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
    • new mortgageeee
    • By new mortgageeee 20th Feb 16, 6:53 PM
    • 79Posts
    • 236Thanks
    new mortgageeee
    Can definitely do better!
    • #1
    • 20th Feb 16, 6:53 PM
    Can definitely do better! 20th Feb 16 at 6:53 PM
    Seemingly like many newbies, I've been lurking for a while - finally thought I'd take the plunge and start a new diary. Mainly for motivation I suppose - hope to get and share some great ideas too!

    I bought a shared-ownership flat back in 2012 (hence the "new mortgageeee" name!) - I know there's much debate over their usefulness (and value for money), but it's worked out well for me so far. To date I've paid off 70% of my 25% share (OP £250-350 a month) - leaving me with approx. £35k equity for a "real" deposit when I'm ready to move. If I'd have stayed renting that amount would have been an impossible dream!!

    MFiT - T4 #65 hoping to clear the remaining £16,550 mortgage on my share (may be a bit of a stretch, but worth aiming for!).

    I know my savings are lower than I'd like (for emergencies) - currently splitting spare money at end of month 2/3 OP 1/3 saving, but I'm sure there's more I can do to budget through the month and find extra bits and pieces - I've only just cottoned on to Swagbucks for example! Will sort out a budget spreadsheet to better plan - any suggestions or examples very welcome!

    All for now, thanks for reading! May do a SB survey then will be trying to relax this evening... fingers crossed !!
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
Page 4
    • new mortgageeee
    • By new mortgageeee 17th Feb 17, 9:02 PM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    Have been doing a few surveys whilst stricken - 0nep0ll now at £10.05, pr0lific now £5.60 but cashed out £56(!) a couple of weeks ago so that's sat in PayPal account. Will OP I think when I get round to extracting it from PayPal (don't think I've ever done that before?!).
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • Kittenkirst
    • By Kittenkirst 19th Feb 17, 5:10 AM
    • 2,100 Posts
    • 11,510 Thanks
    Kittenkirst
    Well done on all those surveys fab amount to OP!

    I hope you are feeling better now!
    2018 MFW #20 - OP £4229.44:/ £3000 141%.

    Mortgage Oct '16 £170.995 LTV 90% end Nov 2041
    Dec Ď18 £152,838 LTV 74.5%
    Overpayments 2016 £255.50 2017 £2600.40
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • new mortgageeee
    • By new mortgageeee 4th Mar 17, 4:39 PM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    Wow, a spendy few days, and a few more to come this month... not very MFW at all, but either necessary or planned.

    Did my annual sales clothes shop (£150), new pair of binoculars for work (£299), fitbit (£104 (was £159 used some vouchers)). This will hit the amount I normally OP and put into savings this month, but I've just invoiced £600 (additional income) so will balance out again by next month.

    Just about to also fork out for new carpet in the lounge and tiling in the kitchen/backdoor entrance area... to the tune of £1200 and finally my bookcase/cupboard unit is going in at £1800 !!! But these are allocated out of savings.

    Otherwise it should be a very quite month coming up, with no major outgoings. Hoping to keep weekly shops cheap and cheerful, bulk cooking etc. Started with a ratatouille in the oven this afternoon ready for tonight's meal and a few next week.
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • new mortgageeee
    • By new mortgageeee 4th Jul 17, 10:15 PM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    WHOOPS...! Life got busy

    Still been making OPs as and when, and I'm pretty pleased with the total coming down; £6500 since Oct - although I'm not up to date with my MFW 2017 target. There's still time.... maybe!

    My savings have dropped (£11k to £8.4k), but that's been exclusively on the house, and they're creeping back up with a general aim to have £10k available.

    S&S ISA creeping up, and SIPP also going up in the background. That said, it's been a dire few days for my S&S these are very long term accounts though, so not overly worried for now.

    Budgeting on food shopping has generally been terrible!! I've just not felt like I've had time to plan weekly shops properly. And lunches... ARGH. Though I've made my sandwiches for tomorrow already in an act of steely determination.

    Life generally pretty dandy though - things going well with (new-ish) OH, job busy but enjoyable for the most part, freelance work continuing to come in at a moderately achievable rate, surveys not very regular, but just cashed out £36 from Prolific which was a pleasant surprise (I'd sort of forgotten about it!).



    Hopefully wont leave it as long next time! NMx
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • new mortgageeee
    • By new mortgageeee 5th Sep 18, 7:17 AM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    Ho ho... looks like I did leave it as long. Ah well.

    Things have been ticking along - all moving in the right direction. Iíve reduced overpayments as Iíve had some big expenditure over the last year; new car, home improvements etc. But my easy access savings have covered these and (recently) recovered to their 10k levels.

    But, overpayments are back on (albeit in a reduced capacity) as Iím due to remortgage next year and 70% LTV is tantalisingly close (needs to be £105,000). Thatís an OP of c.£60 a month so that is set to be my minimum.

    My OPs have reduced generally because my freelance work has really taken off - and Iíve set up a limited company! This has been both scary and exciting, and a huge learning curve, but itís going well . Iím now paying myself a small (below NI) salary, so my standard monthly income has reduced a little (previously I was a sole trader and all income just came to my main account). The long term plan of working for myself feels a huge step closer now

    Other news, the Ďnew OHí is now a long term OH! Weíre looking at buying a place together next year (a new mortgage to OP... wooo!!). Selling his place and keeping mine (partly for work, partly as it presents an income opportunity in the future). This makes SDLT a bit complicated as Iím EXPENSIVE, but weíre speaking to a solicitor.

    Iíve just spent a fun half hour catching up on everyoneís stories - Iíd forgotten what a wonderful place this is! Have a great day everyone

    NMx
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • new mortgageeee
    • By new mortgageeee 5th Sep 18, 12:56 PM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    An idle lunch so I thought I'd do an updated SOA...

    This feels pretty good. I know I don't have that much at the end of the month, so it goes somewhere - probably 'groceries etc.' again! I'll do a little bit more digging when I find the time, but it's nice to see a change over 18 months with some cheaper expenses (much lower council tax band, cheaper mobile contract, etc.) (albeit some inevitable rises such as petrol due to a longer commute) as well as a much improved net assets due to mortgage OPs, growing S&S ISA and a new car.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household.........
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 2459.6
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 2459.6


    Monthly Expense Details

    Mortgage................................ 480
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 66
    Council tax............................. 75
    Electricity............................. 50
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 9
    TV Licence.............................. 12.55
    Satellite/Cable TV...................... 5
    Internet Services....................... 0
    Groceries etc. ......................... 250
    Clothing................................ 10
    Petrol/diesel........................... 120
    Road tax................................ 10
    Car Insurance........................... 25
    Car maintenance (including MOT)......... 20
    Car parking............................. 0
    Other travel............................ 0
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 15
    Buildings insurance..................... 30
    Contents insurance...................... 0
    Life assurance ......................... 22
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 20
    Haircuts................................ 0
    Entertainment........................... 20
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 1249.55



    Assets

    Cash.................................... 10050
    House value (Gross)..................... 150000
    Shares and bonds........................ 1600
    Car(s).................................. 5000
    Other assets............................ 2000
    Total Assets............................ 168650



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 107096...(480)......2.59
    Total secured & HP debts...... 107096....-.........-


    Unsecured Debts
    Description....................Debt......Monthly.. .APR
    Total unsecured debts..........0.........0.........-



    Monthly Budget Summary

    Total monthly income.................... 2,459.6
    Expenses (including HP & secured debts). 1,249.55
    Available for debt repayments........... 1,210.05
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 1,210.05


    Personal Balance Sheet Summary
    Total assets (things you own)........... 168,650
    Total HP & Secured debt................. -107,096
    Total Unsecured debt.................... -0
    Net Assets.............................. 61,554


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • new mortgageeee
    • By new mortgageeee 6th Jan 19, 12:08 PM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    A slightly belated Happy New Year to all. I've been lurking and not doing a lot of typing recently! Mostly because things have changed, and my financial priorities seem to be all over the place!

    I remortgaged just switching my rate on the 2nd Jan - now on 2.19% for 5 years which, combined with my OPs, has reduced my monthly payment by £63 - now £416. Pretty happy with that. The temptation is to immediately OP this, but new top priority is saving towards another property with my boyfriend; we're looking to buy middle of 2019. I'm aiming for £20k, and am currently at £14k. I do need to fork out a bit on some new tiles for my bathroom but otherwise no big expenditure planned between now and then, so I'm aiming to put aside £1000 a month. This feels a lot, but my SOA says that it's possible!

    So, I've been consolidating savings, switching rates/accounts, setting up new standing orders and the like! All good fun.

    My top priority personally is to just spend less on weekly groceries. For a one-person shop I seem to be spending a ridiculous amount of money. I know at least in part it's down to being coeliac and lactose intolerant - staples like bread and milk are unfairly expensive. Still, I think I should be able to shop for a week for £30?! That's my aim anyway.

    I've just done a week's shop for £32 (included some kindling for the fire), so my challenge now is not to buy anything until next Sunday. I think (think!) I have everything!
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • new mortgageeee
    • By new mortgageeee 10th Jan 19, 7:16 AM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    Amazingly have managed not to buy any further food this week (so far). No trips out planned today or tomorrow so should make it to the weekend at least. Did have to fill my car up, and pay to post a parcel, but not feeling bad about those. Had a lot of work to do last night under time pressure so only managed beans and cheese on toast for dinner anyway! Plenty left in the cupboard (although not hugely exciting!) for the next three days I think. Best get up and start work. NMx
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • new mortgageeee
    • By new mortgageeee 12th Jan 19, 8:41 AM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    So the weekend reached with only an additional food purchase of eggs and bananas. Have meal planned and prepped my shopping list for tomorrow already! Should hopefully come in around £30 again, though I’m thinking of increasing my budget to £40 to allow for buying fresh fruit and veg/salad later in the week - things get a bit... tinned otherwise I’ll see how this week goes.

    Have re-jigged my savings targets - excluding £4K emergency savings from the new house target, and also (temporarily) aiming to keep £5k available for bits and pieces to my current house, though if not spent that will wrap up into the £20k pot for the new house. Works well with the different savings accounts I have so will see how it goes for the next few months.

    Time to get up! A bit of freelance work to do today and then hoping for a nice walk to the beach. Hope everyone has a relaxing weekend. NMx
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • new mortgageeee
    • By new mortgageeee 13th Jan 19, 6:04 PM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    Shiny new monthly budget spreadsheet for 2019 set up this afternoon. Accounting for big annual bills with a £280 monthly transfer into savings (I've previously swallowed them in the month they arise and put less into savings/OPs, but this feels more sensible). Also careful monitoring (with colour coding!) of all other day-to-day outgoings. Should be interesting, and hopefully will flag up where I can rein it in a bit on the day-to-day. Had four NSDs last week which feels like a positive step.

    Did my weekly groceries shop today - £39! But, that included things that will last longer than a week (vitamins, toilet roll, matches... etc), but that make sense to buy in bulk... I should really have NSDs now until next weekend; there's no spending planned. Well, a pet insurance policy to pay, but that will come out of a different account.

    I hope everyone has had lovely (but thrifty!) weekends NMx
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • new mortgageeee
    • By new mortgageeee 14th Jan 19, 8:59 PM
    • 79 Posts
    • 236 Thanks
    new mortgageeee
    NSD today and I received two refunds that I've been waiting for - £250 back from the work I had done on my hot water tank, and £73 for clothes bought online in the Boxing Day sales returned as they didn't suit.

    But, whilst it has been a great day for my bank balance, I haven't had a very productive day work-wise. Just can't seem to get back into the swing of things post Christmas. But now, feet up for Silent Witness... hoping for a better day tomorrow!

    NMx
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £103,999
    - Student loan started 2009 £16413 £9,395
    + New house savings £6,050/£20,000
    + Emergency savings £4,000/£4,000
    + House renovations/big bills £5005/£5000
    • Moneyfordreams
    • By Moneyfordreams 15th Jan 19, 4:32 PM
    • 1,194 Posts
    • 5,876 Thanks
    Moneyfordreams
    It's great to catch up with your diary ( I commented in 2016 ) you seem so organised. I'll keep an eye out for more updates
    Mortgage restart June 2018 £119950
    December 2018 cc £5500, £5350, £3000
    Mortgage £115000
    £1700 on DD1s car cc
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

189Posts Today

2,009Users online

Martin's Twitter
  • This probably (who knows) makes it both more likely we'll remain in the EU via a 2nd referendum and more likely we'? https://t.co/GrNV48E1jS

  • Instant aftermath poll: After a defeat by over 230 votes on a flagship issue (Brexit) should Theresa May resign?

  • Wow losing by over 200. That's not defeat it's obliteration. Has there ever been a time before when a PM could lo? https://t.co/i0sVwL9P9P

  • Follow Martin