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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 11:18 AM
    • 3,125Posts
    • 15,916Thanks
    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 - 53 payments
    • Balance - 79,933.35
    • Diary Reduction Total - 56,067.04
    • Cumulative Overpayments - 30,859.11
    • Monthly Average Overpayments - 582.25
    • Monthly Average Net Reduction - 1,057.87

    Targets for 2019
    • Feb 2019 - 84,400 (end of year 4) - Actual 84,499.18 (99.18 behind)
    • July 2019 - 80,000 - Actual 79,933.35 (66.65 ahead)
    • Dec 2019 - 77,000
    Last edited by shangaijimmy; 01-08-2019 at 7:57 AM. Reason: Updated Financial Priorities - July '19
    MFW: Turning June 2036 into something less...
    53 months - Total Reduction: 56,067.04
    Was: 136,000..........Now: 79,933.35
    MFiT-T5 #8 - 28.06% of 23,000
Page 167
    • Karmacat
    • By Karmacat 13th Aug 19, 3:56 PM
    • 32,114 Posts
    • 189,690 Thanks
    Karmacat
    I love the sound of rain on a caravan (probably because it reminds me of holidays ).
    Originally posted by themadvix
    Me too! Holidays in North Wales

    Holiday sounds like it's just what you needed, despite the weather.
    It does, even though you've not quite slept enough, Jimmy, it sounds very relaxing
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    • shangaijimmy
    • By shangaijimmy 13th Aug 19, 5:59 PM
    • 3,125 Posts
    • 15,916 Thanks
    shangaijimmy
    Correct, too much rain and too little snoozes!

    Stumbled on a great little farm today. Lots of farm animals with pony rides, feeding chickens and so on that the little 2 loved and then a farm machinery museum for the nerds of me and the DS1.! There was also a great play barn that was made of straw, with jumps, platforms and rope swings. Kids had a great time in there until DS1 took it too far and ended up with an ankle injury. Obviously it was my fault for not seeing that he was about to jump the kids equivalent of the grand canyon through those extras eyes in the back of my head! with the x-ray vision to see through walls (I accept I may be being a tad dramatic)!

    So back at van and I've took the little un's swimming for an hour whilst DS1 iced his ankle. And am now sat outside as its not raining and the fact that its chilly will not stop me enjoying at least 1 hour on the decking with a cold beer or 3!

    Chocolate making factory in the morning, and I'm certain the ankle will have miraculously healed enough for him to make his own body weight in chocolate!

    Natwest switching cash is in, but I can't transfer it out without the card reader as I've not used the account at all yet. That's a nice little overpayment job to look forward to on Sunday evening. I have used the wet time to do lots of diary reading and pension research, which I'm really enjoying (sad I know) and I'm feeling increasingly in control of the retirement planning rather than it being in control of us!
    MFW: Turning June 2036 into something less...
    53 months - Total Reduction: 56,067.04
    Was: 136,000..........Now: 79,933.35
    MFiT-T5 #8 - 28.06% of 23,000
    • shangaijimmy
    • By shangaijimmy 13th Aug 19, 7:16 PM
    • 3,125 Posts
    • 15,916 Thanks
    shangaijimmy
    Back again to report a postcode lottery win. 10...can you imagine what you would all do with such a windfall???
    MFW: Turning June 2036 into something less...
    53 months - Total Reduction: 56,067.04
    Was: 136,000..........Now: 79,933.35
    MFiT-T5 #8 - 28.06% of 23,000
    • A Frayed Knot
    • By A Frayed Knot 13th Aug 19, 9:51 PM
    • 2,894 Posts
    • 12,869 Thanks
    A Frayed Knot
    Back again to report a postcode lottery win. 10...can you imagine what you would all do with such a windfall???
    Originally posted by shangaijimmy
    Well, yes, it could have something to do with the place you are visiting tomorrow


    Well done on the win, and also loved the comment about not hearing the telly
    for the rain. Reminds me a lot. Now you just need the power cut, then its
    torches and candles out along with a pack of cards.

    Enjoy the rest of your holidays.
    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

    • Humdinger1
    • By Humdinger1 16th Aug 19, 7:02 AM
    • 104 Posts
    • 380 Thanks
    Humdinger1
    Jimmy

    I've just read all 167 pages of your diary; what can I say but wow; well done; and thanks to you and your devoted admirers (who I'd like to join if I may?) for making me think about the allocation of money. You've also got me thinking again about what is true luxury and have reached the conclusion that much of it us invisible. A sense of control; freedom from stress; the decision that conspicuous consumption can often be about attempting to impress people you don't even like. I've held these views for years following paying off major business debt (100k when 2 clients went bust) but am so thrilled to find my tribe here. Am subscribing and cheering you on. Many congratulations Humdinger
    • shangaijimmy
    • By shangaijimmy 16th Aug 19, 9:21 AM
    • 3,125 Posts
    • 15,916 Thanks
    shangaijimmy
    Thank you for your kind words of encouragement Humdinger. You deserve some credit for persevering, welcome aboard! Since our financial 'rebirth' and our more responsible use of money, I really can say that financial related stress levels have steadily evaporated with every month.

    I don't tend to talk about our money journey with people, but occasionally when things slip out (usually hearing people complaining in the pub when we've had a few pints) peoples reactions to our position tend to be envious now. I even overheard Mrs SJ glorifying our position with her friends and siblings (even mentioning pension plans), and pimping me out to sort all their finances out (me in the background with wide eyes and pursed lips silently screaming 'stop talking'! So perhaps I should give her a smidgen more credit .

    I've also been musing recently on my dog walks as to whether age has become a factor in us being more finance aware, and I include friends in that as well. Personal finance does seem to come up in conversation more and more, its just that not everyone seems ready/willing/brave enough to do something about it. With every year I also get more resentful of 'stuff'! The clutter in our house really gets to me at the minute. Now I appreciate most of it comes with kids but we really need to be better and removing redundant stuff out of the house. DS2 and DD's rooms have recently been blitzed and whilst I've sat staring at the rain for most of the week away I've scheduled in DS1's room (I suspect he has his Grandads hoarding tendencies) and our excessive towel & bedding cupboard for Sunday afternoons job list. Then I'm tackling my wardrobe next weekend!!

    Wow that was a long post...I blame the heavy rain outside...!
    MFW: Turning June 2036 into something less...
    53 months - Total Reduction: 56,067.04
    Was: 136,000..........Now: 79,933.35
    MFiT-T5 #8 - 28.06% of 23,000
    • shangaijimmy
    • By shangaijimmy 16th Aug 19, 9:24 AM
    • 3,125 Posts
    • 15,916 Thanks
    shangaijimmy
    Back again to report a postcode lottery win. 10...can you imagine what you would all do with such a windfall???
    Originally posted by shangaijimmy
    Decision made...our mortgage seemed the best place for the winnings to nestle

    Well, yes, it could have something to do with the place you are visiting tomorrow
    Originally posted by A Frayed Knot
    To be fair I've taken the decision to assist the kids in chomping through their chocolate
    MFW: Turning June 2036 into something less...
    53 months - Total Reduction: 56,067.04
    Was: 136,000..........Now: 79,933.35
    MFiT-T5 #8 - 28.06% of 23,000
    • Karmacat
    • By Karmacat 16th Aug 19, 9:36 AM
    • 32,114 Posts
    • 189,690 Thanks
    Karmacat
    Quality of life, Jimmy, you're so right - once the mortgage is "manageable", quality of life comes to the fore, whether thats pension in the future, a cluttered house, or present day experiences. I love reading of your thoughts on this, as well as your actions.
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    New kitchen fully installed June 2019
    • A Frayed Knot
    • By A Frayed Knot 16th Aug 19, 7:42 PM
    • 2,894 Posts
    • 12,869 Thanks
    A Frayed Knot
    Decision made...our mortgage seemed the best place for the winnings to nestle
    Originally posted by shangaijimmy
    Nestle ?? isn't that a chocolate
    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

    • shangaijimmy
    • By shangaijimmy 18th Aug 19, 6:12 AM
    • 3,125 Posts
    • 15,916 Thanks
    shangaijimmy
    I see what you did there...

    So the wet weather finally seen us off! I suppose 9 days in a caravan for 5 of you (when all but 2 nights and mornings you can't kick the kids out because of the rain - well not everytime), starts to take its toll. DS1 wanted to come home, so Mrs SJ took the kids swimming and I stayed back to pack, load the car(s) and clean the van. Made it home an hour before kids bed, and I must be honest once I was showered and in bed I was glad we came home! Washing machine on the go already, so hoping for a dry and windy day.

    Typically I've been awake since 4.30am! Hayfever started which then kicked off my asthma (not bad, but enough to be a nuisance), so I decided to get up at 5.30am and have a cuppa. DD has a birthday party to go to with nanny and grandad this afternoon, and I am planning a big dog walk and a snoozey afternoon with the cricket.

    In money news the good part of coming home is that I could get my hands on the Natwest switch bonus. So 125 plus an extra 18.69 that was sitting in the account has been transferred and promptly OP'd .

    5 days to payday and the big spreadsheet dabbles can start again
    MFW: Turning June 2036 into something less...
    53 months - Total Reduction: 56,067.04
    Was: 136,000..........Now: 79,933.35
    MFiT-T5 #8 - 28.06% of 23,000
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