The mindful MFW: A healthy, happy journey to a mortgage free life!

museumworker

£50 up and a free dinner thanks to focus group. Woohoo!

£4 pocket money spent on umbrella to avoid rain on way to said focus group :rotfl:!

£1.56 on strawberries for DD2 leaving party at nursery tomorrow (plus free coffee ) Have some things at home in free stash to send in but a bit more to buy tomorrow morning too.

Meeting on flexible working request postponed til next week so will update then.

Lunch for leftovers and 14k steps today. Wore my £1.50 dress to work and got a few compliments.

I realise I haven't mentioned two major financial things. Firstly, dropped £160 on coats online at Mr S yesterday, thanks to their 25% off offer. At least half will go back when know right sizes but as we got 2 years out of DS last coat from there it seems a good time to stock up for winter, what with the discount. Totally unbudgeted for .

Secondly, had free trial of an e-bike this week and I ABSOLUTELY LOVED IT! Am seriously considering purchasing one as I think the electric assistance would make my 10 mile commute a doddle. Work don't support the purchase scheme to buy one tax free - I am asking them to consider it. Meanwhile I've asked a stockist for a free 3 day trial, to see if it will be the commuting solution I think it will be. If it is, I will definitely buy one, even if I can't get the tax benefits. The one I want is £1299 :eek: but works out as a £129 deposit and then £75 a month on interest free credit for 18 months. As I pay the equivalent of £138pm on a travelcard, this could offer a significant saving. The money would come out of next year's travel budget...watch this space! This brand costs £50 a year to service, and 10p to charge for 50 odd miles, so should be cheap to run. And they are stonkingly great fun .

wishingthemortgaheaway

Sounds like a very sensible solution. And money saving in the long term if it more or less replaces paying out for travel.

Just a thought. How does it charge? Do you have to plug the whole thing in or does the battery come out (so you can charge it at work during the day for free?)

museumworker

Thanks wish, I *think* it's a good idea but need to make sure I can commit to cycling in almost every day for 18 months! That will be much easier if I have my application for reduced hours agreed.

It charges via a plug, and you can pull out the whole battery for charging, I believe (so charging at work should be fine )

Annoyed my car rental now confirmed as £0 via TCB, despite flagging with them as an issue a month ago. Have sent through details and hoping they can sort out as it's worth £72 in cashback. Grrr! :mad:

museumworker

Redid my quote for home insurance via Mr T. £220 cheaper than renewal, for a little better than like for like. PLUS get 2,500 of points, worth £75 off a ch@nnel tunnel trip :money:. We set aside the money for this in our savings so will put through tomorrow, then call to check points are added as there is nothing obvious on the quote. The saved £220 will go in the pot for OH's travelcard renewal in Dec.

Means this month OH and I will have earnt £105 off a eur0tunnel trip thanks to taking up a few clubc@rd bonus points offers. Insane!

Super excited about the future at the minute. Am confident we can get to next financial year in one piece, despite 44% pension contributions OH is making, the prospect of my income reducing, and the increased costs for DD1s music schools.

I've been listening to a lot of podcasts about passive investing and am thinking that come next tax year we will put 25% of OH's pre tax pay into pension, and look at starting to pay the majority of our spare income into a low fee index tracker fund via a S&S ISA. I did consider whether we should just put more into pension due to tax advantages (OH being a higher rate taxpayer) but I think we want the flexibility of being able to draw on another income or even drawdown on the fund before OH's retirement age, so we can leave his pension in the pot as long as possible.

Figures need to be worked out, but hoping £500-800pm into S&S ISA / index linked fund, or at least as much as we know we can definitely afford on a regular basis. Then will look to OP any of the small wins - the cashback, vouchers, small savings, extra earned income etc. I think that will help keep us motivated to stay on budget and whilst the mortgage end date will move backwards, we will be overall in a better position in terms of reaching financial independence.

I must thank GallyGirl as a comment she made on someone's diary about thinking beyond your mortgage to other means of reaching financial independence really struck a chord. She also signposted to Mr Money M0ustaches blog which I had never heard of before and now, after several months of being down a rabbit hole of learning about FI, I'm starting to work out which tools of financial independence we would like to adopt. This is a huge mindset shift and I wouldn't have got there without that comment, so thanks GG.

Enough waffle, time for herbal tea and bed.

MW x

wishingthemortgaheaway

MW you really are inspirational. I love reading your posts, you are so switched on. We're not looking at financial independence per say. Just hate owing money. And a mortgage is a debt that needs to be paid. Ok, the likelihood is we'll take on an even bigger mortgage in the not too distant future, but the more we pay off this one, the smaller our next one will be.

museumworker

Thanks wish, that's such a lovely thing to say! I don't feel very inspiring but glad to hear you're getting something out of the diary. I think our MF journeys are all so individual, we have different ambitions and tools available to us but we all want to be in financial control and can learn so much from each other.

Taken an initially very grumpy and difficult DD1 to her Saturday music school. Its her first proper week and as its across a few sites she needs help settling.

Had just under an hour to kill between classes and was about to drop £3 on a coffee. Instead, googled the nearest Mr W, speed walked there, bought 2x OHs work coffee with offers which saved £2.76 a pack. With some breadsticks thrown in for DD1 to snack on, and a pack of artisan sweets for her Xmas stocking, free Sat paper and coffee, total cost after discounts £5.50. Much better value, and got a half hour brisk walk to boot .

OH has been paid which we're really confused about, but obviously delighted! We still have £800 in our current account, and we spent £220 on groceries in 3 weeks which is a major improvement, and only £20 on OH teas and lunches at work. We could try to make it to the end of the month on our Sep budget but as we want to stock up on OH's coffee whilst it is 62% off we are better off closing the Sep budget and starting afresh. I think we were 90% of the way there in Sep and that is good enough for now . I also don't want to have that weird week at the end of the month where I feel between budgets and end up overspending on all those unbudgeted things. So new budget coming tomorrow, and Sep wrap up too.

My free Gu@rdian has a section on saving money so looking forward to pouring through that later. I've hit my 10k steps target already so can take it easier for the rest of the day.

PS - looks like family gathering is postponed due to availability of other family members. Relieved to not be spending almost our entire annual travel budget in April! Discussing a house swap with Finland over Easter hols instead, 10 day break, 4 days leave, £500 flights and car exchange included. Will still leave us with £500 for a family get together or other holidays in the year . We loved Sweden so much and we're very excited about the prospect of exploring another Scandinavian country.

museumworker

September expenses

£623.15 Mortgage (set aside)

Incoming:
£1350 salary [received]
£500 left from OH salary [received]
£146 child benefit [£192.90 received]

Possibles
£164.40 CB back payment [£219.20 RECEIVED]
£62.43 extra child benefit [see above]
£100 nursery refund [not received]
£? Energy refund [not received]
[+ £50 focus group RECEIVED]
[+ £5 Amazon voucher survey RECEIVED]

Outgoings:

Fixed monthly
£137 council tax PAID
£43 Broadband / telephone - awaiting install to reduce costs ??
£35 (Mobiles (three contracts). Need to check these
£141 utilities (!) gone up but switch due this month PAID
[£72 utilities additional PAID to new supplier]
£27.37 water PAID
£9.72 + £12.89 Life insurance me/OH PAID
£12.37 TV licence PAID
£6.50 DD1 travelcard [£27 PAID]
£150 DD1 music school (first month this month!) **billing next month at £180**
£250 DS childcare [Actual £270] PAID
£143 DD2 childcare (after childcare vouchers) - awaiting invoice
£144 cleaner (potential saving £26pm if lose agency)
£20.60 DS swimming lessons [PAID]
£7 window cleaner [PAID]

Termly costs
£30 music club DD1 PAID
£10 load DD1 lunch money (planning packed lunches but this will be for emergencies) PAID

Exceptional
£100 (?) DD2 deposit new nursery - another guesstimate as not given exact figure [MOVED TO OCT BUDGET]
£130 flute backdated fees DD1 - termly, but will now be paying for lessons as part of her Sat music school [SET ASIDE IN SAVINGS]
£40 family gathering food costs [£56 to pay] PAID

Discretionary costs
£250 groceries inc my lunches - down from £450! Have a stocked freezer and cupboards, so this should be doable. [£220 in 3 weeks 2 days )
£10 local sat group [£13 spent on ice creams /coffee instead]
£35 cycle helmet for me PAID
£50 Christmas fund - books for DC, last hamper bits for siblings/parents [£11.79/50 PAID - rest put in savings ]
£10 DD1 pocket money (reduced for 9 months) PAID
£5 monthly magazine for DS. PAID
£24 babysitting fees PAID
£40 night out PAID [£38.85]
£20 OH lunches (down from £50!) [£20 PAID]
£8 greetings cards (2x birthday, 2x new home, 4 x thank you) [£11 PAID]
£50 gifts (can I make/buy with vouchers?)**reduced budget [unspent - moved to Oct budget]
£15 dress [unpaid moved to Oct budget]
£12 boots reheeled [PAID £11.85]
£40 Amazon top ups (to earn £10 in vouchers) [unpaid - moved to Oct budget]
£30 school clothes DD1 [£35 PAID]
£45 petrol [£45 PAID]
£80 oct half term car parking [£73 PAID]

Deleted costs:
**£20 music grade pieces DD1 (will use vouchers already have)
**£7.99 Netflix - cancelled
**£25 wedding gift. OH bought out of own pocket money

Additional unbudgeted costs:
£48 DD1 bday present
£12.60 coffees /ice creams
£34 haircuts x 3
£23.90 DD2 leaving gifts
£10 bonus DD1 for music grade
£29.50 clothes / tights
£14.43 on nit products :eek:
£13.99 bike chain
£11 party food DD2 leaving nursery party
£142.50 coats x 7 (some to be returned)

museumworker

Excuse the roughness of my workings out. Not entirely sure what the above figures even come to! What I do know is that I've managed to put £800 leftover into savings. I have no idea where that came from, possibly still sloshing around from underspend on summer hols? Now have £735 in OH travel budget account (need £1380 by Dec) and £240 in tax repayments account (need £2000 by end of Jan).

Now wait til you see October's budget...

museumworker

October expenses

£623.15 Mortgage (set aside)
Mortgage OP (set aside)

Income: £3,360.90
£1350 salary
£1640 OH salary
£192.90 child benefit
£150 child maintenance
£28 expenses

Possible Income: £340
£100 nursery refund
£100? Energy refund
£20 eB@y
£60 refund coats Mr S

Outgoings: £4607.05
OVERSPEND £1,246.15

Fixed monthly: £1,127.95
£137 council tax
£38 Broadband / telephone (bit of a mess this one)
£35 mobiles x 3 contracts **Need to check these
£72 utilities
£27.37 water
£9.72 + £12.89 Life insurance me/OH
£12.37 TV licence
£10 DD1 travelcard
£180 DD1 music school
£270 DS childcare
£152? DD2 childcare (after childcare vouchers)
£144 cleaner
£20.60 DS swimming lessons
£7 window cleaner

Exceptional £550
£550 DD2 deposit new nursery - another guesstimate as not given exact figure
**£420 home insurance - money set aside**

Discretionary costs: £929.10
£250 groceries inc my lunches
£20 OH lunches
£20 DD1 lunches
£8.60 prescription charge
£45 petrol [£18 spent]
£20 travel insurance extension
£10 DD1 pocket money - reduced for 8 more months
£5 monthly magazine for DS
£40 Amazon top ups (to earn £10 in vouchers)
£30 violin bow DD1
£30 shoes DD2
£10 clothes
£25 PE trainers DD1
£15 dress pick up
£30 haircut
£30 family meal out for bday (rest from Mr T vouchers near expiry)
£50 bday party outing DD1
£60 bday meal - me /OH
£40 night out
£10 day out 1 ticket [£5 reclaim]
£15 day out 2 ticket [£7.50 reclaim]
£10 Sat playgroup
£20 coffee / ice cream
£30 birthday money for 2x relatives
£8 greetings cards
£50 gifts (can I make/buy with vouchers?
£50 Christmas fund - books for DC
£10 charity sponsor donation

Holiday costs £2000 :eek:
£450 accommodation Morocco
£250 car hire
£800 spending money
£500 Finland flights (from 2017 travel budget)

** Deleted
£24 babysitting fees - doing a swap instead
Extra £36 for cleaner - will take break during holiday

Downshifterella

Phew....that's a lot of figures there ! Well done on the £800 find though!!:money::money::beer:

Good luck with October budget! Need to get looking at mine postpayday!
For now tho seeing your diary has reminded me I need to get on with/better/ more consistent the headspace challenge!