Adventures and Overpayments

chicker
chicker Posts: 142
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edited 9 March 2022 at 1:52PM in Mortgage-free wannabe
:)  I've been lurking on this boards for years and used to be quite active a few years ago. A lot has changed and I have finally decided now is the time to start my own MFW diary!

Our family has been through a lot of changes in the last two years and we now have a bigger mortgage and a lower income, but I'm still determined to continue saving for adventures and make small overpayments when we can. I just feel overwhelmed a lot of the time as it all seems to be so complicated. I am hoping a diary will help me get my thoughts in order and help me achieve my goals.

Background:
We are a family of three with a toddler making life more interesting! In our last house we made regular small overpayments and did a huge renovation project which meant we could afford the house we live in now. We moved last August but it's still not our forever home (garden too small, location not ideal). For a number of reasons - some health related - I made the tough decision not to return to work after my maternity leave. This has taken a long time to come to terms with but I'm really happy with my new job which I do from home around looking after our daughter. I'm earning less than a quarter of my previous wage though...

Income:
My husband works full time and runs a business in his spare time. He also takes on private building work occasionally. We have a buy to let (we never intended to be landlords and will probably look to sell it soon as it seems to cause more stress than anything else) that we do get a small income from. I get paid monthly - I'm self-employed but work for one company. 

Budget:
I will go into actual figures at some point but we have an account for bills, one for the buy to let, a cashback credit card for food shopping and petrol, a main joint account with many savings pots/sinking funds and a personal account each. Our savings are in premium bonds but we haven't won anything yet.

I'm quite organised with my budgeting and have spreadsheets going back years, but it is now so much more confusing with money coming in at different times and having to save for tax and trying to put money into so many different pots. I just seem to lose track of what I'm doing!

Goals:
Our long-term aims are to eventually move to a house with a bigger garden in a slightly better location. Along the way we want to continue to enjoy ourselves and spend time together as a family, save for holidays and find a way to increase my income as I'm not sure I will ever go back to my old job.

On top of all of this I'm trying to work, look after a toddler, do housework, work on my health, organise work that needs doing on this house and sleep occasionally.

I'm sorry this is a bit of a long and rambling introduction but it probably says more about my tired brain than anything  :D  I hope this diary will help me sort out my thoughts and bring a bit more focus.


Link to 2022 goals so I can find it later (fingers crossed this one works) 🙄

MFW diary Adventures and Overpayments

Mortgage start: £240,945 Aug 2020
Mortgage now: 
£230,738
2021 OP total: 
£605.85   1 month off approx

MFW 2022 #39  £135.68/£1200
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Comments

  • chicker
    chicker Posts: 142
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    Thanks for the welcome happymum! I have bookmarked your diary for a read when I get the chance.

    Hmmm - I don't feel very switched on at the moment but I do try to be organised with money which is why I'm here I suppose  :) You are absolutely right about a pension. I forgot to add that I would love to retire by 60 and need to open an ISA or SIPP when our finances stabilise a bit.


    😎 Had a small win with our home insurance renewal today during toddler nap time. Renewal quote was £167 but renewed with one of the big banks for £128 plus £33 cashback from £co. Also added accidental damage too.

    I have also got a lot of work coming in at the moment which will keep me busy and hopefully add a few more £££s to the end of the month. I'm trying to see the to do list in terms of money to be earnt rather than hours glued to my laptop...
    MFW diary Adventures and Overpayments

    Mortgage start: £240,945 Aug 2020
    Mortgage now: 
    £230,738
    2021 OP total: 
    £605.85   1 month off approx

    MFW 2022 #39  £135.68/£1200
  • chicker
    chicker Posts: 142
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    A fairly successful day today. We went to a local toddler group this morning for £1, spent £25 on a chair from fb marketplace to replace the one in DDs bedroom and bought a couple of jumpers from V1nted for DD. Got some housework bits done and some 'work' work.

    My to do list seems to have exploded though. I've got a Christmas list, a finances list, a list of things I need to buy for DD, a monthly to do list and a weekly list and it's feeling a bit overwhelming. 

    I'm now wondering why I thought I would have time to make an advent calendar and 'hack' an Ik£a toy kitchen  :D


    MFW diary Adventures and Overpayments

    Mortgage start: £240,945 Aug 2020
    Mortgage now: 
    £230,738
    2021 OP total: 
    £605.85   1 month off approx

    MFW 2022 #39  £135.68/£1200
  • powerspowers
    powerspowers Posts: 1,100
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    Welcome Chicker! Sounds like you’ve got a lot on, give a job to a busy person and all that! Remember time is a resource too and make sure you aren’t putting a lot of hours into things that don’t “pay”, whether that’s cash earns, cash saved, something that fulfils you or sleep caught on! 
    Good luck with your MF journey x
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £500/ £3,600


  • chicker
    chicker Posts: 142
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    Hi powers! Thanks for the welcome 😃

    I am certainly busy! But I realised earlier that I do have more time for things I would never have managed to fit in when I was working long hours. It's just different trying to squeeze it in around being mum.
    MFW diary Adventures and Overpayments

    Mortgage start: £240,945 Aug 2020
    Mortgage now: 
    £230,738
    2021 OP total: 
    £605.85   1 month off approx

    MFW 2022 #39  £135.68/£1200
  • chicker
    chicker Posts: 142
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    So, a little update  :)

    Yesterday I managed to pick up the spray paints that I need for DDs Christmas present in W1lkos which meant I got both tins for the price of one of the branded tins. I also chose the other bits I need - I'm upgrading one of the Ik£a play kitchens for her.

    Today was my child-free day and I managed to clear my work to do list and spent another 30 minutes sorting through the 'stuff' in our loft room/third bedroom.

    I've just received £7.37 cashback and completed a survey for £1.88 which will push me past the £5 payment threshold so today feels quite successful 😃
    MFW diary Adventures and Overpayments

    Mortgage start: £240,945 Aug 2020
    Mortgage now: 
    £230,738
    2021 OP total: 
    £605.85   1 month off approx

    MFW 2022 #39  £135.68/£1200
  • chicker
    chicker Posts: 142
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    Ugh this week has been tough with a teething toddler and not a lot of sleep  :(

    My goal for the weekend is to get everything listed for sale that is sitting around in random piles. I've got a few items ending on eb@y later and have just listed a few more. Need to get my husband to put some larger items on fb and I've got a bag of stuff for V1nted.  

    I've had no more work handed in which means I can forget about it over the weekend but I know there is about £90 worth overdue so at some point I'm going to have to play catch up. Still, my invoice is already over £200 for the month so I'm pleased with that. 

    Chicker  :)
    MFW diary Adventures and Overpayments

    Mortgage start: £240,945 Aug 2020
    Mortgage now: 
    £230,738
    2021 OP total: 
    £605.85   1 month off approx

    MFW 2022 #39  £135.68/£1200
  • chicker
    chicker Posts: 142
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    I thought I would post our monthly budget. I've never seen it all in one place and it might give me some ideas!


    - Bills account £1960 per month:
    Mortgage     £827
    Water           £62
    Life insurance £32
    TV licence   £14
    TV               £33?
    Food & petrol   £500   (cashback credit card)
    Energy        £119
    Council Tax    £163
    Me mobile    £29
    DH mobile    £61
    These are all paid annually but money saved each month:
    Breakdown cover  £12
    Pet insurance        £40
    Amazon Prime      £7
    Car insurance       £27
    NT membership    £10 - haven't renewed yet and not sure if I will as there's no money left 
    Home insurance £11
    Car tax                £13

    - Everything else:

    Joint account: £250

    Personal spends £100  (we get £50 each)

    Dog walking: £50

    Sinking funds:
    DD   £84.60 Child benefit
    Dogs £50
    Car   £50
    Presents  £50
    Christmas £50

    Childcare: £128 depending how many days she is there.


    Total: £2688  not including child benefit


    This is covered by DHs wages, I'm now contributing a bit and topped up by the buy to let.

    Anything left over plus extra that DH earns through his business or private building work is split between holiday savings, new car savings, house savings (decorating and new kitchen etc) and topping up the emergency fund if needed.


    Any thought or suggestions welcome!  I've got a few things I can save on but it will have to be later as nap time is over...

    MFW diary Adventures and Overpayments

    Mortgage start: £240,945 Aug 2020
    Mortgage now: 
    £230,738
    2021 OP total: 
    £605.85   1 month off approx

    MFW 2022 #39  £135.68/£1200
  • savingholmes
    savingholmes Posts: 26,812
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    Just coming along to wish you good luck on your journey. Keep posting - it helps. I'm sure some experienced MF and MFW posters will be along shortly.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • Well done on post your budget, it can be a bit daunting! 

    Mobiles seem a lot and one I found quite easy to swap. Mine is now £7 a month on a sim only deal and OH got rid of his personal phone and just uses work number (his package through work is unlimited so no extra cost to them of him adding personal stuff on it). If you look at it that currently your mobile/tv spends are equal your car spends! 

    Sinking pots - do you do these every month? Adds up to £600 for presents over the year, does that sound right for who you buy for? My family have stopped presents for adults and just do kids (apart from my mum but I like to spoil her anyway). 

    Dog walking- is that £50 a month? Could that be reduced?  Have a look at borrow my doggy as an alternative

    just suggestions!! I found it helpful to work Out what our priorities are (quality food and mortgage OPs) and then trim other budget lines. Obviously different families have different priorities. Good luck with it! 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £500/ £3,600


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