Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,814Posts
    • 14,078Thanks
    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 - 45 payments
    • Balance - £87,653.30
    • Diary Reduction Total - £48,224.61
    • Cumulative Overpayments - £26,599.31
    • Monthly Average Overpayments - £591.10
    • Monthly Average Net Reduction - £1,071.66

    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 - Actual £92,897.77 (£297.77 behind target)
    • July 2018 - £91,500 - Actual £91,863.15 (£363.15 behind target)
    • Aug 2018 - £90,400 - Actual £90,829.35 (£429.35 behind target)
    • Sept 2018 - £89,300 - Actual £89,783.45 (£483.45 behind target)
    • Oct 2018 - £88,200 - Actual £88,741.06 (£541.06 behind target)
    • Nov 2018 - £87,100 - Actual £87,653.30 (£553.30 behind target)
    • Dec 2018 - £86,000
    Last edited by shangaijimmy; 09-12-2018 at 9:43 PM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
Page 131
    • Karmacat
    • By Karmacat 9th Apr 18, 9:46 AM
    • 30,242 Posts
    • 175,680 Thanks
    Karmacat
    It would be here, Jimmy, don't be so silly - you never graduate the MFW boards.... once here, you're here to stay, even without a mortgage! *insert evil laugh*
    Originally posted by themadvix
    And I'm living proof of that

    At one stage, there was talk of a Financial Independence board, but it wasn't quite the thing, and it died out. So here we are, and here I am

    Have a great hol - setting off straight from work is *so* satisfying!
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    • greent
    • By greent 9th Apr 18, 2:02 PM
    • 7,608 Posts
    • 77,561 Thanks
    greent
    Definitely stay on here - it's very friendly and less scary than some of the other boards!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £8K/£7500
    Net sales 2018 £765.72/£1000 PAYDOX18 (#15) Done £18918.90
    • badmemory
    • By badmemory 9th Apr 18, 4:00 PM
    • 2,305 Posts
    • 3,400 Thanks
    badmemory
    The next jobs on the outside job list are painting the fence (I hate that job more than any other), .
    Originally posted by shangaijimmy
    My next but one job is doing my fence & I'm seriously considering having the UPVC type. They don't need painting & last over 25 years. Obviously costs more to do but I know someone who had her 40ish panels done a few years ago & she thinks she's almost broken even with years still to go.
    • shangaijimmy
    • By shangaijimmy 10th Apr 18, 8:16 AM
    • 2,814 Posts
    • 14,078 Thanks
    shangaijimmy
    Karma/Green,VIx - decision made then. I'll stay here where its safe and friendly. Just make sure we don't let any untowards people in over the next 6yrs (vetting process???)

    Badmemory - i have considered the upvc fence when ours finally falls down. But for now i'm happy to bang a load of nails in it and keep it going. Hopefully the price will have come down quite a bit by that stage! Thankfully though i haven't got 40 panels!
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 10th Apr 18, 8:21 AM
    • 2,814 Posts
    • 14,078 Thanks
    shangaijimmy
    So first morning in the caravan and we wake up to the rain that kicked in at bedtime lat night. And judging by the puddles was going on for the majority of the night as well. DS1 is watching Harry Potter (again), DD is pottering about, DS2 and Mrs SJ are still in bed.

    Thankfully internet has been installed at the caravan so I am drinking tea and catching up with diaries, whilst weighing up the big decisions for the morning - bacon or sausage, or both? toast or barms?

    In money news, 55p TT this morning. And we are at the caravan so it definitely will not be a NSD.
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • Karmacat
    • By Karmacat 10th Apr 18, 9:38 AM
    • 30,242 Posts
    • 175,680 Thanks
    Karmacat
    The bliss of a cooked breakfast on a weekday holiday, and in a caravan when you know you're going to stay dry until you want to get out and get wet

    In referring to fence panels, you've got me thinking. I have a fence that faces directly southward, as my house and garden are oriented west-east. Starting to wonder about solar panels of some description for that fence, when it eventually needs to be replaced. The price would need to come down a lot still, of course. Just a thought experiment for now.

    Anyway, have a great start to the holibob
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    • greent
    • By greent 10th Apr 18, 10:40 AM
    • 7,608 Posts
    • 77,561 Thanks
    greent
    Thankfully internet has been installed at the caravan so I am drinking tea and catching up with diaries, whilst weighing up the big decisions for the morning - bacon or sausage, or both? toast or barms?

    .
    Originally posted by shangaijimmy
    Both - you're on holibobs!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £8K/£7500
    Net sales 2018 £765.72/£1000 PAYDOX18 (#15) Done £18918.90
    • themadvix
    • By themadvix 11th Apr 18, 9:46 AM
    • 2,057 Posts
    • 11,723 Thanks
    themadvix
    Glad you'll be staying put Jimmy... I'm sure I'll still be here, probably with an bigger mortgage to pay!

    Hope the weather improves today!
    OPs 2018 = £2090
    Moving savings = £3085
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jul 2018: £91,552
    MFW2018 no. 38
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 11th Apr 18, 7:54 PM
    • 708 Posts
    • 3,152 Thanks
    SuperSecretSquirrel
    weighing up the big decisions for the morning - bacon or sausage, or both?
    Originally posted by shangaijimmy
    "Decision", as though there were any question...

    Both. With a fried egg on top!

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£61,918.30(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £291,327.81 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 33.2% (exc SP)
    • shangaijimmy
    • By shangaijimmy 12th Apr 18, 8:35 AM
    • 2,814 Posts
    • 14,078 Thanks
    shangaijimmy
    Decision was made for me...bacon and sausage on toasted muffins. This morning will be sausage and egg on toast. With brown sauce of course. After all bacon and sausage were designed to go under brown sauce.

    Days 1 &2 have been spectacularly low spend for a caravan trip. £3.15 on day 1 and £5.20 on day 2. Not sure whats happened to Mrs SJ!!
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • atypicalblonde
    • By atypicalblonde 13th Apr 18, 9:53 AM
    • 2,978 Posts
    • 21,476 Thanks
    atypicalblonde
    I hope day 3 spends are just as low!

    Enjoy the rest of your break. The weather is set to improve from tomorrow, hope you see some sun!
    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 13th Apr 18, 10:08 AM
    • 2,814 Posts
    • 14,078 Thanks
    shangaijimmy
    Unfortunately £23 spent yesterday. Coffe and cake whilst out and about and then a couple of pints later on. Still spectacularly low totals for us! Rain been incessant this morning so rethinking our plans.

    90p TT this morning so keeping things going MFW wise.
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • Karmacat
    • By Karmacat 13th Apr 18, 10:26 AM
    • 30,242 Posts
    • 175,680 Thanks
    Karmacat
    I think those are spectacularly low spends for any family, Jimmy. You're on holiday, remember, not in a sweatshop! Enjoy
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    • shangaijimmy
    • By shangaijimmy 14th Apr 18, 8:56 PM
    • 2,814 Posts
    • 14,078 Thanks
    shangaijimmy
    Don't panic Karma we've enjoyed it plenty, we just haven't spent anywhere near as much in the bar on an evening. Hectic days out, kids shattered after late afternoon swimming so favoured having a few drinks in the caravan whilst kids flake out. Our kids definitely haven't got stay up late staying power!

    Made a few risk free bob on the national (Mrs SJ and DD where snoozing and DS's playing out on scooters) which will pay for a Mrs & Mrs night out in a few weeks. Had finger on the button for a £58 cashout on the last race as well and then it fell at the last...darn it! Didn't lose anything though as it was a free bet.

    S&S Isa is now open with cash waiting to be invested. I transferred a £436 cash isa to start off and will be adding £30 a month to it. Am determined to learn...! So if anyone has some links for me to read please feel free to send on.

    Home tomorrow. The week has gone far too quickly!
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • EatingTheElephant
    • By EatingTheElephant 15th Apr 18, 8:10 AM
    • 1,343 Posts
    • 7,316 Thanks
    EatingTheElephant
    Sounds like an enjoyable holiday, you’ve got me thinking about bacon now, it would go very well with all those eggs that are in my fridge!

    Of course there is no doubt you will have to stay on this board when you are MF
    I was MF when I started my diary before moving here last year and wasn’t kicked off the board!
    • gallygirl
    • By gallygirl 15th Apr 18, 8:35 AM
    • 16,674 Posts
    • 110,010 Thanks
    gallygirl
    S&S Isa is now open with cash waiting to be invested. I transferred a £436 cash isa to start off and will be adding £30 a month to it. Am determined to learn...! So if anyone has some links for me to read please feel free to send on.
    Originally posted by shangaijimmy
    Basically, pick your chosen area/areas, invest in low-cost index trackers with very low annual fees and more or less forget about it, apart from 6-monthly or annual reviews. In a nutshell, if you pick an active fund half will over-perform and half will under-perform - what makes you think you're clever enough to pick the over-performers when the under-performing funds a) may have been last year/3 year/5 years over-performers and b) they are run by people who know more about it by you and still get it wrong .

    There is a book worth reading but I've forgotten what it's called . Ed can you help?
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • shangaijimmy
    • By shangaijimmy 15th Apr 18, 8:49 AM
    • 2,814 Posts
    • 14,078 Thanks
    shangaijimmy
    Thank you gally. That type of info is exactly what i need! An idiots guide into the terminology for each type of fund. The initial idea is that i'll be leaving it for 15yrs or so. After starting with an initial £30 a month to get me started my hope is to start increasing that over time (not sure where i'll get the extra cash from just yet!)

    EtE - just make sure you have brown sauce with bacon and egg. Its the perfect combination!

    Well i did my usual Sunday morning practice of a TT, which was a £1, and then OP's the weekly pot. This week the pot sat at £4.46, so that's 1 days worth of interest for the month taken care of.
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • Suffolk lass
    • By Suffolk lass 15th Apr 18, 9:22 AM
    • 2,238 Posts
    • 22,965 Thanks
    Suffolk lass
    Hiya shangaijimmy, I've picked up your diary via others references to you and just started to read. I started to learn about the investment thing by subscribing to the investment and savings thread and just starting to lurk, googling terms I did not understand. I occasionally posted but there are a few people over there who like to feel clever by demeaning novice posters, so mostly I am a silent researcher.

    I subscribe to Slowlyfading's web-site "The Frugal Cottage" and she has just posted a guide to investing here. There are some more links in her article.

    Hargreaves Lansdowne also have a beginner's guide to investing here.

    In terms of platforms, I use Charles Stanley Direct who are very reasonable, but more expensive if you keep buying shares (cheaper for funds) but HL (as above) set out their info in a very straightforward way and are generally considered to be good and cheap. Both of these are self-invest platforms.

    I also have a S&S ISA in a wholly managed pot with Fidelity International. They are good but I think the payments to them are higher and the content of their "bundle" fund not so transparent.

    If you want to be more hands on, the first two might be better. I started with three funds -
    • an automated tracker, based on the FTSE (not sure if this is 100 or 250)
    • a Neil Woodford income accumulator fund
    • a global fund that has done rather poorly over three years

    So a passive (automated) tracker, an actively managed fund and a global fund, to have a bit of a spread. It fits in with what gally said.

    I hope this helps a bit
    Last edited by Suffolk lass; 15-04-2018 at 9:22 AM. Reason: typo
    MFiT T4 #2 update 90.89% after Q11 against revised stretch target of £60k balance
    Save £12k in 2018 #53 108.06% £12,967.42/£12,000 (after upping my target from £10k to £12k in October)
    OS Grocery Challenge 2018 spent £2,410.06/£3,000 including stores 80.34% of my annual budget at the start of Dec.
    My DFD is here
    • shangaijimmy
    • By shangaijimmy 15th Apr 18, 9:49 AM
    • 2,814 Posts
    • 14,078 Thanks
    shangaijimmy
    Suffloklass - thank you very much. The help and guidance on here never ceases to amaze me!!
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
    • shangaijimmy
    • By shangaijimmy 15th Apr 18, 9:27 PM
    • 2,814 Posts
    • 14,078 Thanks
    shangaijimmy
    I'm only here briefly just to report on a couple of good financials. Firstly, I have decluttered my financials box, which was about 12months overdue! DS1 & DS2 have enjoyed shredding!

    Secondly i have worked up our net worth and finally got a spreadsheet that i like the look of and the workings of. Very happy to report that our net worth is £299,498! Happy to see that figure but not sure what to make of it just yet!!
    MFW: Turning June 2036 into March 2025... 45//120 Payments Challenge, Diary Reduction £48,224.61
    Aug 2009: £163,051 // Current: £87,653.30 // Avg Daily Interest £3.94
    MFiT-T4 #8 - 80.74% of £41,000
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

865Posts Today

6,375Users online

Martin's Twitter