Welshlassies MF quest by 40

Jorgan_2

Good luck Welshlassie, get that room sorted over the weekend.

Welshlassie

Well its not been a great day today, went shopping to Tesco and Asda for the rest of the week and spent about £60. Managed to get 4 slabs of Kids goats cheese normally £4.90 each for 10p each, just used half one in DS cheese sauce and frozen the other 3. Should be able to eat out of the freezer and things we bought today.

We had a lovely day yesterday went down to Saundersfoot to take DS to the beach for the first time, it would have only cost us the diesel if I hadn't have seen a lovely book and dinner set for DS. Parents in Law paid for all our food and bought DS some lovely things.

I've sold another book on GM, so that will go towards the overpayment when I get the withdrawal through.

I counted up Flossie and had £19, so will bank the full bags on Tuesday when in town. I'm going to attack the rest of the small room this evening as DH is out which will include listing more books on Amazon.

Not sure what we're doing tomorrow, but hopefully it will be nice and cheap.

Welshlassie

Have just switched my energy suppliers, was talked into join the Utility company just over 12 months ago and my DDs have really shot up over the last couple of months so just compared and although UW's month energy charge is cheaper than many, by the time they add on the VAT and membership charge I'm worse off, so have just switched and the comparison sites suggests I will save £162.09 a year. I hope so as it was getting silly at £85 pcm.

I of course used Quidco where I could. Will be updating my budget later and seeing what else I can cut as haven't really done this properly for a few months.

I have listed a load of books on Play aswell over the weekend, not sold any as yet, but still have more to list so with any luck I'll be able to get rid of a lot more of them soon.

StuartGMC

Welshlassie, good luck in your endeavours. Every small step you take in a multitude of areas will accumulate and well done with the spreadsheet as it'll help motivate particularly when you think "has it made a difference?"

Remember you are likely to find DS interested in the PC soon (if he is not already on your lap!) so check out cheap copies of "Jump ahead toddlers" or similar for him to gain understanding of interfacing with PC. Our DD was into this from 18months old and now it is just another tool, in fact as I write this, she is painting and drawing.

As I've noted before, do look for the open source software, it it free, entirely legal and usually based on the common menus so it means children learn the context of software operation rather than just one MS package which their teacher knows.

Keep at the records and such as this will help you see progress is indeed happening slowly but surely. Early in a mortgage is the most difficult time to dent it (more so with a little one's needs) but it has the biggest impact; run your calcs on the impact of £10 now vs 23 years interest, that should make you feel like you are contributing a lot more to the pot.

Very best wishes.

Welshlassie

Having re-read my thread I realised I haven't mentioned then savings we are currently putting aside to pay off the mortgage. In addition to any OPs we have 1 regular saver (7%) that I am putting £204 pcm into (£100 new money and £104 last years regular payment) and £100 is going into an equity ISA. We are not planning on paying these off just yet, but when the regular saver comes to the end next year and we should have around £3.5K so will pay this off then. We will then do the same then 2 years after that.

Although having said this and I have just been playing around with our overpayment spreadsheet and I'm wondering whether we would be better off just putting the £100 for the regualr saver straight into the mortgage. I'm trying to work out how much I would actually be getting after tax on a 7% rate. I think it is just a little better than the mortgage, but happy to be corrected.

Welshlassie

Having thought about this overnight I have decided that at the end of the regular savers plan next year (Feb) I will put the total amount, which should be around £2550, plus another £1252 (plus the interest) which I have in a one year bond, total around £3850, off and then the £100I have been putting to a regular saver straight into the mortgage every month. At the end of the current fixed rate in 2013 I will have knocked at least £10k off the mortgage. So any additional overpayments will only improve the situation more.

We will then remortgage for around £180k at hopefully less than the 6.38% we currently have and then continue to pay monthly at £1028 pcm we are currently paying.

Of course in addition to all that I get a bonus every year for a few grand and a pay rise as well, with a promotion due in the next 18 months or so which will add around £6k to my salary so this will all help towards the overpayments. But now I'm getting a bit ahead of myself.

evab_2

HI ya, sounds like a good plan hope all the bonuses etc work out £10k off you mortgage would be fantastic!

Ev x

setmefree2

[FONT=&quot]http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings

On this page is Mr Lewis' "Should I pay of my mortgage calculator" (about half way down) You put in your interest rates and tax rates and it tells if you are better off putting it into your mortgage or not.

Don't forget your rainy day savings though.:money:
[/FONT]

Welshlassie

setmefree2 wrote: »

[FONT=&quot]http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings

On this page is Mr Lewis' "Should I pay of my mortgage calculator" (about half way down) You put in your interest rates and tax rates and it tells if you are better off putting it into your mortgage or not.

Don't forget your rainy day savings though.:money:
[/FONT]

Thanks just what I needed, and it has confirmed I need to be paying the cash off as soon as possible. I will continue to the end of the regular savings plan and then continue to put the £100 pcm into the mortgage.

poppyoscar_3

Just read through your diary to date - well done on getting started.

Prepare to become completely dominated by your mortgage - I get so excited every time I overpay!

Look forward to following your progress.

Good luck!

PO xx