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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 11:18 AM
    • 2,942Posts
    • 14,838Thanks
    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 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 - 84,499.18

    Achievements - 49 payments
    • Balance - 83,356.83
    • Diary Reduction Total - 52,643.37
    • Cumulative Overpayments - 28,997.61
    • Monthly Average Overpayments - 591.79
    • Monthly Average Net Reduction - 1,074.35

    Targets for 2019
    • Dec 2018 - 86,600 - Actual 86,601.52 (1.52 behind)
    • Feb 2019 - 84,400 (end of year 4) - Actual 84,499.18 (99.18 behind)
    • July 2019 - 80,000
    • Dec - 74,000
    Last edited by shangaijimmy; 31-03-2019 at 8:45 AM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2025...
    49 out of 120 Payments - Total Reduction: 52,643.37
    Current Balance: 83,356.83
    MFiT-T5 #8 - 0% of 41,000
Page 155
    • lippy1923
    • By lippy1923 5th Apr 19, 8:29 PM
    • 1,272 Posts
    • 3,539 Thanks
    lippy1923
    Great progress SJ. Total overpayments are almost neck and neck with mine! Just waiting to hit the 30k total OP and I will be buzzing lol


    60 payments to go.... you will smash it!
    Total Mortgage OP 29,500
    House Value 285,000 Mortgage 72,240
    Emergency Fund 34,200

    • Firegirl
    • By Firegirl 5th Apr 19, 9:39 PM
    • 788 Posts
    • 3,090 Thanks
    Firegirl
    Keep going, keep going!!!
    Mortgage balance Feb 2015 start of MFW Journey-245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance 174, 268
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= 193, 132
    14 Year Target Balance MF50= 174, 766
    • CathT
    • By CathT 6th Apr 19, 8:19 AM
    • 6,006 Posts
    • 41,891 Thanks
    CathT
    Love the comment

    'We are only skint due to our mortgage free quest and could stop/break at any time'

    I can really relate to us, always think of us are being 'skint'.

    Inspiring stuff as always jimmy. Am sure this is going to be your last fixed rate and those months will spiral down faster than you think.
    April 2019 - part 1 - 69,838 part 2 - 43,960
    Total - 113,798 103 months to go!
    • jodles16
    • By jodles16 16th Apr 19, 10:34 AM
    • 1,433 Posts
    • 4,328 Thanks
    jodles16
    Amazing work on the monies as always SJ! Every time I pop over I am blown away!



    Jodles
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (156,000)
    2016- Jan-177,472, Apr-173,195.04, July- 171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • chumpy45
    • By chumpy45 16th Apr 19, 3:05 PM
    • 402 Posts
    • 1,772 Thanks
    chumpy45
    Fab progress, the "beginning of the end" is a great place to be !
    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 03.03.19 19,862.93
    • shangaijimmy
    • By shangaijimmy 25th Apr 19, 1:42 PM
    • 2,942 Posts
    • 14,838 Thanks
    shangaijimmy
    Slinks back into own diary that I found at the bottom of page 4... In my defence (i'm clutching at straws here.) we've had 10 days away over Easter, and we'll all had some form of stomach bugs, and work has been a tad hectic...

    Anyway here we are on payday, which means paying out day is tomorrow and a few money shuffles to be done. I have a small confession to make in that I actually think I may have over stretched us on our new/updated budget. Admittedly we've had some big family birthdays to contend with but I've decided to monitor things a touch more closely for a month or 2. Council tax rise, water rise, utilities rise alongside auto enrolment increase in pension contributions has had more of an impact than i perhaps considered.

    This month we haven't been able to do any TT's as we've had to borrow some cash from savings to stop us going overdrawn, and we have been away so its not as easy to judge/manage. But i did get a 25 cashback for utilities switch so that has been our only addition to the regular OP.

    I'm really really hoping for an inexpensive month of May, but as we all know Hope is not a good strategy!!
    MFW: Turning June 2036 into March 2025...
    49 out of 120 Payments - Total Reduction: 52,643.37
    Current Balance: 83,356.83
    MFiT-T5 #8 - 0% of 41,000
    • Karmacat
    • By Karmacat 25th Apr 19, 5:26 PM
    • 31,315 Posts
    • 184,462 Thanks
    Karmacat
    Ouch! Well, you had the savings to borrow from, so you're okay. Sorry to hear you've had stomach bugs though, thats always horrible.

    And I noticed the council tax rise myself, it feels like it shot up since last year. I got a bit complacent on the bills cos my elec and gas went down by 5. Got to watch it.

    Was Easter good?
    Downsized and paid off mortgage 2010
    Retired August 2016
    Paid off French mortgage September 2018
    • CathT
    • By CathT 25th Apr 19, 7:46 PM
    • 6,006 Posts
    • 41,891 Thanks
    CathT
    April was all about avoiding the overdraft for us too. Hope everyone fully recovered now.
    April 2019 - part 1 - 69,838 part 2 - 43,960
    Total - 113,798 103 months to go!
    • Suffolk lass
    • By Suffolk lass 26th Apr 19, 9:51 AM
    • 2,698 Posts
    • 26,065 Thanks
    Suffolk lass
    I had to move money back from savings to stop us going OD too. I moved 500 but used about 270-300. DH gets paid later today thank goodness. I omitted to notice the motorcycle insurance on DH's CC and my birthday spending, also on his CC
    MFIT T5 target to clear our mortgage completely (59,998) - Mortgage Free Wannabes 2019 #37 26,242.80 after Mar
    Save 12k in 2019 - #68 target is 7k 3,669.04 after Mar
    OS Grocery Challenge 2019 target is 3k - 27.62% spent so far, after April
    My DFD is here
    • shangaijimmy
    • By shangaijimmy 26th Apr 19, 10:48 AM
    • 2,942 Posts
    • 14,838 Thanks
    shangaijimmy
    Its hard playing this long game! I know that I'm making all our pennies work, as hard as they can for us to set us up for our future. But at times it gets frustrating having to move money back an forth and for a few minutes I think like I've messed up...hence the current doubts that our new budget is making it too hard for us!
    MFW: Turning June 2036 into March 2025...
    49 out of 120 Payments - Total Reduction: 52,643.37
    Current Balance: 83,356.83
    MFiT-T5 #8 - 0% of 41,000
    • Suffolk lass
    • By Suffolk lass 26th Apr 19, 12:06 PM
    • 2,698 Posts
    • 26,065 Thanks
    Suffolk lass
    By the way, I noticed you said your diary was at the bottom of page 4. Either you have masses of subscription threads or you have not subscribed to it (if you haven't done this you can use thread tools to subscribe and then you will see all your subscription threads under UserCP) - sorry if this is a case of Grandma sucking eggs...
    MFIT T5 target to clear our mortgage completely (59,998) - Mortgage Free Wannabes 2019 #37 26,242.80 after Mar
    Save 12k in 2019 - #68 target is 7k 3,669.04 after Mar
    OS Grocery Challenge 2019 target is 3k - 27.62% spent so far, after April
    My DFD is here
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