Ready, Set, Go - April 2013 Iquit MFW Diary

chelseablue

I'm sure you can do it, good luck!

iquit

chelseablue wrote: »

I'm sure you can do it, good luck!

Many thanks for the encouragement.

iquit

_party__party_:beer::beer:

Happy New Year one and all. Wishing everyone a prosperous year with all financial targets met. It's nearly two years since my last entry in this diary. Following some personal struggles I am happy to report I am in a more favourable position.

My BTL (interest only) is at balance £68k. I aim to op £1k/mth this year. I have recently exchanged contracts on a residential (repayment) £275k. I aim to op £1.5k/mth.
So that's a grand total of £30k in planned op for 2019. Hopefully a little more here and there from extra savings or overtime will go towards the residential mortgage - I can op up to 10% on the loan amount annually. For the BTL I'm looking to pay extra at the end of the year from rental income (minus an emergency fund I'm keeping for property repairs, white goods replacements etc). In an ideal world I'd love to start 2020 with £55k on the BTL and £255k on the residential. That's only possible if I can push myself. Restarting this diary should help keep me motivated, encouraged and accountable.

I'd appreciate any input from those who come across my diary. I am following a few diaries and scouring threads for tips. Some challenges to my savings and op plans this year are
*family wedding at an exotic location this summer
*several babies due - I am that OTT aunt :embarasse:
*controlling my impulse buying - not a big problem
*furnishing my new home on a strict budget

iquit

Quick Update

I completed on residential purchase and am settling in to a new home. It's been surreal given my difficult financial past, patience and perseverance have stood me in good stead. So far I've only purchased new locks and a corner sofa. Unfortunately moving is costly regardless. Planning to have shutters on all the windows - maybe later in the year, once I've saved enough money. But a pat on the back for managing to OP £7000 on my residential mortgage. The BTL is such a low interest rate that I'm going to bide my time on OP'ing until later this year.
* so far no impulse buying. Trying to keep to a budget, not eating out, taking lunches to work, buying generic rather than brand, searching for cheaper options, etc, etc.
* using credit card for all purchases, paying complete balance off every month. It's so I can collect air miles for my flight to the family wedding.
* decided that I will only buy baby gifts and any further house items in the sales.
As usual, I am grateful to anyone reading this and I welcome any hints, tips or suggestions that you may have.

Cherryfudge

Well done on your new home! Have you joined the Mortgage free wannabe thread?

It sounds as though you are doing lots of things that will reduce your outgoings. Depending on your situation, and now that spring is on its way, can you reduce travel costs? I walk to work but it's less than five minutes for me so that's easy. I'm assuming you are making the family wedding into a holiday this year, but can you shop ahead for clothes for the trip, that saved me quite a bit when we had a family wedding somewhere sunny.

iquit

Cherryfudge wrote: »

Well done on your new home! Have you joined the Mortgage free wannabe thread?

It sounds as though you are doing lots of things that will reduce your outgoings. Depending on your situation, and now that spring is on its way, can you reduce travel costs? I walk to work but it's less than five minutes for me so that's easy. I'm assuming you are making the family wedding into a holiday this year, but can you shop ahead for clothes for the trip, that saved me quite a bit when we had a family wedding somewhere sunny.

Cherryfudge thanks for reading my thread and contributing, I appreciate it (sometimes feels like I'm "talking" to myself). I haven't the option to walk or cycle to work unfortunately. The family wedding is being turned into a holiday, my only real one for this year. I have summer clothing from past summers. Plan to go through it and see if any items need replacing. I'll then go for sale items or bargains.