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  • FIRST POST
    • Busy Mee1
    • By Busy Mee1 1st Apr 16, 10:34 AM
    • 566Posts
    • 2,507Thanks
    Busy Mee1
    Getting a Grip and Saving towards the mortgage
    • #1
    • 1st Apr 16, 10:34 AM
    Getting a Grip and Saving towards the mortgage 1st Apr 16 at 10:34 AM
    A potted history of me and mine - we are me, OH, DS (25) and DD (23) who since I last wrote has moved in with her boyfriend but I am still financially supporting as she is in her last year at university. Son is financially independent, still living at home but looking to buy his own place shortly.
    We have a large mortgage because we built out own house 7 years ago. We do however have a great mortgage deal - a lifetime tracker of 0.69% so instead of overpaying the mortgage I put any spare cash into higher paying ISAs and have until now been looking longingly at some of the higher rate current accounts - we are both higher rate tax payers so have been pointless using anything but ISAs until now.
    The numbers:
    Mortgage debt: Jan 15 £288778.23. March15 £286,217.61. Jan 16 £277958.44
    March 16 £275,920.98

    Savings: Jan 15 £22080.81 March 15 £25,790.53 Jan 16 £34,361.10 March 16 £36966.91
    I have kept up the saving, averaging £1000 per month.
    I also set myself a goal of losing a stone and I have lost a stone and a half
    I think setting goals in writing on here really worked for me and so I am back
    Last edited by Busy Mee1; 20-02-2018 at 2:54 PM.
Page 22
    • Busy Mee1
    • By Busy Mee1 29th Jan 18, 11:16 AM
    • 566 Posts
    • 2,507 Thanks
    Busy Mee1
    January Update
    Morning all I thought I might as well do the monthly update as there will be no more financial activity this month. So the scores on the doors this month are as follows:

    Saved this month. £1,617.08
    Total savings. £61,633.08
    Mortgage. £240,266.82
    Savings:Mortgage. 25.6 %
    Savings offset mortgage to. £178,633.74

    Next savings targets £70k by end of June 2018
    £80k by end of December 2018

    Next month our mortgage will drop into the £230s which will feel better. The repayment part of the mortgage is reducing the total by c £800 a month.

    Madvix - you are absolutely right and I had a good chat yesterday with Mr Mee ( we had the 2 hour journey to see the elderly Step-Dad which gave us the opportunity ) and I think we are back on the same page. He just doesn!!!8217;t like it when I am inflexible with the finances....so when I say we can!!!8217;t afford a meal out because we only have £40 left in the budget... I have promised to relax a bit more around all this. The trouble is I do feel a bit panicked that we are running out of road as far as our earnings are concerned. All of you younger people out there please take note !
    Last edited by Busy Mee1; 12-02-2018 at 4:12 PM.
    • try harder
    • By try harder 30th Jan 18, 11:18 AM
    • 745 Posts
    • 2,839 Thanks
    try harder
    Amazing figures as always Busy Mee1 ,you are tearing along and £80,000 by December will be brilliant .You are doing so well ,i really hope that i will be able to reach £30,000 by the end of the year thats as long as i dont spend too much over Christmas of course.
    • Busy Mee1
    • By Busy Mee1 5th Feb 18, 3:43 PM
    • 566 Posts
    • 2,507 Thanks
    Busy Mee1
    Siberian Monday
    Brrr it is cold today with flurries of snow. I am still on holiday today ( didn’t get back until the early hours this morning from our weekend away).

    The weekend was great lots of good food, walking and places of historical interest. Unfortunately Mr Mee has been struggling with the lurgy all weekend and has now given it to me and I have the cough of a 80 year old lifelong smoker !

    I am therefore not doing too much today, I have done the meal plans and first grocery shopping of February. This cost £47.99, which I was very pleased with. This included three packs of YS mince and I now have a vat of bologmaise bubbling away on the hob.

    There have been lots of MS conversations with friends who retired early over the weekend and I really need to properly run our numbers to see whether retirement in April 2020 is a realistic option for me. I also need to work through the plan for next year’s regular savers. It won’t be today though, I am only fit to lounge on the sofa catching up with Call the Midwife whilst coughing
    • themadvix
    • By themadvix 5th Feb 18, 3:58 PM
    • 1,544 Posts
    • 9,127 Thanks
    themadvix
    Oh dear, hope you're feeling better soon and enjoy Call the Midwife - I've yet to watch last night's episode too!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • LadyGnome
    • By LadyGnome 5th Feb 18, 4:38 PM
    • 453 Posts
    • 1,674 Thanks
    LadyGnome
    Hope you feel better soon. Great numbers as usual. I am slightly ahead on the mortgage but looking in awe at your savings numbers.
    Mortgage
    Start Nov 2012 £310,000
    Feb 2018 £237,821.60 Reduction £72,178.40
    MFW 2018 #42 £788.90/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • try harder
    • By try harder 6th Feb 18, 9:38 PM
    • 745 Posts
    • 2,839 Thanks
    try harder
    Oh no ,i do hope you are feeling better now Busy Mee1
    • EatingTheElephant
    • By EatingTheElephant 8th Feb 18, 7:05 PM
    • 1,281 Posts
    • 7,003 Thanks
    EatingTheElephant
    Hope you feel better soon.
    • Busy Mee1
    • By Busy Mee1 9th Feb 18, 11:29 AM
    • 566 Posts
    • 2,507 Thanks
    Busy Mee1
    Thank you everyone for the get well wishes unfortunately, the lurgy turned into full blown ‘flu. I ended up having the first days off sick from work in over 10 years and have been in bed for two days this week. I think I will be having the ‘flu jab next year. I never want to feel this ill again.

    I am feeling better today and have at least managed to get dressed and make it to the sofa, but that was exhausting. On the bright side I haven’t been eating so I am hoping that when I get on the scales of doom I will have finally lost the Christmas weight. I have also been very MSE ....NSDs every day this week and I missed a couple of days away with work which would have meant an expensive meal and drinks out.
    Other than that I have been reading a few diaries and vaguely thinking about MF plans but I have done precisely nothing. I doubt I will be getting much done this afternoon either as I have a date with the lovely James Norton in Grantchester. Much gentler then McM@fia
    • try harder
    • By try harder 9th Feb 18, 7:06 PM
    • 745 Posts
    • 2,839 Thanks
    try harder
    Oh no ,not another person with this awful flu virus ,our friends are only just feeling better and they have been ill since new Year its just awful ,i do hope you will feel better soon Busy Mee1 i miss your cheery posts .Take care of yourself
    • Busy Mee1
    • By Busy Mee1 11th Feb 18, 4:23 PM
    • 566 Posts
    • 2,507 Thanks
    Busy Mee1
    Retirement Summit
    I am starting to feel a bit better apart from a hacking cough, but everyone tells me this lingers for weeks I hope I can shake it off soon.

    I have actually left the house to go shopping today after 6 NSDs in a row....this being sick lark is good for saving money. This weeks grocery shopping bill was inevitably higher because Mr Mee came too However is was still a reasonable £68.87, bringing the total for February to £116.86. I am hoping that we can come in under £200 as we are away for the final week in February. Mr Mee treated me to breakfast at MaccyDs, breakfast with a free coffee courtesy of the little stickers he saves from the coffee cups, for under £4. Never let it be said that he doesn!!!8217;t know how to show a girl a good time

    We had a retirement summit this afternoon. A proper sit down with our pensions statements and a calculation of how much we need to live on every month. The upshot was surprisingly positive and I can afford to retire in April 2020. This assumes me taking a reduced pension (-20%) This is -5 % for every year I retire before I am 60. It also assumes we continue to target savings of £100k by our retirement to enable us to pay the interest only part of our mortgage off. We will continue to pay the repayment part of the mortgage from our pensions for a further 4 years, and we will effectively get another income increase when this has finished. Another income increase occurs when we receive SRP.

    This has really given me a boast, it effectively means I could be retiring in 25 months
    I feel really spurred on by this and want to really focus now. I have started by switching a spare account to Nat West ......£125 for 10 minutes work. I want to start saving all these bits and pieces separately again. I think I am going to have an Odds and Sods account again as I found it motivating to keep all the !!!8220;free!!!8221; money totals separate. I might start using it to overpay the mortgage.....I need to give it some more thought
    Last edited by Busy Mee1; 11-02-2018 at 5:41 PM.
    • try harder
    • By try harder 13th Feb 18, 9:49 AM
    • 745 Posts
    • 2,839 Thanks
    try harder
    That all sounds wonderful Busy Mee1 and something to really focus on and look forward to ,you will do it i know ,you are always very determined .

    Glad you are feeling a bit better and i am sure it will improve as each day passes .
    • themadvix
    • By themadvix 14th Feb 18, 10:03 AM
    • 1,544 Posts
    • 9,127 Thanks
    themadvix
    Sorry to hear you're still not feeling great - I hope the cough doesn't linger for too long.

    The outcomes of the retirement summit sound great! It must be really motivating to be so close!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Busy Mee1
    • By Busy Mee1 18th Feb 18, 8:09 AM
    • 566 Posts
    • 2,507 Thanks
    Busy Mee1
    Sunday
    Well it has been another week and another set of symptoms. I don't feel like I will ever be well again. I have managed to get myself through work this week, including a couple of days away but I ended up feeling exhausted yesterday. I managed to go and get my hair done ( cancelled the week before because I was so ill) and nipped to L!dk to get teabags ( 6 boxes) as they were on their weekend deal (69p for 80). I also did some lacklustre cleaning and baked a cake, but that was all.

    Financially, it has been fine. I ended up spending while away but can claim a chunk of that through expenses. Meal planning is going well and this helps with the cost of the groceries.

    I have received a couple of gift cards out of the blue....a surprise £10 Tesco voucher as a thank you gift and a £5 JL gift card. This was a voucher if you spent £50 ( which I did in the sale on DDs birthday gift). I don't normally shop in either of these stores so will need to remember I have them.

    I baked a cake yesterday to use up some odds and ends (raisin and honey cake). A new recipe, not sure it will be a keeper though. My go to cake recipe is Auntie Helen's sultana cake - it is very much a crowd pleaser. I made a loaf but chopped it into two and put it in the freezer, I always like to have a home made cake in the freezer, always comes in handy and makes me look organised

    I need to the meal plan for next week and go shopping. We then need to do the epic journey to go and see elderly step parent which will take up the rest of the day. Thankfully next week is a short week at work and then we are off for some winter sunshine. It can't come soon enough for me
    • themadvix
    • By themadvix 19th Feb 18, 9:57 AM
    • 1,544 Posts
    • 9,127 Thanks
    themadvix
    I know the feeling (about never feeling like you'll be well again).... you will... but it's awful when you're in the middle of it - you have my sympathy!

    Enjoy your short week at work - winter sunshine at the end of it sounds just wonderful!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Busy Mee1
    • By Busy Mee1 20th Feb 18, 3:12 PM
    • 566 Posts
    • 2,507 Thanks
    Busy Mee1
    Bulk buying
    Thanks MadVix I am starting to get on my own nerves with the coughing.

    Grocery shopping was done on Sunday and came in at £77.22, and I have been to B&M today to stock up on baked beans. (Heinz 6 = 2.75, so bought 12 cans ) So the total for February is a smidge under £200 (£198.58).
    I am really getting into this buying in bulk thing when certain items are below a certain price point. For example Heinz beans ( I am a baked bean snob I am afraid- I just don't like the cheaper ones), I buy when I see them under 50p a can. Not huge savings I know, but the savings on some particular items (for example washing tablets and dishwasher tablets are much bigger. I made the school girl error in running out of @ldi washing tablets a couple of weeks ago (1.89 for 36 washes) and the cheapest option in Sainsbreeze was £4.00 for their own brand.
    More than double the price - the branded options were even more
    I am trying to always keep a stock now.
    • try harder
    • By try harder 22nd Feb 18, 12:57 PM
    • 745 Posts
    • 2,839 Thanks
    try harder
    I do hope that you are feeling much better now Busy Mee1 i had that bug the second week of January and i didnt think the cough would ever go it must have been a month before i started to notice an improvement .

    Well done for keeping on top of the finances mine went a bit to pot over January due to not feeling well it was only because i had forgotten about a family loan that was then repaid to me and a good sale on Ebax that i stayed on track i think .

    I like the idea of another budget for bulk buying ,i think i might try that in March as when i buy something in bulk i then have much less money to spend on everything else obviously so yes i think i will have a think about that tonight and budget monthly ,i think that was one of the reasons i struggled this month as i stocked up on items that will last for months. You are doing great though on the food budget .
    • Busy Mee1
    • By Busy Mee1 28th Feb 18, 8:32 AM
    • 566 Posts
    • 2,507 Thanks
    Busy Mee1
    February Update
    Well end of a nice short month.
    I have updated all the financials as follows:

    Monthly savings. £1639.00
    Total savings. £63272.08
    Mortgage. £239637.46
    Savings:Mortgage. 26.4%
    Savings offset Mortgage to. £176365.38

    So managed to beat the £1600 savings target this month and the mortgage is now in the 230's. Next month my target will have to be £65k in savings, I can't resist a nice round number........but this will mean finding £1727.92 this month. This should be doable as we have some annual interest from the NW regular savers to come in March.

    I am also thinking of starting a new diary in April to track the final two years to retirement.....this is all becoming very real now .

    I am going to start a new odds and sods account in April and want to start paying down the repayment mortgage with this, to try and reduce the term. We will still be paying this part of the mortgage when we retire until I am 60, so anything I can knock off the term will be a bonus. I just need to ring the mortgage provider to make sure I can make small payments, what the limit of OPs is and whether it will reduce the term and not the monthly payment.

    Current status of the mortgage is:

    Repayment. £70,367.46. 1.19% interest and 6 years and 2 months term
    Interest only. £169000.00. £63,272.08 saved/ £105,727.92 still to find. This will be £100k savings target + OH pension lump sum.

    Ye gods how sad am I, I love running the numbers at the end of the month....it is my favourite post of the month
    Last edited by Busy Mee1; 28-02-2018 at 8:47 AM.
    • Tropically
    • By Tropically 28th Feb 18, 9:05 AM
    • 235 Posts
    • 695 Thanks
    Tropically
    I also love running the numbers. Great job! That's an incredible target.
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    2017 OPs: £7000/£7000
    Mortgage in Nov 2017 - £297,808
    • Busy Mee1
    • By Busy Mee1 28th Feb 18, 11:11 AM
    • 566 Posts
    • 2,507 Thanks
    Busy Mee1
    Thanks Tropically, the fact that we are fast coming to an end of our employed earnings is focussing my mind now. The more we can do now the better off we will be when we finish work : )
    • michelle09
    • By michelle09 28th Feb 18, 7:44 PM
    • 771 Posts
    • 4,214 Thanks
    michelle09
    Wow, definitely not that long to go.

    Watching the numbers come down is definitely my favourite part of the posts.
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