Feeding Alison's Pig

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  • Kittenkirst
    Kittenkirst Posts: 2,563 Forumite
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    Good job on the 4lb loss :) 

    I agree that paying off the interest bearing credit card seems the best course of action, then switching that money to the mortgage overpayments. Otherwise you are paying interest on both products for longer.

    I’m enjoying reading your diary, so keep it up. Good to know we are in company with clearing down the mortgages :)
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • caeler
    caeler Posts: 2,605 Forumite
    Mortgage-free Glee! Photogenic Name Dropper First Post
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    I’m with nationwide and my payments to my mortgage account takes about 2 days. Hopefully your payment to Halifax will arrive soon! @FatJock
  • FatJock
    FatJock Posts: 196 Forumite
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    Hi,
    Just thought I'd drop by and give a little update. Had a bit of (financial) luck. My accountant (I'm self employed) let me know that the business I run owes me some expenses from a project I did back in 2019 but never 'collected'. It related to a subsistence allowance for working away from home. 
    This means I can now clear the outstanding £1,374.00 CC1 balance. I transfer the money today and will sleep a little easier tonight knowing that is one obstacle cleared. I can now refocus on the mortgage overpayment.
    Have a lovely week.
    Thanks for reading.

  • FatJock
    FatJock Posts: 196 Forumite
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    edited 16 March 2021 at 9:28AM
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    Hi,
    Now CC1 is cleared I am focusing on the mortgage balance. I totally overlooked the fact that council tax payments run over 10 months and not 12, meaning I can OP some extra without worrying about it. Added an additional overpayment last month of £184 and OP so far this month of £140. Current balance stands at £134,290.87 - I am looking to pay off another £291 this month to bring the balance under £134k (more as a mental achievement thing than anything else).
    Once this month is out of the way I am going to concentrate on building up the savings fund (currently at £1,200) to help act as a rainy day buffer and help pay my tax bill. On the day the house was purchased back in 2015 I drew an outline of a house on graph paper (with doors and windows :-) ) with enough squares to match the mortgage balance at the time. Every time £1,000 is paid off the balance, I colour in a square (does anyone else do this?) and at the end of this month we will actually 'own' the ground floor of our house - very pleased. From next month I make a start on 'owning' the rest of the roof. 
    I am also refocusing my efforts in decluttering and selling our unwanted stuff to raise some extra funds (not been as motivated as I was before Christmas). Does anyone know if car-boot sales will be starting this year?
    I'll keep you posted.
    Thanks for reading.
    Stay safe. 
  • FatJock
    FatJock Posts: 196 Forumite
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    Time has flown and I'm just surfacing for air. Last few months have been exceptionally busy work-wise and I am only just coming up for air. I also start with a new client next week and am using this week to complete paperwork, check finances and declutter the house.

    On the negative side: Had a car crash in June. Driver ran into the side of my car due to them not paying attention. Thankfully nobody was hurt and they didn't argue about who was responsible. They simply put their hands up to their lapse of judgement and the insurance acted pretty quickly. Unfortunately they deemed the car to be an 'economic' write-off (category S) meaning the cost of repairs outweighed the cost of the car (it's over 10 years old now). They have let me keep the car but I must prove to them that I've had it repaired and it's safe to drive by the 10th of this month or there is a risk they may cancel my insurance policy - I'm on the case for this. I renewed the insurance on Monday and the car past it's annual MOT without any issues. Just need to get a letter from the garage stating that the car is roadworthy and safe to drive.

    On the plus side: I've sold a few things on the Bay and at a couple of car boot sales. Couple this with my overpayments and as of today the mortgage stands at £126,423.53. At the beginning of Feb it stood at just over £136,000. I've cleared nearly £10k in 6 months. I'm pretty chuffed with this and on course to break the £120k barrier by the end of the year. 

    My new client has offered a very decent day rate for my services but it means coming inside the dreaded IR35. For those of you unfamiliar with IR35, it means, whilst technically I am self employed, I will be treated as a PAYE member of staff and pay my tax at source (through a payroll company) rather then via my accountant. It also means that the monies I earn through this client are mine to spend as I want, which in turn means I can allocate more to the savings fund and also pop a few extra £££ off the mortgage. 

    I've been doing a lot of exercise this year and my fitness/energy levels have improved massively. I've dropped a stone in weight and the doctor has reduced my diabetic medication as a result of the improvement in blood test results. I am working on dropping another stone by the end of the year but it's hard going. Roman wasn't built in a day as they say. Just got to keep plugging away. 

    I'll keep you posted on progress but maybe not leave it so long between updates next time..
    Thanks for reading.
    Stay safe. 
  • FatJock
    FatJock Posts: 196 Forumite
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    It's October - and I've been paid. Yippee :)
    Took an additional short term contract providing a nice little paycheck which helped me clear the £2,200 CC balance and will also pay for the car service later this month. I am also planning to tackle my insurance company for the £250 excess they charged me for a car prang that a) was not my fault and b) wrote the car off- I'm pretty sure I shouldn't have to pay that.

    Mortgage stands today at £123,126.04 and I am on course to hit my sub £120k target by the end of December. I've been overpaying as much as I can without leaving a financial hole in the other areas of my life. The monthly interest for September was £187.59 and I calculated the daily % to be £6.25. Ideally I'd like to try and get this under £6.00 per day - a great goal for 2022. 

    Aside from that, there is nothing much to report. Trying to enjoy as much family time as I can in between the sleep, eat, work, repeat cycle I am in at the moment. 

    Thanks for reading
    Stay safe. 


  • LadyWithAPlan
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    Seems like you are making great progress. The way you are going you will definitely hit that 70k mark in 3 years
    I have managed to avoid IR35 so  far as I have a few clients. I am thinking I may need to pick up an extra couple days a week but the daily rate needs to be LARGE if I have to do IR35 for them.


    There will always be a (beautiful stilettoed) foot in fabulous in LaPlan's life.
    I am choosing to be fabulously frugal to support some wonderful life changing and affirming financial goals including buying a London home I love.

    DON'T BUY STUFF (from Frugalwoods)
    No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things. You can’t really hack your way to frugal. You can and should take advantage of discounts, coupons, rewards points, and the like. But at the end of the day, the only way to truly save money is to not buy stuff.    Money doesn’t walk out of your wallet on its own accord.

    My March  streaks to track
    Track Minimalist game  items (Nov 310)   (Dec  95)  (Jan 90)   Feb 50
    Exercise streak  
    YNAB days:: Target 50 days -Age of money 29
    Track my NSD's - Target 13 days/ 0/13

    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • FatJock
    FatJock Posts: 196 Forumite
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    Happy New Year - Hope you had a good one.

    It's Jan 1st 2022 and the road to mortgage freedom continues.

    2021 was relatively successful. We managed to hit our target of owing under £120k (currently sitting at £119,997.03) and this months payment is yet to leave the account. I also managed to put away almost £10k into our emergency fund, partly due to the extra contract work I took on (inside IR35). 

    The mortgage goal for 2022 is to get it under £100k. Last night, instead of sitting around with a beer and celebrating the new year, I was playing around with figures and calculating how much I need to pay off the principle every month to hit this target (it's £1,666.66 apparently) - performing this act has given me a clear focus on what needs to be achieved. It also makes me old and boring according to my DS.

    I also managed to lose just shy of 2 stone in 2021. This was mainly due to exercise rather than diet. energy levels are through the roof at the moment and I am planning to lose another 20lb this coming year (although diet will now have to play a big part).

    Hopefully you managed to hit your 2021 goals also but if you missed a few, don't stress about it. Sometimes, when you shoot for a goal the posts will suddenly move and you hit wide of the mark. It happens to us all. Keep up the good work.

    All The Best For 2022.

    Thanks for reading. 
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