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  • FIRST POST
    • Youthgonewild
    • By Youthgonewild 20th Apr 18, 8:42 PM
    • 92Posts
    • 171Thanks
    Youthgonewild
    The MF pipe dream
    • #1
    • 20th Apr 18, 8:42 PM
    The MF pipe dream 20th Apr 18 at 8:42 PM
    Hi all.

    I!!!8217;m new to the site, only just signed up. Have read a few MFW threads and yes, MF is definitely where I want to be!

    A bit of background about me, I!!!8217;m 32 yo single parent with 2 young kids aged 5 and 2.5. I work p/t over 4 days a week and will probably look at f/t once youngest starts school.

    I got my mortgage 2.5 years ago (how time flies) and the debt then was £99875 - just found my paperwork. When the two year fixed deal ended (last november) I simply took up a 5 year fix with the same lender for the simple reason that I was doing some home improvements and didn!!!8217;t think my house was in any sort of fit state to have a new valuation done so I just went with the house value that I bought the house at. I still ended up on a better rate though - 2.27%

    I currently OP by £125 pm but recently I paid a lump sum of £500 towards the mortgage as well. The current figure stands at £95550 but interest usually gets added on to the balance around the 6th of every month

    I have 32.5 years left to go but really want to decrease that. I hope to be MF by the time I!!!8217;m 50ish. It!!!8217;s feels like it will be one long slog!!

    On top of this I have recently set up AVC!!!8217;s through my works pension scheme - only £30 extra pm. As the application hasn!!!8217;t been processed yet I have no idea what my wage slip will look like once it kicks in.

    Anyway I!!!8217;m in this for the long haul. Thanks for reading. Wish me luck!
    Last edited by Youthgonewild; 06-07-2018 at 10:56 AM.
Page 4
    • Youthgonewild
    • By Youthgonewild 6th Aug 18, 9:46 AM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Hi folks,

    Hope you had a good weekend. Mine was mixed. Had my nephew stop over so that was fun. On the downside my ex partners 13 year old nephew died in an accident early hours of yesterday morning. We both spent yesterday in shock and tears. I feel so awful for his family. Such a young age, totally unexpected. Been trying to keep myself busy but I've had very broken sleep. I wish there was something I could do but I can't. I'm at work today, think I'm just gonna keep my head down.

    Here's my SOA - finally done it.

    Statement of Affairs and Personal Balance Sheet

    Household Information

    Number of adults in household........... 1
    Number of children in household......... 2
    Number of cars owned.................... 1

    Monthly Income Details

    Monthly income after tax................ 1117
    Partners monthly income after tax....... 0
    Benefits................................ 882
    Other income............................ 450
    Total monthly income.................... 2449


    Monthly Expense Details

    Mortgage................................ 525
    Secured/HP loan repayments.............. 0
    Rent.................................... 0
    Management charge (leasehold property).. 0
    Council tax............................. 90
    Electricity............................. 40
    Gas..................................... 42
    Oil..................................... 0
    Water rates............................. 38.12
    Telephone (land line)................... 50
    Mobile phone............................ 15.5
    TV Licence.............................. 12.37
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 300
    Clothing................................ 25
    Petrol/diesel........................... 120
    Road tax................................ 16.25
    Car Insurance........................... 50
    Car maintenance (including MOT)......... 45
    Car parking............................. 0
    Other travel............................ 6
    Childcare/nursery....................... 420
    Other child related expenses............ 72
    Medical (prescriptions, dentist etc).... 10
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 5.83
    Contents insurance...................... 5.83
    Life assurance ......................... 11.47
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 35
    Haircuts................................ 5
    Entertainment........................... 40
    Holiday................................. 0
    Emergency fund.......................... 40
    Total monthly expenses.................. 2020.37



    Assets

    Cash.................................... 4225
    House value (Gross)..................... 117500
    Shares and bonds........................ 3000
    Car(s).................................. 2000
    Other assets............................ 0
    Total Assets............................ 126725



    Secured & HP Debts

    Description....................Debt......Monthly.. .APR
    Mortgage...................... 93472.1..(525)......2.27
    Total secured & HP debts...... 93472.1...-.........-


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



    Monthly Budget Summary

    Total monthly income.................... 2,449
    Expenses (including HP & secured debts). 2,020.37
    Available for debt repayments........... 428.63
    Monthly UNsecured debt repayments....... 0
    Amount left after debt repayments....... 428.63


    Personal Balance Sheet Summary
    Total assets (things you own)........... 126,725
    Total HP & Secured debt................. -93,472.1
    Total Unsecured debt.................... -0
    Net Assets.............................. 33,252.9


    Created using the SOA calculator at www.stoozing.com.
    Reproduced on Moneysavingexpert with permission, using other browser.
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Youthgonewild
    • By Youthgonewild 6th Aug 18, 10:16 AM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    I've tried to give as honest a breakdown of my spending habits as I can. Just realised I've missed off my Netflix subscription (£5.99pm). In total honesty, I always try to build up a nice stockpile of savings money and I use that money to cover things like car/home insurance (I pay yearly) and also other expensive items like road tax (annual) car MOT, servicing, maintenance that kind of thing. At the moment I'm saving £250 per month in 5% savings account, but I always like to have a stockpile of cash for life's 'big things' just in case.

    Also I will be changing phone and BB supplier very soon so that should take the total down from £50 per month. My mobile phone contract is also due for renewal end of this year so I'm going to look for a better deal than what I am currently on. £15.50 isn't great for what I get. I much prefer my old PAYG SIM.

    Updated signature.
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • lindez
    • By lindez 15th Aug 18, 5:39 PM
    • 399 Posts
    • 1,612 Thanks
    lindez
    Hi thought I would pop in and say hi. You are doing really well with your op's x
    Payment A Day Chapter 18:
    MFWB#44
    • zcrat41
    • By zcrat41 15th Aug 18, 8:30 PM
    • 1,507 Posts
    • 4,150 Thanks
    zcrat41
    Wow I think you're doing really really well. Your budget looks pretty darn tight to me too.
    Aim: To o/p the mortgage by £131 pm.
    07/18: £254. Smashed it!
    08/18: £219.31 Smashed it again!
    09/18: £131 Acheived challenge
    10/18 £Target £131 plus £50 into savings
    • Youthgonewild
    • By Youthgonewild 17th Sep 18, 10:34 AM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Hi all,

    Sorry I've not posted in a while.

    Sooooo..... I'll fill you in with where I'm up to. Last month after my regular monthly payment, I decided it would be a 'good idea' to make a one-off overpayment of £700 on top of my regular £525

    Goodness knows why I thought this would be a good idea, with the run up to Christmas and kids back at school/childminders (after school club and childcare fees). In hindsight it wasn't my smartest move. And whilst I'm not completely impoverished I am on an extremely tight budget now. I also got a letter through the post last week - my home insurance is due at the end of this month

    I also took it upon myself (before receiving said letter) to up my OPs AGAIN to £600 per month. It means money will be tight, very tight. But I figured if I really am struggling I will drop it back down again to £525.

    Alls I can say is it's a good job I like to save money as I will pay my home insurance out of my savings if needs be. So far I should be okay....we will see.

    I did eventually switch my BB and phone provider. I'm now paying £9 per month for both rather than the £50+ I was paying previously

    I looked into my mobile phone contract, I can exit it next month with no exit fees so I will definitely look into getting something cheaper ASAP.

    My mortgage payment went out today - all £600 of it. My current mortgage balance stands at £91825.09
    Last edited by Youthgonewild; 17-09-2018 at 10:47 AM.
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Youthgonewild
    • By Youthgonewild 25th Sep 18, 10:58 AM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Hi one and all,

    I've done something not so much drastic but, erm.... unexpected.

    Basically I held some money in S&S online account. I made a slight bit of profit on it and I decided to sell all my shares. I held the money in the account for a few weeks and did nothing with it (probably not wise). Anyway today I closed the account.

    I have requested to transfer all monies (minus fees) to my bank account, hoping that will be done by close of play today. It's not a great deal of money. I don't know whether to reinvest it (which seems a bit daft now I've just closed the S&S account completely) or whether to just hang on to it in my regular, bog-standard crappy interest rates ISA - with a view to investing £250 per month into my 5% ISA (£250 is the max I can transfer pcm).

    In any case, I have the money to hand should I need it. Will definitely have to keep it out of my normal bank account otherwise the temptation will be to spend or throw the lot at my mortgage, potentially leaving me with a very limited emergency fund in future

    My gut instinct is telling me to stash it in my ISA for 'safe-keeping' until I decide what to do.
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Youthgonewild
    • By Youthgonewild 27th Sep 18, 1:34 PM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Ok, so I had a very spendy day yesterday. The upside is that I have now done the majority of my Christmas shopping Just a few more presents to buy and that's it. In fairness I started it in April. Once the last few items are bought that's it, I can breathe a sigh of relief and not have to worry**. I bought a load of stuff (new items) on Eb@y and Am@zon. I have a 30-day free trial on Pr!me too, so I got free delivery. Will cancel that sub at the end of the free trial.

    I shopped through a cash back site called Kidstart which I have used since my oldest son was born. I have about £24 stashed up on there and due to get some more added in soon thanks to my online shopping.

    My youngest son turns 3 next month - all his presents are now bought. However i didn't buy him a lot as I am fed up with toy all over the house and his birthday is less than two months away from Christmas.

    Cant believe how well-organised I am this year. I haven't spent a fortune either. Apologies for the stealth-boast, I'm just so pleased with myself

    **read panic-buy.
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • robomomkey
    • By robomomkey 27th Sep 18, 8:24 PM
    • 7 Posts
    • 2 Thanks
    robomomkey
    Hi

    Great job so far, keep up the good work.

    Given your mortgage rate is 2.27%, if you have an ISA which pays 5%, then in a purely financial sense you would be better off putting overpayments into the ISA as you will realise an additional 2.73% interest on the value of the overpayments.

    The downside is that you don’t see the balance reducing as much, and the money is accessible and at risk of being spent.
    • Youthgonewild
    • By Youthgonewild 2nd Oct 18, 10:21 AM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Thanks robomonkey for the reply.

    The limitation of my ISA means I can only put a maximum of £250 per month away. So I've been doing that as well as OPing (by the same amount). If money gets tight, I intend to drop OP's back down. The interest I make on my ISA savings will be spent on the mortgage (it will only amount to around £80 I should imagine).

    Thanks for the support
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Youthgonewild
    • By Youthgonewild 9th Oct 18, 1:26 PM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Just thought I'd pop in to say I've managed a cheeky little OP this month . Can't wait to see what my mortgage balance looks like next week. Hope everyone is slaying this MFW thing, I've been meaning to get round to reading some of the longer diaries. Have subscribed to a few recently - It's exciting to find out how people are getting on and looking back on where they started.

    KOKO
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Youthgonewild
    • By Youthgonewild 10th Oct 18, 9:41 AM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Hello one and all.

    I am at home with my sons today. I usually have Wednesday off (I work p/t since having children). Oldest should be at school but he has a fever so he spent yesterday at Grandparents house and he is home with me and youngest today. Hope he is better for tomorrow.

    I have just called my broadband provider and I have bought a new mobile phone sim from them. At present I am paying £15.50 per month for 1GB of data, 150 minutes and 2000 texts - extortionate but I have been tied into a contract so could not leave.

    New mobile sim which I should get in a couple of days is so much better. 1.5GB of data, unlimited minutes and texts all for the bargain price of £6 per month. So I will be making a saving of £9.50 per month which I will probably throw at the mortgage. The data is not a great deal but I use WiFi at home and I have inernet access at work and free WiFi at work too so that is not an issue.

    I am hoping I dont get stung with any cancellation charges from the existing provider. The plan says I can upgrade from 14th October. I took that to mean I could also end it from that date too. We shall see. I may get hit with a cancellation fee. Ey well, it will be worth it considering the savings I will make over the long term.

    Any road, it is time for me to stop blabbering and go get showered. Have a good day, all.
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Youthgonewild
    • By Youthgonewild 18th Oct 18, 1:26 PM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Argh what a horrible week so far!!

    My son was ill last week and took three days off school. He still wasn't better by the weekend, in fact he was significantly worse! His glands had swollen up in his neck and he was struggling to swallow, couldn't eat, couldn't drink, could even manage Calpol, in fact all he could do was drool and cry in pain.

    So I went to Out Of Hours GP on Sunday up at the local hospital - which resulted in an overnight stay on the Pediatrics ward and an IV for my son full of antibiotics and fluids as he was dehydrated!!

    He was allowed home from hospital on Monday night and I kept him off school again on Tuesday to let his body recover. He went back to school yesterday, but has to take antibiotics for the next week - which he hates as it tastes utterly vile. The doctors couldn't figure out exactly what was wrong with him, apart from 'viral infection in the throat area, inflamed uvula and possible epiglottis'. His discharge notes say 'tonsillitis' but when his tonsils were checked by multiple different NHS staff, they all agreed that there were no obvious signs of tonsillitis - i.e. the lack of pus (TMI - sorry) on his tonsils. So it's all a bit of a mystery, but at least the yucky antibiotics appear to be working. And he's glad to be back at school

    Gosh, this is turning into a medical drama - anyway, I made some extra overpayments last month. And I'm glad I did. Current balance is £91076.41

    But... there's a downside (there always is). I had to dip into my savings pot over the weekend - because I did something so monumentally stupid. On Friday night after work, my youngest son (who is potty training) had somewhat of a Poonami disaster. I won't go into detail, but suffice to say it involved me having to wash multiple items of clothing, as well as clean my carpet

    Anyway, amongst all the calamity during Operation Cleanup, I accidentally.... put my phone in the washing machine. And didn't realise til the machine was on full spin.

    Sooooo... I bought a new phone on Saturday, which set me back £150 smackeroonies! Ouch!!!
    DON'T PUT PHONES IN THE WASH!! Lesson learned!
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Youthgonewild
    • By Youthgonewild 26th Oct 18, 12:52 PM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Hey one and all.

    Thought I'd fill you in. I made an OP the other day of £300 so the balance now stands at £90776.41. I will have the interest added on at the beginning of November. I've calculated that to be £171.72 but we shall see come November assuming my calculations are right.

    I'm supposed to be going on a Ghost-tour tonight. My brother works at a ye olde famous haunted Hall, and his work often put on ghost tours to the public, but hes managed to wrangle a couple of places for me and him. It's on at 8pm til 2am.

    The downside is, its not my turn to be ill. I have the lurgy and not sure I would be able to stay awake til then, my body needs sleep desperately. I feel bad about letting him down though
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Youthgonewild
    • By Youthgonewild 6th Nov 18, 1:16 PM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Update - so my calculations in my last post were wrong Interest was added on to my mortgage balance today so the current balance stands at £90952.08. Not long now til I'm in the 80s (the monetary figure - not the decade. Although my music taste is definitely trapped in about 1985 ).

    I can't seem to stop spending lately. DS1 has had a huge growth spurt so I bought him some new clothes at the weekend. He also still needs a new winter coat and some PE pumps. He needs to stop growing haha! Also I went to watch Bohemian Rhapsody on Friday night at the flicks. It was sooooooooooooooooo good!!! (See music taste above ^^ ) Worth every penny though, I want to watch it again (and again and again and again and again and.....)

    Have a great day one and all!
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Hazelnutty
    • By Hazelnutty 6th Nov 18, 1:35 PM
    • 151 Posts
    • 812 Thanks
    Hazelnutty
    YGW I totally agree - keep telling DD she's under strict instructions to stop growing but she never listens!
    • Youthgonewild
    • By Youthgonewild 12th Nov 18, 11:20 AM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Hi Hazel, thanks for reading It's nice to know I'm not just waffling on to myself, it helps keep me focused.

    I've decided DS1 doesn't need a new coat yet. He is 5. His coat is 6-7 years and DS is complaining that the sleeves aren't long enough. However he complains about this when he stretches his arms right out so the sleeves of his coat ride up his forearms slightly. I showed him that when I do that with my coat on, mine does the same! So I'm putting off buying him a new one til his next growth spurt.

    I did some decorating this weekend. nothing major, just wallpapered the chimney breast. I must say it looks blimmin' lovely now. My front room feels like a proper home now. Before I decorated, all four walls were like some weird beige colour and I have cream carpets and curtains and a brown fabric suite. It was all rather dull but I've pepped it up by choosing a complementary wallpaper for the chimney breast and bays, which has a lovely teal floral pattern on to break up the beige-iness of my front room. Proper proud of myself. I bought the wallpaper in September when it had 20% off too It's amazing what a bit of decorating does to freshen up a home. Absolutely love it and I didn't spend a fortune.

    Until next time.

    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Hazelnutty
    • By Hazelnutty 12th Nov 18, 1:42 PM
    • 151 Posts
    • 812 Thanks
    Hazelnutty
    Awesome on the papering! I don't dare tackle wallpapering myself (yet!) so kudos to you. I am thinking of a lick of paint sometime soon though. The house is newbuild and so white throughout, which is fine, but it's rubbish quality paint so already looks shabby in places (18 months in, grrrr). Maybe a paint job will make it feel like a proper home too
    • the cross rabbit
    • By the cross rabbit 12th Nov 18, 2:52 PM
    • 258 Posts
    • 1,588 Thanks
    the cross rabbit
    Both my kids and my DH ( he did this when we first started living together) have pulled the 'the sleeves are too short trick' You would think a grown man would know this but apparently not. That will make me chuckle for the rest of the day.
    CRx
    Mortgage £82,000, due to end July 2036. 4/11/18 Mortgage £79,872.13
    #67 mortgage free wannabe 2019 0/£800
    • Youthgonewild
    • By Youthgonewild 13th Nov 18, 9:35 AM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    @Hazel - I quite enjoy wallpapering. Still need to do my hallways and stairs but I dare not attempt that (will probably end up with a broken neck lying at the bottom of the stairs), so I will get a professional in.

    Lol @Cross Rabbit, I would never have thought a grown man would try that trick. My son has grown so much recently that when he said he coat was getting small I took his word on it. But he has little 'foibles' and one of the things he can't stand is jumpers, tops etc riding up his forearms. He likes his sleeves to be as long as possible. So any sign of them inching up and he complains. I've told him his coat is fine. Pffft, kids!!!
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    • Youthgonewild
    • By Youthgonewild 15th Nov 18, 10:46 AM
    • 92 Posts
    • 171 Thanks
    Youthgonewild
    Mortgage payment went out of my bank account today. New balance: £90301.81.
    My online mortgage account with N*twest tells me that my house has gone up in value again. My new LTV is at 67%. Although I wont get too excited as thoroughly expect house prices to fall again in the next few years.
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
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