Re starting my journey to an eventual debt free and frugal life

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  • savingholmes
    savingholmes Posts: 27,345 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Worth double checking by getting a redemption statement as some assume that's the case and then find its not
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • A lot of loans front load the interest so you pay that off, then pay the capital so no benefit in early repayment. I’ve been stung by that one before. 

    Well done YM, halfway there now 😀

    Wow hadnt clocked that but halfway is definitely something to be celebrated thanks
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • so its been a busy few weeks so haven't even had a chance to catch up on diaries, but thanks for the comments and  will keep on reviewing the loan to see if its worth paying early.  So signature updated, there wont be any changes now until the new year but in summary £27k paid off the debt over the last 2 yrs, which i am very pleased about, and 2 cc's gone  :)

    In preparation for 2022, this is the current situation:
    -Virgin on 0% for 14mths (so should be paid just as this finishes)
    -MBNA on 0% for 15 mths (so should be paid just as this finishes)
    -Building work planned and money tucked in PBonds until the work is done in Feb & April (fingers crossed for a cheeky win)
    -Remaining money to pay for our windows in the savings waiting for the bill, any left over will go to PBonds for some garden plans we have for next year
    -Remortgage completed and reduced payments kick in from 1st Feb (this will be put to clearing the credit cards)
    -Reasonable pay rise from Jan (this will be put to clearing the credit cards)

    Goals for 2022
    -to have 1 more cc gone
    -to have less than £7k of debt remaining
    -loose 2st

    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • savingholmes
    savingholmes Posts: 27,345 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Well done on the £27K cleared and the £20K in savings... Good position to be in going into next year.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • Well done on the £27K cleared and the £20K in savings... Good position to be in going into next year.
    Thanks, been sad how we have had some of the money but achieved lots even without that and feeling positive for next year, feel we are on the home straight on the debts and then we can get stuck into MFW
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • So Back to work this week, so on the computer more to be able to update on here

    So far this week I have only spent £6 on extra food, so the meal planning and meal prep has gone well, tonights job is to plan for next week so I can do a shop tomorrow.  I am currently making sure I am up to date claiming all of my mileage and expenses from work so just need to scan a few receipts.  And tonight i will be looking at the budgets again

    Mortgage payment goes down from 1st Feb but they are continuing with my £25 a month over payment, need to decide if i want to stop this for now
    Need to cancel my extra life insurance now i have access to it, that will also save £24/mth
    Received a pay rise, that will still leave me a bit better off even when the NI rates go up in April, again want to tuck that away for now (should be about £80 per month extra until April but will know when i get my payslip later this month)

    We have ordered our new sofa's which are due in May so no payments until it arrives, then 4 yrs 0% interest and can pay early, this will be £84 per month until paid of in full (this is where the payrise is allocated) and hope to receive my bonus in March, is i get anything it will go off this)

    We now have a cleaner once a fortnight, so £52 a month (the other possible savings above should also cover this.  It will be well worth it as we have not been able to keep on top of the cleaning with both working full time and then running DD round, this will also help with mental health and not stressing about it  :)

    So other than making sure we have enough for the set payments for the CC's to meet our DFD we need to save up for a holiday we are planning.  With another family and will be about £2000k for our family for 9 days flight and accommodation, then £300 for the dogsitter (am trying to get relatives to come for part of the time so we can try and half that) then spends and food, but where we are going is pretty cheep DH is impressed local beer is £1 a pint     :)

    We sorted gas and electric last year and are tied in but are trying to make the most of the economy 7 and putting the washing machine and dishwasher on timers to come on after 11pm.  The other thing is DH mobile contract is up in Juneish so he will then go sim only for a while so that will help to.

    Feeling motivated and thinking this time next year we should be on our final countdown to be DFW, the diet is going well so far 4lb down in the first week

    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • savingholmes
    savingholmes Posts: 27,345 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Sounds like great all round progress. Well done on the weightloss. Nice to have things to look forward to in your calendar too.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • Numbers are in for February as most payments go out on the 1st, 17 mths and counting now and the debt is into the £23k bracket (even with the holiday accommodation booked).  We have also persuaded the relatives to dog sit but will pay for a nice meal for them, still cheaper than £300 for the dog sitter.  I am trying to keep my survey winnings, mileage and expenses to one side to pay chunks off this.  Todays mortgage payment was the last one at that value so £300 reduction from 1st March, to go off CC and overdraft initially, and i remembered to cancel the overpayment and the unneeded life insurance as well so  continuing the year well.  

    My back has been flaring up again so no exercise other than walking as yes and i havent been on the scales for a few week but will brave them again on Friday.  The clear out of the playroom continues with a load of items on FB marketplace, if they dont go then they will be taken to the charity shop at the weekend and many tip runs are planned.
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
  • savingholmes
    savingholmes Posts: 27,345 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Well done on the decluttering
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • So its been a while ( a bit embarrasing) but ready to keep moving, and im not tying myself to a commitment to keep posting too regularly, but when i feel the need i will, and i am keeping up reading diaries most weeks for motivation. So any achievements in 2022

    2022 Starting Debt £24,150
    2023 starting debt £25,300

    A bit disappointing considering my goal for this in 2022 but we have spent nearly £9k on the house and had an amazing holiday abroad, and are trying to sell our car for circa £10k.  so all things considering I am happy that it isnt how it used to be where the starting dept for the new year would be £10-£15k higher so i will take that as progress.

    I now have an electric company car (hence the car for sale) and the aim is to use the money from the sale of the car to pay for solar panels and batteries, or at least cover most of this, so when our tariff has to change in Nov this will minimise the impact and make the car free to use and make money on work mileage.  This all happened within 5 weeks of ordering the car  :open_mouth: so i ahve informed HMRC and payroll will be taking my car allowance off from this month and 2 weeks overpayment from Dec.  our pay rises go through in Jans pay so wont really know my take home until 24th, and then it will change again in April when my tax code will be corrected for a full year of company car benefit

    We have a few weekend trips away planned with the accommodation for the most expensive already paid for, and nothing major planned for the house and with house price increases we now own 67% of the house  :) Remortgaging wont start until November so we need debts down as much as possible for then, last time we remortgaged our debts were nearly £42k, this time i would like it to be closer to £10-£15k.  The big loan finishes in June so that will then get diverted to the cc's and the overdraft which are 90% on 0% deals currently (unless we a re a few £k short for the solar plan).

    So this is where we are starting 2023, i will update my signature and then review budgets when my payslip comes through   <3
    Loan £19,728 £1,541 Virg £14,273.81 £8,228 @0% Barc £10,056 £0 NatW £3,682.73 £2,917 MBNA £9,624 £8,654 @0% Overdraft £3,500 £2,000Starting Jan 20 Total Debt £51,239 Mar 23 £23,341 DFD Jan 25 22mths to go Mortgage £248,011.94 £239,659 - MFD Nov 2047 Nov 2046 - LTV 66%EF £0/£300My diary{/URL}
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