Long Term Mortgage Free Wannabe

katsoocam

Hi chelseablue no it is all ours. Or rather mostly the banks!

katsoocam

I've joined the DFW sealed pot challenge 11 to save for all our Christmas food. Just adding in all the bits of change I can find around the house. I've also joined the 3-6 month emergency fund challenge, which will split my focus from saving to be a mortgage free wannabee but especially now we are starting a family it will make me feel a bit more secure! We are aiming for £15000 and currently have £5011...it might take a while, especially on mat leave money.
Also been taking advantage of my down time to get started on some home made Christmas presents, planning on crocheting and knitting a lot of scarves this year.

julicorn

At first I didn't read your post properly, and thought those numbers were related to the 'bits of change you find around the house' challenge - £5k would have been a pretty incredible amount of change to just find in random corners :rotfl:

katsoocam

Juliecorn that would have been amaaaaaaxing. No not sure I have even made a £5 in the change pot yet! :rotfl:

katsoocam

Just looked properly at our supermarket shopping for the first time in a few months and it is horrifying! Even allowing for batch cooking and the fact that we have been stocking up on nappies etc this has horrified me right there! First target for cutting back identified.

New SOA:
Statement of Affairs & Personal Balance Sheet

Summary

Monthly Budget Summary Amount(£)
Total monthly income 6,773.56
Monthly expenses (incl. HP & secured loans) 2,574.29
Available for debt repayments 4,199.27
UNsecured debt repayments 107.8
Amount left after debt repayments 4,091.47
Personal Balance Sheet Summary Amount(£)
Total Assets (things you own) 583,578
Total Secured & HP Debt -310,402
Total Unsecured Debt -2,156
Net Assets 271,020
Household Information

Number of adults in household 2
Number of children in household 0
Number of cars owned
Income, Expense, Debt & Asset Details

Income Amount(£)
Monthly income after tax 3713.56
Partners monthly income 3060
Benefits 0
Other income 0
Total monthly income 6773.56
Expenses Amount(£)
Mortgage 1386
Secured/HP loan payments 259
Rent 0
Management charge (leasehold property) 0
Council tax 201
Electricity 18
Gas 18
Oil 0
Water Rates 18.66
Telephone (land line) 15.75
Mobile phone 0
TV Licence 12.37
Satellite/Cable TV 33.5
Internet services 15.75
Groceries etc. 269.14
Clothing 0
Petrol/diesel 154.12
Road tax 0
Car Insurance 0
Car maintenance (including MOT) 0
Car Parking 0
Other travel 0
Childcare/nursery 0
Other child related expenses 3.17
Medical (prescriptions, dentists, opticians etc.) 0
Pet Insurance/Vet bills 0
Buildings Insurance 0
Contents Insurance 0
Life Assurance 169.83
Other Insurance 0
Presents (birthday, christmas etc.) 0
Haircuts 0
Entertainment 0
Holiday 0
Emergency Fund 0
Total monthly expenses 2574.29
Secured & HP Debt Description Debt(£) Monthly(£) APR(%)
Mortgage 310402 (1386) 2.18
Hire Purchase (HP) Debt 0 (259) 0
Secured & HP Debt totals 310402 - -
Unsecured Debt Description Debt(£) Monthly(£) APR(%)
Furniture Payment 2156 107.8 0
Unsecured Debt totals 2156 107.8 -
Asset Description Value (£)
Cash 183583
House Value (Gross) 399995
Shares and bonds 0
Car(s) 0
Other assets (e.g. endowments, jewellery etc) 0
Total Assets 583578

katsoocam

Feeling a bit better about the grocery shopping after seeing a family of five who spend £1500ish a month on food on 'Eat Well for Less' last night Even though that includes 3 adult males, it made me feel significantly less rubbish about my £269 a month. Still going to work on it!
Does anyone else watch that show though? I really like it and have picked up some good recipes for the meal plan over the years!

katsoocam

Well I have a new small daughter who is making her presence in our life felt! It has made me all the more determined to be financially savvy so I can help be secure for her future and help with education and houses etc etc.
This month's budget has been helped and hindered by her arrival - helped because my parents are here, doing all the shopping, batch cooking for us and stocking the freezer up. They won't take any money for it. It's so kind and makes it possible for us to focus on madam.
Hindered because there have inevitably been a few small bits I didn't realise I would need or put in the budget, like a baby sun hat, plus we didn't know if we were having a girl or a boy so we have inevitably got a couple of girly bits for her - though only £9 so far.
In other news: her savings have already started, with a total of £57.83...possibly for her future deposit so she can also be a MFW one day!

julicorn

Congratulations! :j I hope you're having a wonderful time getting to know your little one, and that you're not too sleep deprived :heart2:

katsoocam

Well DD's savings are doing much better than mine as she has been sent a cheque for £100 from my Uncle for premium bonds. Neither of us have ever had any and part of me is tempted just to put it in her savings account but he sent it specifically for that purpose so I guess we will need to do that. She has got masses of presents and I picked up a giant bag of clothes for her for £5 so we don't need to worry about anything but consumables for her for a couple of months, so hopefully it shouldn't add too much to the bill - she is EBF, so just nappies and cotton wool and nappy bags to think of. And snacks for me for middle of the night cluster feeds!

Re the mortgage I have decided on a concrete goal of MF by 50. I will need to work out what that means in terms of overpayments to assess the feasibility but it seems a good goal to work to.

Kittenkirst

Congratulations on your new baby girl!

I have a similar goal (mine is by 51) but we earn significantly less than you two however children aren't in our life plans.

I love eat well for less, but am often amazed at some of the branded stuffs people buy unnecessarily. I found the Old Style boards great for recipes ideas,substitutions and ways to keep the grocery budget down.

I'm a big fan of 'tilly tidies' which was named after a forum member. Essentially whenever I can I round down my joint bills account and sweep the odd pennies across to the Mortgage. Depending on how much money we have/where in the month we are depends on whether it's pennies or a few pounds but it soon adds up.

I also joined the Mortgage free wAnnabee challenge where you set yourself a yearly target and then update monthlyto see how on track you are :heartpuls