Easylife73’s looong journey to…well…hopefully an easy life!

135678

Comments

  • easylife73
    easylife73 Posts: 332
    First Anniversary First Post Combo Breaker
    Forumite
    Oops, it would appear I fell off the MFW diary wagon for quite a while!

    I have however still been trying to chip away at the mortgage. Since I started I've overpaid by £400.28 saving £308.50 in interest, which isn't a huge amount but it's better than nothing. We haven't done the work on the house yet, but are hoping to be able to get to it this year...the mortgage company wouldn't let us borrow as much as we needed but due to a small inheritance on it's way we think we'll be able to scrape together enough.

    The savings we'd put by were unfortunately eaten up when part of the air conditioning system went on the car while we were on holiday in France, and the garage refused to give the car back until we had it fixed. And we've been veeeerrry bad at managing our food budget this year, as I left DH in charge (always a mistake!)

    The second job at Christmas didn't go too badly, so there is also a little extra money there which will hopefully go towards the work on the kitchen/conservatory.

    I've spent this weekend playing with my lovely spreadsheets and have formulated a new plan! Hopefully we'll be able to pay off all three mortgages a few years early, but obviously I need to keep better control of the budgets this year!
  • easylife73
    easylife73 Posts: 332
    First Anniversary First Post Combo Breaker
    Forumite
    I forgot to include in yesterday's post that I'd already spent some of the small inheritance, even though I haven't actually received it yet :o: I've ordered a waste disposal system for the new kitchen and a fancy boiling water/chilled water tap as well. I will fully admit this is a bit extravagent...we'd already agreed to get the waste disposal and in my defence I did get the lower grade model, but the tap was only supposed to be if everything else came in under budget (which it won't). In my defence, I did downgrade from the one I really loved which cost a ridiculous £650 or so :eek: to one costing £400, and bought both items as part of the B&Q sale giving 25% off, so not completely irresponsible (trying to convince myself :whistle:) Went through £uidco too.
  • easylife73
    easylife73 Posts: 332
    First Anniversary First Post Combo Breaker
    Forumite
    This falling off the wagon has really got to stop!

    Accidentally bought two sofas on Fleabay to go in the kitchen/conservatory adaptation we haven't actually started yet...also forgot to check the measurements before bidding so they might be slightly too large and definitely won't fit in the car even with all the seats taken out. So altogether it will come to £200 to pay for them and van hire to go and collect them. Big oops, although they do look very nice.

    This will have to come out of the inheritance too, as it is technically for the renovation works.

    On a slightly better note I had a free lunch at work today and have enough pasta left over from tonight's dinner for lunch tomorrow, thus saving myself the cost of two tins of soup.

    I have also joined the MFW 2014 challenge with a paltry target of £750...even that may be a struggle if I keep spending like I have been :o
  • easylife73
    easylife73 Posts: 332
    First Anniversary First Post Combo Breaker
    Forumite
    £uidco cashback received this morning of £1.78 has been OPed.
  • Blimey, just realised it's been a whole year nearly since I posted to my diary! New Year's resolution no 1 will therefore be to post more regularly...

    OPing has continued throughout the year, and once I make the final one tomorrow I will have hit my £750 target for the MFW 2014 challenge, which I'm really pleased about.

    In the past year there have been a few changes...

    We now have three mortgages, the building society did agree to lend us the full £30k we needed in the end, as after getting the house revalued we were able to access lower interest rates, which was great. As a result we now have a lovely new open plan kitchen/dining area, and no longer have a leaky conservatory. It was definitely the right decision, as we now use the space daily whereas before it was dead space that never got used.

    Both DSs are now at secondary school, which makes life a lot easier, and DH has finally had a payrise, after a three year pay freeze, which has sent us a bit dizzy to be honest! I haven't done the second job this year, as my main job has gone a bit crazy, so for my own sanity I had to give it up.

    The inheritance eventually got spent on a new car, as we finally realised that the old one was costing us a small fortune in repairs. We went for one with a transferable warranty, so hopefully we shouldn't be spending too much on repairs. However, it has taken until this month for DH to actually sell the old car so not as big a saving as I'd hoped.:mad:

    We still haven't got to Paris (will we ever?!)

    Plans for this year are to decorate the kids rooms and replace the upstairs carpets - my parents have very kindly given us some money to do this, so hopefully the costs to us will be minimal.

    Also need to sort the garden out, although we don't really have a clue what we are doing, so that should be interesting! The idea is we don't have a holiday this year :( and spend the money on the garden instead, but we'll see...I do love my holidays.

    Total mortgage as of today is £137,811.83. If I do nothing other than the normal repayments it would reduce to £132,976 by the end of 2015 (assuming my spreadhseet is accurate), so my aim is to get it down to below £130,000 if possible by this time next year.
  • Just made the final OP of the year of £177.32 which has resulted in another three months off the life of our third mortgage, meaning it as been reduced by 9 months altogether since we took it out earlier in the year. The aim is to get rid of this one first, and then use the snowball effect to get rid of the second and first mortgages.

    However, is my logic flawed? The first two mortgages are at 2.5% and the third is fixed for a couple of years at 2.59%. I've been paying off against the one with the higher interest rate, but as it is fixed and the other two could go up if interest rates change, would it make more sense to overpay against them instead?
  • Okay, last post was supposed to be the final OP of the year, but have just made another teeny tiny OP of £5.17 which was a withdrawal from paypal and a little bit of cashback. I'm counting it towards next year's totals for the 2015 MFW thread target though!

    After reading another MFW diary on here I've listed some items for sale on our local facebook pages and ebay, and have a few more things I want to list, but need to speak to DH first to make sure he's happy for me to sell them. Assuming he is, I'll try to get those listed this afternoon as well.

    Am feeling quite motivated at the moment, but also frustrated, as I know our balance will never reduce at the rate of some people's, and would like to be doing so much better than we are.
  • greent
    greent Posts: 10,663
    First Post Name Dropper First Anniversary Photogenic
    Forumite
    Hi easylife! Personally I'd OP the 3rd mortgage, like you are doing, as it has the higher rate. Am sure others would possibly disagree because the others aren't on fixed rates. I think no 3 is slightly higher in balance than no 2, but a lot lower than no 1? In which case I'd still stick with 3 - I'd work on possibly (unless interest rates rise in which case it's time for a rethink) clearing this on first - massive psychological lift to do so :)


    Well done on the facebook and ebay listings ;) With ebay I let them auto-relist once and then save my unsold ones to relist again on a FLW - 2 second job to bulk relist and usually one or two of the previous unsold will sell each time. Every couple of relists I'll look at prices and maybe reduce to try and shift something (after all, it's worth nothing to me if I don't want it and it's sitting in a cupboard - far better to shift it and get a few less £ ;))


    Don't feel frustrated - it really is a marathon of a journey, and you will almost inevitably encounter obstacles along the way. But - in this case- every little bit really does help!


    Look forward to following your journey :)


    gt x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • Thanks greent...you're right that if we cleared the third mortgage it would be a massive psychological lift, that's exactly the way I've been thinking about it. Once I start playing with my spreadsheet, and see the effect of using the regular payment on mortgage 3 transferred to 2 (once 3 is cleared) you realise how it will then snowball, so clearing the third one is key to that.

    Two of my ebay items have watchers, one at 99p and the other at £15, so hopefully some of it will sell...doesn't end until Sunday though. Need to bump the things on the facebook pages, if they don't get any interest I'll put them on ebay as well. The trouble with our local pages though is that they're so busy and popular things tend to get lost very quickly.

    I'm getting a teeny tiny pay rise in January :j, which I worked out last night should be £13 a month net (told you it was tiny!)...this added to the previous tiny rises I've had means I can regularly OP a whole £25 a month + £5 from a monthly bank account incentive. It's not a lot, but every little helps. If I could just get DH to stop spending so much at Sainsburys we could increase that figure a lot. My weekly budget for food & household stuff is £100, but there are only four of us, and I know that if we try harder we can do it for £80, which would free up another £100 or so a month. But DH does love Sainsburys......
  • greent
    greent Posts: 10,663
    First Post Name Dropper First Anniversary Photogenic
    Forumite
    Food's a *relatively* easy budget to reduce slightly - but you need to feel that you're not hard done by in doing so - most of our meat (inc corn fed f/r chicken, extra lean steak mince, fillet steaks :D) is yellow stickered - I stock up when it's about. It's very rare that I pay full price for meat :) If you can eat no-meat/ low meat meals that's a good way to stretch it further (sadly DH & DD are major meat eaters here) - risotto and pasta dishes being a good way to make a teeny tiny bit of meat go a loooong way. All helps with the budget. Also, see if you can persuade DH to look at Aldi or Lidl perhaps? I started off by spending £5 in Aldi every month by being very picky about things and trying just a couple of things (there was thread on here about what is good/ not so good in there) and now I can do *most* of a weekly shop in there (there are some brands which we will not give up and some things which they just don't do) so I get the rest from T*sco or Sains :) Depends how close they are to you and how much time you have, though. Tesco is my corner shop (1 mile away) and Aldi is opposite it, so it's no big deal for me to do both, especially as I don't work and all my children are at school. I do like Sains, though - and pass one if I drive into town, so sometimes go there (my ideal supermarket is Waitr0se - thankfully we don't have one here, but in the next town - and I'm not fussed on driving 30-40 minutes each way, or I'd be a nightmare!!)


    How about OPing any money saved on shopping from vouchers? (Sains often send me/ give me till spits for £x off £xx spend) - that's 'free' money in effect to OP :) (You may well do this already, in which case ignore me lol!) Or if you use nectar points OP the equivalent?


    Good luck with ebay sales x Our facebook sale pages are also v busy - especially at the moment!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
Meet your Ambassadors

Categories

  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.8K Work, Benefits & Business
  • 606K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards