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Hope is not an Effective Financial Strategy

edited 3 March at 8:18PM in Mortgage-Free Wannabe
3.8K replies 310.5K views
13567378

Replies

  • edited 20 March 2015 at 11:24PM
    ourcornercottageourcornercottage Forumite
    1.5K posts
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    edited 20 March 2015 at 11:24PM
    You are very welcome, I've had a ton of tips off of this site and have saved thousands! I'm thinking of starting a blog of all my latest tips as the girls at work seem to think I have another bright idea every day!

    Edited to say I've just started it! http://stretchyourpennies.blogspot.co.uk
    target under 89k by end of 2018 & under 75k by end of 2019
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
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    Just had a quick peek at your blog. You've started something now!!

    Also not much money saving gone on today. We're in the midst of complete house redecoration so spent a load today on bedding, lights etc... Stil with budgeting this will all come for surplus cash from under spends so it's not all bad!

    All things being well our budget/SOA will be posted tomorrow.
    MFW: Was: £136,000.......Now: £74,123.24......Reduction: £61,877.76... in 5yrs 3mths!
    Mortgage Neutral Target - Apr 2026...£67,415.35 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
    Save 12k in 2020 - £9,322.97 // £24,000 (38.85%)
  • zootiezootie Forumite
    257 posts
    I have subscribed to your diary shangaijimmy.
    I feel I am not doing this properly....rushes off to create some spreadsheets!
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
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    Hi zootie. Once you start on spreadsheets there's no going back- addiction beckons...
    MFW: Was: £136,000.......Now: £74,123.24......Reduction: £61,877.76... in 5yrs 3mths!
    Mortgage Neutral Target - Apr 2026...£67,415.35 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
    Save 12k in 2020 - £9,322.97 // £24,000 (38.85%)
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
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    As promised our monthly budget.
      Income
    • £3402.55

      Outgoing
    • Mortgage - £687
    • Council Tax - £173
    • House Insurance - £11.38
    • Mortgage Cover - £33.83
    • Life Cover - £13.80
    • Mrs SJ Gym - £9.99
    • Mrs SJ Mobile - £10
    • Line Rental - £16.40
    • Water - £42.69
    • Gas & Electric - £120 (paying back some money from not paying enough)
    • Me Private Pension - £122.57
    • Car Insurance - £18.20
    • Car Insurance 2 - £18.82
    • TV Licence - £12.12
    • Pet Insurance - £9.30
    • Mortgage Overpayment - £423

      Total - £1737.63

      Monthly Allowances
    • Petrol Me - £80
    • Petrol Mrs SJ - £120
    • Food - £320
      Total - £520

    We put £600 away into various savings pots (kids, long term, holidays, cars). After all this plus some spend allowances for each of us we have £300 surplus each month that we use for anything that crops up such as dentists, new tyres, school trips decorating, hair cuts, nights out etc...

    So we're quite planned without being too strict. Always trying for the balance between paying off mortgage debt (we have no other debt), and living!
    MFW: Was: £136,000.......Now: £74,123.24......Reduction: £61,877.76... in 5yrs 3mths!
    Mortgage Neutral Target - Apr 2026...£67,415.35 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
    Save 12k in 2020 - £9,322.97 // £24,000 (38.85%)
  • ourcornercottageourcornercottage Forumite
    1.5K posts
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    To be honest I don't think I could shave anything off your SOA with the exception of the monthly food bill and the water. Do you have a meter? Has it been read recently as this seems a bit steep.
    target under 89k by end of 2018 & under 75k by end of 2019
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
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    Ourcorner, water bill does intrigue me and we have had meter read recently too!

    Of all the rest we've had to be pretty good with things from buying the house and we've never let that slip. I also pick up as many tips from here as possible. Our food and petrol are kinda the maximum I want to spend so we do frequently have under spends. I'd say our food shop probably averages at £60 per week, and I always figure the under spend will pay for a meal out, takeaway etc...

    Where I do get puzzled is our retirement planning. Mrs SJ has an excellent final salary work pension, but I sadly do not. I have a my private pension as detailed and then a basic 1% salary sacrifice that work matches, so all in all i actually add £190 per month to my pot. My focus for now is mortgage as I figure the house will be become part of the pot, and I'll get some proper advice in 10yrs time when I am hopefully MF!
    MFW: Was: £136,000.......Now: £74,123.24......Reduction: £61,877.76... in 5yrs 3mths!
    Mortgage Neutral Target - Apr 2026...£67,415.35 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
    Save 12k in 2020 - £9,322.97 // £24,000 (38.85%)
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
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    So whilst having a brew in work i thought i'd report a few of my obsessive targets:
    • Every £1000 paid i colour a block on our house in the kitchen (my picture is very naff however so any help would be well received :))
    • Daily Interest - Currently at £7.41, next target is getting it under £7
    • But then i know i won't be happy and i'm already ear marking £6.42 as that means i'll never pay more than £200 a month interest!!

    Oh the obsessions...
    MFW: Was: £136,000.......Now: £74,123.24......Reduction: £61,877.76... in 5yrs 3mths!
    Mortgage Neutral Target - Apr 2026...£67,415.35 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
    Save 12k in 2020 - £9,322.97 // £24,000 (38.85%)
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    Not sure if i mentioned it but we are currently 1 room into a full house redecoration...and with it a major house de-clutter.

    So there's a bin bag of clothes in front of me just waiting for the agonising ebay listings tonight! Keeping it MSE though its 100 free listings that ends today!

    Any sales that go into the paypal fund will then be used to buy bedding, curtains, light shades etc...
    MFW: Was: £136,000.......Now: £74,123.24......Reduction: £61,877.76... in 5yrs 3mths!
    Mortgage Neutral Target - Apr 2026...£67,415.35 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
    Save 12k in 2020 - £9,322.97 // £24,000 (38.85%)
  • shangaijimmyshangaijimmy Forumite
    3.5K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    27 new items listed...!
    MFW: Was: £136,000.......Now: £74,123.24......Reduction: £61,877.76... in 5yrs 3mths!
    Mortgage Neutral Target - Apr 2026...£67,415.35 remaining
    MFiT-T5 #8 - £10,313 of £23,100 (44.65%)
    Save 12k in 2020 - £9,322.97 // £24,000 (38.85%)
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