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Freedom for the future

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  • Not really one for NY resolutions.... but am going to have some financial aims this year.

    I'm going to try and spend more time on prolific (the only survey site I do now, as VO got tedious. might just try and get my final payment from them as currently at £9, but it takes soooo long!).

    I use the prolific money to pay for daughter's friends presents. The amount of parties is crazy! last year I spent £267.37 on 'non family' presents but used Prolific money so the real cost to me was £52.19, an average of £2.49 per present. I'm going to try an beat that this year!
    I also hope the number of parties calms down... they tend to start having smaller parties now (she is 6) fingers crossed. That means I can put some of the 'free money' to next Christmas.

    I've gt over £15 in there already and the first party of the year is later in Jan, so already starting with a 'free' present :T

    let's see if I can keep this up when I get back to work :rotfl:

    Still not decided on SIPP V S&S ISA....

    Itching to start Tilly Tidying / following AFK's method, but I've closed the books for 2018 and waiting till 1st Jan so it's all going into the OP pot at the mo.....

    Have a great day everyone!

    MM
    X
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • julicorn
    julicorn Posts: 2,279
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    Thanks MM :)

    I love the idea of using the prolific money for a specific purpose! My husband puts his towards a little short film project he's working towards, and I think having a goal like that in mind makes quite a big difference. And offsetting all that present money with it is such a good idea.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • So, I thought I would take a look at progress this year from start to finish and it looks something like this:

    Mortgage 1 - £210,224.06 / £190,800.42 (today)
    Mortgage 2 - £76,600 (March) / £74,321.84 (today)
    CCs (all 0%) - £10, 671.93 / £5,986.98


    On top of this I paid off my car (circa £17,300)

    Not a bad effort this year. I'd love to replicate that in 2019!

    I'm off to take a look at OPs and the effect they will have this year.... Im really so addicted !

    Have a good evening all.

    MM
    X
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • Evening all,

    Hope your New Year is exactly what you want it to be.

    I'm having a lovely quiet night with my little one.... I had to work today, so she was entertained by Daddy, and now I'm having my share of time and cuddles....

    I made a decision to start investing in my future as well as paying down the mortgage, so as soon as I logged on this morning I increased my pension payment to 15%. Employer pays 5% so that's a total of 20% going in now. :T

    I also have a pension form my last employer - not much but about £60k in there. I cant decide what to do with it. Seems pointless to leave it sitting there and I cant proactively manage it. Was wondering whether to either transfer it into my current pension of invest in a SIPP. Any advice?

    The next thing I want to look into is S&S ISA... again I am not really up on these, so keen to get thoughts from you people. I'm also following a thread on the pensions board so see what that throws up.

    Well, until the mortgage goes out tomorrow there isn't much to report, so I will say a Happy New Year to you all and hope all your financial goals are met in 2019!

    MM
    xx
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • Good morning and HNY everyone!

    Lazy start to the day.


    Just had lunch, and now off t the park for some much needed fresh air.


    MFW-wise both mortgage payments have gone out, along with an OP of £670 (already hit the monthly amount needed for my OP target this year. I've tilly tidied £1.84 and moved £2.11 form interest on bank account into its pot.


    Pots currently look like this:
    Food £406.22
    Petrol / Car £204.20 with work expenses submitted yesterday (£145 ish)
    Xmas leftover £137.53
    Days out £64.64
    Clothes £52
    Annual bills / insurances £252.65 (house insurance due this month)
    Interest from bank accounts £65.47
    Tilly Tidies £1.84
    Free money (Prolific) £15.45

    Not too bad ….. needs to decide if I am going to OP the interest or use it as 'free' money for things like presents / annual bills.

    Right, off to the park.....cooking dinner later :)

    have a lovely day everyone

    MM
    x
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • So the mortgage payment and OP finally registered - now standing at £189,188. Finally under the 190s :j

    Even with the interest we wont go back into the 190s no. yay!

    Id like to get into the 170s by the end of the year - with no more OPs it will be April 2020. That's not going to get me to target!

    Yesterday I started clearing out my wardobe….. found some clothes with labels on still (fat face and others) but I just know I am never going to get into them, so off to the charity shop they went.

    I have a load of Karen Millen and some kids Ted Baker to sell... hopefully make a bit form those which can go towards the OP.

    Been to the safari park today with the little one. Had a great time, it's one of her favourite places. Took lunch and drinks so spent nothing and the entrance was covered by last months - yes last moths - days out budget, so still got this months to spend if needed.


    Still need to decide about the pots and whether to OP - house insurance is due in 2 weeks, so as long as there is enough in that pot then I will OP some of the Christmas budget remaining.

    Right, starting on dinner...… Bolognese tonight, yum.

    Have a good weekend all!
    MM
    X
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • Happy weekend!

    So far I have made my basic OP only, which was £670, this month. I may be able to do more towards the end of the month - waiting interest on bank accounts etc.

    Anyway, controversially I set this months OP to reduce my minimum payment. I know most people would recommend reducing the term in order to achieve the MF objective, but I figure if I am going to be doing this by myself and taking on additional bills, such as the utilities, I wanted to protect myself and get my basic minimum payments as low as possible. So this will be my instruction to the bank for the foreseeable. You never know what will happen with work either...…

    Caveated though with the fact I still assume my minimum payment is the original payment and then OP on top of that - IYSWIM. So I'm not just paying the reduced minimum.

    This month the minimum reduced by £5.34, so over time it has a big impact. I shall do this for the year and see where I end up.

    I've increased my pension contribution to 15% and my employer pays 5%, so that's a nice chunk going in every month. Keen to see how that impacts it and the future projection, but things seem to have taken a nose dive in the last few months. One of my pensions has lost over £3,300 in the last 2 months. Not an issue long term, I hear people cry, but I was looking to take that out an d invest it elsewhere as it's useless sitting where it is, and isn't a huge pension. I shall sit tight for now and see if it recovers.

    Currently, my pension pot is £138k lower than what I really want it to be.....lots to do there.

    At long last I am due some bonus this month....been a fair few months without it. This isn't a big one, February should be a lot better....but it will all be split between OP and savings. Need to build up my cash reserves. only sitting at £4,139 ATM. Not overly worried as still a big pot in place for the extension and work on the house, so I can call on that, but want to build my pot up before that all disappears :)

    Right, I had better go and get the shopping done whilst DD is at dance class.

    Then it's haircuts this afternoon and sadly a lot of spelllings to learn. Yr 2 SATs are approaching (which I find particularly annoying and useless, merely serving to stress parents out with a load of extra work!), so the homework is ramping up in advance. Pointless, and they are getting rid of them in a few years... but don't get me started !


    have a good weekend all

    MM
    X
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • shangaijimmy
    shangaijimmy Posts: 3,796
    Name Dropper First Anniversary First Post
    Forumite
    Anyway, controversially I set this months OP to reduce my minimum payment. I know most people would recommend reducing the term in order to achieve the MF objective, but I figure if I am going to be doing this by myself and taking on additional bills, such as the utilities, I wanted to protect myself and get my basic minimum payments as low as possible. So this will be my instruction to the bank for the foreseeable. You never know what will happen with work either...…

    Caveated though with the fact I still assume my minimum payment is the original payment and then OP on top of that - IYSWIM. So I'm not just paying the reduced minimum.

    X

    We're the same. I'd rather keep the term the same for now and reduce the liabilities should anything happen in the future. We also have the same payment and OP assumptions which serves our planning for paying off early when the time is right (provided we have no life scares).

    Good luck with your journey.
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34

    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
    1% Mortgage Challenge 2022 - £157.59 of £650
  • Thanks for popping by Shangaijimmy….. maybe it's a northwestern thing :rotfl: Good to know Im not the only one thinking like that.

    Once I get to about 900 per month I think I will relax a bit. Quite some way to go though!

    So far a very spendy weekend. Went out or dinner and drink with friends last night - could have been worse, £45 and it's not often I do it. Treated myself to some new clothes. haven't really spent on myself in a year, and having given a lot to the CS last week I decided to replace some things. I desperately needed work stuff too.


    DD needed winter riding jodhpurs and gloves this week - and the cat that we rehomed a week ago needed some TLC. Poor thing is so timid, not had the best start, but slowly coming round. Anyway Pets at Home have benefitted hugely! I'll get some surveys done to pay for it :rotfl::

    Hairdresser for DD in 25 mins - that wont cost much, but then it's home and comparison sites for house insurance. At least the money is there for that.


    Waiting to see if T@sco come up good with CCTV as well. SOme woman reversed into me in their car park just before Xmas. I was already reversing, and saw he coming, she didn't stop, where as I did but somehow she didn't hear me beeping her,.... don't know how it was loud enough, Anyway, she hit me and now is denying responsibility. Apparently she doesn't want to claim for hers - no wonder it was just the light casing, but she's damaged two panels on the back of my car, so I ant see that being cheap at Land rover. If i cant get the CCTV to demonstrate liability it's either split and we both get penalised or I pay for it myself and don't claim. Grrr. really annoys, me.

    Oh, well, I shall find out soon enough I guess.

    happy Saturday all!

    MM
    x
    O'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,788
  • greent
    greent Posts: 10,668
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    I never officially reduced the term of our mortgage at any point, either (just kept track of the expected new date via spreadsheet) - it meant that our 'official' monthly payment at the end was £8.34 (or thereabouts - under £10, anyway!!) :D Worked well for us :) xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
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