Boom or Bust..!

Boomdocker

Hi all, Boomdocker here and I am biting the bullet and starting my own diary to spur me on. Have used this site on and off since 2005 and enjoy reading this board as well as the Old Style board. Really inspired reading the diaries on here and was initially intimidated by the large amounts some people are able to OP but found many people like me that may only pay £50 a month and I'm really excited to start my own journey.

A little about me. I bought my current flat in October last year. It is purchased on a 50/50 basis with my friend. We both work and plan to do this on the basis that we want to enjoy life a little but make OP's where we can to reduce our 25 year term. We are with Santxxxxx and are able to OP a maximum of 10% each year with minimum payments of £500. We plan to save in a joint account and then OP when we can. I should add that we both have between 3-6 months salary saved as personal contingencies so feel we are in a good position to start to chip away at this. I have no debt (mortgage aside) and my friend has a loan that is managed and being cleared.

Well if you have read all that, thanks. I think I am committing this to writing to keep me motivated. I look forward to checking in and sharing hints and tips with you all.

Boom. :beer:

juststuff123

Good Luck on you MFW journey:beer:

edinburgher

I suggest that you remove your friend's name, it's one thing surrendering your own anonymity, but someone else's? :eek:

AllYours

Good luck and welcome to the board. xx

Like you I can only afford small overpayments... but they still have a drip, drip, drip effect to knock huge amounts of interest off in time.

I look forward to reading your diary.

El. x

dprice

Im with the same provider and only pay £50 OP a month. No minimum of £500. Might want to double check this. Good luck.

Boomdocker

edinburgher wrote: »

I suggest that you remove your friend's name, it's one thing surrendering your own anonymity, but someone else's? :eek:

Thanks edinburgher, my friend is aware of the posting/thread.

Boomdocker

dprice wrote: »

Im with the same provider and only pay £50 OP a month. No minimum of £500. Might want to double check this. Good luck.

Thanks dprice, that's definitely right for my product - have checked the T&C's and met with the bank manager to check. Would have preferred to not have the £500 minimum but this just means I need to save and pay when I can meet that amount.

Boomdocker

Spoke to the family about Christmas. In the past we have exchanged gifts between all of us, mum and dad, two sisters with hubbies, me and my mate. There's also a niece and nephew. I put it to them that we try something different this year by doing a secret Santa so we buy a thoughtful present for one person with a £30 spend. I had thought they might think I was a tight party pooper but was pleasantly surprised that every one agreed. Not only will this save us all the inevitable hunt for a half decent gift but it will save us money too! We will all still buy for the kids as usual.

So not an instant saving but it all helps!

Thrugelmir

Boomdocker wrote: »

Spoke to the family about Christmas. In the past we have exchanged gifts between all of us, mum and dad, two sisters with hubbies, me and my mate. There's also a niece and nephew. I put it to them that we try something different this year by doing a secret Santa so we buy a thoughtful present for one person with a £30 spend. I had thought they might think I was a tight party pooper but was pleasantly surprised that every one agreed. Not only will this save us all the inevitable hunt for a half decent gift but it will save us money too! We will all still buy for the kids as usual.

So not an instant saving but it all helps!

A few years back all the adult members of my family agreed on a £10 spend between each other. No one objected. As everyone has better uses for their money.

amycool

Glad to hear the family all agreed about Christmas. I announced we were sticking to a £10 limit a few years ago and got quite a lot of stick from some people! Last year they finally all agreed so no more embarrassment when I give a homemade inexpensive gift and get an £100 one in return!

The secret Santa thing is probably even better as there are fewer people to plan for!

jodles16

Just wanted to pop by and say really good luck, you seem to know what you want and how to do it! Great idea about C*******s, am debating if we can get away with something like that this year as buying a new house which means more mortgage and bills, but much better long term home!

Good luck!

Jodles