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  • FIRST POST
    • shangaijimmy
    • By shangaijimmy 13th Mar 15, 12:18 PM
    • 2,705Posts
    • 13,350Thanks
    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 - 38 payments
    • Balance - 95,015.63
    • Diary Reduction Total - 40,984.38
    • Cumulative Overpayments - 22,705.11
    • Monthly Average Overpayments - 597.50
    • Monthly Average Net Reduction - 1,078.54

    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
    • June 2018 - 92,600
    • 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; 29-04-2018 at 7:40 AM. Reason: Updated Goals
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
Page 91
    • shangaijimmy
    • By shangaijimmy 14th Oct 16, 8:03 AM
    • 2,705 Posts
    • 13,350 Thanks
    shangaijimmy
    55p TT this morning. Accounts looking reasonably healthy considering the CC shenanigans. After 10months of an accident insurance claim we've finally settled with the company and have 2750 on its way to us. No idea where we'll do with it, but we're determined not to waste/fritter it away. Just a shame we can get much interest anymore!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • A Frayed Knot
    • By A Frayed Knot 14th Oct 16, 8:27 AM
    • 2,363 Posts
    • 10,546 Thanks
    A Frayed Knot
    Excellent news, lovely bonus, and am wondering what to do next regarding interest rates.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • debtfreeoneday
    • By debtfreeoneday 14th Oct 16, 10:33 AM
    • 2,822 Posts
    • 9,723 Thanks
    debtfreeoneday
    Well done on that nice little bonus!
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • shangaijimmy
    • By shangaijimmy 14th Oct 16, 8:37 PM
    • 2,705 Posts
    • 13,350 Thanks
    shangaijimmy
    I opened a funding circle account in August and threw 400 of our long term savings into it figuring we won't be touching it for 8-10 years anyway (money is earmarked for a new kitchen once the mortgage is gone). I can add to it every month as we put 60 away for this fund. So far the 24 loans have been paid on time and the interest earnings have been enough to go straight out to a further loan. The website is saying we'll get 6.9% interest overall which i'm very happy with. So i think this will be my plan for the time being whilst interest rates are pathetic (only for cash that we don't need to touch for several years though).
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 16th Oct 16, 3:21 PM
    • 2,705 Posts
    • 13,350 Thanks
    shangaijimmy
    4.63 TT pot for week OP'd this morning. Finally off work for 2 weeks, got a few days of "jobs" to do, but 5 sleeps to hols which isn't definitely needed!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • Moneyfordreams
    • By Moneyfordreams 16th Oct 16, 3:46 PM
    • 948 Posts
    • 4,669 Thanks
    Moneyfordreams
    Have a lovely rest, before your holiday
    MORTGAGE FREE (but homeless) hopefully not homelessfor long
    • shangaijimmy
    • By shangaijimmy 17th Oct 16, 8:01 AM
    • 2,705 Posts
    • 13,350 Thanks
    shangaijimmy
    Well mrs SJ left to work calling me all kinds. It was my fault as at 6.45am as she was getting up and ready for work I 'let it slip' that I was on my holidays.......! My house plan for the week is to blitz every room from top to bottom with 3 bin bags, charity, eBay and tip! I also need an hour in the garden tidying it all up for winter. Though i also have a big dog walk each day and a snooze to fit in!

    25p TT this morning. Both paydays are this weekend and we should be in credit. Our decorator cousin is painting whilst we're away so I'll buy paint from our monthly credit rather than savings.

    No other financial info other than house insurance is on the horizon in November.

    Oh one question what an earth do you get an 11 month old girl for Christmas...we're a bit stuck for ideas!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • Moneyfordreams
    • By Moneyfordreams 17th Oct 16, 10:15 PM
    • 948 Posts
    • 4,669 Thanks
    Moneyfordreams
    We got our little GD a peppa pig bag and a blanket from B$M when she was that age.. what about one of those activity centres to help her stand up ?
    MORTGAGE FREE (but homeless) hopefully not homelessfor long
    • jeepjunkie
    • By jeepjunkie 28th Oct 16, 2:08 PM
    • 1,407 Posts
    • 1,335 Thanks
    jeepjunkie
    For MBing, spreadsheets are the way forward. I read a great quote that said "...its a spreadsheet, don't try to understand how it works. Let it do its job and just do what is says..."

    Originally posted by shangaijimmy

    Wife's spread sheet is getting very complex but necessary to keep track of all those bets and transactions. The last four weeks winnings total 3400. Would have been 1k higher but horses pulled at the last min!


    All the best!
    • debtfreeoneday
    • By debtfreeoneday 30th Oct 16, 4:33 AM
    • 2,822 Posts
    • 9,723 Thanks
    debtfreeoneday
    Hope you're OK SJ! You've very quiet of late!
    DFW (08/08) 64,346.53 Credit card debt: 3,403.45 over three credit cards.
    MFW (01/15) 118,031.21 92808.90 ~ 2017 OPs 104.44
    Earnings 2018 Pcone 18.00 ~ Ips0s 10.00 ~1poll 43.50 ~ Pr0filic 44.62 ~ TCB 93.12 ~ YouGov 37.75
    • atypicalblonde
    • By atypicalblonde 30th Oct 16, 6:13 AM
    • 2,860 Posts
    • 20,050 Thanks
    atypicalblonde
    SJ - I would get your 11 month old absolutely nothing! We never bought ours a gift for Christmas until they were two - they were genuinely happy playing with the wrapping, and got enough carp from other people. She won't know you haven't got her anything!
    MFW
    Mortgage 8.2.15 - 171,064.64 Mortgage 1.5.2018 - 99,980.45
    Aiming to be MF 1.10.2020
    • CathT
    • By CathT 30th Oct 16, 7:51 AM
    • 5,543 Posts
    • 38,648 Thanks
    CathT
    For ds first christmas (he was only 2 months old) we re-wrapped dd old toys. They weren't quite age appropriate as more suitable for 6 months plus but he knew no different!

    Dd however, who was 3 did comment 'I used to have one of them!'

    Hope you had a fab holiday SJ. Getting the decorating done whilst away is definitely a good idea.
    Last edited by CathT; 30-10-2016 at 1:27 PM.
    May 2018 -
    part 1 - 77,906
    part 2 - 45,391
    Total - 123,297
    • shangaijimmy
    • By shangaijimmy 30th Oct 16, 12:41 PM
    • 2,705 Posts
    • 13,350 Thanks
    shangaijimmy
    Hi all, just back from a fabulous holiday in Egypt! A little jaded and certainly not rested with 3 little un's but we've had an amazing week. Fabulous place, great value and we'll be heading back next year!

    Lovely decorating that we returned too so now just need to book the handyman in to fit some new flooring in the hall and downstairs toilet.

    I'll be back on the ebay trail this afternoon as we have a bag of 6-9 month baby clothes to list, then hopefully tonight i'll be able to post our October accounts (if not tonight then definitely tomorrow). Then i'm hoping for a diary catch up session later.

    As for baby christmas, she'll be getting a trike! DS 1 we're not sure (possibly a bike, but his birthday is in January if not for Christmas), DS2 a new bike!

    Right i'm off out with dog whilst its a nice day, back later...
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • hiddenshadow
    • By hiddenshadow 30th Oct 16, 12:52 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    Glad you had a nice holiday, SJ.
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • shangaijimmy
    • By shangaijimmy 30th Oct 16, 8:00 PM
    • 2,705 Posts
    • 13,350 Thanks
    shangaijimmy
    Just a quick post. So far i've managed to list 26 new items!

    In slightly sad news though i've quickly settled the months accounts (i'll post proper details later or tomorrow), and for the first time i've failed on a target... In the first post i stated that i wanted to be below 114,500 by the end of October, and i've fallen short by 38.32...! As tempted as i am to make an ad hoc OP i will resist.

    Looking ahead to the end of 2016, i posted a target of below 112k, which i now think i'll miss by approx 450. Furthermore i wanted to be below 109k at the end of my 2 yr fix, which i think i'll miss by approx 1k.

    Overall though i have no complaints, these were very ambitious targets and pre pregnancy, let alone SMP and building works. And always with the perspective of were we would have been had we not attempted this OP plan. I still think another 96 payments is achievable to finish at Oct 2024, as i'm sure i can do some 'chasing' once the snowball effect really starts to bite. Looking at current FD rates of 1.64% we can get daily interest down by more than a 1!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • hiddenshadow
    • By hiddenshadow 30th Oct 16, 9:37 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    Shame about the 38.32 but I think you've been doing really well, especially considering SMP/baby SJ/etc.

    It is really tough, coming up with goals that are both within reach and a stretch to complete.

    Can you lock in rates yet? I was able to lock mine in within the last 6 months of our fix and it was good until the fix date, though if rates had dropped again and I'd wanted to take advantage I would've had to pay the arrangement fee again. Might be worth investigating.
    MFW: 197,100 (2013) to 100,646 (May '18)
    2018 MFW #56: 4,000/105,000 3% / MFiT-T4 #15: 58,854/90,000 65%
    • A Frayed Knot
    • By A Frayed Knot 30th Oct 16, 9:39 PM
    • 2,363 Posts
    • 10,546 Thanks
    A Frayed Knot
    Glad to hear you all had a lovely holiday, and your back just in time to do end of monthly accounts.

    As far as being short by 38.32, well what can I say, it's not the end of the month - yet ! ! you may just sell some items on the b@y, or MB or interest in an account you forgot about , or money you brought back from holiday that needs changed back into 's, not sure about down the back of the sofa though, as its just a new one you have - right? If not, you din't need me to tell you, you have done almighty fine so far
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    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 1st Nov 16, 4:12 PM
    • 2,705 Posts
    • 13,350 Thanks
    shangaijimmy
    Sorry frayed know but i couldn't find anymore!!

    October accounts to follow in next post. I TT'd 50p this morning so i'm up and running for November, and here's targetting 580 OP pot!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • shangaijimmy
    • By shangaijimmy 1st Nov 16, 4:24 PM
    • 2,705 Posts
    • 13,350 Thanks
    shangaijimmy
    October 2016 Accounts
    Another successful month in SJ Towers. Edging closer to a remortgage which will give me another snowball surge forward!

    Monthly Stats
    • Closing Balance - 114,538.32
    • OP's - 544.42
    • Daily Interest - 6.24 (6p reduction)
    • Net Reduction - 1,036.34
    • LTV - 51.83%
    • Loan Remaining - 84.22%

    Average Stats
    • Ave OP's - 595.74 (disappointed that this has dipped below 600)
    • Ave Net Reduction - 1,073.08
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • lippy1923
    • By lippy1923 1st Nov 16, 5:29 PM
    • 1,242 Posts
    • 3,463 Thanks
    lippy1923
    Shame about missing target, but you were so close! Great month as usual. Well done
    Total Mortgage OP 17,500
    House Value 275,000 Mortgage 89,788
    Emergency Fund 29,500

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