FtbDreaming wants to clear £69,700 before Im 40 (2027)

FtbDreaming

Thanks everyone. We go through quite a bit of money anyway hence why I don’t try NSD’s £60 a week just for gas, electricity and fuel then food and kids bits n bobs so I’ll just use the credit card for a few days rather than the debit card and it’ll soon be gone. 

Thanks RMF you’re right I’m worth more than that but I just said to my nan if it does go ahead I’ll give it a go just to see if I like it and still keep my normal bank job on too. A monthly payday would deffo boost the loft fund! 

FtbDreaming

Hi... well as I think I predicted mid feb would be when I should be back in the
£+ and I’m right on time! Transferred the ‘odd’ £75 into the loft fund last night so that’s now £909.. should have my first £1000 by Friday! 

Spent the £111 credit card on gas, electric and fuel plus a takeaway for the kids and a couple of bits of shopping so that kept the debit card untouched for a few days! 

I also got my first ever council tax bill that was in credit! I applied for reduction when I was off work but kept paying as it was being assessed so now I am £302 in credit. It says on the letter how to claim a refund but I’ll just leave it in to make the payments lower going forward. 

All 3 kids are in school today for the first time since December 🙂 I’m gonna be honest that I am just chilling. Finishing a netflix series and gonna have a nice bath. I need a bit of just ME Time! 

Payslip comes on tomorrow then I’ll look at how I’m gonna distribute funds between loft fund and op. Our new neighbour is a builder so DP has already collared him for advice with the loft lol. Tbf DP is a pillar of the community and helps everyone out so I’m sure they’ll have something off him in return! 

MovingForwards

Good pot for the loft, it will grow nicely. Swapping trades / help is good, brings a community together I find.

Do you pay CT over 10 or 12 months? 10 is good as it gives 2 free months, 12 keeps the monthly amount down.

I'm glad to hear you're having me time, that's long overdue!

FtbDreaming

I have the arrangement to pay over 12 months but then set my standing order a bit higher weekly so it’s usually paid off by the beginning of February anyway. 

Yeah I want a decent chunk of the pot sorted before we even pick up a tool for the loft but it will deffo come in handy having a builders eye/ advice. I’m so happy with the new neighbours. They are polish and have 3 daughters and seem like a normal family! With it being a council street with a bad reputation we get all sorts of riffraff moved into the area which causes me anxiety every time we get new neighbours (these are the 7th set in 8 years), but there’s becoming a significant polish community and they’re all nice hardworking people. 

I had mostly relaxing morning then I got in the back garden and built the kids new (2nd hand) trampoline. DS wanted one with his bday money and they were £169 for the cheapest in stock. I found one on gumtree for £20 in good condition and as dd1 wanted one too they went halves with their bday monies 😊 see even the kids are MSE’s lol! 

It was lovely to get in the back Garden with the radio on. I’ve still got lots of painting to do from last year and the paints still there so as soon as it warms up a bit I’ll be out there! You’re working on your garden aren’t you? @MovingForwards it’s deffo good for the mind! 

Roll on tomorrow payslip so I can see what I’ve got to play with this week. It’s another bonus which I’m expecting £600 pre-deductions. Ideally I’d like to OP £100 off the mortgage then at the end of feb get it down to £67500 and put the rest in the loft money. This week and next are when I don’t have bills so I get the funds built up. Then have 2 weeks with lots of direct debits. 

It’s only 6 months until my ccj comes off too! Then my credit report will be spotless 🙂 ive been cleaning it up since January 2016 so it’s been a long time coming! X

MovingForwards

Neighbours are a difficult one as they make or break a property. Had dreadful ones at the last flat and they were 'locals', flat before that were mostly from other countries and it was better. 

I'm not really doing much is the garden at the moment, too cold, wet, snowy and its only just started to stay light when I finished work.

When my CCJ came it felt like the end of the world, but it's hard to believe how quickly the years passed. Make sure you've positive credit history building up too as it's an odd line between nothing / not much and negative markers on your credit history making it awkward to get credit; neither are liked by mainstream institutions.

rugbymadfamily

Hope the ME time was lovely and relaxing, bet it was just great to have peace and quiet in the house!!!

Glad the new neighbours are nice family, makes such a difference. We have fairly elderly neighbours either side and they were not happy at a young(ish!) couple moving in, think they thought we would be super noisy lol but we save our noise for the pub and rugby club!

FtbDreaming

Ooh yeah I forgot about the snow. We’ve had none here it’s been bright and sunny but still freezing. I’m liking the slightly lighter evenings too. 

Yeah I have my 2 overdrafts, 3 credit cards, a studio account and my mortgage so I’m using bits of them all on and off to keep everything active and show good credit use. The finance I’m hoping/ planning to get will probably be a boiler some day and a kitchen maybe in 2022 then remortgage in 2024-ish. I don’t really believe in getting easily damaged goods such as furniture, electricals and appliances on finance as the kids still ruin everything so I’ll be still looking at 2nd hand for the foreseeable! 

Yeah @rugbymadfamily it was lovely just to have a quiet house lol! Xx

FtbDreaming

Payslip is on! It was more than I was expecting. £1450 pre deductions £960 post.... this is good and bad. Good as it’s a decent chunk for the loft fund and bad as it’s throwing me over the tax credit threshold by a couple of hundred so I’ll have to cancel a couple of shifts in the next 7 weeks to avoid a big overpayment bill. 

I’ve already pre-empted the numbers and updated my signature for Friday lol! I’ll be putting £600 to loft fund. £100 to mortgage op and leave £260 in my current account ready for the end of the month plus any other living expenses between now and then. 

I’ve also had an edit of my personal spreadsheets. I lived in my overdraft for a very long time and had that counted as my available money, well now ive been out of the overdraft for just on a year my mindset has changed and now I’ve readjusted the spreadsheet with overdraft and credit as a separate column that are there for emergencies instead of assets. 

£67700 is £2000 off the initial balance already. 5 months/ 25 weeks/ 177 days since I completed on the mortgage and started my MFW journey!  How exciting!!! 

MovingForwards

Have you accounted for the time you didn't have shifts, when working out your tax.

Try not to dip into your overdraft as they are very hard to get out of. Have you got a dedicated EF pot which your adding to?

It doesn't seem that long ago when you completed on your home. Great inroads have been made!

FtbDreaming

Yeah I would have been well over the tax threshold if I hadn’t had those 10 weeks off. I’ve just been talking to my friend and saying I’m probably just gonna bits the bulled soon enough and work for money rather than keeping hours down for tax credits. 

I’ve got £20 a week going into the emergency fund accounts so that’s there for anything unexpected. Yeah I’m not planning to use any overdraft or credit unless it’s planned for. 

Yeah the first 5 months have flew by! I seen someone recommend an app called Karl’s mortgage calculator... omg it is amazing! Calculates everything Down to the penny and the ltv for every month. It’s gonna be my new favourite app! I was playing with it last night looking at different payment amounts and monthly vs annual etc. Going off that I think 2024 I’ll be below 60% ltv which will be my opportunity to go for an offset mortgage X