Keeping track of my mortgage - turning a new leaf

DFB35

Kittenkirst wrote: »

Good on you for harnessing that positivity!

I also resisted the siren call of the Chinese takeaway that Ive been fancying. Feels good to have eaten at home instead and I now don't feel so bad that I'm having a homemade dessert as I've got the cals left

Well done on Your weight loss- that's truly fantastic!

Have a lovely weekend DFB35

Hope you having a good weekend too! Thank you for your encouragement and well done resisting that takeaway :money:

DFB35

Thisgirlcan wrote: »

Hi!
I'd definitely have a pastry in there every now and then - whilst being frugal is good sometimes you don't want it to be completely joyless.

I'd highly recommend the KM method of decluttering, as such. You will make extra pennies selling things you find don't actually bring you joy! Can you get the book from the library?

Our mortgage is a similar amount to yours so I'm looking forward to following your journey

I will check out your diary too Thisgirlcan it is scary amount but we can do it! :money:

DFB35

themadvix wrote: »

It sounds like you've got a great plan there DFB, and it's good to have the holidays in there too - remember it's a marathon not a sprint! (If you really really miss the pastries, maybe you could allow yourself one once a month? You need to build some treats in otherwise you'll become disillusioned.)

Good luck!

Thank you for your message madvix, you are definitely right we should still enjoy our lives otherwise there's a danger of miserable existence to pay off the mortgage and then being too old to enjoy! We need to find the right balance! My main aim it to try and cut the unnessesary spending and just to keep and eye/ motivate myself to save.

DFB35

Just a quick update.

Having been so good on Friday I have fell of the wagon and got a takeaway on Sunday! Oh it was so good though As it was my turn to pay its -30 of my budget..... oops

Also still not sorted my oyster, Im really hoping it will turn up when Im decluttering!

But on the plus side, no morning pastry and I have used the aldis cappuchino/ coffee sachets - they are amazing, and very handy as you only need hot water (milk and sugar already there). I will definitely keep going with them :money:

I have also been playing around on the mortgage calculator and have decided to change our term to 20 years, once the fix period ends next year. Im a little bit worried in case something happens to my job, but the monthly amount will still be low enough to allow us some breathing room. Was tempted to 15 years but that would be pushing it, I will continue to over pay instead.

The plan is after our holidays next year to really start hammering on the mortgage. And the reason for the holidays are pretty special, it will most likely to be our last "family" holiday as it were, because our eldest will be nearly an adult.

Anxiety wise I had another very good day! That is so strange as literally the week before I started this diary I was really bad, but these last few days I have been fine. This is one of the main reasons why I havent been to the doctor and not been officially medicated/ diagnosed. When I feel anxious I self medicate with Calms/ Valerian root tablets (dont know if this is good or bad but it really helps to calm me and its only herbal).

DFB35

Not been here for ages, just popping in to update the signature:

Holiday pot - £2,800
Annual bills/ Car/ Emergency pot - £650
Mortgage money pot - 0

The plan is to get to 1k in the emergency pot and then start diverting the money to the mortgage pot..

I know my holiday pot is taking priority at the moment and its not very Mortgage Free Wannabe but we are planning for these two holidays next year to be The Holidays of a Lifetime and our last proper holidays as a family (our daughter will be leaving for college the year after and then will probably be going on holidays with friends etc..)

I am trying to be as good as possible financially and making some changes in regards to top up shops and buying breakfast etc, some days I succeed but others I give in, but hoping to find a nice balance.

In regards to decluttering and sorting the house, I have sorted some bits of the garden, but nothing substantial in the actual house, waiting for my time off at the end of July.

Speak soon

DFB35

Right a lot has happened since my last post...

If you have been following my previous diaries you might have seen that I was at times really struggling with my job and it was making me anxious and depressed. The main reason being was I felt that even though I was working harder than ever, because our particular department wasnt doing so well we were made to feel unappreciated and unrewarded. In the middle of July it came to light that things have gotten very bad and we were offered redundancies. It was more or less voluntary but you know how these things are!

So rightly or wrongly I took it!! At the same time my husband has been headhunted for a new job with a higher salary... that was amazing it itself as he felt like I did unappreciated and down and has been looking for a new job on and off for YEARS... so to be offered this new job literally a week after my redundancy has felt almost like fate was stepping in for us!!

So new plan!

At first I have been looking for a new job, but if Im 100% honest I really need some time out to recover emotionally from the stress of my job, so we have decided to live just on my husbands salary for now..

Meanwhile I have signed up to do an open university course to try and retrain (and not to "waste" time as Im already 33 ). Because it is an open university I will be able to work alongside it if need be and study inn my own time, but the plan for at least a few months is to recover, concentrate on my course and be a stay at home mum for awhile. This feels so amazing I cannot even describe it! I have never been a stay at home mum bar 2 maternity leaves.. so Im really looking forward to it!

Of course I am a little bit scared and it does put us in a vulnerable position being on one salary, but for now this is the right choice for us. Im hoping once I feel better to take a part time job to add to our income or even go back to the city, depending how Im feeling and with my studies as well. Also Im hoping the fact Im studying my "career break" wont be counting against me on my CV??

In terms of our family holidays.. Maybe some people think we are mad but they are still going ahead! One in December and one in July next year. But other than that I will be saving my redundancy pay and living on one wage. I will be posting our SOA at some point, it will be tight but certainly doable! We have no debt bar mortgage and Im really keen to keep it this way...

Im still working as had to stay until next month, but after that I bet I will be a much more regular poster.

And I have finally Marie Kondo -ed my draws btw - it made a huge difference!

DFB35

i have updated my signature but this does not include my redundancy pot:

Mortgage Overpayment pot- £0
Emergency/ Bills/ Car pot - £500
Christmas/ Birthdays/ Holiday pot - £0

My new plan from November will be to save:
£50 a month in the emergency pot
£50 a month in the Christmas/ Birthday/ holiday pot

And then whatever is left to be used as mortgage overpayment. The holidays are the "future" holidays if we can afford them and not the two family holidays we have already planned/ booked as these will be paid for from my original savings and redundancy money. Christmas this year will also be paid for from the original savings.

I know its a bit confusing, but I just wanted to separate the pots for when we drop to one salary and I dont want to disclose the exact amount of savings I already have/ redundancy money.

Madcatgirl

Sounds like the redundancy/ husbands job offer could be a silver lining! Good luck with your new plan

DFB35

This is my projected SOA from November. I don't know if it looks realistic or not :S But we do have some savings and couple of areas I want to cut - mobile phones and Virgin media! I've been moaning about virgin for years but hubby doesn't want to give it up. Also I know there's a big chunk to hubby on his lunches/ entertainment but feel he deserves it as he will be the only earner?

There is 70 a month split between holiday/ entertainment/presents - this money will go in one pot and all extras will come out of it i.e. Haircuts (but I cut my own hair anyway!), clothes etc as needed.

There is 50 a month for emergency- this will go into emergency/annual bills/ car pot.

So here it is! Scary!!


Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 2
Number of cars owned.................... 1 We had two cars but sold one

Monthly Income Details
Monthly income after tax................ 0
Partners monthly income after tax....... 2256
Benefits................................ 0 - we get child's benefit but this is saved for kids future
Other income............................ 0 - I am planning to take a part time job eventually
Total monthly income.................... 2256

Monthly Expense Details
Mortgage................................ 795
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 160
Electricity............................. 125 - this is for both gas & electric
Gas..................................... 0
Oil..................................... 0
Water rates............................. 40
Telephone (land line)................... 0
Mobile phone............................ 78 - I know it's a lot! This is for 3 mobiles
TV Licence.............................. 12.12
Satellite/Cable TV...................... 90 - this includes internet/ tv/ house phone but I know it's huge! Needs cutting down
Internet Services....................... 0
Groceries etc. ......................... 250 - I have put the in a separate account this month to try it out. Really hope to stick to it!
Clothing................................ 0
Petrol/diesel........................... 40
Road tax................................ 0
Car Insurance........................... 50
Car maintenance (including MOT)......... 0 - this will come out of emergency pot
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 16
Contents insurance...................... 0
Life assurance ......................... 15
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30 - I'm planning to save it all in one pot (presents/ holiday/ clothes/ entertainment/ haircuts etc and just use as needed)
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 20
Emergency fund.......................... 50 - this will cover car maintenance
Husbands travel......................... 231 - to central London!
Husbands spending (lunches etc)......... 200 - I know this is huge but as he will be the only earner I feel it's fair he should enjoy his money a bit, this money would cover his daily lunch and entertainment
Road side assistance.................... 10
Adt alarm............................... 23
Total monthly expenses.................. 2255.12


Assets
Cash.................................... 0 - we do have savings which I ideally don't want to touch!
House value (Gross)..................... 400000
Shares and bonds........................ 0
Car(s).................................. 14000
Other assets............................ 0
Total Assets............................ 414000


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 249000...(795)......0
Total secured & HP debts...... 249000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 2,256
Expenses (including HP & secured debts). 2,255.12
Available for debt repayments........... 0.88
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 0.88

Personal Balance Sheet Summary
Total assets (things you own)........... 414,000
Total HP & Secured debt................. -249,000
Total Unsecured debt.................... -0
Net Assets.............................. 165,000

Madcatgirl

Any chance you could make him a packed lunch/snacks to save that £200 - that's a large amount on a tight budget! You seem to have all else covered.