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    • ElmoR
    • By ElmoR 31st Dec 18, 9:58 AM
    • 89Posts
    • 304Thanks
    ElmoR
    Staying on track to be MF and ready to support my daughter at 18
    • #1
    • 31st Dec 18, 9:58 AM
    Staying on track to be MF and ready to support my daughter at 18 31st Dec 18 at 9:58 AM
    I've been an occasional lurker here, taking inspiration from everyone's successes against their struggles to pay off debts and mortgages. My circumstances changed for the worst financially in 2014 and it needed a complete overhaul. I decided a long time ago though that I wanted to be MF by the time my daughter became 18 so that I could help her financially in whatever route she decided to take after school. For me, loans etc have always been the 'never never' and I would not have gone to university if it involved loans or fees, luckily I snuck through before the grant system was dismantled. I don't want my daughter to feel weighed down by those debts should she decide to go to uni. I want to be able to help her.


    My mortgage was 110k originally in 2010, I was able to pay a big chunk off after divorce bringing it down considerably but, at the same time, the dual incomes towards the household bills obviously dropped dramatically too. I still made overpayments every month by living carefully, but not as frugally, as I could have maybe. Now I have 9 years left on my mortgage of 40k.



    So now it's the last stage. My daughter is 18 in 3 years time and I've used the mortgage overpayment calculator to work out how much to pay each month to be MF in that time...it'll be tight but will be worth it, I know
Page 3
    • ElmoR
    • By ElmoR 16th Jan 19, 7:37 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Whoa!!
    I think my head is generating steam from trying to figure it all out. Definitely need to get into the details with my bank. To be fair though, my bank have been excellent regarding the mortgage so far. But then I think fdir*ct do seem come out well in surveys. They were excellent through the divorce upheaval and getting me set up independently. I know some people see the affordability checks as being intrusive but they really helped me start my first budgeting habits. Amazingly, they also sent me a letter to say that my fixed term was ending and that there were these new (and better rates) available but that the deadline to apply was nearing. The letter arrived while we were on holiday and I missed the deadline by one day but they still honoured the better rate. Mind you, I would have changed provider if they hadn't and maybe they know me well enough?!



    I'm hoping they won't be as slippy/muddy about the o/ps and interest as your providers sound Cheery/Frayed.
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 18th Jan 19, 7:51 PM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Success
    Managed to work out how to make the O/Ps and it really is very simple, plus it comes straight off the amount owed and the interest is recalculated as well. Also checked that they do not extend the mortgage term, so hopefully got it nailed.
    Had another good week at work, this time every day was a packed lunch day and no spending at all on food or coffees. So 30 saved there. Added that to last weeks and made a 60 O/P.

    The next week will be slightly more tricky than the last two because I've probably eaten most of the holiday leftover foods now, and there is a danger of scurvy too, what with the lack of fruit/veg content. Perhaps I should cook up some lunchy things on sunday and freeze them down? I like rice, chicken/tuna, veg type meals but need to be careful I don't poison myself with re-heating etc. I'm not very good at cooking


    Super glad it's the end of the week, it seemed to last forever...
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 20th Jan 19, 9:09 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    A NSP yesterday which seems much easier if you don't leave the house.
    The past couple of weeks have taken the lid off my financial can of worms, in a good way, not a bad way. The MFW challenge makes me realise that personal finances are all tied together and looking at one part really also impacts another part and raises my awareness about the whole bundle
    Reading everyone's threads highlights all the areas that I've neglected to think about completely. I had vague ideas that I would like to retire early but hadn't thought it through at all. This isn't very wise, I know. I like that motto, "Fail to Plan, Plan to Fail." So right now, I have no plan and that's not good enough!!
    Where do I start? I registered to find out how many NI contribution years I've made and I am 9 years short of the required amount for a full state pension just now. I missed some years while I was student, and while I worked for a few years in the US, and it says it is too long ago to pay those now (wish I had a tardis). 50 years old now, so 59 is the earliest to stop paying NI contributions. But that said, I could change my career/job (higher stress) for a job/job (lower stress?). I'm also in an occupation pension scheme that was a brilliant final salary scheme until a couple of years ago. I had about 16 years in by that time. Then it was changed to a 1/75th scheme which is woefully less good. The retirement age is 67 at the moment, probably going up again (maybe to 70). Plus they have just changed the bonus 1% with employer 2% match and I don't know whether to stop paying that 1%. In any way, I really don't want to keep going that long, I'll be insane by then. It's a bit of a mess.

    Maybe I need to read the pensions threads? Please point me towards any good ones if you know of any
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 25th Jan 19, 4:03 PM
    • 89 Posts
    • 304 Thanks
    ElmoR
    This week things went to pot.
    There was stress galore and two unexpected bills to stump up for too - a legal fees one and a trip to the vet for one of our moggies. Said moggie had an ulcer that burst over DDs new phone case

    Seems that when the stress goes sky high, a milky latte or a bought sandwich seems to trump a tin of soup from home and water. So 3 NSDs but 4.20 and 2.40 spent on the other days, not disastrous but would have been better in my purse than their till.
    I'm about 200 short from what I wanted to try to O/P this month at the minute. maybe will make it up in February?!

    Cannot wait til payday at the end of the month...
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 1st Feb 19, 7:48 PM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Starting to get the hang of things and seeing the benefits now. This MFW challenge is definitely an art form.
    I took all the money saved by not eating/drinking at work and topped up the O/P I had earmarked already. The great thing was that by doing so, my spreadsheet showed that I shortened the mortgage payments by one month already and also reduced my daily interest paid each day below 2.
    When you see all these benefits, it really does show you how even a small extra O/P makes a large difference.
    That said, today was payday and I 'blew out' on a cafe lunch - vegan curry pasty. Will get back on track next week. The majority of the week had been either NSD at work or traveling away for work and covered on expenses. I do still feel the tractor beam pull of the cafe food though.

    Hope everyone enjoys the weekend
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • Cheery Daff
    • By Cheery Daff 1st Feb 19, 8:25 PM
    • 8,795 Posts
    • 45,191 Thanks
    Cheery Daff
    That's brilliant progress ElmoR! Already reduced mortgage payments by a month, most impressive! Keep on track, don't worry about the odd day when there's a blip (we all have them). Just as long as they don't outnumber the good days you'll be alright

    to cat's ulcer though Hope moggie is alright now
    • ElmoR
    • By ElmoR 2nd Feb 19, 9:19 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Thanks Cheery
    Looking at the spreadsheet, it'll be a while before I can achieve another month reduction, but at least I can see now that every little extra speeds it up.
    The moggie is fine now too. The vet had to shave the fur off around the wound, so he is currently freezing in that area of his body when he pops out. He is a big fluffy maine-coon-ish type moggie and his fluffiness is an important part of his psyche/street cred.
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • A Frayed Knot
    • By A Frayed Knot 2nd Feb 19, 11:36 AM
    • 2,894 Posts
    • 12,866 Thanks
    A Frayed Knot
    Didn't take you long at all to reduce mortgage by a month - well done

    If you think it's not possible to reduce by another month soon, then you could look at
    the interest added on each month, and maybe use that figure as a goal for o/p, if not much then try for a few months o/p of your interest added figure.

    Everyone needs a goal, no goal, no achievement
    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

    • ElmoR
    • By ElmoR 3rd Feb 19, 9:14 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Thanks Frayed, good suggestion.
    Playing with the spreadsheet helps highlight a few smaller goals I could aim for this next few months.
    Hitting another big goal would be reliant on me finding more income, so I'm thinking about that too. Had one failed attempt at selling some brand new, unworn hiking boots on Gmtree and there were no takers. I'm not on farsebook. Could ask DH to try on fb I suppose.
    Then there are the poll sites that I see some of you mention on threads, maybe could try one of those?
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 6th Feb 19, 6:33 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Once the buzz of payday and seeing the latest mortgage automatic O/P had gone through, it seems to leave a small low point. It seems a long time to the next pay check and next chunk paid off, I almost wish it was the end of the month again. Though I do remember sitting next to a little old lady on the train once, when I was a student, saying that I shouldn't wish my life away. I feel impatient perhaps? I know it is a long, long slog involved though.

    Anyway, so far this week has been NSD's, so I'll try to keep it that way and have an extra 30 to O/P on Friday hopefully...
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 10th Feb 19, 11:36 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Made a few savings over the past week, recalculated the monthly budget, and felt confident enough that I could throw another 100 O/P at the mortgage. In doing so, it brought the total owed below a boundary and instead of being 37K it drops a few pounds into 36K range. I do like these little goals and achievements.
    Need to book a few hotels for an easter vacation family road trip though. Might pay for it on my CC and delay having to pay it til april's wages come in. We usually stay at Pr*mier Inn type places, Travelbodge lack of proper breakfast puts me off them. Anyone got any discount codes for P Inn? Whenever I look for them online, the browser /cookies seem to know it's me and that I'm inevitably going to book with a voucher or not.
    Have also decided to get a bit more serious about a book I started to write and I keep doing a tiny bit then forgetting about it. Not sure if it'll make any cash? Friends and work colleagues have said they think the stories I have to tell are readworthy?! I keep getting put off though because I know my English writing and grammar is awful - damn that secondary comprehensive school education Have managed a little over 25000 words so far which is maybe half way towards a whole book but I fear I'm starting to run dry on material...
    I read a few writing tips websites, they suggest writing a small amount every day at the same time in the same place, so I'm going to get up an hour earlier each work day next week and write a minimum of 300 words and see how that goes...
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 18th Feb 19, 7:34 PM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Chugging along with mainly NSDs for the most part.
    We did have a mini blow out of 15 for some houseplants at the weekend. I potted up a few spider plant babies as well though.
    Not much else going on, DD is on her half term break (read - mooching on sofa in PJs) but I'm still busy with work. I am hoping to take Thursday and Friday off though, which is needed after working a 6 day week last week.
    I'm enjoying reading about everyone's days as they start venturing outside and back into the gardening, surely it must mean spring is coming soon
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 22nd Feb 19, 11:54 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Two days annual leave today and yesterday and that has given me a chance to get on top of a few financial jobs.
    We had an excellent result on the utilities front . Last year our central heating boiler died and we had to have a new one installed, which was fair enough because it was the original boiler that was put in when the house was built and over 20 years old. You have to hope it will be more efficient too. So a big outlay at the time but part of house maintenance. We also took advantage of a free cavity insulation scheme, getting our walls and loft space filled with little grey balls. Still finding them everywhere including the garden though. Just did a leccy and gas meter reading and sent it off to our provider. We have slashed our bill this year (compared to the same period last year) down to 67% (elec) and 62% (gas), wow!! We were hoping for savings, but this is much more that I would have hoped for . Monthly standing direct debit is now reducing by 30 a month too. Not sure it'll make it into overpayments though since the council tax and water bills are going up in our area.
    Did a bit of extra work over and above my normal work and earned 170 that has already winged it's way into an O/P.
    I'm trying to find another 230 before the end of the month...if I can find it and O/P it then I break a 1000 boundary one month quicker on my spreadsheet...
    Setback in that our ancient guinea pig has an eye infection = 30 vet bill plus meds.
    Where to find that extra cash...
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 27th Feb 19, 1:23 PM
    • 89 Posts
    • 304 Thanks
    ElmoR
    crawling to the end of the month and running on air (even the car is running on petrol fumes)...trying not to dip into the savings pot. Just one more day to go...
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 10th Mar 19, 2:23 PM
    • 89 Posts
    • 304 Thanks
    ElmoR
    It's been a short while but nothing newsworthy has been going on. The NSD habit seems embedded now and incidental spending has been cut right back. Most lunches are brought from home. Food no longer builds up in our freezer. Habits hopefully ingrained
    DD started Duke of Edin again, so that comes with a hefty cost split over the next 5 months. Forgot about the boiler service this month too. Both will eat into any possible O/Ps at the end of the month but I don't mind too much. Still on track with the MFW2019 challenge, so happy
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 23rd Mar 19, 8:30 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Another plodding along week without much to report. Still taking packed lunch into work every day and that makes a huge difference to the incidental spending that can trickle away each month.
    One bold step that I did take was to close my DDs Child Trust Fund (it was a UK FTSE100 tracker). I had been putting regular payments into there for the past 15 years,starting with the Government payment when she was born, and it has grown really well. But she may want/need that money at 18 and the way the politics and markets are going in this country right now worries me that there might be a stock market tumble and it wont recover in that 3 years. So I took the whole lot out and put it in Cov BS Junior ISA with a rather good interest rate. Now I have peace of mind that it'll still be available in 3 years plus a modest bit of interest on top.
    Mortgage is almost under 35K, if I can only find an extra 170 at the end of this month then it will break that boundary, 3 months early. It's my current goal to aim for...
    Thanks for reading
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • ElmoR
    • By ElmoR 30th Mar 19, 8:00 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Well this month went rather well. It helps if you don't have those one off incidentals like dentist, boiler issues, pet trips to vets, school trips that pop up unexpectedly. March seemed to go smoothly in that respect. It meant that I was able to make considerably more O/Ps this month.

    With my eye on a target on my mortgage spreadsheet of getting under the 35k boundary, we got there!
    Very pleased with our progress in March. Let's hope for a good April...


    Thanks for reading, ElmoR
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • Kat78MFW
    • By Kat78MFW 30th Mar 19, 11:03 AM
    • 88 Posts
    • 145 Thanks
    Kat78MFW
    Just popping on to say Hi as your reasons for being a MFW are the same as ours. You are about 2yrs on from where we are currently. My DD1 also moved her CTF to the Coventry building society cash JISA. We did it about six months ago. It's good to know that it can't go down in value now. I will continue to follow your diary 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
    • ElmoR
    • By ElmoR 31st Mar 19, 9:35 AM
    • 89 Posts
    • 304 Thanks
    ElmoR
    Hi Kat78MFW
    Thanks for stopping by and it's good to know there are several of us in the same boat. Sometimes I wonder if we are being overly obsessive about squirreling money away for our DD because I don't know of any other parents doing the same. Maybe they are but don't talk about it?


    While I started out a few years ago on another forum group just trying to rein in my spending while adapting to some big changes, this MFW focus has really changed quite a lot of our habits and we are wasting a lot less money now. Wish we'd started a few years ago like you guys!
    Does your DD take any interest in finances? Mine just just says 'whatever' in true disinterested teenage fashion. How do we get them to think sensibly about money?!
    2018 40,000 and 2027 M end date
    Aiming to reduce to, using OPs: 2019 30k, 2020 20k, 2021 10K, 2022 MF
    • Kat78MFW
    • By Kat78MFW 31st Mar 19, 3:38 PM
    • 88 Posts
    • 145 Thanks
    Kat78MFW
    I think a lot of parents hear about the huge loans that students end up with and think that covers their living costs. I only found out that we would need to spend a considerable amount supporting our girls at uni through listening to Martin.

    DD1 is very interested in finances, DD2 not so much yet. We have never given them pocket money but they get plenty for birthdays and Christmas from relatives. They mostly choose to save the money and I have always talked to them about the interest rates on their savings accounts and regular savers. When DD1 was younger and heard about the debts involved with going to uni, it really put her off but we listened to Martin talking about it together and now she definitely hopes to go.

    I sometimes wonder whether I talk to the girls too much about finances. I think they have a good understanding of how much things cost, how much we spend on bills, food and mortgage (and on them!) each month. They know that we are trying to pay off the mortgage to help them through uni and then to allow DH to retire early.

    My girls are both into maths and like charts and spreadsheets so I sometimes show them what I'm working on. Don't know if that would interest your DD? Have you seen the Martin Lewis money text book that he has published for use in secondary schools? You can download a free pdf version online. Would your DD watch any clips of Martin talking about student finance? He makes it really relevant and accessible.
    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
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