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  • FIRST POST
    • BVic28
    • By BVic28 8th Nov 19, 6:38 AM
    • 90Posts
    • 162Thanks
    BVic28
    Night feed dreaming
    • #1
    • 8th Nov 19, 6:38 AM
    Night feed dreaming 8th Nov 19 at 6:38 AM
    Hi all

    A little background as to whatís brought me here:
    Iím 28, married and currently on maternity leave with my 12 week old (tomorrow) little boy (H). Iím breastfeeding so have had many long nightfeeds and found myself trawling through the MSE website and forums. I am a lover of numbers and moving money around (my favourite part of payday if Iím honest!) so I started getting excited about the prospect of becoming more money savvy to enable us to pay our mortgage off early.

    Mortgage summary:
    Bought our house as first time buyers in 2017, house price was £170k so we took out a mortgage for £127,500 (with about £1000 added on top interest free for fees which we didnít fully understand at the time) with the 20% help to buy equity loan.
    Following the advice of a work colleague I rounded up my monthly payments (I love a nice round figure) to start the OP ball rolling. We now have a mortgage balance of £121,245.32 with a remaining term of 32 years 3 months.

    Future mortgage plans:
    Remortgaging next year when current fixed term comes to an end to enable us to pay off the HTB equity loan.
    Selling this house and buying a bigger house (no more than £250k) as our forever home (current house only just big enough and weíre wanting one more baby to complete our little family, though not for a few years yet).

    Current OP plans:
    As Iím on mat leave I canít OP big chunks like some of the MFWs on here, however Iíve set up a spreadsheet for all future payments so I can see how even just little OPs here and there can help reduce the term and interest paid.
    By rounding up the monthly payments we already OP by £42.26 a month.
    Weekly Tilly tidies (initially to the nearest £1 but stretching to nearest £5 of budget allows) - this to happen on a 3 weekly rolling basis (other
    two weeks to be sent to saving pots for holidays (we love DisneyWorld so save for a long time for these holidays) and deposit for next house).
    Interest - switched to Nationwide current account to take advantage of their 5% interest. This will be split 3 ways each month as above.
    Topcashback/receipt hog/shoppix - money made from these to be split as above.
    Trying to smarten up my own spending - currently spending more on food/petrol/unnecessary purchases for H/stationary (I love a notebook) than needed.

    When I return to work I intend on increasing my OPs however want to ensure Iím getting the balance right between working to OP and working as little as possible to spend time with H while heís still so little (if I could I wouldnít be going back to work at all until he was in full time school!)
    Any tips/advice/suggestions would be really appreciated! Iím excited to start sharing my journey with you all.
Page 1
    • longway2go
    • By longway2go 8th Nov 19, 6:07 PM
    • 165 Posts
    • 368 Thanks
    longway2go
    • #2
    • 8th Nov 19, 6:07 PM
    • #2
    • 8th Nov 19, 6:07 PM
    Hi and welcome,

    Your post rang many bells with me and I wanted to pop on and wish you luck.

    I spend many a night feed thinking how to become mortgage free and planning. I have 2 sons and started to want to OP in July while on mat leave when we remortgaged but didnt think I could manage anything before next yeas. I went back to work 3 days a week 3 weeks ago and have managed some ops. We are currently straightening out a few accounts so that ops can start in Jan along with savings for a Disney holiday. We went this year in May and have been before.

    We also purchased our house in 2007. We do owe more than you and monthly payments are higher as we have a bigger mortgage but smaller term.

    Since July I have set up a Monzo account which really helps with saving targets and managing money due to pots. I have also started looking at ynab which is a really good budgeting tool
    And has made me look at money in a different way.

    I would be interested to hear how much effort topcashback/reciept hog and shoppix are and the amounts that you earn for that if you don't mind sharing a bit more about those.

    I have also started batch cooking to save money on food.

    Lots of luck in your journey
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • twinklie
    • By twinklie 9th Nov 19, 8:14 AM
    • 4,321 Posts
    • 11,311 Thanks
    twinklie
    • #3
    • 9th Nov 19, 8:14 AM
    • #3
    • 9th Nov 19, 8:14 AM
    Ahhh I've been here too. I have two boys, although mine are now 7 and 4 so it's been a while. I'm very envious your at the start of your baby journey - I've loved everything about being a Mum. This year is my last year of playgroups before both kids are at school, so I'm feeling it a bit at the minute. I have Fridays with my youngest and will miss all the playgroup stuff.


    Still, we didn't actually get round to buying our house until last year, so you are in a much better position that we were already. You are in a much better position than most other 28 year olds too - so well done you.


    I'm looking forward to following your journey.
    Daily mortgage interest Jan'20 - £15.65 Reduction in daily interest - £0.80
    % of mortgage paid off 4.9%
    MFiT-T5 #13 MFW 2031/currently 2037
    2020 goal -Reduce debt by £4K

    • BVic28
    • By BVic28 10th Nov 19, 3:59 AM
    • 90 Posts
    • 162 Thanks
    BVic28
    • #4
    • 10th Nov 19, 3:59 AM
    • #4
    • 10th Nov 19, 3:59 AM
    Hi and welcome,

    Your post rang many bells with me and I wanted to pop on and wish you luck.

    I spend many a night feed thinking how to become mortgage free and planning. I have 2 sons and started to want to OP in July while on mat leave when we remortgaged but didnt think I could manage anything before next yeas. I went back to work 3 days a week 3 weeks ago and have managed some ops. We are currently straightening out a few accounts so that ops can start in Jan along with savings for a Disney holiday. We went this year in May and have been before.

    We also purchased our house in 2007. We do owe more than you and monthly payments are higher as we have a bigger mortgage but smaller term.

    Since July I have set up a Monzo account which really helps with saving targets and managing money due to pots. I have also started looking at ynab which is a really good budgeting tool
    And has made me look at money in a different way.

    I would be interested to hear how much effort topcashback/reciept hog and shoppix are and the amounts that you earn for that if you don't mind sharing a bit more about those.

    I have also started batch cooking to save money on food.

    Lots of luck in your journey
    Originally posted by longway2go
    Thanks. Iíve been looking at YNAB since I read about it in your diary. Iím going to try the free trial but want to make sure Iíve got enough time to make good use of it.

    Topcashback is now very little extra effort but took me some time to get into the habit of checking the app first but once the habits established its only a few seconds more to check the app. I currently have over £100 Iím waiting to cash out on that has accumulated over the year. There are some opportunities to earn big sums when switching things like energy suppliers and tv packages. Disney holidays also offer cash back (which I unfortunately found out after we booked and paid for our honeymoon). ReceiptHog and Shoppix Iíve only just started using so not sure if theyíre worth it yet, but will update when/if I get a payout
    • BVic28
    • By BVic28 10th Nov 19, 4:07 AM
    • 90 Posts
    • 162 Thanks
    BVic28
    • #5
    • 10th Nov 19, 4:07 AM
    • #5
    • 10th Nov 19, 4:07 AM
    Thank you Twinklie. Aww I can imagine itíll feel very strange once your youngest is at school. Everyone keeps telling me how fast itíll fly so Iím guessing itís come round quick for you.

    I am lucky to be in the position Iím in, my husband and I have both had supportive parents which meant that we didnít have to rent and could focus on saving a deposit. We also grew up watching how bad both sets were with money and so became much more financially savvy which has helped.

    Thanks for following along

    Ps Iím struggling with the functionality of the forum on my phone - is this common or am I missing something obvious?
    • twinklie
    • By twinklie 10th Nov 19, 11:13 AM
    • 4,321 Posts
    • 11,311 Thanks
    twinklie
    • #6
    • 10th Nov 19, 11:13 AM
    • #6
    • 10th Nov 19, 11:13 AM
    I use the old style forum on my phone because I find the new style far to difficult to use.

    My parents are terrible with money and they were in some pretty terrible financial situations when I was growing up. Despite my dad having a fairly well paying job (30Kish), they have only just paid off their mortgage in the last couple of years (5 or so), Mums in her 70s and Dad late 60s. They still live in a tiny terraced house, in a not brilliant area, have no double glazing or central heating etc.

    As a result I’m probably a bit too far the other way. Still, Id rather that than the alternative.
    Daily mortgage interest Jan'20 - £15.65 Reduction in daily interest - £0.80
    % of mortgage paid off 4.9%
    MFiT-T5 #13 MFW 2031/currently 2037
    2020 goal -Reduce debt by £4K

    • longway2go
    • By longway2go 10th Nov 19, 2:43 PM
    • 165 Posts
    • 368 Thanks
    longway2go
    • #7
    • 10th Nov 19, 2:43 PM
    • #7
    • 10th Nov 19, 2:43 PM
    Thanks for the info re topcash back. I will have a look. Potential looking to switch energy providers so worth a look.

    I'm nearing the end of my ynab trial and think I will sign up.
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • BVic28
    • By BVic28 10th Nov 19, 3:58 PM
    • 90 Posts
    • 162 Thanks
    BVic28
    • #8
    • 10th Nov 19, 3:58 PM
    • #8
    • 10th Nov 19, 3:58 PM
    Oohh how do you find/use the old style forum? I struggle with this one.

    Yeah, Iíd say me and DH are the same as you, we both struggle to spend money on ourselves (although I do not have that problem when it comes to spending money on DS haha)
    • BVic28
    • By BVic28 10th Nov 19, 4:00 PM
    • 90 Posts
    • 162 Thanks
    BVic28
    • #9
    • 10th Nov 19, 4:00 PM
    • #9
    • 10th Nov 19, 4:00 PM
    Hi longway - what did you find most useful about YNAB? Iíve set up a spreadsheet budget so just wondering what/ if thereís anything extra it can give
    • BVic28
    • By BVic28 10th Nov 19, 4:12 PM
    • 90 Posts
    • 162 Thanks
    BVic28
    I do my Tilly tidy on a Sunday so want to get into the habit of posting a weekly update.
    - Tilly tidy - I managed to tidy away £13.51 into the holiday find (ideally saving to take DS to Disney World in 2021 - not sure if weíll have saved enough by then but it hopefully wonít be long after if not).
    - No spend/drive days - Iím trying to increase reliance on the car, particularly while Iím on mat leave, to then squirrel away leftover petrol money into mortgage/holiday/deposit funds. Unfortunately due to the weather and SH not being well so driving to work when heís normally walk, we havenít managed a no drive day. Weíve also only managed 1 no spend day so want to improve on this next week!
    - Spreadsheet fun - DS only slept in hour blocks last night and then was up feeding for between 30 and 60 minutes each time so I had plenty of time to play about with my spreadsheet. I drew a rough floor plan of the house with each cell signifying £125. Iím planning to colour in a cell everyone £125 of capital is paid off. I worked out that we currently own 19%...of the living room (roughly as I havenít even tried to get the drawing to scale). This was initially a bit disheartening but Iím hoping getting to colour the cells in each month and visually see our ownership increase will provide extra motivation.
    • BVic28
    • By BVic28 11th Nov 19, 9:27 AM
    • 90 Posts
    • 162 Thanks
    BVic28
    Realised I forgot to take the deposit into account when working out how much of the house we own, doh! Works out as 46.66% of the living room and 8.43% of the whole house. My main aim is to get this to 10% by next summer so we’re in a better position when we’re remortgaging to pay off the HTB equity loan.

    Mortgage balance: £121,245.32
    Holiday savings: £514.75/£5000 (rough estimate for our 2021 WDW holiday)
    Next deposit savings: £425.21/£10,000 (a long way to go on this one!)
    • BVic28
    • By BVic28 17th Nov 19, 5:37 PM
    • 90 Posts
    • 162 Thanks
    BVic28
    Another small Tilly tidy this week - 3.62 into the house deposit savings. Managed 2 no spend days but no no drive days as DH started work at 4.30am all week so didn’t fancy the hour walk to work. Still, a slight improvement on last week. He still needs to be better. Grocery budget is incredibly tight until payday a week tomorrow. Tempted to join the November grocery challenge to keep me a bit more on track as we relied too much on expensive convenience food this month.

    Mortgage balance: £121,245.32
    Holiday savings: ££514.75/£5,000
    Deposit savings: £428.83/£10,000
    • BVic28
    • By BVic28 19th Nov 19, 11:20 AM
    • 90 Posts
    • 162 Thanks
    BVic28
    I was number crunching through the night after seeing a nice surprise on Zoopla that the market value of the house had increased to £183k. I know that this isn’t completely reliable but using this figure we may be able to sell earlier than expected without having to save another deposit as a sale next year would release £27k equity. This means that we wouldn’t have to pay the ridiculous charges on the help to buy so we’d only pay charges once. This led to me very excitedly checking Rightmove and accidentally finding what looks like our ideal forever home. Unfortunately we wouldn’t be able to afford the fees right now and I’d struggle to get a mortgage while on mat leave. I can keep dreaming though right?

    But, the best bit about all this is that hopefully we’ll be able to move before LO starts school (we’re looking to move to a better catchment area) which initially didn’t look possible! (Although I’m trying to remain realistic as who knows what’s going to happen with Brexit!)
    • longway2go
    • By longway2go 19th Nov 19, 2:22 PM
    • 165 Posts
    • 368 Thanks
    longway2go
    Hey,

    All sounds positive. In relation to mortgage we got ours with tsb and had to I think just write a letter to say my intention was to return to my same job on the same money.

    How long have you got keft on mat leave.

    I always crunch figures in the middle of the night ��
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • BVic28
    • By BVic28 19th Nov 19, 3:45 PM
    • 90 Posts
    • 162 Thanks
    BVic28
    Ohh no...you saying that had got the cogs turning to see if we could shuffle things around. I’m tempted to view this house (it is really lovely and ticks everything I wanted, wouldn’t even need redecorating when we moved in) and get a couple of valuations on our house just to see what the outlook is. I’m the type of person that when I get an idea in my head I have to follow it through until someone tells me it’s not possible. While ever there’s a small chance it might be possible I won’t be able to stop thinking about it haha.

    You’ve certainly got me thinking LWTG! I’ve got 6 months left, but I averaged my wages across the mat leave so my wages won’t drop now before I go back.
    • longway2go
    • By longway2go 19th Nov 19, 8:16 PM
    • 165 Posts
    • 368 Thanks
    longway2go
    You do sound more and more like me each post lol

    Only you can make the decision but if its the dream house then I would have a look and investigate options. It will take a while to move anyway and 6 months isn't 2 long in the grand scheme of things.
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • BVic28
    • By BVic28 19th Nov 19, 9:25 PM
    • 90 Posts
    • 162 Thanks
    BVic28
    Seeing as the valuation is free I figure there’s no harm in finding out what our house realistically would be worth...
    • longway2go
    • By longway2go 19th Nov 19, 9:50 PM
    • 165 Posts
    • 368 Thanks
    longway2go
    Exactly haha
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

    • BVic28
    • By BVic28 21st Nov 19, 8:02 PM
    • 90 Posts
    • 162 Thanks
    BVic28
    After a lot of number crunching I’ve had to accept that now isn’t the right time to move house. There’s no way we’d be able to afford the mortgage right now and I’m wanting to go back to work on less hours so we don’t want to be stretching ourselves. But this has made me more focussed on making mortgage overpayments where I can so that we can release more equity when we sell! We’ll also continue saving up in a separate fund for fees etc. Hopefully by this time next year (I get an annual pay increase) we might be in a better position!
    • longway2go
    • By longway2go 21st Nov 19, 11:01 PM
    • 165 Posts
    • 368 Thanks
    longway2go
    Sorry that you have come to the conclusion but good news it's made you more focused. Enjoy your mat leave and review next year like you said.
    Mortgage Aug 2019 161,000
    Nov 2019 156,500 Jan 2020 153,122

    Our Mortgage is never going to be as high as it is today.
    Onwards and downwards to a better life for our family.

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