Flutteringby's MF Journey

Flutteringby

Hello everyone (anyone??)

We recently relocated 200 miles away from our old house, and in the process managed to downsize our mortgage. Its a far less scary number than the previous one and I'm now feeling motivated to get rid of it once and for all!

Our outstanding balance at the start of June was £42,179.20 and since then I've managed to pay £1,343.98 which brings us down to £40,835.22 today.

We have a One Account which means that all our cash/savings offset the mortgage outstanding and therefore benefit us when the interest payments are calculated. Its a little confusing to explain but now we have had the account for 4 years or so I think the easiest way to tackle a challenge is to treat the mortgage as interest only as then every penny I pay in directly affects the mortgage outstanding.

We are still learning the costs of running this house (only been here since April) and so bills etc haven't settled down yet. So sure there will be changes needed to the budget along the way.

I have a 3.5 year old DD and am 31 wks pregnant with number 2. Hubby works part of the week from home and half is a 40 minute commute. This was the reason for our move as previously he was away for most of the week working.

I'll pop some numbers into the next post as a starting point

Flutteringby

Ok so some numbers:

Opening Balance (June 2014) £42,179.20
Current Balance (July 2014) £40,835.22

Projected end date of mortgage (based on conservative monthly payment of £250 per month - July 2027

That's 13 years away. DD will be 17, bump would be 13 and hubby and I 45. I really want to get that lower. Thinking caps on now to work out how!

Target number one, to get below £40k!

juststuff123

Good Luck to you!:T

Flutteringby

Thanks Juststuff123

Am having a huge sort out of things ready for when the baby comes in 8 weeks :eek:

I'd kept a lot of my daughters clothes but as we know this one is a boy (recently had a 4d scan and saw the evidence for myself!) now is the time to get rid of them. So yesterday I had a major wash and ironing session and started listing on eBay. This morning there is another load in the machine which will hopefully get listed this afternoon while Miss is at nursery. I've got a mix of bundles and individual items. So far some of the individuals have bids and the bundles don't even have watchers. They are all due to finish Saturday. I think I'll let things have 2 or 3 attempts to sell on eBay and if they don't go I'll freecycle or send to charity shop.

Found all the neutral bedding, muslins, blankets etc and have been washing and ironing them too. Poor washing machine doesn't know whats hit it!!

Emthemist

Hi Flutteringby,

Good luck on your journey and congratulations on your impending bundle of joy :j

Have you tried the FB selling sites? They're usually "items for sale in xxxx" replacing xxxx with where you live. There's also "baby and children's items for sale in xxxx". I've bought quite a few things there recently, and check them before the bay of e.

Em x

Flutteringby

Thanks Emthemist,

Emthemist wrote: »

Hi Flutteringby,

Good luck on your journey and congratulations on your impending bundle of joy :j

Have you tried the FB selling sites? They're usually "items for sale in xxxx" replacing xxxx with where you live. There's also "baby and children's items for sale in xxxx". I've bought quite a few things there recently, and check them before the bay of e.

Em x

When we lived in Devon I used these sites all the time and had great success buying and selling. But up here I can't find a good one. There are loads of sites but no one seems to be buying on them. will keep looking - maybe there is a good one that I am yet to find!


We are having an expensive few weeks with some big home improvement costs (all budgeted and money set aside). This is the joy of moving house


We've just had carpets fitted, got a new boiler going in on Friday and blinds next week. Thats best part of £5k being spent. :eek:But all these had a safety issue and with a newborn baby over this winter they will all help to keep the house warm and comfortable for us all. Still hurts though!!

Flutteringby

Just set up my budgets etc for August (bit late I know) and its not looking great unfortunately. Its been an expensive couple of weeks buying bits and bobs for the baby, and his nursery. Its all added up! Will need to tighten the purse strings for the rest of this month to catch back up. So far mortgage payments for the month are only £66.40 so have a way to go to get up to the £250 target for the month. I have got some money sat in Paypal from some eBay sales which I will be able to add but I want to wait until I can take off the fees, postage etc so I can see the true profit. Hoping that will be around £40 from this first round of sales. As soon as I'm back from holiday I'll get another load listed!

Flutteringby

Managed to add a couple of extra bits to the mortgage. £40 from eBay sales, £8.57 from a cashback site, £7.53 from selling a dress on a FB selling site and £107.68 which was extra in hubby salary this month.

So payments for the month are at £222.07 and the outstanding balance is £40,613.15

Flutteringby

I closed August on payments of £245.47, so just under my £250 target. I'll have to add the 4.53 to my September target to catch up. Still thats pretty close really and it was a tricky month with holidays and family visits to contend with, plus DIY jobs and baby equipment to buy.

So September spreadsheets are up and running, and I've already managed to move over £170.61 from the budget so thats a great start! If I can keep eBaying and FB selling this month I should be able to do well.

Balance outstanding is currently £40,419.14. I am so keen to get this below £40k. According to the spreadsheet forecast November is the month, but I'd love it if I could get it down sooner. Hmm thinking caps on for how I can make that £419.15 asap!

Oh and of course September is the month we expect baby to be born (unless I go way overdue!) so the race is on to get things organised now so that his arrival doesn't put too much of a spanner in the financial works!

Flutteringby

I'll keep this post to show progress each month

Month / Total Paid off Mortgage / Balance Remaining

Jun 14 / £596.54 / £41,582.66
Jul 14 / £747.44 / £40,835.22
Aug 14 / £245.47 / £40,589.75
Sep 14 / £337.13 / £40,252.62
Oct 14 / £452.62 / £39,800.00
Nov 14 / £320.11 / £39,479.89
Dec 14 / £151.04 / £39,328.85
Jan 15
Feb 15
March 15
April 15
May 15
Jun 15
Jul 15
Aug 15
Sep 15
Oct 15
Nov 15
Dec 15

Flutteringby

Another busy few days on the spreadsheets! I'm trying to get everything as organised as possible before this baby comes!

Added to the pot over the last week:
£4.40 Lottery account refund. I used to play online and honestly had no idea that there was anything left in the account! I had an email to say they would be closing my account as it is dormant and so the money was transferred back to me! :beer:

£11.12 from Quidco
£31.00 left over from a savings pot to pay for daughters nursery over the summer. All bills now paid so excess to mortgage.
£20.00 Gumtree sale of some toddler bits we no longer need
£100.00 made from misc sales over the month (furniture and household bits and bobs).

So a total so far for Sep of £337.13 - so smashed the Sept target already and its only the 9th!!

Hoping for another £15 tomorrow as someone should be coming to collect a toy box, but thats probably all of the big amounts for the month. Will keep moving over odds and ends as i find them!

So current mortgage outstanding is £40,252.62. Edging ever closer to getting it below £40k! Next month should be the month!! :j