Z's MFW journey

Zerforax

Be interested to see how people include certain costs in their saving spreadsheets. I've just bought a new phone in the Black Friday sales. Crazy how expensive phones are now but my current one is about 5 years old so I feel like I'm due one. I have a good cheap sim only deal so I bought the phone outright.

- phone cost £659 and ordered on Friday

- being delivered in 3 weeks (with a free phone case)

- paid on the credit card now so will pay off in the next month

- should hopefully get £130 in cashback in January

So would you include in November, December or January? Adjusted for cashback or only if it gets out?

Sarahwithlove

I'd put it in whatever month I brought it regardless of whether it's paid off over next few months 

Zerforax

Sarahwithlove said:

I'd put it in whatever month I brought it regardless of whether it's paid off over next few months 

I decided to put it into December when I will pay off the credit card (as I always pay within a couple of weeks of payment). So my November numbers look great but with the phone purchase and over the weekend realising we need a new boiler, my December numbers are going to be awful!

Can't see us making any overpayments in December after those 2 big outlays

LadyWithAPlan

I am needing a new phone as my battery dies quickly but keep pushing that boat out (am Apple so they expensive!) and bought a portable battery … 

Hope work settles for you 

Zerforax

LadyWithAPlan said:

I am needing a new phone as my battery dies quickly but keep pushing that boat out (am Apple so they expensive!) and bought a portable battery … 

Hope work settles for you 

Haha same. I have to charge my phone once during the day and then I charge overnight too. Working from home means its not too hard and we have a couple of battery packs. Been having issues with phone memory getting full and becoming a bit slow. I also dropped my phone a few months back and ended up with a crack which is across the camera so everything is blurry when I want a photo. At least the new phone will arrive in 17 days!

Unfortunately with work, I think December is going to be hell. Who knows what the new year will bring..

Zerforax

The new phone actually arrived 2 weeks earlier than expected. I like it - much better than the old one which was on its last legs.

This month has been super expensive.. on top of the new phone for me, we had to do something about the boiler. Was 11 years old and having problems. It was estimated it would be £300 to £700 to fix the current one so instead got a new boiler for £1,600. Then we bought a new small TV and also the fines from the October holiday for the kids came through so that was another £160 (arrived on 20 Dec - merry xmas indeed!).

I don't think we'll be making any mortgage overpayment this month but will work it out at the end of the month. Not been paid yet!

Zerforax

And my £131 phone cashback arrived a month early too! Expensive month (as noted in the previous post about a lot of unexpected costs) but we just amount stayed in the black. There won't be a mortgage overpayment again this month but our deal only started on 2 October and we made a £3,000 overpayment in late October so I guess logically I can think of it as a monthly £1k overpayment for the last 3 months of 2024.

Mostly pleased with the increase in my pension contributions this year. They always pay in our contributions the following month, so my December pension contribution shows in my payslip but won't get paid into the pot until mid-January but if I include that figure, then I'll have contribued £25k from the start of April.

Will go back to making more mortgage overpayments in the new year but in this calendar year we reduced our mortgage balance from £112,000 to £77,000. We had been saving for the last couple of years (since interest rates on savings were higher than interest on mortgage) so higher than a yearly figure. We will have from Jan to end of Sept 2025 for the remaining £13,000 overpayment allowance.

Zerforax

Very little spend in January so saved more than usual. I guess we had no major events and I've basically been working all hours (late nights, weekends etc). Our emergency fund has increased from £25k to £31k. I'm keen to overpay on the mortgage but wife wants to be cautious because there has been a lot of chaos at my work lately.

beanielou

Surely if chaos reigns at work all the more reason to pay down the mortgage? 

Zerforax

beanielou said:

Surely if chaos reigns at work all the more reason to pay down the mortgage? 

Well the thought process was if I end up having to look for a new job then having more in the emergency fund gives more flexibility! However it looks like the work stuff will be fine, it's just super busy. I think I will try and do a overpayment this month