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  • FIRST POST
    • GlendaSugarbean
    • By GlendaSugarbean 13th May 19, 7:03 AM
    • 588Posts
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    GlendaSugarbean
    Simple, sustainable and slow: Glenda's MF marathon
    • #1
    • 13th May 19, 7:03 AM
    Simple, sustainable and slow: Glenda's MF marathon 13th May 19 at 7:03 AM
    I've been lurking about the mortgage and debt-free boards on here for a while, so decided it was time to start my own diary .

    Background: after a few rocky years due to kids and illness, I'm now in possession of my own home (finally, in my mid 40s) and a shiny year-old mortgage with a 25 year term. As I'd prefer to be without mortgage payments into my late 60s, I've started OPs. I'm the main wage earner for my little family, the mortgage is in my name only (DH covers part of the household bills), and I don't have a huge amount of cash to spare. Hence the theme of simple, sustainable and slow (much like my RL exercise routines ).

    Simple: I started with a regular 37 monthly OP (rounding my monthly DD to 800), and after a year I have now upped this to 850. I'm topping it up with weekly TT, aiming for around a tenner a week. If I can find more spare in my monthly budget I will up this again.

    Sustainable : rather than throwing everything at the mortgage (much as I'd like to), I'm also building up my emergency fund and have savings pots for home maintenance, holiday spending, Xmas and birthdays. I've also cleared my CC and overdraft and do not intend to get into any more debt if I can possibly help it!

    Slow: One year on, and if I carry on with the current OPs my mortgage term reduces by about 3 years. I'm not going to be able to pay it off quickly without some major windfalls. So the aim of this diary is to keep me focused and accountable as I slowly chip away at the total.

    Will be back later to update my plans for the rest of the month .
Page 1
    • GlendaSugarbean
    • By GlendaSugarbean 13th May 19, 7:24 PM
    • 588 Posts
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    GlendaSugarbean
    • #2
    • 13th May 19, 7:24 PM
    • #2
    • 13th May 19, 7:24 PM
    Toolkit: the usual stuff! Weekly tidying of the pennies into an OP pot using YNAB, keeping a close watch on the grocery budget, NSDs and LSDs. Managed my first NSD of the week today. I also use Monzo for my weekly spending, and round up any spends into a separate savings pot.

    Trip hazards: impulse spending, especially on requests from the kids. I work full-time, so it's tempting to spend on fun activities at the weekends. We have loads of free entertainment options, so I need to make better use of them.

    Status report:

    Mortgage 166,037.20 / 171,000

    Emergency fund 1620 / 5000
    • NorthernMonkey1
    • By NorthernMonkey1 13th May 19, 8:08 PM
    • 290 Posts
    • 1,100 Thanks
    NorthernMonkey1
    • #3
    • 13th May 19, 8:08 PM
    • #3
    • 13th May 19, 8:08 PM
    If you get a yearly pay rise, every year, increase what you pay off by your pay rise amount. You wont notice that you didn't get a pay rise, but your mortgage will
    • Kat78MFW
    • By Kat78MFW 13th May 19, 8:57 PM
    • 88 Posts
    • 139 Thanks
    Kat78MFW
    • #4
    • 13th May 19, 8:57 PM
    • #4
    • 13th May 19, 8:57 PM
    Hi Glenda - love the name of your diary. You are making fab progress and I will be following with interest.
    Current mortgage (March 19) 54 943 (5yr fix since Jan 18 Interest Only 1.99%)
    Current monthly payment 799 (109 interest and 690 repayment)
    Current Mortgage Free Date March 2025
    Opening mortgage balance June 2002 - 114 000
    Re-mortgage May 2007 118 000 (borrowed extra 14 000 to pay loan back to BIL+SIL)
    Agreed repayment date May 2027
    • GlendaSugarbean
    • By GlendaSugarbean 14th May 19, 5:49 AM
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    GlendaSugarbean
    • #5
    • 14th May 19, 5:49 AM
    • #5
    • 14th May 19, 5:49 AM
    Northernmonkey: that's a good idea, but my pay rise this year has gone to increasing my pension, as I need to make up for a few years of part time work and low contributions. Now up
    to 8% (which my employer matches), so next year I'll think about splitting it - good plan .

    Kat: it feels like very slow progress! Bit if I can find an extra 50 a month, I'll be OPing 1% of my mortgage over the next year. It's s start!
    • GlendaSugarbean
    • By GlendaSugarbean 14th May 19, 6:02 AM
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    GlendaSugarbean
    • #6
    • 14th May 19, 6:02 AM
    • #6
    • 14th May 19, 6:02 AM
    Have paid that pesky 36.20 off, making the mortgage a nice even 166,000. A week until I get paid but I have cash left over for groceries and a bit extra.

    Next pay day will show my increased mortgage DD but the pension changes don't kick in until the month after, so no idea what my take home pay will look like (maths, not my strong point).

    Now at 46.20 OP so far this month .
    • GlendaSugarbean
    • By GlendaSugarbean 16th May 19, 9:30 AM
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    GlendaSugarbean
    • #7
    • 16th May 19, 9:30 AM
    • #7
    • 16th May 19, 9:30 AM
    It's been a mixed couple of days, weekly grocery shop cafe in under budget but I've had a few unexpected spends and still on 1 NSD this week. Must do better!

    Will think of cheap and cheerful party ideas for the weekend as we are hosting Eurovision .

    I hate the week before payday. The less spare cash I have, the more I want to spend.
    • GlendaSugarbean
    • By GlendaSugarbean 17th May 19, 5:50 AM
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    GlendaSugarbean
    • #8
    • 17th May 19, 5:50 AM
    • #8
    • 17th May 19, 5:50 AM
    I'm using the Monzo app to round up my spends into a mini savings pot - at a whopping 3 so far this week
    • GlendaSugarbean
    • By GlendaSugarbean 18th May 19, 7:06 AM
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    GlendaSugarbean
    • #9
    • 18th May 19, 7:06 AM
    • #9
    • 18th May 19, 7:06 AM
    Chugging along until I get paid next week and the New Plan can commence .
    • A Frayed Knot
    • By A Frayed Knot 18th May 19, 9:03 AM
    • 2,824 Posts
    • 12,659 Thanks
    A Frayed Knot
    Great idea - rounding off and rounding down - it all helps.

    Every time I op'd, I thought to myself, "I'll not be paying interest on that - ever again"
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Mortgage Free 21.12.18
    Just 11 Years 3 months early
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • GlendaSugarbean
    • By GlendaSugarbean 19th May 19, 7:20 AM
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    GlendaSugarbean
    That's a great motivator A Frayed Knot. I think I need to play around with some interest calculators.

    Confession time: budget has had to be tweaked due to a slight overspend ... on our Eurovision party
    • julicorn
    • By julicorn 19th May 19, 8:21 AM
    • 748 Posts
    • 3,128 Thanks
    julicorn
    Confession time: budget has had to be tweaked due to a slight overspend ... on our Eurovision party
    Originally posted by GlendaSugarbean
    Snap!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 170,300
    • GlendaSugarbean
    • By GlendaSugarbean 20th May 19, 5:25 AM
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    GlendaSugarbean
    Juliecorn We make our own celebrations - and one of mine is the Feast of Eurovision
    • GlendaSugarbean
    • By GlendaSugarbean 20th May 19, 5:35 AM
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    GlendaSugarbean
    Budget review before I get paid tomorrow:

    Good: additional mortgage OP of 42.26

    Bad: topped up fun money budget (40) and groceries (30) - these categories were fully funded, so that's 70 that could have gone to OPs or the emergency fund

    Challenges: focus!

    - Get through half term without too many additional spends

    - Stick to the grocery budget

    - Top up the savings pots as well as making OPs

    My salary amount is already showing as a pending transaction in my current account, but I'm being good and not entering it into YNAB until it's cleared .
    • BachSoon
    • By BachSoon 20th May 19, 6:10 AM
    • 121 Posts
    • 202 Thanks
    BachSoon
    Great start to a diary. I am hooked already

    I will cheer you on
    • mumof3.12kindebt
    • By mumof3.12kindebt 20th May 19, 1:57 PM
    • 589 Posts
    • 1,554 Thanks
    mumof3.12kindebt
    Good luck. Will be following your journey
    June 2017 16000 debt
    Sept 2018 Loan paid off
    Nov 2018 DEBT FREE
    • GlendaSugarbean
    • By GlendaSugarbean 21st May 19, 5:35 AM
    • 588 Posts
    • 4,346 Thanks
    GlendaSugarbean
    Thank you Bachsoon and Mumof3

    Pay day finally! Although the healthy income figure soon disappears when I start updating YNAB . Anyway, the monthly budget is set, with a bit extra in groceries (5 week month) and fun money (half term). My monthly DD has increased, but thanks to my increased pension payments not going out yet I had a bit spare for a cheeky OP of just over 50.

    Current balances below. The aim for this month is to stick to budget, plus try to save around 10 a week for OPs. Aiming for a minimum of 10 NSDs.
    • GlendaSugarbean
    • By GlendaSugarbean 21st May 19, 5:40 AM
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    GlendaSugarbean
    Situation report:

    Mortgage: 165,430 / 171,000

    Emergency Fund: 1700 / 5400

    Savings pots topped up and extra school trip budgeted for .
    • GlendaSugarbean
    • By GlendaSugarbean 24th May 19, 6:36 AM
    • 588 Posts
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    GlendaSugarbean
    So last night I applied for a new CC . Justification is that it's a reward card tied to my current account, so I can use it for w everyday spending and then pay off in full every month. I use YNAB, so as long as I'm good at tracking all my spending it should be manageable.

    I was expecting a credit limit of a few thousand, which is all I need. Came back with an approved limit of 12,000

    WHAT DO THEY THINK I'M GOING TO BUY AT A RATE OF 21% APR??

    No wonder it's so easy to get into unmanageable debt! Anyhoo, once the card arrived I'll be calling them to reduce the credit limit pronto. And I ticked the boxes for no credit increases without faking me and to pay off the balance in full by DD.

    Jeez. Am feeling very old and crotchety this morning about it all.

    Next q: should I cancel my 0% money transfer card? It's been useful in the past but I can't see me needing more than one credit card and it's been paid off for months.
    • GlendaSugarbean
    • By GlendaSugarbean 24th May 19, 6:38 AM
    • 588 Posts
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    GlendaSugarbean
    That should be without ASKING me. Still haven't figured out editing on my phone. And get off my lawn
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