MF by 30!

StrawberryJam132

Thank you for your replies Bexster and Juststuff! What you said really made sense and brought me back to reality to be honest So I sat down after work and wrote out a SOA for £18,000 (my worst case scenario wage for my job situation over the next few years - I'll be gaining experience as a assistant psychologist - fingers crossed!).

Mortgage: £342pm (15yr's, 5 yr fixed at 3.44%).
Bills (inc. food): £350pm (this has been the same for a year now).
Studies: average £225pm.
Petrol: £150pm (I'm guessing? I don't pay petrol at the moment).

Total: £1,067.
Wage after tax: £1,200.

... It's tight... So, that's the worst case senario for 2017-2019 while I gain career experience:eek:

Hopefully I would be on higher pay, but better to plan for the worst, right?

By the time this starts, I'll have a £5,000 emergency fund to cover me if I struggle. And I can always overpay more while I'm in my current job, and any job after.

Thoughts?

Hope you're all well and enjoyed this weather, I was stuck indoors

SJ x

bexster1975

Hello again

I think planning for the worst and hoping for the best is always a good idea. Any extra cash can be used for 10% annual overpayments/savings/ emergency funds/ investments etc. £133 left over a month isn't liads in your worst case scenario,but foable gif a short while I'm sure.

T'was a bit warm for me today if I'm honest, but enjoyed it nonetheless

Bexster

StrawberryJam132

bexster1975 wrote: »

Hello again

I think planning for the worst and hoping for the best is always a good idea. Any extra cash can be used for 10% annual overpayments/savings/ emergency funds/ investments etc. £133 left over a month isn't liads in your worst case scenario,but foable gif a short while I'm sure.

T'was a bit warm for me today if I'm honest, but enjoyed it nonetheless

Bexster

Hi Bexster, thank you for your reply. I really appreciate the advice and having someone to bounce ideas off.

It was wayy too hot yesterday, esp for the pooch (GSD x Lab), I had all the windows open but he still took refuge under the stairs which is the coolest place. Poor boy.

Today I have big plans. In my breaks, I want to:
- Go through accounts and see if I can get an OP.
- Cancel pet insurance.
- Change phone plan - Cancel Spotify Subscription - Question Talk Talk bill
- Close unused Credit Card

EDIT - Scroll down posts to see outcomes of to-do list - £411 per year saved!!

Hope you're all well. The spam account creating all those threads was weird, wasn't it?

SJ x

StrawberryJam132

OP UPDATE:
£50 transferred after bills went out!
Total '15 OP: £575/£4,000 (14%)
July Total: £50.

:TSlowly getting there:rotfl:

StrawberryJam132

UPDATE on today's TO-DO list:
- Go through accounts and see if I can get an OP - DONE! £25 found!
- Cancel pet insurance. - DONE! Saving £171 a year! (I'm using emergency fund for any issues in future).
- Change phone plan - DONE! Saving £120 a year!
- Cancel Spotify Subscription - DONE! Saving £120 a year!
- Question Talk Talk bill - No luck, but found out I can down-grade in October.
- Close unused Credit Card - DONE! Got a cheeky £25 refunded due to an extra payment, woop! That's going to my OP!

Total savings today - £411 a year!:money:

SJ x

Luckyinlife

Excellent work SJ :]

thats a good days work

StrawberryJam132

Thank you luckyinlife!:D

bexster1975

Well done SJ, a modest annual pay rise for a day's work!
:beer:

Bexster

Mrs_E_3

well done that's some great savings. My lab it too hot at the moment, she's spending most of her time laying in her crate. I guess she must find that the coolest place for her.

StrawberryJam132

Bexster - I didn't think of looking at it like that, it's definitely a lovely annual pay rise How's your MSE week going?

Mrs_E - Thank you for sending me that recipe, they look so tasty! That's on the cards to try next week And poor pooches, are you hearing about these dogs dying of heat stroke? My pooch is very happy today now it's cooler.

MF Plan for the last half of 2015:
I've been a busy bee and been playing with figures :cool: Ideally I'd love to remortgage at the end of November with 75% LTV to get a better deal.
- That means I have 4 pay days (July, August, Sept, Oct) to OP £3,400.
- I know I can comfortably OP £500pm if I don't spend money on holidays or extravagant weekends away etc.
- That leaves me £350 to find every month...
I might be able to do this through work expenses and being MSE with food shops etc. We shall see. I have a feeling I'll be able to get the full £850 some months, and not others. We'll see.

Also, I'm worrying about how much the bank will value the house at... Does anyone know if they use Zoopla? Or their own system?

July OP's: £100/£850
(achieved 11%)

SJ x