making hay while the sun shines (by freshcotton)

chumpy45 · 25 February 2017 at 9:53PM

Wow that's an amazing difference, will definitely help keep you motivated!

Turtle · 26 February 2017 at 12:50PM

Hello freshcotton, I've just read through your whole diary and you're doing fantastically well. If I can refer you back to an old post (I can't remember the date but think it was last April) you said you were looking around at a friends gadgets and thinking it was all a waste of money, but were you too judgemental or tight?

I would agree it's a waste of money but then I am judgemental and a bit tight at times as well, or at least I think that's how others see me :rotfl:. When I see colleagues spending £5 a day at the fancy coffee place at work I think it's a waste of money, we get machines with free drinks in and I am very happy with those. I don't have an issue spending money on things I want though, it's other people trying to spend my money for me that I have an issue with. So I'm happy to go out for a meal with friends and pay for what I've had. I'd be very aggrieved at splitting a bill equally though if I've had a coke and a pizza and someone else has had steak and prosecco. That is where I have an issue, and maybe you're the same?

Keep going though, it's amazing knowing you're in a great financial position. We reached mortgage neutrality at 40 and 42, and we have a small house we rent out as well (also paid for). We'd have got there a lot sooner, but we usually have a big holiday every year and that might cost £7-£8000. I don't begrudge it though, we've had some fantastic experiences and are still doing really well.

Are you nosey? I am. I'd love to know what my friend's financial positions are like :rotfl:I do just wonder how many people are mired in debt or are others doing equally as well? I have a couple of friends at work with the same sort of aspirations (part time or retirement mid 50s) but other than that I really don't know how others are doing.

freshcotton · 28 February 2017 at 1:32PM

Hi Turtle

To be MF with a rental property by 40 is such an achievement. Well done. Its a really good age to lessen the financial worries so you can focus on enjoying your life. I sometimes think of life as 10 year blocks. My 20s were spent getting an ‘education’ and qualifying as a solicitor. I’m using my 30s to pay the mortgage off and save a lump sum. I will then reduce my working hours and travel a lot more in my 40s like you do.

In terms of judging friends and colleagues, I suppose I do especially when they go for a take away coffee break. The other week a colleague got a take away in for lunch, as in a proper Chinese ! I mean who does that?.

Its more that I just don’t understand the modern world. If buying more stuff made me happy I would genuinely be doing it, but 99.7% of items that are for sale are just pointless trash. Eating out can be great, but if you end up in the wrong place, you can spend £40 on food that is less tasty than the meal you made on Monday night for £3.70!

I think we are all nosey on this forum to a certain extent. Although ‘real life’ people never want to talk openly about money. I think if people did more, it would help.
But yes, the best way in my opinion to generate wealth is spend less.

freshcotton · 8 March 2017 at 9:38AM

I created a really good spread sheet, which calculates my interest and balance each month. I can change the overpayment figure and it shows what impact that will have on the final balance and the finish date. If I continue the way I am (overpay £2,600 ) then I will be mortgage free by Nov 2018 - that's about 20 paydays away.

The balance for Feb is £63,190.

In March, with a few extra pounds I can get it into the 50s which would be an achievement. Then of course the next target is 40s ....

A_Frayed_Knot · 8 March 2017 at 10:34AM

Hi freshcotton

Trying to catch up with your diary. Thought I ought to mention, although I'm sure you already know, if in a fixed rate your only allowed (normally) to o/p 10%. Your mortgage balance and o/p's don't equate to that.

Will carry on trying to catch up and maybe all will be explained.

freshcotton · 8 March 2017 at 7:24PM

Thanks FK

Yea, I have calculated the potential penalty and placed that into a seperate account, taking into account my interest rate, Im no worse off than putting it into savings. I do however wonder when the penalty will be applied? Is it at the end of the mortgage ?

freshcotton · 17 March 2017 at 3:11PM

Booked a night away in London for next month as haven't done anything like that for a while, I'm hoping to have £300 left this month which I will leave in my account to save a bit.

Iv decided not to overpay more than £2600. As Iv said, with that figure i will have cleared the mortgage in 20 months which is good enough. The rest of the pennies il save for now.

freshcotton · 2 April 2017 at 5:57PM

The first spring-like days of the year are always so exciting, we went for a long walk and on the way back, went into a small local coffee shop. Just as we were about to order, we were (nicely) informed that the shop was closing in 15 mins. We therefore decided to go to the local shop, picked up some coconut and jam cakes and enjoyed them with tea at home. They cost £1.50 for 6. Our poor time management probably saved us a good few quid today.

Its days like this that remind me how little money you can actually live on to still enjoy life.

Its the first sunday afternoon in April and when I ask myself, what is it that I really want, I can think of nothing apart from wanting another day off work. I suppose with my obsessive overpaying, working less is exactly what I am buying.

I have a good career which took a lot of time and effort to get and its not like I ever want to stop working, however 5 days a week just is not for me. I also think that everyone should work less in order to improve mental health and hapiness.

I am really enjoying this MF journey, as above all, I think its changed who I am and made me realise what I really want out of life.

When I try to 'eat healthy' I stop eating chocolate and I do this for a few weeks, until I give up and eat twice as much to make up for any loss of enjoyment. This is because dispite any desire I have, I love sugar and wont live without it.

When I am frugle, I keep being frugle and think of more ways to enjoy the simple things in life. I dont suddenly break and start maxing out a credit card. Why? Its because I am not actually supressing any inside desire to spend. Its what I want out of life.

Moneyfordreams · 2 April 2017 at 6:27PM

Its great you have a balance , Well done :T ... my balance has definitely tipped against frugality the last few months

lavinia21 · 2 April 2017 at 7:06PM

freshcotton sounds like your having another lighbulb moment within your journey. I feel these are great to have as they confirm the journey your on and sounds like it is bringing you peace and happiness which we all need in our lives. Keep up the hard work.

making hay while the sun shines (by freshcotton)

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