My MF Mission 2015

lippy1923

I love a good payday. Feeling good this morning. All monies have been moved to their correct places ready to be taken on the 1st.


Managed to move £600 to savings (£500 for next months OP) and still have a bit extra in the DD bank accounts.
Does anybody else do that? Have a buffer in their current accounts each month?


Even though I calculate and know to the penny exactly how much will be going out, I still feel the need to have a few hundred lurking just in case. Although I hate not getting interest on it!

hiddenshadow

lippy1923 wrote: »

Managed to move £600 to savings (£500 for next months OP) and still have a bit extra in the DD bank accounts.
Does anybody else do that? Have a buffer in their current accounts each month?

Even though I calculate and know to the penny exactly how much will be going out, I still feel the need to have a few hundred lurking just in case. Although I hate not getting interest on it!

We do, but our DDs are linked to the Floyds account that pays 4% for 4k+ balances, so I try and get it at 5k at the start of the month and then all the DDs (except the mortgage) can go out and still leave us above 4k. Safety net + interest.

lippy1923

I see, good plan. The majority of my DD's are in Halifax reward account to get the fiver. The ones that qualify for cashback are in the 123 account.


So the buffer in Halifax gets nout!

hiddenshadow

Ah, we've only got 2 DDs in our halifax account to meet the minimum. Both are to pay off CC full balance each month so we only have to keep whatever that statement's amount in at the start of the month and then I keep £5-10 in there just so it has a positive balance.

lippy1923

Pinch punch.


£500 OP sent today. I was debating whether or not to make the OP this month, in favour of building some savings but the MFW bug took over.
When I reach the -£100k figure I will relax.

hiddenshadow

You're super close to £100k! Be honest, though, you need to break into the 5 digits before you relax. That extra 1p won't hurt.

lippy1923

I will def break into the 5 figures before relaxing lol. Wouldn't be able to sleep knowing I was a penny away!

lippy1923

wow just looking back at the beginning of this diary. It's been a whole year and the mortgage has reduced by £10k! :j

clear_as_mud

well done lippy. great achievement

lippy1923

Another exam passed!


What's everyone's thoughts on the base rate cut?


The good- Interest rates for mortgages will hopefully be nice and low when mines up for renewal next year.


The bad- There's already speculation about Santander reducing its rate to 2%. My £20k is in there but I will def move it elsewhere if they do reduce it. One things for sure, it will certainly make me pay as much as I can afford into the mortgage when my deal is up and I'm free to overpay.