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  • FIRST POST
    • Blibble
    • By Blibble 27th Dec 17, 7:37 PM
    • 433Posts
    • 751Thanks
    Blibble
    Up for a laugh? A 23 year old's guide on how (not) to be mortgage free
    • #1
    • 27th Dec 17, 7:37 PM
    Up for a laugh? A 23 year old's guide on how (not) to be mortgage free 27th Dec 17 at 7:37 PM
    Hi folks!

    I'm a fervent reader of the MFW board, and have been meaning to get cracking on my own diary for some time to keep me on the MFW straight and narrow. Unfortunately, the time's never quite been right to do so before now; me and my partner are in a new build house which always seems to throw something up which we hadn't planned for (it's not just older houses y'know!).

    Coming up to the new year, and reflecting on how much we've spent over Christmas (and how badly budgeted it was), I've been thinking a lot lately about seriously attacking the mortgage and now feels as good a time as any. Sooo, a little about us ...

    We're both 23, and moved in to our house in mid-December 2016 in the north west. We're not rich - both earning just above minimum wage - but thankfully have nobody dependant on us financially and are fairly minimal in what we want. We've 127,879.52 outstanding on the mortgage - we've only made minimum payments on the mortgage until now - and the rate sits @ 2.34% expiring August 2018.

    I'll post an SOA (a SOA?) below in a bit; mortgage OPs will initially be on the lower side as we're saving 1000 a month for a wedding too, but hoping we can scrabble together a couple of hundred more a month to put towartds OPs..

    Wish me luck - if nothing else it should be a craic

    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
Page 5
    • bugslet
    • By bugslet 25th Jan 18, 10:50 AM
    • 6,132 Posts
    • 29,530 Thanks
    bugslet
    Stop it, you'll make me blush. On a slightly more serious note, though, society seems to have this idea that all young people are reckless and financially irresponsible. Which is sometimes true. But for every 20-something that is, there's another 5 who are screwed over by society and have to do what they can to get by. We're exceedingly lucky to be in the situation we're in, with a decent education and full-time work, but I think you'd be pleasantly surprised by how many 20-somethings really are inspiring. It's just a shame that it's all too often out of necessity.



    ^^This. It's a daft amount, I realise that. Part of me is always thinking "we never do anything for ourselves, we should have one day in the year which is just us", and part of me thinks "if we were more reasonable with the wedding, we'd have another 10k to chuck at whatever we wanted". I've not reconciled that one yet, and don't think I will for a while. But at least the savings are there, whichever way we decide to crack on with it
    Originally posted by Blibble
    About the wedding....nah I won't, never been married, Mr Bugs asked, but I never wanted to. Whatever makes you happy, all I'll add is that I've been to big posh weddings and ones done on the cheap, neither were better or worse, neither were more memorable or less memorable. Your wedding, be selfish.

    I think young people have been screwed over in different ways throughout the years. I'm just a boomer (june '64) and when I left college at 18, I joined a dole queue of 3 million, when I next had to look for work 3 years later, the queue had slumped to 'only' 2.5 million unemployed. A few years later and I had my own cheap house and found out how the infamous 15% mortgage can mess with your budget ( that emoticon needs tears as well).

    I employ a few young people, ie under 30 and generally I'm really impressed, they are hard-working bunch, cheerful and nice to have around. None of them are lucky and I doubt you are, they made the effort themselves to do something, to make the best they could of what they have and I suspect you do too.

    Threads certainly wandered around a bit there
    • Tropically
    • By Tropically 25th Jan 18, 1:31 PM
    • 253 Posts
    • 742 Thanks
    Tropically
    Well I said it would be controversial! I am not saying to be wasteful, but that the goal of a wedding isn't to be as cheap as possible and you shouldn't feel anxious about having a wedding that you feel happy about.
    Mortgage started at 318,000 in June 2016. Original MF - 2041
    2017 OPs: 7000/7000
    Mortgage in Nov 2017 - 297,808
    • Blibble
    • By Blibble 25th Jan 18, 8:09 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Oh, don't you just love the uninvited advice when anyone mentions a wedding Do what you want - as you say, you haven't really decided what that is yet!
    Originally posted by themadvix
    I'm actually quite glad for the various points of view - it's reassuring in many ways to know it can be done cheaper. We had a fairly in depth discussion last night about it (inspired by people's comments) and are thinking that it is important to us to have a larger event. Not that we'll be spending frivolously, but we would like it to be on the larger side as a family get-together.

    We think that we'll keep on saving 500 a month each towards it for now, as that'll give us a headstart on things, but we've agreed for it to be more lenient. We probably could do the wedding how we want it for 300p/m each (back of fag-packet calculations again!), so there's no pressure on us really.

    Whatever makes you happy, all I'll add is that I've been to big posh weddings and ones done on the cheap, neither were better or worse, neither were more memorable or less memorable. Your wedding, be selfish.
    Originally posted by bugslet
    I think this is the crux of it. It will be selfish, but only in the sense that it's important for us that we have as many of each of our families & close friends there as possible. It won't be selfish in so much as it's pretentious or showy-offy; it's not really our style and doesn't really suit us

    Quick MFW update (back to the very boring stuff) - 2 big bags of kale, mushrooms, and sausages picked up in the week. All were YS at half price, so that'll be 2 extra meals at least. Given some meter readings to NPower tonight - that's looking verrrrrry pricy when compared to the same period last year. Deal with them runs out in August (I think) - will be glad when that's over as they've been a bit of an expensive nightmare since we've been with them.

    And finally, thanks for the recommendation Suki - will be sure to check that one out . We do have a Curry Bible already (various recipes from Asia, Africa, and Europe) & it's organised by country - it's awesome. I do like the Hairy Bikers though, they just seem like they'd be swell chaps up the pub, having a natter over a pint. Will be sure to seek it out.

    Pay day for me tomorrow. There is finally light at the end of the Cry January tunnel.
    Last edited by Blibble; 25-01-2018 at 8:12 PM.
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • Blibble
    • By Blibble 27th Jan 18, 5:27 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Good day today Decided we'll loosen up on the grocery budget this month (so allowing 50 p/w, which should be plenty). OH wanted to make some cocktails, so we managed to get the food shop done for 35 - the 15 difference has gone on ingredients for enough pina coladas to sink a battleship. Still better value than a night out in town

    Tomorrow I need to get some stuff listed online - been putting that off for far too long. Also have a small extra outlay this month as we've been eyeing up an armchair in Next for quite a while - most of our Christmas presents were vouchers to help us buy it., but we'll need to contribute another 50. Should be a good long-term investment though, so don't begrudge it really.

    Having said that, it's still spending money so might have to have a few pinas to help me do it
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • Kittenkirst
    • By Kittenkirst 28th Jan 18, 4:49 AM
    • 1,887 Posts
    • 10,121 Thanks
    Kittenkirst
    I have images of you sat there, giddy on Pina Coladas and hitting the !!!8216;add to basket!!!8217; button merrily on the Next website!
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • Blibble
    • By Blibble 28th Jan 18, 9:06 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Kittenkirst, that really was the plan. Unfortunately, it never happened as we were too giddy on pina coladas and might've forgotten ... does that count as money saving? Anyways, the armchair was bought this afternoon - only 10 weeks until delivery But will be well worth it when it comes.

    Hopefully checked online banking this evening to see if OH had been paid (it's due to come in tomorrow), however it seems to have come in a day earlier So, money divided up for the month - 650 to each of us for spends / wedding fund, and a cheeky 140 overtime payment into the OP fund.

    The OP fund is now over 250 since we started (and the wedding fund at nearly 2000!!). I'm thinking I'll move the OP fund along with cashing out some surveys this week - there's a 50 Populus cheque on its way, I've over a 100 stored up in OnePoll (been saving it up, but never knowing what for!), and another 40 or so across Prolific and a couple of others.
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • themadvix
    • By themadvix 29th Jan 18, 9:38 AM
    • 1,661 Posts
    • 9,669 Thanks
    themadvix
    Be careful with saving up in survey accounts Blibble - if they were to go under, you'd never see that very hard earned money. Martin recommends taking it out as soon as possible.

    What a wait for the armchair.... you'll just have to keep drinking pina coladas in the meantime!
    OPs 2017 = 3103
    S&S ISA 2017 = 626
    OPs 2016 = 6142.12
    Starting balance 2012: 132000; balance Dec 2017: 96,822
    MFW2017 no. 38
    • Blibble
    • By Blibble 29th Jan 18, 5:14 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Feeling good this evening Veggie curry's on and a glass of wine sat here for OH when she comes in.

    Today's the first day in 3 weeks I've not worked overtime, and I'm loving it

    And what's more, promotion interview is booked in for next week.

    It's all lookin' rosy o'er 'ere.
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • FTBdreaming
    • By FTBdreaming 29th Jan 18, 7:45 PM
    • 15 Posts
    • 8 Thanks
    FTBdreaming
    Hi Blibble!

    Exciting to see someone of a similar age wanting to become mortgage free, i'm 23 myself and just in the process of the mortgage application with Barclays! Planning to overpay once we have it in the bag!

    Good luck with the over payments!
    • Blibble
    • By Blibble 29th Jan 18, 8:36 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Hi FTBdreaming It's great to set your sights on getting going ASAP, but you might find you'll need to give yourself a few months to settle in (particularly if you're just moving out). Even when you think you've budgeted for everything, there's always something overlooked in my experience! We spent a year settling in to our house (after a year and a half renting beforehand) before we were in a position to overpay, and that was with a new build!

    Thanks for the advice themadvix - I think you're probably right, so have cashed out 100 from OnePoll, 19.74 from Prolific, 7.92 from Crowdology, and 8 from Research Opinions totalling 135.66. And 50 more on the way from Populus end of the month. Most of that is since the new year, so very happy with that
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • Blibble
    • By Blibble 1st Feb 18, 9:18 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Most of the survey cashout money has now made its way over to Paypal (with the exception of OnePoll, but I think hat takes 28 days to process).

    It's been a pretty NSD week over at Blibble HQ; only spends were Tuesday as OH is under the weather, so had to pick up some cough syrup and decongestants for 8.

    Tomorrow we're out for dinner with some couple-friends for a Chinese - it's all budgeted for and Chinese tends to be quite cheap. It'll be our first meal out or takeaway since the new year, so I think we can stand that one .

    I've a sneaky feeling that this month & next month are free from Council tax - if so that's another 169 going over to the OP fund straight away

    Over 'n' out
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • Blibble
    • By Blibble 4th Feb 18, 11:14 AM
    • 433 Posts
    • 751 Thanks
    Blibble
    Today's looking at being a day of cooking over here. We've got an excess of coconut milk to use up from last night's tea, so we're thinking some form of thai curry soup for lunch, and OH is currently midway through using up some leftover cheese for some savoury cheese sandwiches next week. I find I get far too excited about cooking with leftovers; it's an excuse to cook & it's good for the wallet

    Shop was completed yesterday about a tenner under budget. Which is good, although it only just cancels out last week's which was over budget when including top-up shops. No OPs to be made there.

    We've both got Friday off as we've a trip up the dentist booked in. We've not been able to get booked in anywhere since we've moved here for university about 5 years ago, so this is the first since I was 18. I'm expecting this to be a painful, expensive, wake-up call

    A further 209.64 has been moved to the OP fund, which is most of the survey money & and a saving made from no council tax payment this month
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • ceb1995
    • By ceb1995 4th Feb 18, 1:02 PM
    • 244 Posts
    • 549 Thanks
    ceb1995
    Just read through your diary and it's very motivating to see. I'm 23 next month and we're waiting to exchange on our first home, we got married last year whilst saving for our deposit and the house we're buying isn't very modern so hoping to work towards being mortgage free whilst paying for a lot of home improvements. I'm also a fan of survey sites although DH can't keep motivated with them.
    Current mortgage balance: 141,197.82
    original end date: 12th march 2058
    End date goal: 12th march 2045
    • Blibble
    • By Blibble 4th Feb 18, 9:06 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Hi ceb1995 Getting married & saving for a deposit is very impressive - we struggled just saving for a deposit! I'm pleased to see there's other people our age engaging with this - I'm of the mind that lots of people in their 20s are tarred with the financially irresponsible brush, so it's good to see us representing ourselves

    I've just found a 20 voucher on my eBay account to use up by Friday when I spend 40. No idea what to use it on - thinking I might just stockpile pantry goods with it as there's nothing for the house we really need :

    Off to bed for us now. Sure this gets earlier every month
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • Blibble
    • By Blibble 8th Feb 18, 7:04 PM
    • 433 Posts
    • 751 Thanks
    Blibble
    Sorry for the lack of updates over the last week folks, bit of a busy one.

    Had my interview for assistant manager's job on Tuesday with both my prospective boss and his boss, both of whom I get on very well with. The interview went well I felt, and we had a good laugh during it, however it wasn't meant to be. Can't pretend I wasn't a bit gutted, but hey ho.

    Now, here's for a bit of backstory. My team is a very niche, project team in my company which I currently run (although not formally), and it turns out that technical advisor for my team handed in his notice the day before my interview.

    And as such I've been lucky enough to be offered his job, which is actually more money than the job I was going for in the first place. And the best bit of that is it gives me connections with the people in the business that I want to be working with (which is muuuuccchhhh more money), so if our project takes off (which I fully intend it to!) then I'll be rolling in it. A bit like this

    In other news, I've got tomorrow off (dentist, boo!) however we're out to dinner with OH's parents which will be grand (as long as I still have teeth ). And I'm down in Manchester tomorrow for a darts tournament, so will have to be careful as I've only got 10 social spends to use up.
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • Misslayed
    • By Misslayed 9th Feb 18, 8:10 AM
    • 4,458 Posts
    • 22,781 Thanks
    Misslayed
    Congratulations!
    Hi. Martin has asked me to tell you I'm a (novice) Board Guide on the Competitions, Site Feedback and Campaigns boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with abuse). Any views are mine and not the official line of MoneySavingExpert.com.
    • Blibble
    • By Blibble 9th Feb 18, 10:43 AM
    • 433 Posts
    • 751 Thanks
    Blibble
    Just switched energy supplier to EDF saving another 150, with 80 cashback from Quidco and no exit fees, as Quidco had a special deal on with EDF expiring this weekend (and have been meaning to do this for ages as NPower have been pants).

    Think I'll take 2230 over 24 hours
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
    • ceb1995
    • By ceb1995 10th Feb 18, 10:19 AM
    • 244 Posts
    • 549 Thanks
    ceb1995
    Congratulations on the job Great savings on your energy too
    Current mortgage balance: 141,197.82
    original end date: 12th march 2058
    End date goal: 12th march 2045
    • gallygirl
    • By gallygirl 10th Feb 18, 12:20 PM
    • 16,589 Posts
    • 109,547 Thanks
    gallygirl
    Congratulations . The Universe has a way of delivering, sometimes not in the way you expect . (You'd best stick to virtual pints if you've only got 10 to spend ).
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = 0
    "Do what others won't early in life so you can do what others can't later in life"
    • Blibble
    • By Blibble 11th Feb 18, 10:39 AM
    • 433 Posts
    • 751 Thanks
    Blibble
    Congratulations . The Universe has a way of delivering, sometimes not in the way you expect . (You'd best stick to virtual pints if you've only got 10 to spend ).
    Originally posted by gallygirl
    I was on designated driver duty, so all I had to pay was a pint and a couple of cokes, as well as my entry fee (we all chipped in for petrol). And I came out of it with a bottle of Prosecco on the raffle .

    Today promises to be a quiet day in front of the telly with a film; might go for a walk later but I'm in two minds as the weather was so bad that a roof tile came off early this morning!

    Forgot to mention earlier that the 20 eBay voucher's been used up - bought some make up remover for OH which she needed, and used the rest of it up with the bleedin' scent boosters that never seem to be on offer in any shop anywhere 20 saved on items we'd have bought anyway, though, so happy with that!
    Wedding fund - 2890.92 (1262.07)
    OP fund - 1427.23 (138.67)
    Emergency fund - 159.00
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