28 - If only I had a nickel. ;)

stewby

Good morning (I guess).

So, we had a bit of bad news on Friday. My OH had applied for a new job within the same company. It seemed like he had a very good shot at getting it as he had specialised in the same field prior to leaving his old job and already worked for the company.
Unfortunately he didn't get the job. It has taken them a month to tell him, in the meantime my OH has gone through various emotions between hope and frustration to "being not bothered".

If any of you have seen me before then you might know this story but if not here goes... My OH worked in the same job for about ten years before he left to complete his pilots course.
My OH loved flying, loves everything about airplanes and this was his dream job. He went on the course and passed everything. The company he trained with said they had a 95% employment rate post training. My OH was sadly one of the 5%.
After 3 failed interviews, he became completely disillusioned with the idea of flying (both for fun as he already had his PPL and as a career). So he went back to his roots.

I have been very very worried with how this news would effect him but he appears to be coping quite well. We have began to give him "weekend jobs" - a list of eight tasks to complete (some fun like playing a computer game and some that he strangely seems to enjoy like cleaning the bathroom). The sense of achievement seems to be making him a bit happier at the moment.
:undecided

I have never completed a SOA as it is a bit complicated. My OH and I both put £1000 each into an account and this pays for everything.
All monthly bills (such as both mortgages, electric, gas, etc) as well as all annual bills (MOTs, insurances, road tax etc) come out of this account.
March will be the first anniversary of us having the account and we will have approximately £800 excess by that time (hopefully).


Budget Account
I get £400 every month into an account just for me. 2016 is different to previous years as there is no credit card so this is what I am using it for:
* New York - We are going to New York in April and I am currently saving £150 a month using my budget account.
* Christmas - We take part in the £1 a day challenge for Xmas so between £29 - £31 comes out of my account every month.
* Food - I pay £60 towards our food budget (it's £120 a month).
* Fuel - I have £40 to fill the tank once a month.
* Emergency Fund - This is new... £50 a month is going to this. Despite owning a house since I was 17, I have never had an emergency fund. Which is crazy really.

This leaves me £70 for "fun".


I suppose I should maybe just bite the bullet and do an SOA. It's just a bit confusing.
Erm... a bit rambly, sorry to anyone reading. Just off-loading everything that has happened recently.
Looking forward to beginning my overpayments (need to wait until I get paid on the 24th). Always seems so far away.

I read a great thing on a diary (somewhere on here, I have read so many) about trying to pay a whole year of their mortgage. It is not really something that is achievable this year but I think it sounds awesome. I think this will become one of my future future targets. I might take a few years but I would love the idea of dumping a whole extra year off every year. Wow!!

stewby

Hello hello.

So today, I took out £200. This is £50 for the emergency fund and £150 for the New York fund.

I have discussed both of these with my Dad (my "financial advisor") and the plan is for him to keep hold of the New York money.
He initially told me to put it in the savings account attached to my main bank. However, I can access the savings account (although I have to actually get to the bank to do so) where as my Dad will take the money and there is no hope that I will get it back.


I am also giving my dad the £50 each month for the emergency fund and he will transfer it into my emergency fund account. I don't have any card access to this account (I can check it online). My main account and budget account are very basic. I don't do anything with them online or by phone which is why my Dad will do the transferring for me. This worked really well for the credit card so am happy to be continuing this way.


Quick question for anyone that is reading... I am currently paying £14 a month for a "posh" account (can't think on what to call it) but use nothing that they offer me.
I am tempted to cancel the upgrade and just go back to a basic account. What do people think about this??
:undecided

Hugs to you all.

Luckyinlife

No need to pay for an account you get no benefit from iv never had one and been fine
some offer ok stuff so double check youd never need break down service mobile insurance and what ever they offer :]

good work on building up the EF

McTaggus

There is no net benefit to be derived, generally, from fee paying accounts and all you do is contribute to the banks profits - which are always higher than the net gain you pay for fee paying accounts. Cancel it unless the benefit is particularly important to you and go to a free account which either gives you perks as a result of income eligibility, or go to a free basic bank account


Edited - mobile phone insurance is normally also a duplicate of existing policies you can get from your mobile phone provider (cheaper) or your existing contents insurance. Breakdown policies have so many limitations when attached to your bank account that you would be better finding a car insurance provider with breakdown cover as optional, as the cost tends to be cheaper on an annualised basis (for what you actually receive as cover) than doing it through fee-paying bank accounts.

stewby

Good evening.

So... first mortgage payment of 2016 has gone.


Just waiting for pay to hit the bank and we will see if we can overpay by £200. Fingers crossed.

stewby

Good evening.

Today has been quite a weird day. Can't really say too much at the moment as it is still a bit up in the air.

Basically, we might have the opportunity to buy a new house (not brand new but new to us).
I have worked out the various calculations and it is possible.

I could have a mortgage of £135,000. It puts my LTV at 68% which makes it 70% for mortgages.
My OH has a "loan" which we have added into this mortgage. It's basically consolidating our debts.
Monthly this would be approximately £900.
:eek:

Before anyone starts panicking. I have spoken to my OH and he has agreed that we will both sign a legal contract to state that if we split up (or got divorced), we would remove the £40,000 additional mortgage and then divide the remaining amount between us equally.
So there is no issue with regards to all the debt going into my name.
:undecided

Quite keen to move as I don't really love this house despite renovating the kitchen and bathroom.
Will just have to wait and see what happens in the future.


P.S: This is the shortened post. I did write about options but having written them out, I realised that there was only one real option.

stewby

Good morning-ish. Well at the start of writing it is 11:57 so I am technically correct.

Basically, I am writing this to let anyone reading know that the wages went in yesterday and that I must have worked really hard.

I have enough wages to overpay the mortgage by £200 for January and £200 for February. Hooray.
:j

I have now looked at how to make an overpayment and I need to transfer the money to my w00lw1ch savings account as that is the only account the company will take an overpayment from.
It's a bit weird as the actual mortgage comes out of a different account but not going to complain.

Work is a bit difficult at the moment (complete understatement). I would vent on here but I don't want this diary to become negative. I want it to be all about the mortgage.

So, currently I have
£200 to pay off January's mortgage;
£200 to pay off February's mortgage;
£50 for the emergency fund.

Mortgage overpayments are looking good. Going to sort out the transfers today so hopefully on the 28th January, I will be back with confirmation that my mortgage is now £200 less.

stewby

yep... stayed up until midnight just to write this post.

28.01.16:
overpayment = £200.
emergency fund = £50.
new york = £150.

all three of my planned goals have been achieved for January 2016. Hooray.
:j

stewby

Good evening.

So... it has been a confusing few days. I have found a house which is absolutely amazing, stunning and my dream house.
Just to make it clear how much of a dream house this is, when I was very young I used to dream of a doorway under the stairs that went into another room and this one has it.


Now, the house is nothing spectacular. It is a wee two bedroomed cottage (I have nicknamed it the eskimo cottage based on where it is located). There is a bit of land to the side of the house (we have looked on google maps) which would be perfect for some chickens and a vegetable plot.
It is just my dream house.

The only problem is that it is nowhere near anywhere for us to work. I only work three days a week (although it is still full time) so I don't have a problem with staying over at my parent's house for the three days I am working. OH will struggle more as he works 5 days a week.
However, it is a lot less than my current house... so we could manage to pay off all our loans (apart from the mortgage) and instead of paying out £1300 a month, it would only be £400!!
:eek:

It all looks so perfect but it is the employment thing that is concerning.
There is a safety net. We have the option of a house coming up at some point in the distant future close to where my parents live so if it doesn't work out then we could always move back. The house is only about 2 hours from where we live now.
I did some maths and we could pay off the mortgage super super quick if we moved. Even just by double-paying, we could drop the term by six years.
:j

So... if it all looks so perfect, why am I doubting myself and not jumping straight in.
:undecided

Thistlewhistle

Hi Stewby,

Welcome back to the forum and to a brand new diary. I've been sneaking in for a read! You've made a really focused start which must feel amazing.

Good luck for February!

Thistle