Flutteringby MFW - 2014 is the year

suse*

wow looks like you're really on a roll. Out of interest what is a Tilly Tidy I tried searching the forum for it but can't tell what it is exactly.

Also when you do your over payments are you sticking it just in the offset or overpaying as well or a mix of both. I'm just interested in how other people with offset's do it as I am a bit worried I'll get tempted to spend some of the money if I let it all just build up too high in the savings. I think I need to set a bigger savings target on top of my emergecy fund or something to work to.

Tilly_MFW_in_6_YRS

Hi Suse

*creeps in looking a little *

Tilly Tidies - where do I start....... I had a habit of clearing all pennies into my mortgage account, or into offset. Anything from 1p (and yes I did and still do this often) to 99p. I think it was GallyGirl who named them . It may sound a little mad but what it really does is keep the focus going each day.

My bank accounts start the day and often end the day in whole numbers.

As most accounts are in line these days, it's simple to do and really does 'quietly' add up

Good luck, Tilly x

Flutteringby

suse* wrote: »

wow looks like you're really on a roll. Out of interest what is a Tilly Tidy I tried searching the forum for it but can't tell what it is exactly.

Also when you do your over payments are you sticking it just in the offset or overpaying as well or a mix of both. I'm just interested in how other people with offset's do it as I am a bit worried I'll get tempted to spend some of the money if I let it all just build up too high in the savings. I think I need to set a bigger savings target on top of my emergecy fund or something to work to.

Hi Suse,

Inspired by Tilly, I just sweep small payments of pennies into the Mortgage - they really add up. Sometimes I find the pennies to round the mortgage down to a round number, and sometimes I clear out the odd pennies from my various pots to round them down. Its not very structured, but encourages me to move little amounts which I hope will add up in time!

Our account is a One Account so everything is actually one account with a big negative balance. Using the online banking system I have created my various savings, loan and mortgage pots. When I make an 'overpayment' I move it to the mortgage part as otherwise I'd be tempted to spend it again. Its nice to see the outstanding amount going down. But all the money I save or overpay is accessible if I ever needed it...

Flutteringby

Tilly_MFW_in_6_YRS wrote: »

Hi Suse

*creeps in looking a little *

Tilly Tidies - where do I start....... I had a habit of clearing all pennies into my mortgage account, or into offset. Anything from 1p (and yes I did and still do this often) to 99p. I think it was GallyGirl who named them . It may sound a little mad but what it really does is keep the focus going each day.

My bank accounts start the day and often end the day in whole numbers.

As most accounts are in line these days, it's simple to do and really does 'quietly' add up

Good luck, Tilly x

Thanks Tilly for the explanation I don't do exactly what you do, but the idea is the same. All those pennies add up in time x

suse*

oh thanks to you both. That does sound a great idea to help with the mfw 2014 op challenge too, just as you say it can soon add up.

My offset can't do direct debits etc unfortunately it is just the mortgage, where you slowly watch the amount creeping up day by day. Then 3 linked saving accounts make up the offset part. I can use internet banking to move money about with them though. Just watching the mortgage amount constantly going up though, is really focusing me to do everything to stop that asap.

Thanks again for both your replies that makes a lot of sense.

Flutteringby

Happy New Year! We had a great Xmas and New Year, but it was tiring with lots of travel so we are all feeling the after effects at the moment! Just set up my 2014 budget - very exciting! Moved some money around the pots, added up the CC balance etc and am now set to start the year!

Balances at 01/01/01
Mortgage -£65,565.00
Car -£4,240.00
Home Improvements Loan -£1,396.00

Flutteringby

Well things have changed a lot since the last time I posted! Hubby's work situation has been tricky for a while and he is working away from home a lot which is not great for us family wise. Also he is claiming huge sums in expenses each month which is not sustainable for long. So we have made the decision to relocate closer to his work. We will be moving about 200 miles away to Derbyshire.

Hubby is currently discussing a relocation package with his bosses so we will wait and see what gets agreed, but in the mean time I've been decluttering, cleaning and tidying to get the house in a position to sell. Today I had some estate agents round and hubby and I will discuss this weekend and choose one to go with.

All this has changed my financial plans somewhat! We are hoping to buy a cheaper house when we move so should end up in a better place financially. In the meantime, I've changed my savings pots around and all my savings activity will go towards a Moving Pot to cover removals, weekends in Derbyshire house hunting etc.

Exciting times!

greent

oooh - big changes afoot! Hope all goes well! x

Habibiboo

:wave:
Oooh sounds like lots of fun ahead, good luck with it all! Hope your OH gets the relocation offer you can both work with as it will really help with the expenses overall.

Pearla*Merle

Flutteringby wrote: »

Well things have changed a lot since the last time I posted! Hubby's work situation has been tricky for a while and he is working away from home a lot which is not great for us family wise. Also he is claiming huge sums in expenses each month which is not sustainable for long. So we have made the decision to relocate closer to his work. We will be moving about 200 miles away to Derbyshire.

Good luck with the house hunting! Derbyshire is lovely, I would love a little house there. Looking forward to hearing how it all goes!