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Hope is not an Effective Financial Strategy

edited 3 March at 8:18PM in Mortgage-Free Wannabe
3.8K replies 314.9K views
1154155157159160382

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  • chumpy45chumpy45 Forumite
    495 posts
    Sixth Anniversary 100 Posts
    ✭✭
    Hi SJ just popping in to say what an inspiration you are. I have read through your entire diary over the past week and really enjoyed it and have become so motivated. I checked out my own "5p" and "coppers" change pots and found £11.18 which is 3.5 days of interest. Off to the bank at top speed :j Am also a fan of the TT, may copy your idea and start reporting on those - as you say, it really keeps you going. Well done on your massive overpayments. Looking forward to following the rest of your journey :)
    Starting Mortgage 01.08.08 £171,209.24. [STRIKE]01.08.16 £42,418.93[/STRIKE]; [STRIKE]01.02.17 £36,584.00[/STRIKE]; [STRIKE]01.04.17 £34,694.7[/STRIKE]1 [STRIKE][STRIKE]09.06.17 £32,828.89 MFW Target date Sept 2017; :[/STRIKE][/STRIKE]) [STRIKE]06.08.18 £24,769.47[/STRIKE] [STRIKE]01.11.18 £23,825.00[/STRIKE] [STRIKE]22.01.19 £21,990.00[/STRIKE] [STRIKE][STRIKE]06.02.19 £21,200[/STRIKE][/STRIKE] [STRIKE]03.03.19 £19,862.93[/STRIKE][STRIKE]01.05.19 £18,509.63[/STRIKE] [STRIKE]01.08.19 £16,750.00[/STRIKE] [STRIKE]01.10.19 £15,400.00[/STRIKE] [STRIKE]01.11.19 £14,700.00[/STRIKE] 01.12.19 £13,956.00 01.02.20 £12,503.61 01.04.20 £10,999.00
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Chumpy thank you for popping by and your fantastically encouraging comments. I will endeavour to add you to my long list of diaries to follow (though I have to admit I have too long periods where I forget...oops). In light of your post I can happily report a 17p TT for this morning, but also my small change jar is over £6 so I need to change it for paper cash and OP the amount, and that will very nearly be 1 days interest!

    As promised I have some comparisons which I'll post next...
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
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    I have some interesting (to us nerds anyway) figures for May '16, May '15 (3 months into diary) and May '10 (just as our wages started to catch up to the sizeable/daft mortgage we'd committed to):

    Balance
    • May 2010 - £154,550.38
    • May 2015 - £132,959.27
    • May 2016 - £119,839.67
    • Last 12 Months Difference - £13,119.60

    Months Interest
    • May 2010 - £493.78
    • May 2015 - £226.30
    • May 2016 - £204.59
    • 12 Months Diff - £21.71

    Daily Interest
    • May 2010 - £15.93
    • May 2015 - £7.30
    • May - 2016 - £6.60
    • 12 Months Diff - £0.90

    Overpayments
    • May 2010 - £78.75
    • May 2015 - £472.44
    • May 2016 - £727.72
    • 12 Months Diff - £255.28

    Net Reduction
    • May 2010 - £484.97
    • May 2015 - £933.40
    • May 2016 - £1,210.42
    • 12 months Diff - £277.02

    Enjoy!
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • hiddenshadowhiddenshadow Forumite
    2.5K posts
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    Brilliant numbers, especially the first set - went down half as much in 1 year as in the previous 5!!

    Super well done. All the numbers are going in the right direction (up and to the right if it were graph p0rn) :D.
    Mortgage Free! 09/04/2019
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Definitely headed in the right direction. I was very pleased with the 12 months difference figuring that if we always clear 13k each year then we'll be done in 9yrs. I'm actually hoping for 8yrs and in turn hoping that we'll steadily increase the 13k each year.

    I'm acutely aware that childrens costs go up as they get older and at the minute we have 7,3 & month olds we relatively small costs. I'd love to be MF when DS1 is 15 as DS2 will be 11 and just entering extended costs so to speak!
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • MoneyfordreamsMoneyfordreams Forumite
    1.9K posts
    Fifth Anniversary 1,000 Posts
    ✭✭✭
    it's really motivating reading your reviews :D

    I'm expecting 8.5 years, hoping for 7 (or less) and hopefully leaving my pension intact :D

    I don't think the off-springs costs ever quite go, but I'll find more about that after DD2 goes to uni this autumn :D
    Mortgage restart June 2018 £119950
    Re mortgage August 19 £110470, HSBC 0, Hfx £0, NW £1400 M&S £835, MBNA £9000
    … Mortgage £103000
    plus car £5350
  • Ali-OKAli-OK Forumite
    4.1K posts
    Part of the Furniture Debt-free and Proud!
    ✭✭✭✭
    Superb stats - very well done :T:T

    Well on course to be rid of early and a great goal of when eldest is 15...I can safely say they do get more costly at that age!
    Back on the DFW Wagon:

    CC - £3,300 on 0% til 04/2020
    CC - £4,500 on 0% til 02/2019
    Loan - £12,063.84 as at 4/1/18
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    £1 TT this morning and that's about the total of our financial stuff for the day!!

    Heading to caravan tomorrow till Tuesday as boys only go back on Wednesday, but we're planning on not going anywhere so a cheap few days (we'll see though)!

    Looking at my targets on post 1i need to tweak them and add to it. The October target will be achieved with standard OP's as will the Dec one. So I'm going to have a look and a think this weekend. Make hay while the Sunshine's etc...

    Last thing to report is we need a new kitchen table and chairs and some new seating for our conservatory. So our conservatory couch has been listed on eBay!
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Thank you moneyfordreams it really helps knowimg that people read!
    MFW: Was: £136,000.......Now: £73,674.67......Reduction: £62,326.42... in 5yrs 4mths!
    Mortgage Neutral Target - Feb 2025...£66,409.77 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
  • jodles16jodles16 Forumite
    1.5K posts
    Car Insurance Carver!
    ✭✭✭
    Fabulous numbers SJ! Amazing work!

    Jodles :D
    MFW2020 #115 250/3000 J-250
    1% challenge- /1525
    Save 1k in 2020- /3000

    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
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