Tm's MFW ramblings

turtlemoose

I've decided to think of my debt in 1% chunks for the moment (pinched from a DFW post) - so £85.60. I've already got my approximate monthly budgets planned for the rest of the year including OPs from the joint account. But I'm going to try to generate (whether that is overtime, selling things, surveys, cashback, whatever really!) an extra 2% every month.

So, January:
£91.72 paid out of Quidco
£25.00 sold a DVD unit

£54.48 to make this month then.

turtlemoose

Ugh, just realised we've spent £15k on childcare so far, and will spend another £13k before he goes to school. Wish I'd not done the sums

turtlemoose

£5.37 in Halifax casback, £49.11 to go

turtlemoose

Due to being MSE this month there was a surplus of £82.13 in the joint account. As I deal with all money related matters, I'm taking that as an "extra money earned" and added it to the loan OP, meaning I made an extra £ 204.22 - above target wahoo!


On to the real target though, that mortgage free by 42 goal. I've been messing with some numbers for the residential mortgage as the fixed rate is up in November. We'll be 2 years in to a 25 year term by that point, with only approx £200 OPs made in that time, due to throwing it all at debt instead.

We should be at *just* under 80% LTV when we remortgage, meaning much better deals are available. I've realised I could remortgage at a lower interest rate, reduce the term to the point where the monthly payments stay the same as they are now - but I've chopped a chunk off the mortgage.

EG using today's deals (I know they'll change of course) assuming 79.99% LTV, I could get Santander's Current Account only 2yr fix at 2.14% BUT reduce the term to 16 years. The repayments would be £600 a month, same as now, but I'll have shaved 7 years off the original term.

Have I calculated that right? That'd make me 46 (instead of the current 53) at the time it was paid off (assuming no OPs etc), simply by remortgaging.

turtlemoose

Daily interest:
LOAN: £0.67 :j
BTL: £4.34 :cool:
HOME: £13.38 :eek::eek::eek:

£18.39 a DAY in interest. :mad:

lavinia21

turtlemoose i found you on supersecretsquirrels thread so i thought i would come and see what your up to good luck with your journey. I am going to have a read of your thread I can't promise words of wisdom but i will chip in where i can.

turtlemoose

So does anyone have any top tips.on what I should be doing to my current account to make sure I get the best remortgage possible? Only 8.5 months to go and bit scared of the new rules. I'm thinking:

1) hide nursery payments in a separate account - Have OH pay it in lieu of paying in to the house pot (he won't be on mortgage) so I can pretend that 2x childcare vouchers covers the cost.

2) throw every penny at op'ing my personal loan - would be awesome.if I could clear it before November (potentially possible, if overtime comes back on the cards)

3) cancel unused credit card x1, make slightly-over-min-payment payments on 0% Card


What else do I need to do? The only non "bill" DD is for lottery (£18). No gym or other such things.

turtlemoose

Little update:

So far this year we have paid 10.62% of our debt as of 1st Jan. Now stands at £7650.83. This is 0.22% behind target (gasp shock horror!) but come September when we get the nursery 15 free hours we will make up the difference easily, I hope.

Hit my "make 2% extra" target again this month with an end total of £174.42 (target £171.20), from eBay sales of stuff I cleared out at home.

Been told no overtime at work so not sure how I'm going to manage my 2%s from now on. I've run out of stuff at home to sell, I don't have time for a second job. Hmm. I already do surveys, cashback etc but that won't generate £170 a month. Need to get thinking!

We have also started our emergency fund too, balance £100 (got to start somewhere!).

Oh, honeymoon booked, £360, needs to be paid off in March so unless I manage to make any extra money there will be no OP in March at all. Yikes.

Have spent the required minimum on my Nectar credit card in order to get the bonus 20000 points. Sainsbos have a double up coming in March, so I'll be swapping 4000 points for £40 in a few categories - 1) homewares, to get some much needed new saucepans (currently own one plus a tiny milkpan!). 2) Clothes - get as much as I can in next size up for DS. 3) toys, buy a few bits to put away for Christmas. Last one, 4) baby - I'll get a few packs of nappies but not too many as don't think we'll be using them for too much longer. That'll be a nice bit of shopping for zero cost, and I will still have some points leftover - I'll save them either for the next double up or maybe for Christmas food shop.

turtlemoose

It's a 5 week nursery month and also had to pay off the honeymoon. No OPs this month

I've been reading mfw on and off (several years) and always found it motivating. But today I'm struggling to feel buoyed up by what I read. I guess I'm feeling down that I seem to be constantly fighting a partner who just wants to spend spend spend, and I'm the one who always needs to have a sensible head and juggle things to cope with the spending. It's exhausting sometimes.

LadyGnome

I think we all have days like that. Have a look back to where you were 12 months ago and you will see what all your effort has achieved. Would a small token OP help pyschologically even if its just £1?

Its hard when your partner isn't onside, perhaps ask him if what he wants to buy is worth the extra x amount of interest you will have to pay to the bank? Is he happy that his splurging is boosting the profits of the banks?