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    • Viking_mfw
    • By Viking_mfw 9th Jul 17, 2:10 PM
    • 133Posts
    • 558Thanks
    Viking's Diary
    • #1
    • 9th Jul 17, 2:10 PM
    Viking's Diary 9th Jul 17 at 2:10 PM
    So I'm a recent convert to MSE, oddly directed here by my FIL's love of the Martin Lewis Money Show. We're trying to move house right now to a place closer to work, which will actually involve picking up a much bigger mortgage, but having lurked for a few weeks I finally worked out yesterday that our current mortgage is costing us £15.50 a day in interest, (fixed at 3.5%) and this means more than half the monthly payment is interest. I practically fell off the couch.

    This deal comes to an end in August so even if we can't sell our house we can refix at less than 2% with the same provider - and hopefully that's the deal we'd be getting on the new, bigger mortgage. I've never OP'd before, but tomorrow I am going to remove the £65 that has been maundering in an old building soc account for more than 5 years and pay it in so I can make my first ever OP.

    I really am a complete newbie - this is our first month of budgeting our spending (OH has done his for years but I do most of the money making and spending including the money he hands over for bills); I'm trying to meal plan more productively; I'm reading the Millionaire Next Door and I'm thinking far more carefully about the choices I make than before.

    So I think a diary will really help move things along. I'm not aiming for early retirement but I would like to not be living month to month so much with a really decent combined salary. My aim is to be able to pay down the mortgage and reduce the daily interest in the first instance. I might be looking to shave a couple of years off right now, but I expect that if we do manage to move then we'll be looking to pay down as fast as possible to reduce the monthly bill.

    I've been hugely inspired by so many MFW diaries on here and I thought I might as well give it a go!

Page 3
    • Viking_mfw
    • By Viking_mfw 19th Aug 17, 8:31 AM
    • 133 Posts
    • 558 Thanks
    Thanks PP. We've also had a special offer on Gousto that got us three meals for two, for a tenner. We've really enjoyed them. Both agree it wouldn't be worth full price, but that at that price it's a complete bargain. One of the recipes we'll be holding on to (West African Chicken Maffe) and it's something that looks like it will lend itself to batch cooking too.

    A few more things gone from the freezer and store cupboard over the week but I need to have a serious check for next week's menus. We do have six eggs from our in laws chickens so I expect omelettes will be on the horizon somewhere.
    • Viking_mfw
    • By Viking_mfw 8th Jul 18, 1:47 PM
    • 133 Posts
    • 558 Thanks
    So shortly after that post I was admitted to hospital where I ended up staying for three weeks before coming home with the Viking Baby. So I hope I can be excused the long gap. The MSE Badger gave me my one year badge yesterday and it gave me the push I needed to restart.

    We moved in October to be closer to work (more expensive mortgage), and my OH gave up work to stay home with the VB when I went back from mat leave. Our circs are a little bit tighter than when we were DINKYs but life is good.

    I have been doing a little OP here and there. I get some variable top ups on my salary some months for extra work so since I went back I have been splitting this 1/3 to OP and 2/3 to saving. It has not had a huge effect so far (I ought to work out how much!) but it's a start. I'm also saving for the end of my car contract in just under 2 years as the VB clearly requires a bigger, less expensive model!

    The mortgage is an eyewatering 1100 a month and we're tightly budgeted for the rest. Hoping restarting the diary will give me the will power to stick to it or even come under budget when at the moment what I really want is to run fans 24-7 and spend hundreds of pounds on ice cream!

    New targets:
    OP every month no matter how little.
    OP 10k before Jan 2022.
    Save12kin2018 #100
    • greent
    • By greent 9th Jul 18, 4:54 PM
    • 8,034 Posts
    • 81,477 Thanks
    Welcome back x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £1603.41/£5K
    Net sales 2019 £155.17/£500
    • julicorn
    • By julicorn 9th Jul 18, 6:35 PM
    • 668 Posts
    • 2,870 Thanks
    Welcome back, and a very belated congratulations on the Viking Baby
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £175,350
    • Viking_mfw
    • By Viking_mfw 9th Jul 18, 7:37 PM
    • 133 Posts
    • 558 Thanks
    He's definitely the best bit of the last year
    Save12kin2018 #100
    • Viking_mfw
    • By Viking_mfw 15th Jul 18, 9:53 AM
    • 133 Posts
    • 558 Thanks
    Well have just started a week of extra work which will not only provide a boost to the OPs and savings, but also provides me with lunch all week. It will also hopefully prevent me from spending any money!

    We're waiting for a quote to replace our garage door with a wall and a window. The door is no longer secure and there's direct access into the house. The garage itself was chopped in half about 20 years ago to make more internal room, so we're planning to finish the job.

    I have also been thinking about the 1% challenge from DFW and although the overall.scale of the mortgage makes that unfeasible, I think the 10k OP target works with £100 being 1%. So now I just need a whizzy way of displaying it!
    Save12kin2018 #100
    • Viking_mfw
    • By Viking_mfw 15th Apr 19, 7:23 PM
    • 133 Posts
    • 558 Thanks
    Ahem... some time later. I have been lurking, if not posting.

    So the new car grew into a bigger priority as Viking Baby's legs grew rapidly. We finished the PCP early and switched to plain HP on a bigger, older, less fancy estate which we will own at the end of 4 years and which is going to be £30 a month less. Doing so ate up all the savings I had been carefully stacking away.

    We are also about to embark on turning the former garage into a nice big kitchen which has been mostly paid for by generous grandma but which is still going to take a couple of thousand more than we have, so my current focus is on paying for that and building up a rainy day fund again.

    Which is to say I haven't stuck to my OP every month target although I have made a couple of small payments. The total is not on track for £10k by 2022 though. And this afternoon, inspired by reading some more diaries, I worked out that to be MF by my 50th, which would be 18 years early, I'd need to be OPing about £10.5k pa or just under £900pm. Which seems like a stretch.

    Still, if you don't try...

    2019 OPs = 0
    TBC / £10,000 by end 2021.
    Save12kin2018 #100
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