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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 11:18 AM
    • 3,082Posts
    • 15,628Thanks
    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 - 52 payments
    • Balance - 80,513.92
    • Diary Reduction Total - 55,485.79
    • Cumulative Overpayments - 30,669.05
    • Monthly Average Overpayments - 589.79
    • Monthly Average Net Reduction - 1,067.03

    Targets for 2019
    • Feb 2019 - 84,400 (end of year 4) - Actual 84,499.18 (99.18 behind)
    • July 2019 - 80,000
    • Dec 2019 - 77,000
    Last edited by shangaijimmy; Yesterday at 5:47 PM. Reason: Updated Financial Priorities - July '19
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
Page 160
    • Suffolk lass
    • By Suffolk lass 7th Jun 19, 7:10 AM
    • 3,058 Posts
    • 28,180 Thanks
    Suffolk lass
    Ooh, I like the idea that you can cherry pick which squares you fill. I might reconsider...
    MFIT T5 target to clear our mortgage completely (59,998) Q1 26,828 or 44.71% paid - Mortgage Free Wannabes 2019 #37 78.13% 31,251.65 including July
    Save 12k in 2019 - #68 target is 7k 4,998.99 or 71.41% after May
    OS Grocery Challenge 2019 target is 3k - 46.03% spent so far, mid July
    My DFD is here
    • shangaijimmy
    • By shangaijimmy 7th Jun 19, 6:48 PM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Cherry picking is the only way that we would be able to make it work, otherwise is a big ask in the last few weeks. We'd be constantly putting 5 in and digging out the change!

    I ran some numbers in our networth this afternoon. I'm a week late in the month but pleased to report an increase of over 1.6k for the month. And an uplift of a shade under 18k for the year. Tracking networth really does give an indication of the impact of overpayments with the swing in assets.

    It's all part of getting an idea of retirement and pre-retirement plans. I have a working plan at the moment, but its very much in the formulation stage (we are 15-20yrs away), so all info helps for scheming!
    Last edited by shangaijimmy; 07-06-2019 at 7:47 PM.
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • debtfreeoneday
    • By debtfreeoneday 8th Jun 19, 7:02 AM
    • 2,981 Posts
    • 10,274 Thanks
    debtfreeoneday
    Lol at you using the 1p square SJ!
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 82,637.87
    • shangaijimmy
    • By shangaijimmy 8th Jun 19, 7:29 AM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Wow its a wet miserable start to the weekend! DS2 is playing football in the pouring rain, pooch needs walking in the pouring rain, I need to run in the pouring rain...And to cap it all off Mrs SJ & me are going to a concert tonight...outside...potentially in the pouring rain!

    Forecast is suggesting a lull in the rain at 9ish, but we may well be saturated by then! Too old for concerts in the rain now!

    At least I should have some change for the 1p challenge jar as it's my turn today.
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • debtfreeoneday
    • By debtfreeoneday 9th Jun 19, 11:53 AM
    • 2,981 Posts
    • 10,274 Thanks
    debtfreeoneday
    Hope you didn't get too wet..
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 82,637.87
    • shangaijimmy
    • By shangaijimmy 11th Jun 19, 8:27 AM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Well I was meaning to post on Sunday, but that didn't happen. Then yesterday but had IT issues in work and was then exhausted when i got home (11hr day on a Monday). So here i am now a few days late. Concert was amazing, and we stayed dry! Thousands of others didn't syay dry but we managed to get a great spot in the unreserved seating area. Short 20s scutch to a bar that was surprisingly quiet as well!

    That said I did get soaked at DS2 football, on pooches walk, and on my run! Then yesterday I got soaked on school run, and then soaked again during the last 90mins of work. I've got a day off today (grandparents away so I'm on DD duty today) and looking at the weather I can't see us going much further than a play centre.

    Moneywise we've hit that mid month lull, so nothing happening. But the relative calm is nice to be fair. Our 1p challenge continues to be a source of competitiveness in the house although its clear that the big amounts (over 2.50) may end up a sticking point.
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • shangaijimmy
    • By shangaijimmy 17th Jun 19, 5:30 PM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Oh dear I have been missing (without being in action). Lets blame it on the torrential rain we had last week!

    In shame I am posting on the train back to the promised land, i.e. Up North, from London village. In money terms we are limping to payday with one week left to negotiate, but that brings excitement as it'll time for money shuffling shenanigans.

    At the weekend I shifted our holiday savings out of our Tesco current account and opened one with Marcus for 1.5%. It'll make minimal difference but I'm moving the cash out of principle for them reducing interest to 1%. I will also be opening another in Mrs SJs name for our Christmas savings.

    Avid readers will be aware that I had some cash in peer 2 peer lending. Now I'd started to withdraw chunks out at Christmas as more and more loans were seeming to go into bad debt. Withdrawals were fine until the final batch of 150 which has been stuck in sales for 6 weeks now, grrr.... Although I'm frustrated at this, I'm so glad I haven't got thousands in there!

    Lastly, our 1p a day challenge is going well, and Mrs SJ is keeping on with it as well.
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • shangaijimmy
    • By shangaijimmy 18th Jun 19, 6:49 PM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Car insurance renewal notice has popped up, and amazingly our re quote has gone down by about 16. I'm still reluctant to just let it roll on without looking though, mainly because of the desire for cashback!!! So I may crack on with a few quotes tonight.

    I am patiently waiting for my Natwest switch bonus to land as well. It did say before August, but I not patient afterall and its been a month now.

    Last one is I found 10p roadkill on my dog walk whcih has been added to our 1p challenge. DS1 also found 1 but he wouldn't put it in our pot!
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • shangaijimmy
    • By shangaijimmy 19th Jun 19, 8:31 PM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Well I am somewhat disappointed that I can't beat our car insurance re-quote. So no cashback. I wonder if they are now changing track with those customers who they see have been regular switchers??
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • therocket
    • By therocket 21st Jun 19, 3:55 PM
    • 56 Posts
    • 205 Thanks
    therocket
    We had a similar thing this year, where are renewal quote was fractionally cheaper than last year's BUT we still managed to beat the quote by nearly 150. No idea how though!

    Great progress as always - I always seem to learn something new each time I read your diary SJ!

    Top work.

    R
    MFW - diary has finally arrived!
    • shangaijimmy
    • By shangaijimmy 22nd Jun 19, 7:27 AM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Great progress as always - I always seem to learn something new each time I read your diary SJ!
    Originally posted by therocket
    Thanks for popping by, however a small confession is that everything you think you've learned from my ramblings, you have in fact learned from my version of what I've pinched off people on here!! These forums are fantastic!

    Well the week has been strange and a tough one. I started out by waking up in London after travelling down on Sunday evening for a Monday conference. Conference was great but always in the back of mind I'm thinking that i now have a day of work to catch up on. Tues & Weds were a slog as i caught up, but also caught up on the fatigue from the conference, and as i tried to make sense of and relay the meaningful new info to the team. Yesterday was a 9-1.30, and then 4-10.30 split work day, so a draining end to the week. And in all this our budgets/bank accounting hasn't even crossed my mind

    I was hoping to wake up refreshed from a good sleep...alas the "pollen bomb" has struck!

    Anyway onto today. 4 of us are booked on the 9.57 train for an hours travel and off for a day out (DD is going to grandma's as she's a bit young). The weather looks great and whilst we heading to the coast the pollen count shouldn't be as high, so win win. I've made the packed lunches already and ********* Dungeons await. This is completely up DS1's street and he's so excited about finding some ideas to 'torture' his brother with Secretly I'm hoping we can treat them as plague victims and brick them both up in the walls The day is fully budgeted for will come from our holiday/days out fund.

    Our plan when we get home is to sit in the garden for the evening and drink beer (me) and gin (Mrs SJ).
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • A Frayed Knot
    • By A Frayed Knot 22nd Jun 19, 7:59 AM
    • 2,860 Posts
    • 12,747 Thanks
    A Frayed Knot
    Sounds like a fun day, have a great time, and enjoy the evening.
    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

    • Karmacat
    • By Karmacat 22nd Jun 19, 8:23 AM
    • 31,908 Posts
    • 188,345 Thanks
    Karmacat
    fantastic post, and sounds like a great day. Have fun!
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    • shangaijimmy
    • By shangaijimmy 23rd Jun 19, 8:27 PM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Well days out are all about making memories, and in true fashion for our household things didn't exactly go smoothly. We arrived at the train station with DS2 reaching fever pitch about the train journey...only to find an empty station...! Someone hadn't turned in for work so there's been no trains since 6am (it was now 9.45am). Now I'm not one for panicking, but Mrs SJ didn't take it too well.

    Anyway we had a few options to way up, but either way we needed petrol. So Mrs SJ drove whilst I had a check of train times from other potential stations to work out a plan. We pulled into Tesco to find the petrol station all closed off, so as you can imagine Mrs SJ was verging now on a meltdown, not aided by the continuous stream of questions from the back seats all starting with "Mum" or "Dad"!

    So after the initial dramas we decided to drive and hope that the traffic was kind. DS2 was pretty devastated that we couldn't go on the train, but 75mins of eye-spy did the trick.

    We had a great day, and a great evening...and have an extra tale to tell with our memories. Unfortunately for DS1 he very much matter of fact reported - "Dad, I didn't find any torture devices that I didn't already know about..." So I'm not sure what to make of that...I'm hoping its due to his Horrible Histories books.

    Busy week ahead, but thankfully we have 2 paydays and accounts posting on Sunday.
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • shangaijimmy
    • By shangaijimmy 25th Jun 19, 6:17 AM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Wow yesterday was even more hectic than a usual Monday! So feeling decidely jaded today, on top of a high pollen count morning, grrrr...

    Payday today for me so can start some money shuffles tonight. I love money shuffle day.
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • Suffolk lass
    • By Suffolk lass 25th Jun 19, 10:17 AM
    • 3,058 Posts
    • 28,180 Thanks
    Suffolk lass
    Me too - it is just the best day! DH gets paid tomorrow and I am trying to spend nothing today. The pollen count is killing us but it has been raining this morning. I am about to walk (other people's) dogs so we shall see.
    MFIT T5 target to clear our mortgage completely (59,998) Q1 26,828 or 44.71% paid - Mortgage Free Wannabes 2019 #37 78.13% 31,251.65 including July
    Save 12k in 2019 - #68 target is 7k 4,998.99 or 71.41% after May
    OS Grocery Challenge 2019 target is 3k - 46.03% spent so far, mid July
    My DFD is here
    • shangaijimmy
    • By shangaijimmy 25th Jun 19, 10:38 AM
    • 3,082 Posts
    • 15,628 Thanks
    shangaijimmy
    Rain makes my hayfever worse. Presumably it knocks the pollen off the trees on the way down. At least our office is like a nuclear bunker and I get some relief!
    MFW: Turning June 2036 into something less...
    52 months - Total Reduction: 55,485.79
    Was: 136,000..........Now: 80,513.92
    MFiT-T5 #8 - 8.79% of 26,000
    • Suffolk lass
    • By Suffolk lass 25th Jun 19, 11:57 AM
    • 3,058 Posts
    • 28,180 Thanks
    Suffolk lass
    A few sneezes and I was dressed for weather a good 10 degrees cooler than it is outside - it's the thing about a thatched cottage - the insulation is blooming marvellous and a bit like air-con in here today, so I just had not realised how hot and muggy it is outside. The dogs loved it and so did we - five of us with 3 dogs today - a good old chat and 2 miles of walking - great fun.
    MFIT T5 target to clear our mortgage completely (59,998) Q1 26,828 or 44.71% paid - Mortgage Free Wannabes 2019 #37 78.13% 31,251.65 including July
    Save 12k in 2019 - #68 target is 7k 4,998.99 or 71.41% after May
    OS Grocery Challenge 2019 target is 3k - 46.03% spent so far, mid July
    My DFD is here
    • Elephantchunks
    • By Elephantchunks 25th Jun 19, 5:32 PM
    • 153 Posts
    • 749 Thanks
    Elephantchunks
    SJ your diary always gives me the motivational hit I require, it's great to see your monthly financial updates and see how much extra you have paid off when most of the population don't/won't/can't. I haven't been on MSE for the past year so I'm glad to see you are still going for it.
    Live a lot. Love a few. Always paddle your own canoe.
    Electrics re-wire savings
    Oct - May - 800/3000. June 1389/3000
    • debtfreeoneday
    • By debtfreeoneday 25th Jun 19, 6:21 PM
    • 2,981 Posts
    • 10,274 Thanks
    debtfreeoneday
    Glad you still had a good day out! Hope the hayfever improves!
    DFW (08/08) 64,346.53 Gone for good (02/19)
    MFW (01/15) 82,637.87
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