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  • FIRST POST
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 13th Jul 17, 7:39 PM
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    wishingthemortgaheaway
    Taking it slowly, but doing it well.
    • #1
    • 13th Jul 17, 7:39 PM
    Taking it slowly, but doing it well. 13th Jul 17 at 7:39 PM
    Good evening all,

    I'm rejoining this thread and you lovely people after a break of a few years.

    I've got a new user name, but only because I can't get back into my old account. (My old diary was called 'Today is not a NSD'

    I've kept the start of my username the same, so it's still a big wave hello from me, Wish.

    A quick (I promise) update from me.

    I'm about to turn 35 (still wish I was 25)

    I now have a 1 year old little boy - Pickle

    I'm currently on extended maternity leave/career break/unemployed (I took the statutory maternity pay from my high pressured, long hours, no social life job, handed my notice in whilst on mat leave and , because I didn't take any occupational maternity pay, I didn't have to repay any money. )

    Husband is still a freelance audio visual engineer in the entertainments industry

    Still in our 2 bed Victorian terrace, which we still love.

    We still want to be mortgage free, but it's going to take a little longer than we thought when I was last here.

    So, why am I back?
    I need some motivation and some accountability, need to get back on the no spend days. Need to curb some bad financial habits that have crept back in.
    Need to lose some weight - nsd will help by no cake shop stops or treats from the discount supermarket at the end of the road.

    I'm at the end of my maternity savings.

    When I found out I was pregnant I stopped overpaying the mortgage and diverted all that cash into a maternity leave 'fund' to that I added my statutory maternity pay as it came in, 5k from an inheritance and a 5k gift from my parents.
    The total of those savings have allowed us to live as we were for 15.5 months without hubby having to contribute anymore to our household expenses than he had previously.

    I am very pleased with what we have achieved. But, that 'half month' is August and then the money is gone, I have no income and we will have to manage on hubby's self employment earnings.

    I am meant to be applying for agency work, in my field, for 3 days a week from September. It's not happened yet due to hubby being run off his feet with work. I'm not worried about this, I will sort it when I can.

    We have no debts, other than our mortgage (which currently stands at just less than 37k and has 12years 3 months left to run)

    We receive child benefit, but nothing else (previous warnings have been too high to receive tax credits or anything else)
    We have no family living nearby, so will need to pay out for childcare come September for 3 days a week, as I'll be agency and hubby is self employed we can't get childcare vouchers, but should be able to open one of the new tax free childcare accounts saving us 20% on childcare costs, which will be around 120 a week.


    This is what I already do:

    YNAB all my accounts - this is how I've managed to have 15 months off work
    Use ynab to save for all annual bills, overpaying each section so I have a little bonus when it comes to paying the bill

    Meal plan & cook from scratch

    Try not to spend too much on things for Pickle, and try to sell on things he has finished with (this has had mixed success)

    I'd love to have your support as I attempt to pay off the mortge earlier than planned. I'm aiming, from August, to overpay the same amount as the interest added to the account. This isn't much, but it's a realistic challenge given out current circumstances.

    Thank you for reading

    Wish.
Page 52
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 4th Dec 19, 6:47 PM
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    wishingthemortgaheaway
    December easy wins now all in and the mop pot stands at 106.60.

    182.40 to go.

    I'm just too impatient - I want it all gone now!
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • redofromstart
    • By redofromstart 4th Dec 19, 8:30 PM
    • 2,570 Posts
    • 16,462 Thanks
    redofromstart
    *waving pompoms*
    • Karmacat
    • By Karmacat 4th Dec 19, 10:56 PM
    • 32,936 Posts
    • 194,836 Thanks
    Karmacat
    *waving pompoms of complementary colours*
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Dec 19, 8:35 AM
    • 2,523 Posts
    • 14,211 Thanks
    wishingthemortgaheaway
    Thank you both.
    Pom poms muchly appreciated.

    Supply money from last week pending, so shrapnel (3.40) set up to be added to the 2020 mop pot tomorrow when it lands and the rest into the house fund.

    Keep plodding.

    Hopefully going to finish the Christmas shopping today (although I've not considered my parents yet...) arghhhh!


    Oooh and I'm going to pay the change pot into the bank today - not done very well this year, but this could be for 1 of two reasons -
    Using far less cash
    I've not found all the change hiding spots this year due to the continually ongoing work on the house. (Although I now have a fabulously coloured living room - we are getting there..)
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Dec 19, 8:34 PM
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    wishingthemortgaheaway
    So:
    Change came to 36.05 not bad.

    Found a potential bridesmaid dress for next summer - full price 40. The label said 30% off -Went through the till at 20. Wooooohoooooo
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Dec 19, 2:36 PM
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    wishingthemortgaheaway
    The end of another week.
    The mop pot ready for Jan 1st stands at 120.97. Really pleased with this. (Would like it at 289 by 31st December)

    Everyday spending pots are holding up quite well at the moment.

    Nsd yesterday.

    Designated pots are feeling quite low - 1200 in the 'house' pot but I need:
    300 to finish paying the decorator
    400 for the carpet
    500 for the roof repair.

    I've rounded up the carpet and roof figures and the decorator is an estimate so I'm hoping there will be a little left in the pot. Then I need to start some hard saving again.

    Once the living room and dining room are done, Our bedroom needs:
    1 wall papering & the wood varnishing
    New carpet.
    Hopefully this will be 500 max and can be done in February (when I've had December & January's wages)

    In 2019 we will have spent a figure in excess of my annual, main job, basic salary on the house. That is crazy! It will have added value to the house though. If you remember 18months or so ago I said I wanted to be mortgage neutral by the end of July 2020. This isn't now going to happen.

    However, one of the reasons I wanted this was so that we could have a 100k deposit for our next house.
    I think we will make that. Houses on our street are selling at 100k in 'do it up' condition and 140k for 'perfect' condition. Ours will need a new kitchen, but everything else is done. So, if I say we could put our house up for sale for 125k (and achieve this) the calculation would be as follows:

    House sale price: 125,000
    Outstanding mortgage (now!) 23,181

    Equity: 101,819

    We would need approx 10k in moving fees & charges. I have 8.5k is 'easy access savings' plus the 1819 above. This Gives us the 10k fees.

    Phew! All is well (unless house prices crash!)

    I do have a plan for 2020, but it's not ready to be shared yet. Need to get all of the 2019 costs paid and know where I stand.

    Exciting times.

    Wish.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • Karmacat
    • By Karmacat 8th Dec 19, 5:42 PM
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    • 194,836 Thanks
    Karmacat
    That really does sound exciting - good for you for thinking it all through like that, you get such a lot more bang for your buck that way
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 9th Dec 19, 6:28 PM
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    wishingthemortgaheaway
    Thanks Karma.

    I'm getting 'middle of the month' bored! So, I took a careful look at the tax free child care account.
    Basically there is a HUGE buffer in there, even if we have to pay out for holiday club days if the Childminder takes leave when we need childcare. I didn't go too mad, but I withdrew 74 to make the account a nice, round number.
    I then had a bit of a dilemma as to where to assign it. I've opted for the mop pot (although the Christmas pot could do with some boosting - 60 a month is not enough for everything I'd like to do, so will need upping in the new year. )

    I could always rearrange later if needed.

    Family day out today under 20 spent on entrance fees & food. So really pleased with that.

    As a result of today's Tilly tidies and the childcare boost the mop pot now stands at: 196.42/289

    Also:
    1.5 days overtime being submitted for December (but no travel expenses)
    And I've just been booked for 1 day in January (with decent travel expenses) so next year is looking like it will start ok.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 15th Dec 19, 11:03 PM
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    wishingthemortgaheaway
    Evening all, very boring week here.

    Not much to report.

    Mop pot saving 198.92/289 just 90.08 to go to hit my target. I think it will be ok.

    Wish.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 16th Dec 19, 9:14 PM
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    wishingthemortgaheaway
    Have ynab'd today's spending (Christmas & birthday bits, coffee out with the hubby & boy, new shoes for small), then Tilly tidies and skimmed some pots -

    Mop pot stands at 215.08/289 (should I really say 215.08/2318 which is 10% of the outstanding balance when it resets on Jan 1st?)
    Ooooh actually - that's nearly 1%of the outstanding balance isn't it? That's exciting....

    Wish.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 27th Dec 19, 2:56 PM
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    wishingthemortgaheaway
    Happy Christmas everyone.
    I've been reading books rather than diaries over Christmas, but I needed to do a lot of financial stuff this morning. The pots for this month are looking horrific, but we've only got to limp through until the 1st.

    The mop pot currently stands at 256.07/289. But my pay slip has been generated, so I know I will make up the difference come Monday when it's actually paid. I'm even hoping to over shoot the target a bit to get ahead of my 2020 plans.
    Going to do a 'goals' post in a minute.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 27th Dec 19, 3:17 PM
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    wishingthemortgaheaway
    Wish's 2020 Goals

    1) over pay the mortgage
    Our fixed rate runs until the end of July. My over payment allowance is 2318 based on the 1st Jan figure. I would like to over pay this by July meaning approximately 289 a month for 8 months (inc December as I'd reached our overpayment allowance by the end of November)

    2) work on the house
    Dining room: floors sanded & sealed (approx 500)
    New set of curtains to be made (max 200) it's a 2.5m drop, so a lot of fabric and they need thermal lining too as it's sooo drafty.
    Living & Dining: shelving (no idea) arrange joiner for quote.
    Bedroom: 1 wall to paper, skirting boards to stain & Carpet (hopefully 500 max)
    Roof repair (still outstanding - need to chase up) (Approx 500)
    Replacement doors x6 (no idea)
    Need joiner to quote
    Random faffy outstanding jobs - (Max 200)
    Cellar conversion (quotes & drawings/plans) (no idea) hopefully no more than 500

    Total:2,500 plus unknown figures. All of this money comes from my overtime, expenses, supply money & savings made elsewhere. In 2019 the work that fell into this category was in excess of 7,500 all funded in this way, so I'm confident that this is all doable - I've already got 300 of expenses and 2 days of overtime booked in for January.

    3) the 'moving house fund' this is the 10k I would like to have put aside for if/when we move. Currently we have 6,500 in 'I don't really want to touch this' savings and a 2k emergency fund' so, if I can add 1,500 to this figure over 2020 then I'll be delighted. It's a bit of a 'fake' amount as most of the costs here could be taken out of the equity in the house should we decide to move. Also, both families have offered us a figure of around 10k should we decide to move - we don't want to take this, but it's there.

    So, all in all I need to squeeze over 6.5k out of the budget. When my annual, basic salary is 8,700. The joint account contribution from hubby is 2k a month so a grand total of 2020 guaranteed income of around 32.5k.
    6.5k/32.5k is 20% - that's doable right?

    Wish.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 29th Dec 19, 9:52 AM
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    wishingthemortgaheaway
    Morning all,
    Happy Twixmas - it really doesn't feel like a Sunday, especially as there is no church today as the leaders are having a well deserved break.

    I've read about the 20 20s for 2020 and I've made my list. I may refer to it here, but I'm not going to list it as only 1 is financial, the rest are about my life, so not really relevant (unless they start costing me a lot of money, which I'm hoping they won't)

    Pay day tomorrow. Wooohooo - it's pending in my account - thank goodness.

    A musing to follow:
    We have 5,000 in an isa, technically this is the money for house improvements, emergency fund etc. In YNAb there is only about 2,500 in these categories. So how have I managed to go through the whole year and not touch this money at all?
    There's been a couple of times when it's been close, but I haven't actually had to do it.

    This is where my annual bills money comes in. There is 3,500 in the ynab pots for these things, but, with a couple of exceptions - car insurance in Jan & council tax in May, I can cash flow these from income and just take the money from the relevant ynab virtual pot.

    This is amazing. I'm so grateful to YNAB yet again for being a 'me' system.
    In December 2018 our net worth was -10,084.01
    In December 2019 it sits at -8,765.87

    We may have only improved out net worth by around 1,300 but we've probably added about 20-25k to the value of the house as well.

    WOW!

    Happy new year everyone of I don't pop in before.

    Wish.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 31st Dec 19, 6:26 PM
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    wishingthemortgaheaway
    Just popping in to say 'happy new year' to anyone reading.

    Also: my virtual mop pot for December (which I couldn't overpay without incurring an early repayment charge) stands at
    305.49. Woo goo
    I aimed for 289, so a little overshoot sets up the new year nicely.
    I will be back when the mortgage interest has been added and I know where I stand for 2020...

    Have a good evening everyone.

    Wish.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • Karmacat
    • By Karmacat 31st Dec 19, 8:16 PM
    • 32,936 Posts
    • 194,836 Thanks
    Karmacat
    Congratulations, wish, and a happy new year to you
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 1st Jan 20, 12:17 PM
    • 2,523 Posts
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    wishingthemortgaheaway
    Thank you Karma, and to your too.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 1st Jan 20, 12:24 PM
    • 2,523 Posts
    • 14,211 Thanks
    wishingthemortgaheaway
    Mortgage interest is in: 47.08 for December, about 1.52 a day, down from 1.54 a day in November. Which means no over payments in a month leads to a 2p per day interest reduction.

    So: I'm now here with my mop pot target for January:
    658.08

    This is how it's made up:
    1) Interest added in November & December: 93.37
    2) Nice round number: 64.71
    3) Remains of the December virtual pot: 200

    (All of the above can be overpaid now as it's money gathered throughout December, plus a bit from this morning's Tilly Tidies)

    The work for this month is then:

    1) 'back on track' for a 500 per month capital reduction: 100
    2) on track for a 289pm overpayment: 120
    3) stretch target for a nice round number: 80.

    If I achieve all of this my outstanding balance on 31st Jan will be: 22,300.

    Bring on a frugal Jan.

    Wish
    Ps I know this is my usual complicated, makes everyone else's head spin approach, but I need the little milestones to achieve and I need the external accountability of dumping it all here.

    Have a great day everyone.
    Wish.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • Busy Mee1
    • By Busy Mee1 1st Jan 20, 2:15 PM
    • 1,015 Posts
    • 5,275 Thanks
    Busy Mee1
    I have to admit Wish that I struggle to follow it sometimes But it clearly works for you so that is all that matters

    Happy New Year to you and your lovely family x
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Jan 20, 5:06 PM
    • 2,523 Posts
    • 14,211 Thanks
    wishingthemortgaheaway
    I have to admit Wish that I struggle to follow it sometimes But it clearly works for you so that is all that matters

    Happy New Year to you and your lovely family x
    Originally posted by Busy Mee1
    Thanks Busy, I know it's complicated, but as you say, it works for me.

    Happy new year to you too.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Jan 20, 5:10 PM
    • 2,523 Posts
    • 14,211 Thanks
    wishingthemortgaheaway
    I've just spent the last hour or so having a read through some diaries - we're on a long journey to the south for me to work all next week on visits to my settings.

    Anyway - financial stuff:
    The simple way to look at it is:

    After all the easy wins at the start of the month I've got 63.83 of the 300 I still want to overpay this month.

    Work expenses and hopefully a day or two of supply will help towards the total - I should have 2 days of overtime as well.

    I'm hoping for a low spend week as I'm away for work, depends how much hubby raids the joint account with Pickle this week. We will see.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
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