Skint teacher update 21 October 2022 at 1:37PM in Mortgage-free wannabe 10 replies 872 views

SkintTeacher

Wanted to post a little update as I have been regularly checking in with MSE for over a decade but quietly getting on with it finance-wise. I’m enjoying a more frugal lifestyle these days which includes long walks, a cheap gym membership within walking distance, lots of time with my son and husband. 

Current situation:
£134,454.17 left on mortgage 
fixed 1.36% til 31.10.23
£2,240 in savings 

income £2689.70 pm 
+ CB 87.50

outgoings:
£60 petrol 
£25.43 union subs
£42.70 car insurance (2 cars)
£712.89 mortgage 
£13.25 home insurance
£13.25 TV 
£158 council tax 
£800 to savings 
£150 to son’s higher interest savings 
£30 to son’s GoHenry card
£26.80 phone plan
£14.18 phone payment 
£34.51 water (we have a meter) 
£41.98 (husband and my gym memb)
£0.79 apple account for son’s gaming 
£16.99 Spotify for family 
£0.24 son’s mobile sim 

no plans to move or have more kids
no plans to change career (currently a teacher of students with special needs) 
Some utilities paid by husband so not accounted for here. They may become mine when the gas and electric go up (currently on a fixed plan until August next year). 


Going to 80% working pattern as of next academic year 22-23, so I can have a day to be me and enjoy time in nature. This will mean a reduction by about 15% of the above wage but a huge step for me in terms of mental health, well-being and work life balance. 

I’ve had loads of coaching in the last few years to help me understand my money mentality. I come from a background of poverty mindset which has cause undue stress over money in the past.

it really helps me to understand how much I have coming in and going out and I have recently started to be much more open with my husband about how responsible I feel for our finances - which then helped me
feel leas responsible!

Currently switching bank accounts to get the Nationwide join-up fee, and husband is doing the same. 

My 02 payment is my least ‘MSE’ outgoing, I got sucked in the ‘latest iPhone craze’ 🫣 Not a mistake I’ll make again. 

Would love to hear from anyone for whom any of this resonates. 

SkintTeacher

November spends so far:
home (including pet food etc)
£95.83
clothes 
£175.69 (eeep! But all charity purchases and necessary as I have a new more official role at work and so need to level up my wardrobe, not expecting to spend any more on clothes for a while!) 
xmas
£52.87 
petrol 
£35
gifts 
£16.99
hair
£25
takeaways
£25
cafe visits 
£51.86 (bloody love a cafe!)
recreation 
£251.50 (includes fancy meal out with my husband as a treat) 
son’s swimming lessons 
£37.50

December projected spends 
£70.99 CC payment 
£20 family secret Santa 
£60 petrol (Cornwall-Leicester) 
£48 hair 
£20 pub visit with school (includes pizza)

£200 Mortgage overpay 
£70 petrol (usual) 
£25.43 union subs 
£42.70 Car insurance (renewal date 2.7.23)
£712.87 Mortgage (renewal 31.10.23)
£13.24 Home insurance (renewal 26.7.23)
£13.25 TV licence 
£150 son’s savings (and we’ve just put £11,000 in a nearly 5% savings account which just shows little and often works! This is locked away for 3 years) 
£600 to ISA
£26.86 o2 phone 
£14.18 o2 phone 
£34.51 water (we have a water meter) 
£41.98 (husband and me gym) 
£0.79 apple payment 
£16.99 Spotify family
£4.99 Son’s mobile 
£9 Etika Apple Watch payment 
£30 to son’s GoHenry account (love this for teaching him about money) 

expendable income after outgoings £551.41 

5% increase to teachers’ wages, back payed to September will mean a little more
Promotion at work not likely to affect this pay cheque but will affect December. 

Watch this space! 

Current mortgage: 
£131,296.34 
Current ISA savings:
£110.79
Current CC debt:
£70.99 
Current mood:
optimistic 

RobM99

Is an ISA the best idea?

SkintTeacher

RobM99 said:

Is an ISA the best idea?

Would LOVE thoughts on this. I’ve had my ISA for 20 years (!!!) so I know it’s not the best but I’m at a loss.
Being completely honest, my Dad (who was really money savvy) died a few years ago and I got kind of ‘stuck’. I’m trying to educate myself about money but I’ve come from a very over cautious and poverty mindset background. 

In short… advise welcome! 

powerspowers

Skint teacher your comments about clothes resonate with me- I hate spending money on myself. I’m also trying to be more eco minded so now find it next to impossible to convince myself to buy clothes. Which is money saving but also makes life difficult when you’ve got a professional role. 

Well done on your charity finds. 

SkintTeacher

powerspowers said:

Skint teacher your comments about clothes resonate with me- I hate spending money on myself. I’m also trying to be more eco minded so now find it next to impossible to convince myself to buy clothes. Which is money saving but also makes life difficult when you’ve got a professional role. 

Well done on your charity finds. 

Yep I really struggled but managed to find a lot of joy in the end with this. Now have several really lovely outfits. 

South_coast

The benefit of an ISA is that the interest doesn't get taxed. Since the personal savings allowance was introduced, ISA's have been a bit of a lame duck, as interest rates were also very low and most people didn't earn enough interest to make sheltering it from tax worthwhile. Now rates are going up again, they could be beneficial to some people. It will all depend how much you have saved and what the interest rate is. Your first £1000 in interest each year is tax-free if you're a basic rate tax-payer, or £500 if you pay the higher rate. 

Sorry to hear about your Dad. I'm glad the coaching has helped with your feelings around money, I didn't know such services existed!

SkintTeacher

Current situation:
£130,530.54 left on mortgage 
fixed 1.36% til 31.10.23
£713.85 in savings 
£33.04 on CC

income £2689.70 pm 
+ £36.40 extra due to promotion (I think as I only worked a couple of weeks and only 3 days a week doing that role )
+ CB 87.50
+ Xmas present £200

outgoings:
£60 petrol 
£25.43 union subs
£42.70 car insurance (2 cars)
£712.89 mortgage 
£13.25 home insurance
£13.25 TV 
£158 council tax 
£800 to savings 
£150 to son’s higher interest savings 
£30 to son’s GoHenry card
£26.80 phone plan
£14.18 phone payment 
£34.51 water (we have a meter) 
£41.98 (husband and my gym memb)
£0.79 apple account for son’s gaming 
£16.99 Spotify for family 
£4.90 son’s mobile sim 

Spends so far this month (by category) 
£23.79 Groceries 
£104.72 christmas presents( all done now)
£25.70 Eating out
£45 hair
£10 charity donation
£44.50 recreation 

we will be heading to Cornwall to spend Christmas with the in-laws, and going on cheap and cheerful walks in nature  😊

Looking forward to starting 2023 with less mortgage. 

SkintTeacher

Calculations are in! 

After a quick last minute top-up of £500, I have overpaid my mortgage by a grand total of £3935.93 this year 🥳

Christmas was absolutely wonderful 💗

here’s to a happy, healthy (and maybe slightly frugal?) 2023 ❤️

SkintTeacher

Quick update - I just saved £50 a year on Headspace - teachers can get free subscription, and I’ve cancelled my gym membership as I’m walking and doing yoga instead - £41.98 saved (as my husband has also decided to exercise at home) 

powerspowers

Well done on the saves! Good start for a healthy and wealthy new year!