Renovations and Repayments II: New Year, New Start, New Diary.
AlexLK
Posts: 6,125 Forumite
2018 is almost upon us and is set to be the year I get my finances in order. :A:eek::rotfl::p
So, what's changed since the start, middle, end of my last diary?
- Regular income is up
- Gained some knowledge of how to use a spreadsheet to budget
- In a much better position to make steps towards positive change
- My wife and I are working as a team
- Unless anything drastically changes our son is staying at the local school
What do I want to achieve?
- Regular and realistic amounts to savings each month
- Make the mortgage payment up to £1,000 each month
- Get a better rate on our mortgage
- Get rid of a lot of things we don't need ... OK that's business as usual :rotfl:
- Finish the house and consider our options (staying in current house or using the equity to move somewhere new - not to my childhood home and if I mention this, please feel free to point me to this starting post)
- Monthly targets for both financial and personal goals
So, what's changed since the start, middle, end of my last diary?
- Regular income is up
- Gained some knowledge of how to use a spreadsheet to budget
- In a much better position to make steps towards positive change
- My wife and I are working as a team
- Unless anything drastically changes our son is staying at the local school
What do I want to achieve?
- Regular and realistic amounts to savings each month
- Make the mortgage payment up to £1,000 each month
- Get a better rate on our mortgage
- Get rid of a lot of things we don't need ... OK that's business as usual :rotfl:
- Finish the house and consider our options (staying in current house or using the equity to move somewhere new - not to my childhood home and if I mention this, please feel free to point me to this starting post)
- Monthly targets for both financial and personal goals
2018 totals:
Savings £11,200
Mortgage Overpayments £5,500
Savings £11,200
Mortgage Overpayments £5,500
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Comments
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Happy shiny new diary
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
Fantastic aims Alex, don't worry we will give you a little reminder of what you just said if needs be, best of of luck
2022 MFW 67 - 33 month challenge to clear mortgage, month 17 completed and and extra 2 knocked off 🙂MFI3 No.120 -
Hi Alex.:wave:
You've come a long way since your first diary. I'm intending to spend more time here, so I will be following your new adventures. All the best for 2018.Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
Thank you Beanie and NG.
Just sorted the spreadsheet for the coming month. We are finding using a credit card for our day to day spending to be rather helpful as we know what we will be paying each month rather than guessing / withdrawing cash / using our debit cards. However, it has been somewhat abused this month as we've spent a lot of money. As a measure to not find ourselves in debt we set up a direct debit to pay the credit card in full each month, so it is still the case of "can't pay for it, don't buy it".
January Financial Aims:
£925 to savings from surplus income.
Total payment of £1,000 to mortgage.
Get a better rate on mortgage. Shamefully we have never shopped around for this before.
Is it worth spreading the mortgage payment over a longer term to reduce the monthly payment due so the overpayment is effectively higher each month or shortening the term so the £1,000 is all repayment?
On another point, prices are higher here than they have ever been by some considerable margin. We bought this house derelict and paid a very low price. It's very nice to see it starting to come together finally after many years of putting up with things the vast majority of people wouldn't. However, whilst we have some wonderful memories here, we also have some truly awful ones. My wife and I have had a lot of time to talk about our future plans over this Christmas period, the potential of moving to another county and our relationship with my parents. At the moment we need to focus on finishing the house but what happens after that, I think I'm open to something other than waiting to inherit my parents' house.2018 totals:
Savings £11,200
Mortgage Overpayments £5,5000 -
Thank you, Goldie.
Great to hear from you and hope retirement is treating you well. At the moment life is the best it ever has been for me and I'm hoping things will continue to follow the current positive trajectory.2018 totals:
Savings £11,200
Mortgage Overpayments £5,5000 -
Great posts today .....promising tone to start new diary off with. Look forward to reading 2018 plansMade it to mortgage free but what a muddle that became
In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!0 -
Loving how positive you sound Alex
Every good wish to you, your wife and son for the coming year x0 -
A Wonderful New Diary, Alex.
All very positive.
All the best for the New Year.
Have subscribed to this.0 -
Ohh, lovely, shiny new diary Alex! Very tempted to update mine with a new one too. I wish you well, season's greetings and good fortune with those aims for 2018Save £12k in 2024 - #2 target is £5000 only £798.34 so far
OS Grocery Challenge 2024 25.04% spent or £754.10/£3,000 annual
I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
My Debt Free Diary Get a grip Woman0 -
Great start to a new diary and a New Year Alex. You and your family have come a long way and the future sounds bright for you. Not much hope for changes in the way your parents see life I guess, very sad, the loss will be theirs.The best thing about the future is that it comes one day at a time. (Abraham Lincoln)0
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