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Taking it slowly, but doing it well.

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
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  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    Wish's 2020 Goals

    1) over pay the mortgage
    Our fixed rate runs until the end of July. My over payment allowance is £2318 based on the 1st Jan figure. I would like to over pay this by July meaning approximately £289 a month for 8 months (inc December as I'd reached our overpayment allowance by the end of November)

    2) work on the house
    Dining room: floors sanded & sealed (approx £500)
    New set of curtains to be made (max £200) it's a 2.5m drop, so a lot of fabric and they need thermal lining too as it's sooo drafty.
    Living & Dining: shelving (no idea) arrange joiner for quote.
    Bedroom: 1 wall to paper, skirting boards to stain & Carpet (hopefully £500 max)
    Roof repair (still outstanding - need to chase up) (Approx £500)
    Replacement doors x6 (no idea)
    Need joiner to quote
    Random faffy outstanding jobs - (Max £200)
    Cellar conversion (quotes & drawings/plans) (no idea) hopefully no more than £500

    Total:£2,500 plus unknown figures. All of this money comes from my overtime, expenses, supply money & savings made elsewhere. In 2019 the work that fell into this category was in excess of £7,500 all funded in this way, so I'm confident that this is all doable - I've already got £300 of expenses and 2 days of overtime booked in for January.

    3) the 'moving house fund' this is the £10k I would like to have put aside for if/when we move. Currently we have £6,500 in 'I don't really want to touch this' savings and a £2k emergency fund' so, if I can add £1,500 to this figure over 2020 then I'll be delighted. It's a bit of a 'fake' amount as most of the costs here could be taken out of the equity in the house should we decide to move. Also, both families have offered us a figure of around £10k should we decide to move - we don't want to take this, but it's there.

    So, all in all I need to squeeze over £6.5k out of the budget. When my annual, basic salary is £8,700. The joint account contribution from hubby is £2k a month so a grand total of 2020 guaranteed income of around £32.5k.
    £6.5k/£32.5k is 20% - that's doable right?

    Wish.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    Morning all,
    Happy Twixmas - it really doesn't feel like a Sunday, especially as there is no church today as the leaders are having a well deserved break.

    I've read about the 20 20s for 2020 and I've made my list. I may refer to it here, but I'm not going to list it as only 1 is financial, the rest are about my life, so not really relevant (unless they start costing me a lot of money, which I'm hoping they won't)

    Pay day tomorrow. Wooohooo - it's pending in my account - thank goodness.

    A musing to follow:
    We have £5,000 in an isa, technically this is the money for house improvements, emergency fund etc. In YNAb there is only about £2,500 in these categories. So how have I managed to go through the whole year and not touch this money at all?
    There's been a couple of times when it's been close, but I haven't actually had to do it.

    This is where my annual bills money comes in. There is £3,500 in the ynab pots for these things, but, with a couple of exceptions - car insurance in Jan & council tax in May, I can cash flow these from income and just take the money from the relevant ynab virtual pot.

    This is amazing. I'm so grateful to YNAB yet again for being a 'me' system.
    In December 2018 our net worth was -£10,084.01
    In December 2019 it sits at -£8,765.87

    We may have only improved out net worth by around £1,300 but we've probably added about £20-£25k to the value of the house as well.

    WOW!

    Happy new year everyone of I don't pop in before.

    Wish.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    Just popping in to say 'happy new year' to anyone reading.

    Also: my virtual mop pot for December (which I couldn't overpay without incurring an early repayment charge) stands at
    £305.49. Woo goo :j
    I aimed for £289, so a little overshoot sets up the new year nicely.
    I will be back when the mortgage interest has been added and I know where I stand for 2020...

    Have a good evening everyone.

    Wish.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • KarmacatKarmacat Forumite
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    Part of the Furniture 10,000 Posts Name Dropper
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    Congratulations, wish, and a happy new year to you :)
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    Not counting this! 2020
    Garden fencing completed, woohoo 2021
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    Thank you Karma, and to your too.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    Mortgage interest is in: £47.08 for December, about £1.52 a day, down from £1.54 a day in November. Which means no over payments in a month leads to a 2p per day interest reduction.

    So: I'm now here with my mop pot target for January:
    £658.08

    This is how it's made up:
    1) Interest added in November & December: £93.37 :j
    2) Nice round number: £64.71 :j
    3) Remains of the December virtual pot: £200 :j

    (All of the above can be overpaid now as it's money gathered throughout December, plus a bit from this morning's Tilly Tidies)

    The work for this month is then:

    1) 'back on track' for a £500 per month capital reduction: £100
    2) on track for a £289pm overpayment: £120
    3) stretch target for a nice round number: £80.

    If I achieve all of this my outstanding balance on 31st Jan will be: £22,300.

    Bring on a frugal Jan.

    Wish
    Ps I know this is my usual complicated, makes everyone else's head spin approach, but I need the little milestones to achieve and I need the external accountability of dumping it all here.

    Have a great day everyone.
    Wish.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • Busy_Mee1Busy_Mee1 Forumite
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    I have to admit Wish that I struggle to follow it sometimes:rotfl: But it clearly works for you so that is all that matters :D

    Happy New Year to you and your lovely family x
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    Busy_Mee1 wrote: »
    I have to admit Wish that I struggle to follow it sometimes:rotfl: But it clearly works for you so that is all that matters :D

    Happy New Year to you and your lovely family x

    Thanks Busy, I know it's complicated, but as you say, it works for me.

    Happy new year to you too.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    I've just spent the last hour or so having a read through some diaries - we're on a long journey to the south for me to work all next week on visits to my settings.

    Anyway - financial stuff:
    The simple way to look at it is:

    After all the easy wins at the start of the month I've got £63.83 of the £300 I still want to overpay this month.

    Work expenses and hopefully a day or two of supply will help towards the total - I should have 2 days of overtime as well.

    I'm hoping for a low spend week as I'm away for work, depends how much hubby raids the joint account with Pickle this week. We will see.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • wishingthemortgaheawaywishingthemortgaheaway Forumite
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    Evening all:

    Work last week was fine - busy, but fine. Not huge amounts of spending, but hubby had lots of lunches out with Pickle and Oyster card usage was high - some can be reclaimed as work expenses, some can't.

    My additional day on Monday was cancelled - I'm not too upset, it will happen, just not now.

    Normal working day on Tuesday

    We've had the last 'blocking' piece of work done on the house - dining room floor stripped, sanded and sealed. Technically it's cost me £6 as mum and dad have kindly paid the rest, but I rounded the £456 down. Absolutely delighted with it. We can now start to move furniture back into the correct rooms.

    There is still a massive list of jobs to do, but they can now be done in any order. So much has been waiting for the floor to be down, or rooms to be decorated and plastered.

    Need to do some saving now though. The roof repair still hasn't happened. If I thought there was another company out there, who were more efficient I'd cancel, but it was a nightmare to find even these people. They say 'the next few weeks' but we'll see. Anyway, once the money for that has been paid I will have a grand total of £84 in the 'house renovations/maintaince/repair pot. That pot is targeted to be £2k. It's going to take a very long time to get there. Especially as we still need to spend out some money.

    I do have around £400 of travel expenses due now, it's nearly time to renew the car insurances and I am doing some overtime tomorrow, so I'm hoping the pot will get a little boost from those things (before I spend out again)

    Mop pot stands at £88.94/£300 for the month. (On top of the £358.08 I paid over on 2nd Jan due to not being allowed to overpay in December) that's a bit of a way to go considering we're now half way through the month. Let's see how close I get.

    Happy saving everyone.

    Wish.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
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