Might be easier to just copy & paste the figures you've entered into the Info and Key Figures tab & we could just put it into a sheet at our end.