The BIG Plan...

MummyEm

Wow, I can't believe how long it's been this long since I last posted. I have been popping in for quick reads of other diaries but just have not had time to post.
The work in the house is now almost complete. Finances are looking shocking but still have the final bills to come in so once we've paid everything up, we can work on the new budget.

A few small bits of MSE today.

*Dehumidifier had broken, would have been £175.00 to replace. Found a part to fix it instead. Started at £7 inc. postage but managed get it for £4.25 & 1% cashback too
*Had some points that were about to expire via Cargo rewards program. Just ordered a lovely looking Kilner Jar which I will either gift to myself or use towards someones Christmas present
*Spent most of the morning unpacking boxes which had been stored in the garage during the building work.
*Cleared out four items whilst unpacking which I will give to my Dad. He is a regular carbooter and he is happy to take a few things for me when he goes. I still get a few pennies and don't have to get up at the crack of dawn!

I really must update my signature as finances have changed a lot but there really is little point until I know what we have left over after the bills. I will update in due course, and maybe even to an SOA :eek:

MummyEm

Thought I'd pop in for an update today.

All building work has now finished. Still have a bit of painting to do but we are working through this slowly, around family life. Last year was so manic, we really want to find a balance this year and spend more time with the children.

-Currently have approx £40k to pay back in family loan (borrowed for the house- interest free )
-Mortgage deal runs out next month. We are in the process of switching over to a new deal which will see our monthly payment decrease ever so slightly, but we are decreasing the term. I will update on this when I have the final details.

Aims for 2014

-Aiming to pay back £10k of family loan (though I have a secret ambition to make this £20k!)
-Decrease mortgage term and find better rate IP
-Fill cash ISA £5760
-We also have some rainy day/emergency savings which I'd like to increase. Getting this up to £25k by the end of the year would be great.

Current situation

-Approx £22k in emergency savings but waiting on a couple of final bills from the extension so not sure what final figure will be
-Family loan payback fund £3128.11
-ISA fund £1872.07

MummyEm

February savings

So far...

Transferred to savings

-£213 council tax no bill month
-£83.79 Quidco payment

To be transferred...

-£16.48 phone provider refund
-£150 ebay sales
-£107.90 refund of National Insurance overpayment
-£58.80 Sales at local baby and toddler nearly new sale

TOTAL £630.00 and still have some items on ebay and some of my wages to come in before the end of the month.

I'm pretty pleased with that . If only every month had so many unexpected payments.
I need to update bank accounts / pay bills etc. and split these savings between the saving pots so will update totals when I've done that.

MummyEm

So we are arranging a remortgage to get a better interest rate as we are coming to the end of our fixed term on current deal.

We are remortgaging for £272,000.00 not adding anything to the amount, but we are reducing the term from 26 down to 22 years. Due to the drop in interest, we are actually paying a few £s less monthly. I need to check exactly how much and will set up an overpayment for this amount, but it isn't much £10-£20ish. We have £265 fees added to the mortgage as we are changing one detail on it that is chargeable, but this is at 0% interest over the term of the mortgage.

There is also an arrangement fee of around £1200 (have calculated this into the deal and it still makes it very worthwhile). Unfortunately, having gone through the paperwork tonight, they have set this to be added to the mortgage, which we don't want & asked them not to do, so I will get that amended.

22 years will take me to the grand old age of 50 :eek: Whilst this is a drop from the current 54, my dream is to get this down to 40. Very ambitious, but a great goal to have I think as this is when kiddies will be heading to uni (assuming that they go) so I suspect the extra available money will be welcome I'm sure

The other great thing about this deal is that we will get online access (great for overpayments) plus no early repayment charges for up to 10% overpayment per year (which we are unlikely to go over for the next two years anyway). Small interest charge payable if over the 10%, but reasonable comparing this to other deals out there I believe.

MummyEm

Have spent the evening checking bank accounts and updating budgets etc.

Have also been messing around on an overpayment calculator. In order to achieve my dream of paying off mortgage by 40, we would need to overpay by £850 per month. With our current budget, that just is not possible. There are further things we could cut out (holidays?!) but we don't have expensive holidays, and don't want this to be at the expense of not enjoying our time with the kids while they are young.

A big chunk of the current budget is allocated to paying back the family loan that we borrowed towards the house extension, so once this is paid back, we will have extra to throw at the overpayments. DH does also get commission via work so some extra could come in through that.

The downside is that of course, with every month that goes by with no (or smaller) overpayments, the figure of £850 goes up!

Food for thought, but a bit out of my control at the moment.

Off to bed to dream up ideas on ways to up our income by £850 a month!

MummyEm

Just re-read my the first page of my diary, which had a positive effect.

When I started, the overpayment figure required per month (to pay off by 40) was £1000. Suddenly, £850 doesn't seem so bad

Today will be very MSE day. Kids and DH are away overnight so I will be finishing clearing out our study, going for a run and doing some washing.

Also need to work out the budget for March and make sure we only buy 'planned' items. I'm finding that lots of small spends are creeping in at the moment. Think we need a plan for some NSDs perhaps?

MummyEm

Came across a pretty perfect sounding job last night so I've spent an hour putting together my application for it. Increase to full time hours but working from home and flexible working so would work with family life. Would mean some costs would go up like childcare, holiday clubs and needing a cleaner, but would see us much better off overall. Application sent, so we shall see.

Item sold on ebay this morning for over £30 had only expected £10-15 for this so v. pleased. Have other items ending today but only one other one with a bid on so far.

Plan for today

[STRIKE]-HM soup and roll for lunch (DH and kids back mid afternoon and will have had cooked lunch so only need a small meal this pm)[/STRIKE]
[STRIKE]-Get house straightened up tidy/clean as DH boss here tomorrow[/STRIKE]
[STRIKE]-Finish washing[/STRIKE]
-Get DH to sort through big box of cables that I pulled out of study yesterday. Just need to know what needs keeping so I can tidy them up.
-Mealplan and shop list for this week
-Order shopping online - Free delivery with ASDA and have vouchers for them too
-[STRIKE]Ironing
-Find buttons for duvet cover that have come off over last few months. Driving me mad as so few left on there that duvet doesn't stay in! I will be good and mend it rather than buying new :A[/STRIKE]

Off to put recycling and bins out, feed guinea pig then can get on with crossing stuff off

MummyEm

Not so successful with yesterday's list as can't pin DH down on what he is doing work wise this week so mealplan is v up in the air!

I'm just going to use bits from freezer for next few days and get the essentials which should keep costs down anyway.

MS today
-3 ebay packages posted
-letter sent closing old saving account down (nothing in it though, but tidies things up a bit)
-made stewed apple this evening with sad looking apples from bottom of fruit bowl. Kids will eat this for puddings this week.

We've also had a big leak in new bedroom/ into new kitchen. It's something that is the plumbers fault so it won't cost us anything BUT it is a pain and will mean lots of redecorating in new kitchen

Back to work/school tomorrow for us an early night is planned.

MummyEm

Back into our normal school/work routine now.

Still no meal plan for this week as things are up the air with DH's work. This has actually been a good exercise in using up food from fridge/freezer. Cleaned out fridge last night which resulted in having to throw some bits away that were beyond past it! I will need to keep a closer on eye on this. I hate food waste from both a MS and environmental view.

Did have to pop to shops earlier as need a couple of essentials - washing up liquid, fresh fruit etc.

Submitted a job application today so fingers crossed for that. Some more money coming in would be great as could all be thrown at the loan /mortgage repayment.

MummyEm

Heard nothing from either of the job applications I've submitted, but hey, no news is good news an' all that...

40p into the pennypot this morning that DH left lying around. I've been filling one of those big tins that have to be opened with a tin opener for the last year or so. It is almost full and there must be a fair bit in there as I even remember putting a couple of notes in at various times so that I couldn't spend them!

55p on OP surveys earned today. Up to £19.05 now. I've had this ages and have never had a pay out on here as I always forget to check it.

DH has been paid but seems to be more there than expected so waiting for payslip to come through so I can see what's what before moving money around.

Cheap lunch for me as home alone - HM soup and roll. Dinner tonight will be fridge LO - puff pastry pizzas and wedges for the kids and something from freezer for DH and I.

Had some Mr T clubcard vouchers that were about to expire (today!) so have ordered a family rail discount card (will pay for themselves with one trip that we have planned to London in April, any extra is a bonus) & Legoland tickets. The kids have been desperate to go for ages so we will take them this year. DD has a bluepeter badge so gets in free so only 3 tickets purchased. I called Legoland booking line to check that the BP badge can be used in conjunction with the Mr T tickets as wasn't too hopeful, but they can :j