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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 11:18 AM
    • 3,074Posts
    • 15,583Thanks
    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 4th version of the opening post (Dec 2018 - 46 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!

    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!

    Progression
    • Starting Balance - 136,000
    • Yr 1 End - 123,494.37
    • Yr 2 End - 110,520.71
    • Yr 3 End - 97,132.76
    • Yr 4 End - 84,499.18

    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
    • Dec 2018 - 86,600 - Actual 86,601.52 (1.52 behind)
    • Feb 2019 - 84,400 (end of year 4) - Actual 84,499.18 (99.18 behind)
    • July 2019 - 80,000
    • Dec 2019 - 75,000
    Last edited by shangaijimmy; 30-06-2019 at 8:05 AM. Reason: Updated Goals
    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 4
    • atypicalblonde
    • By atypicalblonde 15th Apr 15, 12:39 PM
    • 3,055 Posts
    • 22,402 Thanks
    atypicalblonde
    I couldn't agree more - children really do bring things into sharp focus at times don't they. If we stick to our plan, the mortgage will be paid off when our two are 6 & 7, which would just be lovely.

    The Not Buying It thread on the OS board is well worth a read, especially the first 6 pages. My favourite comment on there, and one which inspired me on this journey, is that all we really need in life is sufficient shelter, food, warmth and good companionship. Everything else is froth and excess and not worth a jot.
    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, 12:49 PM
    • 3,074 Posts
    • 15,583 Thanks
    shangaijimmy
    Mrs SJ would add shoes!

    6 and 7 is amazing if you can do it. I suspect ours will be 15 and 12, which is amazing too, and gives us a few years of saving for number 1 to help with Uni!!
    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
    • atypicalblonde
    • By atypicalblonde 15th Apr 15, 12:56 PM
    • 3,055 Posts
    • 22,402 Thanks
    atypicalblonde
    I bought a beautiful pair of Jimmy Choo shoes for a fiver in a charity shop last year - I have yet to wear them. Mind you, when working from home like I do, one has little call for high heels - just comfy slippers!X
    MFW
    Mortgage 8.2.15 - 171,064.64 Mortgage 1.5.2018 - 99,980.45
    Aiming to be MF 1.10.2020
    • lippy1923
    • By lippy1923 16th Apr 15, 12:01 PM
    • 1,280 Posts
    • 3,553 Thanks
    lippy1923
    Well done on the mini target! Something to look forward to sooner rather than later
    Total Mortgage OP 31,000
    House Value 290,000 Mortgage 69,197
    Emergency Fund 35,000
    Spend Fund 4,600

    • shangaijimmy
    • By shangaijimmy 17th Apr 15, 10:43 AM
    • 3,074 Posts
    • 15,583 Thanks
    shangaijimmy
    Tough week ahead with only 19 left till payday (Friday), but cupboards are stocked, i've cash on my golf card for bacon and beer for tomorrow, and its home movie night planned for tomorrow!

    With all that it shows that my budget is working, and our surplus spends ended up going on a new bed for eldest son meaning we didn't need to dip into savings for decorating.

    Hopefully next month we'll have enough in surplus for paint, wallpaper and bedding for grown up bedroom decoaration.

    Looking ahead any surplus from June, July and onwards will go into savings. Or will it be mortgage?? Oh the torturous decisions...
    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 Apr 15, 11:34 AM
    • 3,074 Posts
    • 15,583 Thanks
    shangaijimmy
    Spreadsheet, spreadsheet, spreadsheet!
    Just done some spreadsheet updates and realised we'll move out of the 134k's this month!

    We'll sneak it by 3. Mrs SJ will be happy to get the black marker out and colour in another brick on our house.

    Whilst we're on, has anyone got a good link that they send me with a good method of the house and bricks? Ours in pretty naff, and i'd really like to have it over a real picture of our house. Or is that too difficult?
    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
    • Luckyinlife
    • By Luckyinlife 17th Apr 15, 12:28 PM
    • 1,594 Posts
    • 6,036 Thanks
    Luckyinlife
    Got to love the spread sheets moving out of 134s into 133's is amazing :] every 1k is a great achievement :]
    Mortgage--- 67700 March 15 65221 April 15 64983 July 15 64780 sept 15 Remortgage 67295 oct 15 66599 Nov 15 65878.73 Dec 15 64834 1st Jan 16 Feb 16 64,511.89 March 16 64,056.40 April 16 62550 May 16 62,396.20 Feb 17 60.800
    Emergency fund 23k
    • shangaijimmy
    • By shangaijimmy 17th Apr 15, 12:31 PM
    • 3,074 Posts
    • 15,583 Thanks
    shangaijimmy
    Thanks Lucky. Great to have someone to share my Friday lunchtime glee!
    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
    • lippy1923
    • By lippy1923 18th Apr 15, 2:49 PM
    • 1,280 Posts
    • 3,553 Thanks
    lippy1923
    What do you mean by colour in a brick of your house
    Total Mortgage OP 31,000
    House Value 290,000 Mortgage 69,197
    Emergency Fund 35,000
    Spend Fund 4,600

    • choccielover
    • By choccielover 18th Apr 15, 8:49 PM
    • 404 Posts
    • 1,382 Thanks
    choccielover
    I think like many MFW's SJ has a pictorial house with each brick representing a portion of the debt/equity. Each time you pay off a certain amount (1k for example) you can colour in a brick as its 1k more you own and the bank doesn't have a share in
    • Firegirl
    • By Firegirl 18th Apr 15, 9:55 PM
    • 803 Posts
    • 3,131 Thanks
    Firegirl
    I like the idea of the house and colouring bricks!!! Very visual and motivational!
    Mortgage balance Feb 2015 start of MFW Journey-245316.06/Aim to be mortgage neutral 2022
    Original Target for May 2020 - between 2 figures below
    19 Year Target Balance MF55= 181, 125
    14 Year Target Balance MF50= 158, 054
    Current Mortgage Balance 170, 000 - Aiming for 150, 000
    • shangaijimmy
    • By shangaijimmy 19th Apr 15, 8:11 AM
    • 3,074 Posts
    • 15,583 Thanks
    shangaijimmy
    Lippy, Choccie and Sque - i've found the house on the fridge the biggest motivating factor in engaging Mrs SJ into the plan. Its also been good for saying if we carry on like this we'll be at less than 130k by Christmas (conversation last night funnily enough) etc...

    The first 18 months it was tough going and we only got to colour in each square every 3-4 months, so in hindsight we probably should have had 500 bricks for added motivation. We're now at the stage that we'll be colouring in pretty much every month as we're knocking approx 910 off the capital every month. My idea for that 10th month when we fall in between is to round it up with a bonus payment (from somewhere, unless it falls in December or January!!)

    That just revealed my secret plan! The actual yearly target is 11,000 off capital, but my secret goal was always 12,000!
    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
    • atypicalblonde
    • By atypicalblonde 19th Apr 15, 10:51 AM
    • 3,055 Posts
    • 22,402 Thanks
    atypicalblonde
    What a great plan! So as of 1.1.16 you will be in the 120s, hurrah! I agree, a picture is a great motivator we have one too but it's very basic xx
    MFW
    Mortgage 8.2.15 - 171,064.64 Mortgage 1.5.2018 - 99,980.45
    Aiming to be MF 1.10.2020
    • Luckyinlife
    • By Luckyinlife 19th Apr 15, 11:55 AM
    • 1,594 Posts
    • 6,036 Thanks
    Luckyinlife
    wow great target to hit the 130k mark this year :]

    secret plans are always great :] love the house brick idea as well :]
    Mortgage--- 67700 March 15 65221 April 15 64983 July 15 64780 sept 15 Remortgage 67295 oct 15 66599 Nov 15 65878.73 Dec 15 64834 1st Jan 16 Feb 16 64,511.89 March 16 64,056.40 April 16 62550 May 16 62,396.20 Feb 17 60.800
    Emergency fund 23k
    • Firegirl
    • By Firegirl 19th Apr 15, 2:41 PM
    • 803 Posts
    • 3,131 Thanks
    Firegirl
    I have such a long way to go I'll need a lot of bricks for colouring!!!

    Good luck with your target, you've done well since 2009!
    Mortgage balance Feb 2015 start of MFW Journey-245316.06/Aim to be mortgage neutral 2022
    Original Target for May 2020 - between 2 figures below
    19 Year Target Balance MF55= 181, 125
    14 Year Target Balance MF50= 158, 054
    Current Mortgage Balance 170, 000 - Aiming for 150, 000
    • shangaijimmy
    • By shangaijimmy 19th Apr 15, 6:30 PM
    • 3,074 Posts
    • 15,583 Thanks
    shangaijimmy
    ATB - very well put. If we make the 120's by January we'll have a celebratory meal out (2 for 10 naturally...)!
    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 Apr 15, 6:32 PM
    • 3,074 Posts
    • 15,583 Thanks
    shangaijimmy
    Lucky - thanks for the comments though i now have another problem. My secret plan is no longer secret!

    Back to the spreadshseets for me. Loads of permutations and a new secret to devise...
    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 Apr 15, 6:35 PM
    • 3,074 Posts
    • 15,583 Thanks
    shangaijimmy
    Sque - what about if you did a mini picture of your roof or garage first? Mini targets with smaller 500 blocks. Lets imagine your roof is a 1/4 of your house/mortgage it gives you some good visual motivation etc...

    Then big celebration and you can draw another house with the top floor, then so on and so on.

    I wish i'd have broken it up like that at first!
    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
    • Firegirl
    • By Firegirl 19th Apr 15, 7:56 PM
    • 803 Posts
    • 3,131 Thanks
    Firegirl
    Good idea! What do I want to own first!!!! Kitchen I think.... Real good family space. Actually it's a new build house so u might actually use the floor plan to do it because it's still on the Internet!!!

    Guess what I'll be doing tomorrow on my computer when I'm meant to be working
    Mortgage balance Feb 2015 start of MFW Journey-245316.06/Aim to be mortgage neutral 2022
    Original Target for May 2020 - between 2 figures below
    19 Year Target Balance MF55= 181, 125
    14 Year Target Balance MF50= 158, 054
    Current Mortgage Balance 170, 000 - Aiming for 150, 000
    • shangaijimmy
    • By shangaijimmy 19th Apr 15, 10:07 PM
    • 3,074 Posts
    • 15,583 Thanks
    shangaijimmy
    I went even better... I got a work experience kid to do mine...
    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
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