MFW Diary - Take 1!

Pearla*Merle

Good luck Calfuray, I'm on a healthy mission too, just gently focus on the goal and you're be there before you know it :T

MFP is ace, I did so well when I used it (in fact I need to get it going again!). It really helps make you aware of what you're putting in your body and motivates you to do more of the good stuff, priceless

Calfuray

Thanks Pearla I don't think I could do it without MFP, it is shocking the amount of calories in things!

So, on day... 7 and have kept between 900-1400 calories so far. Doing well, but I know it's going to be a long slog. Only got scales and weighed myself yesterday so will be Tuesday before I can see if I've lost anything.

Internship next step is on Friday. Need to spend tomorrow preparing for that. Also need to apply for a couple of back ups in case this one doesnt work out.
Got final timetable for university, so all prepared for that, still another month of holidays though!
Signed up for online course to learn a new programming thing, free, and I figured even if it's not a highly used program, will show I have been utilising free time well, etc.

TT of £72.21 also

SuperSecretSquirrel

It has taken three days of spare time to achieve it, but I have finally read your excellent thread from start to finish!

I would just like to say how impressed I am that you are not only managing to pay a mortgage but also overpay all while being a full time student. To be honest just reading your diary was exhausting at times, 12 hour days, assignments, exams, internships, phew! Your drive comes through clearly - volunteering for class rep, upset that a single module might have been below 'first' standard, etc. I can't help but think you're going to be earning the big bucks within a few short years (just take care not to overdo it and burn out).

Ok, on to the future... You have a relatively small mortgage in the region of 50k, you are already overpaying well even on limited income, and when you qualify and land that high paying job you will be rolling in it, which no doubt means paying off the mortgage in no time at all (I think you'll be mortgage free by 30!). So, the big question is... What next? I personally expect my diary to go from MFW to ERW (early retirement wannabe) in a few years time

PS - I'm going to spend the next week's worth of spare time reading edinburgher's thread, your mention of there being lots of 'serious wibbly wobbly investing and indices chat' (at least I think that's how you phrased it!) sounds right up my street

Alchemilla

Calfuray going to PM you about MFP.

Calfuray

SuperSecretSquirrel wrote: »

It has taken three days of spare time to achieve it, but I have finally read your excellent thread from start to finish!

I would just like to say how impressed I am that you are not only managing to pay a mortgage but also overpay all while being a full time student. To be honest just reading your diary was exhausting at times, 12 hour days, assignments, exams, internships, phew! Your drive comes through clearly - volunteering for class rep, upset that a single module might have been below 'first' standard, etc. I can't help but think you're going to be earning the big bucks within a few short years (just take care not to overdo it and burn out).

Ok, on to the future... You have a relatively small mortgage in the region of 50k, you are already overpaying well even on limited income, and when you qualify and land that high paying job you will be rolling in it, which no doubt means paying off the mortgage in no time at all (I think you'll be mortgage free by 30!). So, the big question is... What next? I personally expect my diary to go from MFW to ERW (early retirement wannabe) in a few years time

PS - I'm going to spend the next week's worth of spare time reading edinburgher's thread, your mention of there being lots of 'serious wibbly wobbly investing and indices chat' (at least I think that's how you phrased it!) sounds right up my street

Aw, thank you It's nice to read a lovely post and get a bit of a boost. Although I think I'm a bit lazy in not academic areas!

I would love to be mortgage free by 30, but as you say it depends on jobs etc, and I'm not the most confident!

For what next, I need to sort out both investing and pensions, but can't afford to leave that until after a MF date. I must admit it's all too confusing for me, I can't seem to find a basic explanation, all the terminology leads to looking up more definitions... and so on and so on! Ah well. Research hat on!
On a more frivolous note, would love to travel more!

And yes, Ed's diary is worth a read

Thanks for visiting!

SuperSecretSquirrel

A good starting point would be this article: http://monevator.com/how-to-invest-on-a-budget/

It's from a couple of years ago, but still relevant. Last year I followed the suggestions there and opened a cavendish account, investing £50pm (60% ftse allshare / 40% uk gilts). I had been frozen by fear previously, so this was my first tentative toe dipped in the S&S waters. Feels good having started, and am now diversifying a little and have also stepped up the monthly funding a little.

Travelling is also a nice plan for the future I'm a firm believer in striking a balance - plan for the future and enjoy the present

Calfuray

SuperSecretSquirrel wrote: »

A good starting point would be this article: http://monevator.com/how-to-invest-on-a-budget/

It's from a couple of years ago, but still relevant. Last year I followed the suggestions there and opened a cavendish account, investing £50pm (60% ftse allshare / 40% uk gilts). I had been frozen by fear previously, so this was my first tentative toe dipped in the S&S waters. Feels good having started, and am now diversifying a little and have also stepped up the monthly funding a little.

Travelling is also a nice plan for the future I'm a firm believer in striking a balance - plan for the future and enjoy the present

Coincidences! I've been on Monevator all day, reading and reading. I feel like I understand a bit more, but like a teeny tiny smidgen more. It's so acronym heavy and full of terminology I don't understand....

I'm known for being the world's slowest decision maker, I finally purchased a mattress after many months of research. This is looking to be similar!

It was Ed who said I should look at... low cost index trackers? I think that was it! Will need to look back now. So yeah, Monevator's index trackers and Vanguard sound like a good idea.

Still don't understand how it works though, and how a shares ISA works :S

Anyway, I'll stop rambling now!

edinburgher

It was Ed who said I should look at... low cost index trackers? I think that was it! Will need to look back now. So yeah, Monevator's index trackers and Vanguard sound like a good idea.

Still don't understand how it works though, and how a shares ISA works :S

Stop procrastinating woman!

Loosely speaking:

• Funds = collections of shares in lots of companies, that lots of people invest in collectively
• Index funds = funds that aim to hold a representative cross-section of all the shares available in a particular index (for example, FTSE100). The logic being that you don't try to stock pick, you try to own a bit of everything and capture any underlying growth in the index at the lowest possible cost
• ISA = tax free wrapper to keep your funds in

Calfuray

edinburgher wrote: »

Stop procrastinating woman!

Loosely speaking:

• Funds = collections of shares in lots of companies, that lots of people invest in collectively
• Index funds = funds that aim to hold a representative cross-section of all the shares available in a particular index (for example, FTSE100). The logic being that you don't try to stock pick, you try to own a bit of everything and capture any underlying growth in the index at the lowest possible cost
• ISA = tax free wrapper to keep your funds in

I'm not kidding you, I have been researching since you said that to me, and I still haven't a foggiest. I am seriously like a researching sloth :rotfl:

Thank you for explaining that a little better than the websites! I still don't get the link to ISAs though... you buy shares/funds etc and put them in an ISA? (How?) :eek:

edinburgher

An ISA is just a wrapper/holder to put the funds into.

Open an ISA, buy some funds (lump sum using a debit card/set up a DD and a regular purchase), they're now effectively protected from the ravages of the taxman.

If you know where you plan to invest, you can be up and running in about 30 minutes