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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,907Posts
    • 14,611Thanks
    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 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 (Target) - 84,400

    Achievements - 47 payments
    • Balance - 85,552.12
    • Diary Reduction Total - 50,447.88
    • Cumulative Overpayments - 27,699.91
    • Monthly Average Overpayments - 589.36
    • Monthly Average Net Reduction - 1,073.36

    Targets for 2019
    • Dec 2018 - 86,600 - Actual 86,601.52 (1.52 behind)
    • Feb 2019 - 84,400 (end of year 4)
    • July 2019 - 80,000
    • Dec - 74,000
    Last edited by shangaijimmy; 31-01-2019 at 1:26 PM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
Page 143
    • CathT
    • By CathT 24th Jul 18, 9:35 AM
    • 5,921 Posts
    • 41,344 Thanks
    CathT
    I!!!8217;m tempted to give FD a call to see what they say. We are a couple of months off being able to secure that new deal. They are really easy to deal with on the phone so worth a phone call.

    Hope first week of summer holidays is going well.
    Are you still running?
    Feb 2019 - part 1 - 72,194 part 2 - 44,313
    Total - 116,508 107 months to go!
    • shangaijimmy
    • By shangaijimmy 31st Jul 18, 8:59 AM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    Hi Cath, apologies for a delay. As you can see i've been a bit absent from MFW boards for a week or so. I've actually been reading but just not posting, as the mid month slump reduced motivation for posting as had nothing to post. Anyway determined to get back into it during August.

    I'm, still running and a small run short of 150miles. So on target for my 500 mile by New Years Eve challenge. I've hit a small hurdle though as i hurt my back ten pin bowling with the kids. This did coincide with a week away and a planned break from running anyway, so no major damage done to progress (I have about 12miles to make up somehow).

    As expected we came to the Lakes for a week and it coincides with the weather changing. Day of arrival 28degress. Everyday since its rained!!
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • shangaijimmy
    • By shangaijimmy 31st Jul 18, 9:04 AM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    July 2018 - Payment 41
    A good month in that we kept up with standard overpayments. However my big birthday meant that we didn't really find any extras's.

    Month Figures
    • Closing Balance - 91,863.15
    • OP's - 542.37
    • Net Reduction - 1,034.62
    • Daily Interest - 4.13 (4p reduction)
    • LTV - 41.57%
    • % Loan Remaining - 67.55%

    Length of Diary Figures
    • Cumulative Op's - 24,381.01
    • Ave OP's - 594.66
    • Cumulative Net Reduction - 44,136.86
    • Ave Net Reduction - 1,075.61
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • Busy Mee1
    • By Busy Mee1 31st Jul 18, 4:53 PM
    • 812 Posts
    • 3,987 Thanks
    Busy Mee1
    Great to see you back Jimmy - it has been very quiet around here without you. Happy big Birthday !
    • A Frayed Knot
    • By A Frayed Knot 31st Jul 18, 7:15 PM
    • 2,666 Posts
    • 11,766 Thanks
    A Frayed Knot
    Hope you had a lovely BIG birthday and know what you mean by the mid month slump - I feel that the week before, the mid, and the week after now, but hanging on in there, and same as yourself, been reading, just not posting much, as feel not a lot to say, and like you was away at the caravan the weekend before last - overcast and rain for the weekend we were away.

    Roll on August, and the long month for me, hope I can keep interest.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Mortgage Free 21.12.18
    Just 11 Years 3 months early
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • shangaijimmy
    • By shangaijimmy 31st Jul 18, 9:57 PM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    AFK - I'm actually wondering if i got a mid month slump effect because i knew we'd wouldn't find any little extras. So it made the month feel like an eternity as there was so little activity other than standing order OP's.

    Something to report is our S&S Isa. After a slump in June that eroded the majority of the gains, happy to report that by the end of July we are back to a 5% increase in plan value. So happy enough with the start of the next phase of our financial planning.

    To recap, I started with about 450 and have added 30 a month to it, plus any cash that has cleared from our funding circle. I'm seeing how it all works and getting comfortable with everything before March 2019 when i will be sending 100 a month into it. The extra will come from the reduced mortgage payment when we remortgage in March. Overall I'm going to add an extra 1-2yrs on our mortgage quest to be steadily increasing one of our retirement pots. One thing i have learned is that you need to tackle debt, pensions and early retirement investments at the same time!! S&S investment will be a 20yr thing, so playing the long game and have just started.
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • themadvix
    • By themadvix 1st Aug 18, 2:33 PM
    • 2,172 Posts
    • 12,357 Thanks
    themadvix
    This is becoming our approach (aside from the short-term goal of moving) - it's tricky finding the balance though!
    OPs 2018 = 2090
    Moving savings = 3085
    OPs 2017 = 3103
    Starting balance 2012: 132000; balance Jul 2018: 91,552
    MFW2018 no. 38
    • shangaijimmy
    • By shangaijimmy 2nd Aug 18, 8:21 AM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    Its is tricky finding the balance, and I'm not sure that I ever think i have the balance quite right! Never happy!!!!!

    Well my 36p TT excitement has been checked with the news that interest rates are going up ) 0.25%. Doesn't affect us now as we're fixed at a lovely 1.64%, but it doesn't help with the rates that will be available in December for our next (and final) remortgage/fix!!

    And its raining again in the Lakes!!
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • shangaijimmy
    • By shangaijimmy 3rd Aug 18, 3:52 PM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    Well home and back to work with a bang this morning! Was great to be back in our own bed though i have to confess!

    August accounts look tragic already. Its DS2 birthday next week and his party tomorrow. Gonna be a long long month...think i'll be eating dust to conserve cash!
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • A Frayed Knot
    • By A Frayed Knot 3rd Aug 18, 10:46 PM
    • 2,666 Posts
    • 11,766 Thanks
    A Frayed Knot
    So far, so good for me, its 8 days since payday and its flown by . . . probably eat my words in a couple of weeks time - the mid slump.

    Hope DS2 has a great time at his party and fantastic birthday next week.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Mortgage Free 21.12.18
    Just 11 Years 3 months early
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • shangaijimmy
    • By shangaijimmy 4th Aug 18, 7:59 AM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    AFK - thats great way of looking at it. Although its only the 3rd its actually 9 days since payday, and so only 22 days to the next one.

    Well logged onto banking this morning and TT'd a whopping 3p... The banks must be quaking in their boots!

    What was nice was the realisation by the end of September we'll be in the 80's, and i suppose that 3p edges us ever closer!
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • shangaijimmy
    • By shangaijimmy 5th Aug 18, 8:57 AM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    Networth Tracker - August 2018
    A few days late, but here goes with out 1st August Networth calculations.

    Assets
    • Assets - 410,748.80
    • Investments - 1,933.46
    • Retirements - 157,613.41
    • Cash - 9401.95

    Debts
    • Mortgage - 91,366.26
    • Car Loan - 1,125

    Networth
    • Networth - 318,257.54
    • Change - 3,594.68
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • shangaijimmy
    • By shangaijimmy 5th Aug 18, 8:59 AM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    Only a small weekly TT pot this week. 2.66 dispatched as an OP.
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 5th Aug 18, 7:06 PM
    • 717 Posts
    • 3,184 Thanks
    SuperSecretSquirrel
    Your "assets" figure skyrocketed from 241k to 410k this month SJ... Typo, or do you have a secret that you want to let us in on? I could do with that kind of month to month increase
    Mortgage free 17.5 years early. Totally debt free. Targeting financial independence.
    MFiT-T5: 8.1% (1/36)
    FI (exc SP): 2013 -1%, 2014 3%, 2015 7%, 2016 13%, 2017 18%, 2018 32%, 1/2/19 33.3%
    • shangaijimmy
    • By shangaijimmy 5th Aug 18, 8:02 PM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    Hmmm not sure on that one... i think a mistake last month?? Will have to investigate!!
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • A Frayed Knot
    • By A Frayed Knot 6th Aug 18, 8:08 AM
    • 2,666 Posts
    • 11,766 Thanks
    A Frayed Knot
    Your "assets" figure skyrocketed from 241k to 410k this month SJ... Typo, or do you have a secret that you want to let us in on? I could do with that kind of month to month increase
    Originally posted by SuperSecretSquirrel

    That'll be MB !!! Tip Top Expert at it, World cup and all that
    Last edited by A Frayed Knot; 06-08-2018 at 12:36 PM.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Mortgage Free 21.12.18
    Just 11 Years 3 months early
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • SuperSecretSquirrel
    • By SuperSecretSquirrel 6th Aug 18, 9:00 AM
    • 717 Posts
    • 3,184 Thanks
    SuperSecretSquirrel
    Sadly, I don't think it's the matched betting wot won it

    I think up until this month you listed house value under subcategory "Assets" in category "Assets" it was around 242k the last couple of months. This month I think "Assets Assets" is the total value of house, retirements, cash, and investments
    Mortgage free 17.5 years early. Totally debt free. Targeting financial independence.
    MFiT-T5: 8.1% (1/36)
    FI (exc SP): 2013 -1%, 2014 3%, 2015 7%, 2016 13%, 2017 18%, 2018 32%, 1/2/19 33.3%
    • chumpy45
    • By chumpy45 6th Aug 18, 2:33 PM
    • 380 Posts
    • 1,686 Thanks
    chumpy45
    Hi SJ, I have caught up with you and your adventures after a long absence. You are making fantastic progress and have really inspired me with the TTs. Really enjoy your diary.
    Starting Mortgage 01.08.08 171,209.24. Mortgage as at 01.09.15 - 54,780.04; 01.11.15 49,577.04;01.03.16 45,799.32; 01.08.16 42,418.93; 01.10.16 40,119.5 01.02.17 36,584.00; 01.04.17 34,694.71 09.06.17 32,828.89 MFW Target date Sept 2017; :) 06.08.18 24,769.47 01.11.18 23,825.00 22.01.19 21,990.00 06.02.19 21,200
    • shangaijimmy
    • By shangaijimmy 6th Aug 18, 3:15 PM
    • 2,907 Posts
    • 14,611 Thanks
    shangaijimmy
    Thank you chumpy and SSS. Your posts really inspire me to keep going. I'm finding motivation to post tough at the moment.

    Money just seems to be haemorrhaging out of our account at the minute, and its things that can't be avoided too! Without being too dramatic I'm thinking of selling one of Mrs SJ's kidneys to raise some funds...
    MFW: Turning June 2036 into March 2025...
    47 out of 120 Payments - Total Reduction: 50,447.88
    Current Balance: 85,552.12
    MFiT-T4 #8 - 80.74% of 41,000
    • themadvix
    • By themadvix 7th Aug 18, 8:23 AM
    • 2,172 Posts
    • 12,357 Thanks
    themadvix
    The slump won't last - just keep swimming! It is hard work at times though, especially when there's nothing to see for your hard work (falling mortgage balance isn't very tangible!).

    Have you checked down the back of the sofa for your motivation? Did you leave it at the caravan?
    OPs 2018 = 2090
    Moving savings = 3085
    OPs 2017 = 3103
    Starting balance 2012: 132000; balance Jul 2018: 91,552
    MFW2018 no. 38
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