The journey to financial independence.

CathT

You are doing really well getting ahead of yourself with your finances. Nothing worse than paying off holiday debt when you get back and the holiday is a distant memory.

Well done with weight loss too, sounds like that plan is suiting you. Sonds like you have earned a few treats this weekend.

When does the extension work start?

Cream_Tea

Thank you CathT and Ourcornercottage. It seemed like the extension took forever to save for and now suddenly we are ticking off lots on the money saving list.

I believe we only have a couple of weeks until the builder told us he would be coming so DH is calling him when he is back from the stag do to see when he needs to start getting things prepared for.

WW is working well I suspect it's partly the plan and partly that I have reached a very determined point in my life. We got our appt through. We have been referred to a fertility specialist. So I am determined to get my weight down so that that can't be offered as a reason we are not falling pregnant. Only two more weigh in until our appt so I'm making them count!

CT

jodles16

Your flying through your plans! Amazing stuff! Best of luck with the weight loss and fertility appointment, hopefully the reduction of hours will help as well!

Jodles

Cream_Tea

Mortgage update... We have reduced by £956 this month, including £400 OP. I'm hoping that we will complete our holiday spending money part of the saving plan by next Friday. So we can start to really focus on the emergency fund and get that sorted in no time!

In none money saving news... We are having a BBQ this weekend for my birthday, when people are asking what to bring I've said meat to keep cost down and I will provide all the potato salad, coleslaw, crisps, dip, buns and some pudding options. The weather was set to be 25 degrees and sunny but now Friday is set to have thunder storms! I need everyone to think positive, sunny thoughts!

CT

Cream_Tea

With the extension looming and looking like its still set to start in a couple of weeks the builder came yesterday to finalise plans etc. It's been agreed DH is starting the footings this week ready for the builder. We ended up going with the builder who was doing less eg not doing roof or footings because he was brilliant at keeping up communication compared to the other who was doing it all (inc roof and footings) for a little more because he was really poor at getting back to us and so we decided that was unnecessary stress. It does however mean DH will be out there after work digging away. I will have to keep spirits up with nice meals and cups of tea!

Now we are so close to the extension starting we have started talking about moving. We always planned to move out within 5-10 years but recently decided why wait that long lets do it when we get the money together to for stamp duty and legal fees..... So I started a plan!

We should have completed our plan for 2015 by mid December if not sooner which includes: paying off CCs and overdrafts, paying for holidays, saving for spending money, having a 3 month emergency fund and now also getting a car fund together (recently added as a compromise DH wants a new car, I don't, now plan is to save and buy one at the end of the year if we still want to)

Plan for 2016 is to save £11,000 to cover cost of moving so we won't have to use equity. It should be achieved by August next year. It's a sad situation when you get as excited as I do about a plan, especially since I haven't finished this years one!

CT

Cream_Tea

The thing I love about the MFW diaries on here are that they make you ask questions about your own affairs. Inspired after reading a popular mortgage neutral diary I worked out when I think I will be mortgage neutral.

Assuming we:
- Buy a house in a more expensive area next year and house prices stay the same and we have about £100,000 equity so only require a £250,000 mortgage.
- Have family additions in the future and the costs that incurs.
- DH wage stays the same (hopefully will rise)
- My wage reduces as hours reduce and reduce again when children come.
- We save £6000 a year
- Interest rates on mortgages go up

I think we will be mortgage neutral in 17 years! DH and I will be in our late 40's and in fact if we push ourself I'm sure we can beat that!

CT

Cream_Tea

Does anyone know... Could there be any downside to OP mortgage the money we are saving for moving costs etc?

DH and I save better when we can't get to it. So the plan is once we've achieved all of this years plans set to be December (but I am quietly confident it will be more like September/October) we will start saving for the cost of moving i.e. stamp duty, legal fees and estate agent fees. I thought I could OP the mortgage with it but wanted to check I wasn't missing something obviously that would scupper me.

My thinking is it will reduce interest, be safe so we can't spend it, we won't need it until we sell the house anyway so best there than anywhere else.

CT

Cream_Tea

Also when the mortgage provider say we you overpay 10% is that a year or the fixed term i.e. we have a 2year?

CT

Cream_Tea

So one query resolved. I contacted the back and they explained that based on outstanding balance in January each year they work out what 10% is and I can OP that much between January and December. So I can do just over £15,500 this year which we will be no where near! Next year will be closer.

CT

Cream_Tea

Also I need ways of making money! I can't do the surveys I don't have the patience. Any inspiration?

CT