Apple muncher's number crunching

apple_muncher
apple_muncher Posts: 14,704 Forumite
First Anniversary Mortgage-free Glee! First Post Name Dropper
edited 19 November 2013 at 6:10PM in Mortgage-free wannabe
Time for me to start a diary :j.

I work 2 days a week, dd is at school and dh was made redundant in the summer. We are living carefully, although the redundancy money is being nibbled away at of course. We are fortunate to have no debts other than the mortgage, so I would like to get rid of it! We'd also like to have a savings buffer - about 6 months' worth seems to be the rule of thumb.

So, to the numbers:
Mortgage £77, 051.99
Offset savings £13,768.73 (£10,000 belongs to my mum and will be used to extend her lease in about 12 months' time)
Interest therefore charged on £63,283.26
Interest pcm about £78 (shame on me, not knowing the %!)

At the moment we are only paying £100 to the mortgage, and any leftovers at then end of the month are going into the savings.

I joined the 52 week money saving thread where you put away £1 on week 1, £2 in week 2, etc. But I started the other end with £52 first and have been paying it off the capital, so that's having tiny nibbles taken out of it.

Where would I like to be in 12 months' time? Oooh, tricky! Realistically, I reckon we could maybe, hopefully, possible save £4000. I'd like to get our part of the savings up to £6000, so save £2,232. And I'd also like to knock some off the capital, so £1,768. Hmm, not v much then! Hey ho, every little helps...!

There is a vague possibility that I may have 4 days work for 2 terms. This won't double my income, as I've used up all my tax benefits already, but it's not to be sneezed at! And if dh is able to find a job, than all the better! And I'll definitely have to revise my goal! But I'll not be complaining at that!

However, if dh cannot find employment and I don't get extra work, then we will have to seriously batten down the hatches, as the mortgage has 9 years and 9 months to run.

I've joined the NOvember challenge with Ninjasavingkat, which is super helpful, useful, motivating and challenging. Love it!:T
NST March lion #8; NSD ; MFW9/3/23 Whoop Whoop!!!
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Comments

  • Good luck with your plans.

    Hope the extra work comes off :)

    Best wishes Tilly
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
  • apple_muncher
    apple_muncher Posts: 14,704 Forumite
    First Anniversary Mortgage-free Glee! First Post Name Dropper
    :money:
    Good luck with your plans.

    Hope the extra work comes off :)

    Best wishes Tilly


    Thank you Tilly. Yours is one of many diaries I have read some of. I'm proud to have joined such an inspirational bunch!

    Reckon we have about 3 months before we will have to start using mortgage to live off. Humph! However an awful lot can happen in the next 30 minutes (cue 'Stingray' music!) let alone the next 12 weeks.

    Christmas for dd is almost sorted, then it's her bday in Jan. We're having another at-home party, so numbers are limited by space. Hooray!

    Christmas food is easy in our house! We don't buy lots of goodies as most of them have gluten hidden somewhere in them. That makes it soooooo easy!

    Christmas for family is kind of sorted, as I made presents in the summer. However, I'd like to add a hamper of homemade stuff too.
    Christmas for dh is so far away from being sorted! It's almost laughable! He's given me one idea, so I must ensure that I do get that.

    Enough ramblings, nowt's changed financially, or will change til the end the month and we see how much is left over. At least I know that there will be surplus :T.
    NST March lion #8; NSD ; MFW9/3/23 Whoop Whoop!!!
  • sweetdaisy
    sweetdaisy Posts: 1,249 Forumite
    First Post First Anniversary Combo Breaker
    Wanted to wish you well on your MFW journey :).

    We have similar mortgage balances and I too have an Offset mortgage. I do a combination of paying 50% of extra money directly to the mortgage and 50% goes into the Offset savings.

    I love seeing the monthly interest and mortgage term reduce. It's so addictive.
  • apple_muncher
    apple_muncher Posts: 14,704 Forumite
    First Anniversary Mortgage-free Glee! First Post Name Dropper
    sweetdaisy wrote: »
    Wanted to wish you well on your MFW journey :).

    We have similar mortgage balances and I too have an Offset mortgage. I do a combination of paying 50% of extra money directly to the mortgage and 50% goes into the Offset savings.

    I love seeing the monthly interest and mortgage term reduce. It's so addictive.

    Thank you for joining in sweetdaisy. It's nice to have other people to burble to along the way! I like how you distribute your extra money. I think I shall nibble away at the capital using the money from the 52 week saving, as I reckon that'll be about £800 over the next 40 weeks, and any other 'spare' will go into savings. I enjoy seeing the figures go up - or down - depending on whether it's saving or mortgage. Just need to ensure the right balance know which way it should be heading...

    Have just had a chat with dh re Christmas and have decided to spend £20 on each other and to get as much as poss within that limit. A challenge! We each already have 1 main present, this is just so that there's plenty to unwrap on the day - it'd be boring just watching dd unwrap her gazillion presents, wouldn't it!

    Food shop day today. Ald1 have a £5 off voucher in the paper so will buy 2! And I have £3.50 off £30 spend in Mr S so will stock up on gluten-free necessities from them. So, a spendy day ahead, but still within budget.

    Next month - or maybe later this month if I can organise myself - I want to meal plan. It's pathetic that I don't already do this! I sort of do it in my head, but t'would be mega helpful to write it out and stick it the the cupboard door.
    NST March lion #8; NSD ; MFW9/3/23 Whoop Whoop!!!
  • A satisfying day all round :j. A good trawl around some charity shops, after dropping off 2 boxes in one of them. I found lots of Rainbow Magic books, which was my hope.

    Finished making my friend's wedding present and wrapped it up all posh and ribbony for tomorrow.

    Planted up some daffs in pots to give at Christmas; pulled up a few raspberry canes, but wrist injuries have made for pathetically feeble hand grip. Plus the fact that I didn't cut the rasps back last year (supposed to raze to the ground every year) so some of them are strongly rooted in.

    Read another chapter of my latin textbook. I remembered the story in this chapter from when I did it first time around many, many moons ago.

    Tomorrow's looking busy. I'll take dd to tap and ballet while dh gets himself to the church to rebuild the PA for the wedding - pesky electricians disconnected the stage equipment as it was in their way!!!

    Dd and I get home, change, grab some lunch and a ribbony beautifully-wrapped present and head to the church for the wedding. We may have to leave dh there to pack up the kit and come home to make a minion costume for Sunday.

    Dh will appear at some point, then we are all going out for a good friend's 60th. It's only 30-40mins away, but starts at dd's bedtime! And I reckon we may have to leave before it's even begun! Shame as friend is a very good friend of dh, so may try to get him a lift home from someone else.

    Sunday comes and dd is insistant we go to church, as she adores the kids klub they run, hence the need for a minion costume. Dh will be staying at home as he is wiped out and has an interview to prep for early next week.

    Nowt done today to reduce the mortgage, but some things done to save a few pennies in the longer run and a nice day was had. Result!

    Have had a browse on book selling sites and not much of my stuff is saleable! A few dvds and cds will fetch a few pennies off mus1c magp1e, and a few bits may get more pennies using fleabay.

    Aha! Oh yes I did do something mfw-related! Yesterday I set up a paymentof £40 as part of the 52 week money saving challenge (can never remember its proper name!). So that needs ferreting away off the mortgage. Yay!

    Off to bed in prep for tomorrow's busyness.
    NST March lion #8; NSD ; MFW9/3/23 Whoop Whoop!!!
  • apple_muncher
    apple_muncher Posts: 14,704 Forumite
    First Anniversary Mortgage-free Glee! First Post Name Dropper
    I've taken my own advice and had a lovely warm bath and hairwash, then wrapped myself in dd's duvet to sit on the floor (she wanted her buildabear bears to have a fight on the bed!) and watch the rugby. Thoroughly enjoyed the match and being all snug and warm.

    The minion costume went down a treat and dd won a prize for it! Only 2 kids had dressed up, so she felt extra special. She also won an invite to a local soft play place, which she's so happy about! Dh will go along too, as a helper and also to be around for the food and reassurance. Will save us money as we were going to take her if she didn't get an invite. But this is so much better!

    I spent church totally wrapped up trying to keep warm - am fighting off a lurgi and just not well. I'm glad I went as, as well as the minion stuff, the service was about CAP and how we can help, which ties in very much with NinjaSavingsKat's November challenge. I can surely spare a few pounds every month!

    Another NSD. No money actually saved or taken off the mortgage, but nowt spent either. Result.
    NST March lion #8; NSD ; MFW9/3/23 Whoop Whoop!!!
  • apple_muncher
    apple_muncher Posts: 14,704 Forumite
    First Anniversary Mortgage-free Glee! First Post Name Dropper
    To do before Saturday:

    go through all my November receipts and highlight the 'unnecessary purchases', total them up and - maybe - pay that amount off the mortgage. Hope it's not too much!

    do dd's prescription. Actually, must do this tonight!

    mark assessments by weds.

    make cakes for fair.

    knit another glove.

    do a final look at Christmas present list and budget up anything I still need to get.

    next month I'll set a separate amount for 'other' spending in charity shops. That's if NSK's December challenge allows it!

    plan next week's meals, keeping off grains and sugar.
    NST March lion #8; NSD ; MFW9/3/23 Whoop Whoop!!!
  • apple_muncher
    apple_muncher Posts: 14,704 Forumite
    First Anniversary Mortgage-free Glee! First Post Name Dropper
    Oops! Or should that be ouch! I reckon I've had £43 of unnecessary spends in November. So have already paid that over. If I leave it, I may forget ha ha ha !

    A lovely surprise is that the job I left a few weeks ago (only very very very part-time) have paid me a few pounds for November, as they found a replacement for me on the 3rd. I honestly wasn't expecting this! Dh has said 'don't you dare spend it on the mortgage!' Who am I to argue? I do need some black work shoes, so will put it towards them. And it is a need, not a want! May try Clarkes on Thurs, as that's my next allocated spend day. Woohoo!

    Have also done dd's prescription. It can take 10+ days to all come through, so defo need to plan ahead, especially as regards bread.

    Tomorrow needs to be a paperworky day. Hard to get started, but rather satisfying when done. Fingers crossed to starting! Have promised some students a re-mark of certain pieces of written work, so I'm now accountable to them!
    NST March lion #8; NSD ; MFW9/3/23 Whoop Whoop!!!
  • Hello,

    Best wishes on your mf journey. Are you a fellow English teacher?

    Squirrel
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years:D
  • Hi Squirrel,

    Nice of you to pop by! (my English teacher loathed the use of the word 'nice', so using it still makes me smirk a little. I'm soooo mature!) Fraid I'm not English, but MFL. Y11s starting to fret about grades, so am trying to ease their pain and give them some reassurance about the next 6 months. And if I remark their assessments tomorrow, then it's done and dusted and ready for submission next year. So it benefits me too. Win win.

    Please keep popping in - I promise to find other adjectives!
    NST March lion #8; NSD ; MFW9/3/23 Whoop Whoop!!!
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