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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,736Posts
    • 13,597Thanks
    shangaijimmy
    New Diarist - Attacking the Banks!
    • #1
    • 13th Mar 15, 12:18 PM
    New Diarist - Attacking the Banks! 13th Mar 15 at 12:18 PM
    Hi all,
    Thanks for popping and helping me to stay motivated. This would be the 3rd version of the opening post, but is reflective of where we are currently at. Lots has changed over the last 3 yrs, not least adding a 3rd child to our household!

    This post details my current goals, and as it seems a shame to ignore previous achievements I've summarised them below. This is a 120 payment challenge which would knock 11yrs off our initial draw down of 30yrs. I'm hoping for 100 payments so we'll see how we progress!

    Achievements - 39 payments
    • Balance - 93,938.84
    • Diary Reduction Total - 42,061.17
    • Cumulative Overpayments - 23,292.60
    • Monthly Average Overpayments - 597.25
    • Monthly Average Net Reduction - 1,078.49

    Long Term Targets
    • 5yr/60th payment - 70,000
    • 7yr/84th payment - 38,000
    • 9yr/108th payment - 7,000

    Targets for 2018
    • Jan 2019 - 98,200 - Actual 98,173.08 (26.92 ahead)
    • Feb 2018 - 97,000 (End of Yr 3 Balance 39k diary reduction) - Actual 97,132.75 (132.75 behind target)
    • Mar 2018 - 95,900 - Actual 96,102.38 (202.38 behind target)
    • Apr 2018 - 94,800 - Actual 95,015.63 (215.63 behind target)
    • May 2018 - 93,700 - Actual 93,938.84 (238.84 behind target)
    • June 2018 - 92,600
    • July 2018 - 91,500
    • Aug 2018 - 90,400
    • Sept 2018 - 89,300
    • Oct 2018 - 88,200
    • Nov 2018 - 87,100
    • Dec 2018 - 86,000
    Last edited by shangaijimmy; 02-06-2018 at 8:25 AM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
Page 3
    • shangaijimmy
    • By shangaijimmy 30th Mar 15, 1:05 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Thanks Lippy.

    I have opted for membership card. Figured i'll get another 25 next week too so will go every other to mortgage and card until my card has exceeded my ability to spend it. Then i'll buy something instead!!

    The little workings out are great and just part of the obsession. It looks much better in my spreadsheet but i couldn't manage to type it all in.

    I need some guidance really as to where i can upload it to on the internet and post a link. Help anyone?
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 1st Apr 15, 8:43 AM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    8.51 overpaid this morning with great thanks to nationwide's 5% current account. 2 tsb current accounts to follow.
    To coin a phrase, every little helps!
    That's today's interest covered with a few pence to spare.
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 2nd Apr 15, 3:32 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    6.96 overpayment kindly donated by TSB 5% current account.

    15 Halifax Rewards also received from 3 accounts waiting for Tesco Savings Direct Debits to get them before they get thrown at the mortgage.
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 4th Apr 15, 7:38 AM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Not much happening this weekend MSE wise. We plough on with total house decoration though and have sorted through what seems a mountain of stuff for the ebay, charity and tip piles! Our motto is "be ruthless" in our de clutter quest! Moved a bit of furniture around to different rooms so we all ready to get our eldest rooms decorated next weekend and that will finish the middle floor off. Then we can move on to our bedroom.

    eBay wise we have approx 40 things either currently listed or drafted and awaiting a free listing weekend. We also have another bag of clothes to sit through so that number will inevitably grow!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • newgirly
    • By newgirly 4th Apr 15, 8:34 AM
    • 6,333 Posts
    • 43,791 Thanks
    newgirly
    Hi, thought I'd pop in and have a nosey around your diary best of luck with the overpaying , we are in a very similar place mortgage\wages wise, except our three kids are older now. The cashback\ halifax rewards and even surveys do make a difference over the years , it adds up but also helps stave off the temptation to spend a bit more I think.
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,319 4yrs left. Total owed 48,358 plan to clear in 14 months
    • lippy1923
    • By lippy1923 4th Apr 15, 11:00 AM
    • 1,245 Posts
    • 3,472 Thanks
    lippy1923
    Wish I could be ruthless on my declutter quest. Unfortunately I have a husband to-be who is a bit of a hoarder and cannot seem to let things go, no matter how old, busted or useless they might be lol.

    Started saving in one of those tins you have to open with a can opener. Will be putting in any decent change/notes I have lurking to save a bit extra for when I can start overpaying in September! Can't wait

    I have worked out that once I start OP 500 from September I should hopefully be able to get my mortgage balance down to under 100k by end of 2016.

    That's my mini goal
    Total Mortgage OP 24,500
    House Value 280,000 Mortgage 82,299
    Emergency Fund 24,000

    • shangaijimmy
    • By shangaijimmy 4th Apr 15, 9:10 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Hi Newgirly and thanks for popping in. The instant e-mail alert to say i've had a visitor really helps for motivation. This diary in turn helps us to keep our spending in check!! You're quite right about the little bits adding up, as that is what has got us to our current position after 5yrs of little bits. We're now in a strong position to go at it with big payments, and we'r still in the mindset of spend little!! (does that make sense?)
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 4th Apr 15, 9:15 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Lippy - i must be honest the de clutter with my wife has been a slow process (we've had a very good pram for 5 years just sat in the garage!). My tactic has been for 12 months to do absolutely nothing to tidy the house and its now got to the stage that she agrees on declutter anything not touched for 1 year!

    I've found the tin very good, though i've gone for an openable one and every time i get 10 i overpay (part of my bank attack strategy) so i don't ever have to pay interest on it again. This tin thing will become as addictive as the spreadsheets!

    Great target for under 100k. Sadly for me we'll only hit that goal in March 2018! Make sure you post on here when you get there!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 4th Apr 15, 9:17 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    I've signed up for text alerts from our mortgage and i get a nice mini statement every Sunday morning. It's been great for looking at and helps with a mini challenge of making sure there is at least 1 payment per week!!

    Nice little motivator i think!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • ourcornercottage
    • By ourcornercottage 4th Apr 15, 9:40 PM
    • 1,510 Posts
    • 7,500 Thanks
    ourcornercottage
    Great idea SJ that'll really motivate you.

    The banks are really helpful nowadays if you choose the right one.
    target under 89k by end of 2018
    • shangaijimmy
    • By shangaijimmy 5th Apr 15, 8:54 AM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Just had my weekly text and nicely informed that our interest for the week was 51.90. At first I was excited as I thought my daily interest calculations were too high. But no its still 7.41!!

    Still our overpayment this month should drop it by 5p for this coning month.

    Small steps etc...
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 8th Apr 15, 9:04 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Easter exploits
    Not much happened really over the last few days. We sold a few things on eBay but for small amounts so not making massive amounts. Still it clutter out of the house and a few quid in our paypal towards house redecorations.

    We had a few days in the lakes which were lovely but exhausting with the kids, so back to work tomorrow for a rest!

    15 nicely donated by Halifax rewards (x3) has been swept up by tesco savings and forwarded onto the mortgage.

    That takes our April overpayments to 30.47 which is a big chunk of the 100 extra each month that we need. However with no more bank accounts to get it off, I may fall short.

    That said last month I managed 200 extra, so I am in credit I suppose!!

    Last piece of news is thaT HSBC are phenomenally slow in sorting our the advance account. I'll keep you all posted.
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • lippy1923
    • By lippy1923 9th Apr 15, 1:09 PM
    • 1,245 Posts
    • 3,472 Thanks
    lippy1923
    Great for the ebay sales!

    Try posting up your SOA and see what people suggest. You never know, you might notice something to cut back on yourself.

    May help you reach your extra 100 each month
    Total Mortgage OP 24,500
    House Value 280,000 Mortgage 82,299
    Emergency Fund 24,000

    • shangaijimmy
    • By shangaijimmy 11th Apr 15, 9:25 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Not a great MSE weekend. The big house redecoration recommenced with eldest boys Marvel Superhero's room!

    Though the de-clutter has been effective with 1 bag of stuff ready for ebay listing, 2 bags for doorstep charity collection, 1 bag for charity drop off and the bin half filled!!

    About the only thing MF today is to move some money between current accounts for next months rewards!

    Enjoy the weekend, at least i only have glossing left...
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 11th Apr 15, 9:28 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Great for the ebay sales!

    Try posting up your SOA and see what people suggest. You never know, you might notice something to cut back on yourself.

    May help you reach your extra 100 each month
    Originally posted by lippy1923
    HI Lippy. I posted our SOA (or my version) on one the first few posts. To be honest i've used everyne else's lately to strip lots off our spend. The only things that trouble me are water (which i need to get onto united utilities) and gas & electricity.

    I was considering selling one of my wife's kidneys...
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 11th Apr 15, 9:30 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Mini text statement in the morning...! Nice progress report and i can see how much daily interest has fallen. I'm hoping for under 7.40!!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 15th Apr 15, 12:52 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Quick post really to say that all is quiet at SJ Towers. Marvel Superhero bedroom is finished and looks amazing. We have 1 very happy 6yr old sat on his top bunk!

    Our de-clutter gathers apace, and with it Mrs SJ's enthusiasm for ruthless decluttering.

    We have a huge bag of stuff for ebay, so we're waiting patiently for a free listings weekend (MSE as ever!!).

    Money wise we're in great shape and looking like the month of April we'll overpay by 460, keeping nicely on schedule. I have mini target of being sub 130k by end of August!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • atypicalblonde
    • By atypicalblonde 15th Apr 15, 1:10 PM
    • 2,876 Posts
    • 20,236 Thanks
    atypicalblonde
    Hi Shangaijimmy

    I have just read through your diary, the superhero bedroom sounds awesome! Great news that you are on target, isn't it such a lovely feeling?

    Best of luck with ebaying, its such a drudge to list it all isn't it, but well worth it when you see those green numbers indicating bids! Keep on keeping on pal x
    MFW
    Mortgage 8.2.15 - 171,064.64 Mortgage 1.5.2018 - 99,980.45
    Aiming to be MF 1.10.2020
    • shangaijimmy
    • By shangaijimmy 15th Apr 15, 1:27 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Thanks for reading ATB. I'm subscribed to your diary so see your posts and mental turmoil/determination!

    Seeing that balance drop, and the daily interest drop is a great feeling. Thinking about the opportunities we'll be able to give our 2 boys (and possibly number 3) is hugely motivating. And with ever successful mini target or year, our long term futures are more secure.

    To be honest the whole ebay thing doesn't really bother me. I make all my listings when the boys are in the bath so i try not to let it affect normal time etc...

    Loving the way you "shout" not buying it 2015! Just wish Mrs SJ would follow that mantra, even for a few months per year!!
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 15th Apr 15, 1:29 PM
    • 2,736 Posts
    • 13,597 Thanks
    shangaijimmy
    Wow
    I'm now upgraded from convert to stalwart

    Whats my next target, and what will it take to get there?
    MFW: Turning June 2036 into March 2025... 39//120 Payments Challenge, Diary Reduction 42,061.17
    Aug 2009: 163,051 // Current: 93,938.84 // Avg Daily Interest 4.22
    MFiT-T4 #8 - 74.24% of 41,000
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