Climbing hills

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  • Well done on the OPs every pennies, have you checked how much interest you save doing £150 a month? That’s ultimately what convinced my other half to join the mfw wagon- and it’s addicting once you get going
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600


  • jimjames said:
    Not sure what other replies as this is quite old but we have solar panels. The main benefit is the feed in tariff especially if they have been there a while. As well as the free electricity we're getting just under £2000 a year in FiT payments so it easily covers the cost of our fuel bills.
    Wow, nearly £2000 is a huge amount. I don't think we're getting as much as that and our panels are pretty much bang on south facing with quite a large area of the roof covered. We got £254 for the months of 22nd March to 26th June, but it all helps. Thanks for your input, I'm still learning about them. It could be they might benefit from being cleaned.
    Mortgage | Started Oct 2020 £235,875  | Now Dec 2023 £215,439
    MFW | Dec 2035
    Premium Bonds £6275 Investment ISA  £1775 | Ready Access Savings £488 Moneybox £3539

    My Mortgage Free Wannabe Diary
  • Well done on the OPs every pennies, have you checked how much interest you save doing £150 a month? That’s ultimately what convinced my other half to join the mfw wagon- and it’s addicting once you get going
    Yes, I did work it out a while back - a slightly complicated calculation as we have two mortgages for the one property but it's something like 7 years. My husband isn't fully onboard with it yet- he mainly leaves the money side to me. Once the kids both start school in a couple of years and he can start working again, maybe I can get him invested in it. His financial outlook is mainly reliant on him receiving inheritance from his aging parents as he is an only child. That's not my view though, I don't like to think like that and would rather work hard to gain financial freedom. I don't think it's wise to rely on receiving an inheritance especially with the rising costs of care.
    Mortgage | Started Oct 2020 £235,875  | Now Dec 2023 £215,439
    MFW | Dec 2035
    Premium Bonds £6275 Investment ISA  £1775 | Ready Access Savings £488 Moneybox £3539

    My Mortgage Free Wannabe Diary
  • I've been doing a review of our utility bills this month and my goodness, what a mess! 

    I don't know why I didn't question this sooner but yesterday I found out the house isn't on a water meter and that we're paying the rateable value (RV) which is a shocking £69 per month for two adults & 2 children. The property we moved from last year had a water meter and we were paying something like £35 a month and I thought, much like the electric/gas bills, that I'd end up in credit and once the water board see your average use they would reduce the payment amount. Clearly not if we're on a RV. After asking a few neighbours, who have done the same, I have promptly requested a water meter to be fitted (I will have 2 years to go back to the RV if its not cheaper). We're not heavy water users and garden has a water butt so I am expecting a reduction.

    Also, looking at the combined elec/gas payments, we were paying £128 per month, but we were in huge credit so the next couple of months will be drastically reduced to £33. I imagine, once winter comes round again, the average will be more like £75 per month.

    Anwyay, the upshot is that I'm hoping to up the mortgage overpayment with the savings made from these discoveries so I'm feeling pretty happy.  :)
    Mortgage | Started Oct 2020 £235,875  | Now Dec 2023 £215,439
    MFW | Dec 2035
    Premium Bonds £6275 Investment ISA  £1775 | Ready Access Savings £488 Moneybox £3539

    My Mortgage Free Wannabe Diary
  • Ooh good luck with the water meter. We had one at our last house and found it quite expensive- but there was four of us in a very small house. Cheaper than £69 a month though! 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600


  • Overpaid £220 into the mortgage this month due to savings on electric bill. The water meter is being fitted on Wednesday, so looking forward to seeing a reduction in the bill in the coming months.

    Going to visit my parents in the south (fuel crisis dependent) so that may end up being a fairly spend-ful weekend as planning a trip to Paulton's park. There is no issue with fuel here in Shropshire, but Mum and Dad are basically trapped in their village as the roads outside are gridlocked for people queuing for fuel. I'm hoping it relaxes before Friday.

    In other news, I had a small £25 win on Premium bonds last month, forgot to report it in last month's post.
    Mortgage | Started Oct 2020 £235,875  | Now Dec 2023 £215,439
    MFW | Dec 2035
    Premium Bonds £6275 Investment ISA  £1775 | Ready Access Savings £488 Moneybox £3539

    My Mortgage Free Wannabe Diary
  • Good news, we had our water meter fitted last week and from November, we'll be paying £26 rather than £69 so savings will be sent over to mortgage next month. I did end up driving south last weekend but seeing as the weather was so nice, we went to the beach rather than go to Paulton's park so definitely saved a bit there. There was no trouble getting fuel fortunately, but it was rather expensive to top up. 

    Tomorrow marks the 1 year anniversary of moving in to the house. It's gone pretty fast but we've already done a number of renovation and redecorating jobs. Still a lot to do but we're making slow progress.

    I'm looking forward to the carpet being fitted upstairs at the start of next month and trying desperately to scrimp this month so I will have enough to cover the remaining balance from my current account without having to dip in to any of the savings pots. I'm not sure if that will work as I need to do an Ikea trip to furnish the boys bedrooms...that could be an expensive shopping trip....
    Mortgage | Started Oct 2020 £235,875  | Now Dec 2023 £215,439
    MFW | Dec 2035
    Premium Bonds £6275 Investment ISA  £1775 | Ready Access Savings £488 Moneybox £3539

    My Mortgage Free Wannabe Diary
  • Great news on the water meter. Ours bills are so much lower since being on one and we are a fam of 4. 
    DFW (08/08) £64,346.53 Gone (02/19)
    MFW (08/08) £118k Gone (09/23)
  • I'm back! I am once again determined to attack our mortgage as it is the remaining piece of outstanding debt. Our situation hasn't changed much in the last two years other than I moved jobs in Summer 2022 and now work from an office four days a week and WFH on Fridays. My salary didn't change significantly, but this new job has excellent pension options, so it is a definite win. It means I can retire comfortably at 62, not sure I will want to, but nice to know. (I'm early forties so its a way off yet!).

    Around October/November 2022 we were due to come off our 2-year fixed-rate mortgage, but I did some research and took a hit on a very small ERC to move to a 5-year fixed in August, albeit at 3.24%, but I definitely made significant savings as the interest rates hiked again just after this.

    I haven't been making any overpayments but we have 4 years left at 3.24% and I am determined to make more of a dent in the mortgage so when it comes to remortgaging in 2027 so I don't need to worry as much about meeting the repayments.

    I'm not sure how much I can commit to overpaying yet, I started seriously budgeting last month and still tweaking it slightly. We've had a couple of big annual payments (car and house insurance etc) in the last couple of months that I had conveniently forgotten about. I've started a separate fund to pay into this monthly to use for these annual expenditures.

    I have one child in school and another going to start in September 2024, then I am hoping that my husband will pick up some extra work as he is currently at home with the kids.

    We have another big expense coming this month on top, although it is budgeted for, and that is we are getting a wood burner installed which will cost £3.5K. Fortunately, my husband is trained to use a chainsaw and so gets a few side gigs chopping trees and sometimes gets to keep the logs, so it is essentially free fuel for us.

    It's nice to be back :)

    Mortgage | Started Oct 2020 £235,875  | Now Dec 2023 £215,439
    MFW | Dec 2035
    Premium Bonds £6275 Investment ISA  £1775 | Ready Access Savings £488 Moneybox £3539

    My Mortgage Free Wannabe Diary
  • So November was a hugely expensive month here. We moved house at the end of October three years ago, so there were a lot of annual payments (Building/Contents) that were due and also when our car tax/insurance needs to be paid. I've never really worried about these costs as I've always had cash in a separate account to pay them. However, with the installation of an oh-so-warm-and-cosy wood-burning stove  - which we have been saving up to get for a while - my ready-access funds have been practically wiped out. The total cost was closer to £4k in the end.

    I have now set up a monthly standing order into a separate cash-isa account for all our annual payments (TV licences, insurances, etc) so that I am not caught out again. It was good to live very frugally for a couple of weeks and it wasn't as hard as I thought and has motivated me to do better in December.

    I have started to use the MoneyHub app to help with budgeting. I did start with a free trial on the Emma app, but the cost of it seemed to outweigh the benefit. It showed me that we spend a huge amount on groceries - it was over £700 (2 adults two kids under 5) but included in this is tobacco as my partner smokes and easily adds £200 to £250 onto the bills. I'm showing him the budget tracker in the hope that he will cut down, and, in an ideal world, stop but I know it's very hard for him.

    In other money-saving efforts, I have cancelled my hair appointment for next week. My hair honestly does not need doing so I've postponed my appointment until January 'saving' over £100 this month.

    So whilst I have not made any mortgage overpayments in Nov, I feel like I am getting our finances in better shape to increase the ready access savings and start paying towards the mortgage in the New Year.

    It's starting to feel festive now as we had a good few inches of snow on Sat night/Sunday. We've got the decorations down from the loft and I think we'll start putting them out next weekend.
    Mortgage | Started Oct 2020 £235,875  | Now Dec 2023 £215,439
    MFW | Dec 2035
    Premium Bonds £6275 Investment ISA  £1775 | Ready Access Savings £488 Moneybox £3539

    My Mortgage Free Wannabe Diary
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