Diary of a MFW 8-10 Year Plan.

ixia

Hi just wanted to wish you good luck on your journey

uropachild

Thanks very much ixia!

Okay, so i am just trying to add up the money we have in our savings - we have different accounts for different thing. Just so i know how much we need to save before next year to be on track to paying off 20K in one go. We have £11,720 so far. So that means we will need to save an average of almost £600 a month til August next year. EEK! I think i might have to start budgeting better. It's doable though! I think... Starting to have my doubts now...

uropachild

Well, i just phoned the bank about whether i can log in online and check my account there, and they said i need to go into my local branch to set it up. So there's something on my to do list tomorrow or next week!

I also checked the amount we are allowed to overpay before incurring fees and apparently we have two sub accounts, so we can pay up to £2750 on one and up to £5837 on the other up to December. Then we start January with a new amount.

I'm not sure how these sub accounts look and how the £65 a month overpayment i set up the other day will be distributed between them. At least i can rest easy than i'm not going to go over my overpay limit on either sub account by just paying that £65 a month. lol!

I guess now i just wait to see what things look like when i sign in online and then maybe make ad hoc payments when we have the spare cash.

I'm trying to work out how much we would have to earn in a savings account to be able to top paying off the mortgage if our mortgage interest rate is 3.99%. Does anyone know? We both pay the usual 20% tax (well, he does. I don't earn enough to pay tax being part time).

muddywhitechicken

Hi Sarah

:money:has a calculator (halfway down the page)

http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings

uropachild

muddywhitechicken wrote: »

Hi Sarah

:money:has a calculator (halfway down the page)

http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings

Awesomesauce!! Thanks!

uropachild

Today i went into Halifax to set up online banking and when i got home i was confused about how the interest is calculated, so i phoned. Found out we pay £9.30-odd a day in interest, which made my bum twitch a little bit to say the least!!!

The lady on the phone was lovely as she explained it all to me and helped me with setting it up so that i can make ad hoc payments whenever we have any spare change. I just sent £10 as a tester to see how that goes.

I think DH might be coming around to the idea of paying more off. I keep telling him my new facts about it each today and i don't think anyone can really argue with the evidence! He'll soon cave... bwa ha ha ha haaaa!!!

uropachild

My £10 tester made it into our mortgage account fine! I really shouldn't be this excited about paying money, but I am! Lol! I love getting my teeth into something I can be a complete geek about!

Just waiting to be added to the mortgage free in three take three doodad to help with the tracking.

We're also switching to paying ourselves monthly rather than weekly and letting the extra build up in the business account for our tax bill etc. I think we've almost got that though, so hopefully we will be able to save extra this way.

Nothing else on my list to do now. I guess I just see where we are when I log in to pay ourselves today, and anything that's spare can get zipped across to the mortgage account.

newgirly

Hi just wanted to say welcome to the mfw board and good luck with your new diary

uropachild

newgirly wrote: »

Hi just wanted to say welcome to the mfw board and good luck with your new diary

Thanks very much!

:D:D:D:D:D:D:D:D

Just sent £3,000 to the mortgage account!! Worked out that we are now paying £8.98 a day in interest instead of £9.31, saving 33p a day! I know that's not tons and tons, but it means we're on our way! YIPPEEEEE!

:beer:

uropachild

Now i know what a Tilly Tidy is i have done my very first one. For £8.61.

When i logged into my account today i got such a kick out of seeing the figure jump down from £84K to £81K. There was my £3,000 overpayment next to my mortgage payment of £600. Squeeee!