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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 11:18 AM
    • 3,151Posts
    • 16,125Thanks
    shangaijimmy
    New Diarist - Attacking the Banks!
    • #1
    • 13th Mar 15, 11:18 AM
    New Diarist - Attacking the Banks! 13th Mar 15 at 11:18 AM
    Hi all - Thanks for popping in and helping me to stay motivated.

    This is the 5th version of the opening post (July 2019 - 52 months into this diary/challenge), but is reflective of where we are currently at. Lots has changed since starting this MF journey, not least adding a 3rd child to our household!

    Initially this was to be a 120 payment challenge which would knock 11yrs off our initial draw down of 30yrs. As we made rapid progress through scrutinising every little element of our finances I was then hoping that I could sneak under 100 payments. However after our 3rd remortgage since the start of the diary challenge (5yr fix at 1.99% in Feb 2019), I then started to switch some focus towards accelerating our pre-retirement and pension provisions. This causes a slow down in MFW quest by adding another 68 payments at least but causes a significant uplift in our longer term financial well-being, and a better use of our little money soldiers.

    Whilst this post details my current goals it seems a shame to ignore previous achievements, so I've summarised them below:

    Achievements - 55 payments
    • Balance - £78,573.28
    • Diary Reduction Total - £57,426.72
    • Cumulative Overpayments - £31,430.65
    • Monthly Average Overpayments - £571.47
    • Monthly Average Net Reduction - £1,044.12

    Targets for 2019
    • Feb 2019 - £84,400 (end of year 4) - Actual £84,499.18 (£99.18 behind)
    • July 2019 - £80,000 - Actual £79,933.35 (£66.65 ahead)
    • Dec 2019 - £77,000
    Last edited by shangaijimmy; 10-10-2019 at 1:11 PM. Reason: Updated Financial Priorities - July '19
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
Page 158
    • Suffolk lass
    • By Suffolk lass 17th May 19, 7:56 AM
    • 3,307 Posts
    • 29,401 Thanks
    Suffolk lass
    Re children - I took out a life insurance endowmwnt policy for DS when he was 3 for 20 years - having blown much of the hard-earned money my parents saved for me at the age of 18 I just did not think that was old enough. That doubled by contributions and worked well but requires a committed amount each month. My Mum's will also stipulates 26 before funds are released to grandchildren. You could also look at NSI Childrens Bonds that can be taken out for five-year increments that auto-renew up to age 16 (so timed right, can run until nearly 21). I share(d) your pain. DS will be 27 at the end of the month and now saves regularly - car - holiday and long term pots (the latter is his S&S ISA). He is about to embark on a training course for a side-hustle that he just 'has' the money for - that is a pretty powerful persuader. Presumably the Mrs SJ ISA idea is about retaining control? - seems like a good idea for that reason.
    Save £12k in 2019 - #68 target is £7k £8,766.30 after Sep
    OS Grocery Challenge 2019 target £3k - 57.28% spent after Sep
    Mortgage Free Wannabes 2019 #37 108.23% £43,292.24 including Sep - reducing now to avoid fees
    MFIT T5 target to clear our mortgage completely (£59,998) Q2 £30,085 or 50.14% paid
    My DFD is here
    • shangaijimmy
    • By shangaijimmy 17th May 19, 9:24 AM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    Presumably the Mrs SJ ISA idea is about retaining control? - seems like a good idea for that reason.
    Originally posted by Suffolk lass
    I confess...i need to have control!
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
    • shangaijimmy
    • By shangaijimmy 18th May 19, 9:43 AM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    So quite a lazy morning. 2 boys playing upstairs together and Mrs SJ and DD nipped for some food shopping, so i managed to get a quiet episode of game of thrones in (I've nearly caught up with this series). DS2 is just having some breakfast be we head off for his football match.I then have a little bit of work to do this afternoon alongside visiting my grandma. We have friends coming round this evening so looking forward to a nice evening. It'd be great if its warm enough to sit outside in our freshly cleaned and cemented patio, adorned with gloriously filled plant pots!!
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
    • teapot2
    • By teapot2 18th May 19, 4:06 PM
    • 2,512 Posts
    • 10,805 Thanks
    teapot2
    Patio sounds lovely, hope it stayed warm, weather freezing again up here - bit of a shock after the lovely warm days
    • greent
    • By greent 18th May 19, 7:28 PM
    • 8,194 Posts
    • 83,248 Thanks
    greent
    I control all of the 'bigger' amounts of money for all 4 of our children - and DD is 21 - between the 4 there's a mix of NSI fixed term/ rate bonds, PSBs (small amounts - and they regularly win £25 each, so do ok), CTFs (I know.... I should change them!), 'normal' / kid savings accounts. I have the logins and passwords where necessary. The eldest 2 (21 and 19 and both at uni) are happy that I have control but the money is in their names, but they don't know where! - it means, though, that it's clear the money is theirs and not part of my/ our estate should something happen. There is also money set aside in an account in my name (added to monthly) which is used to top up their student finance (usually termly), so they still get financial help too.
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £3757/£5K
    Net sales 2019 £518.64/£500
    • shangaijimmy
    • By shangaijimmy 19th May 19, 4:13 PM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    Greent - I'm following your lead and retaining control of the kids pots. In principal the savings is for the kids University ventures so its' going to be 1 pot/fund, so I have a little task to do as their current savings accounts are passbook based. I do need to nip into our town this week to do some work banking so I'll pop into Nationwide whilst I'm out.

    Well we managed to get outside for a few hours last night. It wasn't exactly warm, but with jackets on, blankets wrapped on the outside and alcohol warming/numbing is from the inside it was totally fine. Needless to say Mrs SJ has been in a bodybag all day! Gin has taken its toll. I on the otherhand am totally fine. Bed at 3, up at 7, off to work at 10 and home for 4.30pm. I'm feeling a tad jaded now though and am counting the minutes till bedtime.
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
    • chumpy45
    • By chumpy45 19th May 19, 6:10 PM
    • 453 Posts
    • 1,986 Thanks
    chumpy45
    Patio sounds fab. Can't wait to be out on ours in the sun with a glass of wine again, but it is grey and cold here today. We created a slate area with mediterranean plants and seating last year, and I just loved being able to say "just off to the Med for a glass of vino". I too control DS4s money. A CTF converted to a JISA is building nicely for Uni or whatever he decides to do after A Levels.
    Starting Mortgage 01.08.08 £171,209.24. 01.08.16 £42,418.93; 01.10.16 £40,119.5 01.02.17 £36,584.00; 01.04.17 £34,694.71 09.06.17 £32,828.89 MFW Target date Sept 2017; :) 06.08.18 £24,769.47 01.11.18 £23,825.00 22.01.19 £21,990.00 06.02.19 £21,200 03.03.19 £19,862.9301.05.19 £18,509.63 01.08.19 £16,750.00 01.10.19 £15,400.00
    • CathT
    • By CathT 20th May 19, 5:47 AM
    • 6,213 Posts
    • 43,192 Thanks
    CathT
    We have invested a little bit of money into making our garden more appealing and inviting. Just need a glorious summer now to truly enjoy it.

    Re: Children’s savings this is an area I always mean to focus on. When dd was born 10 years ago she had a 10% regular saver account! Dd has a CTF transferred to an ISA (ds missed out by a few months) they have savings I move to high interest accounts (was t3sco and now nationwid3£) and passbook accounts with pr1ncipality but that is more for them to save and spend. Money absolutely burns a hole is dd's pocket so some gentle lessons needed over the next few years.
    Oct 2019 - part 1 - £66,785 part 2 - £42,678
    Total - £109,463 97 months to go!
    • shangaijimmy
    • By shangaijimmy 20th May 19, 8:29 PM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    Thanks Chumpy and CathT. It seems that being a MFW means that we are all money control freaks! I do intend on teaching the kids some money controls in the future (maybe Mrs SJ will pick up a few tips), but for now I'm classing it as our money to help them in the future.

    I counted our small change jar out last night, changed it for a £10 note in work and have OP'd the £10. Just need to find an extra £6 now before end of the month and round the monthly OP total to £500. This will be the first month of adding £300 to our S&S Isa rather than all going to OP fund...month 1 of a 20yr quest (now that's a long diary)!
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
    • debtfreeoneday
    • By debtfreeoneday 24th May 19, 10:36 AM
    • 3,061 Posts
    • 10,593 Thanks
    debtfreeoneday
    You are continuing to do so well in your MF quest! Well done you guys!
    DFW (08/08) £64,346.53 Gone for good (02/19)
    MFW (01/15) £77,993.33
    • shangaijimmy
    • By shangaijimmy 25th May 19, 7:36 AM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    Thank you debtfree...we keep pushing on.

    Well it seems like its been such a long month with me waiting for payday. So it's finally arrived and I was alarmed that my expenses had added up to £262 , so no wonder I was feeling like money was ridiculously tight, and we are awaiting a further £50 off Mrs SJ expenses (another 6 days to wait for her payday). Thankfully this months expenses are only about £15.

    Bank holiday weekend means that money will sit in current account an extra day before paying out day arrives.

    Well my hayfever has arrived with avengance this week. 2 horrific days when pollen count was low I know that this is the start of a horrid 6 weeks for me.

    I have a couple of half days of work this weekend so no real bank holiday plans. Though we are planning to get to cinema to watch John Wick 3 (I have a voucher from my birthday so very MSE).
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
    • A Frayed Knot
    • By A Frayed Knot 25th May 19, 7:52 AM
    • 2,925 Posts
    • 12,971 Thanks
    A Frayed Knot
    I actually used to hate the bank holidays only for the reason when the mortgage was due it didn't get paid asap.

    Hayfever has hit, but only the sneezing for me, although I did hear, 6 week scorcher on the way, not sure if that's a or
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Mortgage Free 21.12.18
    MF March 2030Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • shangaijimmy
    • By shangaijimmy 26th May 19, 8:20 AM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    A little bit of work for me this morning but that's all. Intentions are for a lazy afternoon with a good dog walk mixed in.

    5 days till accounts day posting which is our favourite time of the month and a few money shuffles to savings. For the last 12 months we've 'played' at our S&S Isa with £30 a month going at in to get comfortable with how it works, but now marks the start of our pre retirement/pensions draw down planning. So on Tuesday (delayed due to the bank holiday much to AFK's annoyance) we start by throwing £300 a month into our Vanguard fund.
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
    • Karmacat
    • By Karmacat 26th May 19, 8:35 AM
    • 32,418 Posts
    • 191,622 Thanks
    Karmacat
    Wow, thats revving it up several gears at once brilliant!
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    • shangaijimmy
    • By shangaijimmy 26th May 19, 12:02 PM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    It does appear quite an acceleration but I assure you it is measured and planned. I always intended to start working on this pre-retirement aspect once we had knocked £50k off our mortgage balance.

    Initial focus was to reduce our mortgage commitment to a more acceptable level and 2021 was always the goal because of my works funding situation. We've gotten there 2 years earlier than i thought and we are now on a 5yr fix with a good interest rate secured at 1.99%. So it makes sense to use our cash for investments.

    There is a huge decision making dilemma towards how we weight our OP's and S&S Isa. We really enjoy seeing out mortgage balance reducing and this gives us immense motivation to keep making wise spending decisions, despite me understanding that its perhaps not the most money efficient tactic. So I considered a 50%/50% approach to our allocated cash. However I'm then conscious that the house will form part of our retirement pot as we intend to downsize and free some money so in theory OPing is both MFW and pre-retirement planning!

    In the end I opted for £500 (62.5%) to OP and £300 (37.5) to S&S Isa. Any extra's that come along will go to mortgage.

    I'm very open to these amounts adjusting, but it does help me with the decision making turmoils. So looking forward to 2 compound effects; 1 on the mortgage and 1 on our investing.
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
    • shangaijimmy
    • By shangaijimmy 26th May 19, 8:43 PM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    Car tax paid tonight (i hate everything about spending on cars), then rounded up a £5.01 of interest current accounts and promptly OP'd them. Our monthly OP total for May is currently at £492.42. We have 1 more current account to pay interest on 29th so I'll OP that and then round up the rest as a little present to get to £500 for the month.
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
    • debtfreeoneday
    • By debtfreeoneday 27th May 19, 6:38 AM
    • 3,061 Posts
    • 10,593 Thanks
    debtfreeoneday
    Well done on the OP's. We have just done our car insurance and I hate spending the money, but did manage to get over £100 off the renewal and hopefully £29 cashback to come as well!
    DFW (08/08) £64,346.53 Gone for good (02/19)
    MFW (01/15) £77,993.33
    • Jessy103
    • By Jessy103 29th May 19, 5:59 AM
    • 563 Posts
    • 2,306 Thanks
    Jessy103
    Hi SJ. It's been great catching up on your diary. Congrats on the OPs!
    • shangaijimmy
    • By shangaijimmy 29th May 19, 7:06 AM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    We too have car insurance approaching at the end of June so a nice possibility of some cashback there as well, fingers crossed. I keep logging in and checking my new Natwest account waiting for our switch bonus too!
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
    • shangaijimmy
    • By shangaijimmy 31st May 19, 5:54 PM
    • 3,151 Posts
    • 16,125 Thanks
    shangaijimmy
    Well a quick post whilst having my post dog walk brew, and before i get showered & shaved for a 50th tonight. Have to say I'm not totally enthusiastic given I will literally only know 6 people there and 4 of them live in my house!! But hey ho...buffet and beer I suppose!

    A few financial updates. Pension transfer has all gone through and was suprisingly seamless and easy to do. Salary sacrifice was all sorted with my work. Mrs SJ finally got paid and we are now pretty much even again. Just £50 expenses owed for Mrs SJ which should credit early next week.

    I then had a thought (and have been cursing myself ever since for not realising) that now we are way ahead on our original mortgage schedule, our level of mortgage insurance was too high. So i've checked and our mortgage balance is ahead of the decreasing term level of insurance cover by nearly £40k! So I did one of those live chat thingy's and have readjusted the policy and the monthly premium has ended up being 1/3 less. As of next month I'll redirect that £10 saved as a mortgage OP. A Nice little bonus to the funds and all helps that snowballing compound effect.

    Right Mrs SJ is mithering that we're heading out in 10mins and I'm still on the couch unshaven and in work clothes...
    Last edited by shangaijimmy; 31-05-2019 at 10:09 PM.
    MFW: Turning June 2036 into something less...
    54 months - Total Reduction: £57,426.72
    Was: £136,000..........Now: £78,573.28
    MFiT-T5 #8 - 28.06% of £23,000
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