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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,759Posts
    • 13,729Thanks
    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 - 39 payments
    • Balance - 92,897.77
    • Diary Reduction Total - 43,102.24
    • Cumulative Overpayments - 23,838.64
    • Monthly Average Overpayments - 595.97
    • Monthly Average Net Reduction - 1,077.56

    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
    • Aug 2018 - 90,400
    • Sept 2018 - 89,300
    • Oct 2018 - 88,200
    • Nov 2018 - 87,100
    • Dec 2018 - 86,000
    Last edited by shangaijimmy; 01-07-2018 at 9:15 AM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction 43,102.24
    Aug 2009: 163,051 // Current: 92,897.77 // Avg Daily Interest 4.17
    MFiT-T4 #8 - 74.24% of 41,000
Page 142
    • A Frayed Knot
    • By A Frayed Knot 1st Jul 18, 10:17 AM
    • 2,422 Posts
    • 10,803 Thanks
    A Frayed Knot
    Nice to see . . . all going to plan
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 17 months 7/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • Suffolk lass
    • By Suffolk lass 1st Jul 18, 10:59 AM
    • 1,990 Posts
    • 21,130 Thanks
    Suffolk lass
    I was going to do mine this morning too SJ, but I was so late last month that the big debt payments are the same. It is guilt at no progress vs the illusion of progress. Maybe I will just bite the bullet and come clean later
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after June 55.17% 5,517.10/10,000
    OS Grocery Challenge 2018 spent 1,288.55/3,000 including stores so far 42.95% of my annual budget at the end of June
    My DFD is here
    • shangaijimmy
    • By shangaijimmy 2nd Jul 18, 7:53 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    Use the illusion of a 2017 v 2018 comparison! You'll get the pleasure of seeing your overall progress rate to lessen the disappointment of one month within that (thats what i do)!

    Another glorious start to the week, but only a tiny 4p TT...boo! But in great financial news Mrs SJ bonus this year will be 642. It couldn't have come at a better time as it takes the pressure off our holiday(s) in Sept and Oct, and making sure we have enough spend.

    Our food shopping ploy of only going every other week continues to work well, and we seem to have reduced our spending from 360 a month to 250 at the same time. I'm going to leave it one more month and then adjust our monthly budget and redirect some of the cash (thinking a 50/50 split between mortgage and S&S Isa). Redirecting this money will help to address the 300 shortfall in our overall target for 2018 (written in post 1).

    Running wise I must say its been difficult finding the time around the heat. At the minute its either 9pm, which means no beer watching the world cup, or 7am!! Anyway my mileage remains good and last night i broke into the 90's. Hopefully the 100mile barrier will be achieved on Thursday, and 500 by New Years Eve remains a distant possibility.

    As for my jobs...car insurance is done, and cars are booked in for services. So all clear on this front. Just need to sit back, enjoy the sun and enjoy the spreadsheet!!
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction 43,102.24
    Aug 2009: 163,051 // Current: 92,897.77 // Avg Daily Interest 4.17
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 2nd Jul 18, 8:04 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    Networth Tracker - July 2018
    Quick update with Networth Figures for June.

    Assets
    • Assets - 241, 800
    • Investments - 2,016.41
    • Retirement - 155,973.72
    • Total - 408,810.62

    Debts
    • House - 92,897.76
    • Car Loan - 1,250
    • Total - 94, 147.76

    Networth
    • Total - 314,062.86
    • Change - 400.97
    • Change as Percentage - 0.001% (pensions and S&S performed badly this month but at least we'll have purchased things at a low price )
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction 43,102.24
    Aug 2009: 163,051 // Current: 92,897.77 // Avg Daily Interest 4.17
    MFiT-T4 #8 - 74.24% of 41,000
    • Busy Mee1
    • By Busy Mee1 2nd Jul 18, 10:16 AM
    • 639 Posts
    • 2,841 Thanks
    Busy Mee1
    Great figures as usual Jimmy. We also find grocery shopping once a fortnight helps cut down on spending too
    • themadvix
    • By themadvix 2nd Jul 18, 10:24 AM
    • 1,771 Posts
    • 10,243 Thanks
    themadvix
    Looks like you're set to overtake me on the mortgage front this month! Not that I can claim to have a net worth that's anywhere near yours, but you've got a few years on me, so I guess that's fair enough!

    Re the bonus - it's always a great feeling when money 'turns up' to cover a shortfall
    OPs 2018 = 2090
    Moving savings = 1345.52
    OPs 2017 = 3103
    Starting balance 2012: 132000; balance Jun 2018: 92,000
    MFW2018 no. 38
    • Suffolk lass
    • By Suffolk lass 3rd Jul 18, 6:44 AM
    • 1,990 Posts
    • 21,130 Thanks
    Suffolk lass
    Use the illusion of a 2017 v 2018 comparison! You'll get the pleasure of seeing your overall progress rate to lessen the disappointment of one month within that (thats what i do)!
    Originally posted by shangaijimmy
    Excellent bit of advice. Thanks Jimmy. I have done this. It has made me feel instantly slightly smug (never a good thing) and then realise we will not be completely debt free by the time I stop work. Some reflection, discussion and decisions to be considered in Suffolk household.

    Our interest is 2 a day now. If the bank rates change, this will go up. Do I want this out of my pension?
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after June 55.17% 5,517.10/10,000
    OS Grocery Challenge 2018 spent 1,288.55/3,000 including stores so far 42.95% of my annual budget at the end of June
    My DFD is here
    • shangaijimmy
    • By shangaijimmy 3rd Jul 18, 7:48 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    2 a day. We'll hit that in the second half of 2021 (how good are spreadsheets!!). One thing we can guarantee is that at some stage interest rates will go up. When exactly is anyones guess! Personally i'm hoping they don't for another 6 months, as i want to fix for 5yrs which will hopefully be our last remortgage!

    Discussion and decisions, I'm certain you'll work things out!

    80p TT this morning to keep thing ticking along.
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction 43,102.24
    Aug 2009: 163,051 // Current: 92,897.77 // Avg Daily Interest 4.17
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 4th Jul 18, 7:16 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    A good day yesterday as it was a very rare NSD for both of us! So followed it up with a 1 TT this morning. I also made a few quid MB last night, which will be added to our holidays pot. Hump day today, and only 13 morning school runs to do...
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction 43,102.24
    Aug 2009: 163,051 // Current: 92,897.77 // Avg Daily Interest 4.17
    MFiT-T4 #8 - 74.24% of 41,000
    • CathT
    • By CathT 4th Jul 18, 7:25 AM
    • 5,614 Posts
    • 39,179 Thanks
    CathT
    We can secure another fixed rate in September. We are currently o. 2.99 and there is a 10 year fix for 2.49 I have my eye on.

    They are great food spends and a notable reduction. We spend around 2.50 a month and I have debated logging it again this month. We (well, dh) does lots of small shops every few days based on what we actually need. We find this reduces our spends but I appreciate this is not practical for everyone.
    June 2018 -
    part 1 - 77,571
    part 2 - 45,272
    Total - 122,843
    • shangaijimmy
    • By shangaijimmy 6th Jul 18, 8:02 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    All rather quiet in SJ towers finacial wise. Is that a good thing or a bad thing? 1 TT this morning to report and thats it... sigh!
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction 43,102.24
    Aug 2009: 163,051 // Current: 92,897.77 // Avg Daily Interest 4.17
    MFiT-T4 #8 - 74.24% of 41,000
    • edinburgher
    • By edinburgher 6th Jul 18, 9:00 AM
    • 11,180 Posts
    • 59,985 Thanks
    edinburgher
    August is being mooted for a likely interest rate rise
    • Suffolk lass
    • By Suffolk lass 7th Jul 18, 7:24 AM
    • 1,990 Posts
    • 21,130 Thanks
    Suffolk lass
    I'm with ed on the interest rate hike - if your planned fix for mortgage is within three months you should be exploring whether you can jump now, before the rate rise next month. Especially you SJ - you just know it will make you eke out some additional squeak from those TTs!

    It WILL rise when it moves, it WILL be the first of several, and the effect will be to modify the existing deals to be less attractive or withdrawn altogether.

    For me it comes down to the 2 per day in interest I am paying now (used to be my coffee shot on the way in to work and the chocolate treats at the weekend). These unnecessary spends (wrong to call them treats as they were every day) are paying the interest on my mortgage instead. What else will I give up to cover an increase?
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after June 55.17% 5,517.10/10,000
    OS Grocery Challenge 2018 spent 1,288.55/3,000 including stores so far 42.95% of my annual budget at the end of June
    My DFD is here
    • ToeDipper
    • By ToeDipper 7th Jul 18, 7:34 AM
    • 24 Posts
    • 28 Thanks
    ToeDipper
    Sorry if you're already aware of this but some banks will allow you to reserve a new fixed rate in advance, so if you're expecting a rise or for a particular deal to be withdrawn before the end of your fixed period you can still secure a good deal.

    I know First Direct will do up to six months in advance - worth asking any providers you're considering whether you can book the rate now.

    I'm a long-time lurker on this thread and just thought I'd weigh in
    • shangaijimmy
    • By shangaijimmy 7th Jul 18, 8:29 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    Unfortunately its December before we can do anything, so the liklihood of getting through 2 potential interest rate decisions seems slim. I'm hoping for some Brexit crises at critical times that may hold off Bank of England!!

    We've had it good mortgage wise for 8yrs now (maybe more), so can't complain. Just 6 months more, please, please, please and we can make a move on out last ever remortgage!

    95p TT this morning...
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction 43,102.24
    Aug 2009: 163,051 // Current: 92,897.77 // Avg Daily Interest 4.17
    MFiT-T4 #8 - 74.24% of 41,000
    • Moneyfordreams
    • By Moneyfordreams 7th Jul 18, 10:55 AM
    • 1,017 Posts
    • 4,952 Thanks
    Moneyfordreams
    wishing you luck with that one SJ , mines up next june
    Mortgage restart June 2018 119950
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
    • A Frayed Knot
    • By A Frayed Knot 7th Jul 18, 10:20 PM
    • 2,422 Posts
    • 10,803 Thanks
    A Frayed Knot
    I'm with you on this one SJ, I'm also hoping the rates hold out till Dec
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 17 months 7/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • Suffolk lass
    • By Suffolk lass 8th Jul 18, 5:26 AM
    • 1,990 Posts
    • 21,130 Thanks
    Suffolk lass
    Yes, we are all hoping, but still worth calling your lender to ask if there is any wiggle room - some would rather keep you as a good payer and offer you something better now, than lose you to another lender in a very few months. They know a rate increase will put some house-owners under financial stress so that is why the better rates are offered to those with a good payment history and higher equity share in their properties. Asking costs nothing...
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after June 55.17% 5,517.10/10,000
    OS Grocery Challenge 2018 spent 1,288.55/3,000 including stores so far 42.95% of my annual budget at the end of June
    My DFD is here
    • shangaijimmy
    • By shangaijimmy 10th Jul 18, 9:41 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    Well the first Brexit crisis has hit...perhaps a few weeks earlier than id have liked. Question is, does that make is more or less likely that the interest rates will hold in August??
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction 43,102.24
    Aug 2009: 163,051 // Current: 92,897.77 // Avg Daily Interest 4.17
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 15th Jul 18, 8:55 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    Not logged on for 5 days, as life has definitely gotten in the way! Parents evenings, football presentations and a stack of meetings in work.....

    The mid month slump seems to lasting forever as well, sigh!
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction 43,102.24
    Aug 2009: 163,051 // Current: 92,897.77 // Avg Daily Interest 4.17
    MFiT-T4 #8 - 74.24% of 41,000
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