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  • FIRST POST
    • pinkypig
    • By pinkypig 22nd Jul 17, 6:12 PM
    • 643Posts
    • 5,957Thanks
    pinkypig
    And so it begins: The Pig Vs The Mortgage
    • #1
    • 22nd Jul 17, 6:12 PM
    And so it begins: The Pig Vs The Mortgage 22nd Jul 17 at 6:12 PM
    Hi everyone, after literally years of lurking I'd very much like to join you if I may? Having been truly inspired by the commitment and achievements of Secret Saving Squirrel,Tilly and Museumworker I'm finally convinced that the best way of remaining motivated and on task is to keep a diary. I'm hoping that regular reporting will lead to increased levels of accountability and reduced levels of excuse making
    To provide a little background there's me and two piglets. I work fulltime in a job that I enjoy but which is becoming increasingly demanding in terms of time and energy. Consequently,I want to achieve financial freedom within 7 years. I aim to do this through a combination of increased voluntary pension contributions and overpayments on my mortgage.
    I find discussing these things in RL a little uncomfortable as most of my peers don't really get where I'm coming from. The perception seems to be that to live thriftily is to endure a miserable existence and living a full life involves endless spendy hobbies and events. I know the folks on here are kindred spirits so I'm hoping for a place to celebrate success and to off load anxieties as I embark on my slightly scary but rather liberating journey to freedom
    Last edited by pinkypig; 22-07-2017 at 6:22 PM.
Page 1
    • pinkypig
    • By pinkypig 22nd Jul 17, 6:18 PM
    • 643 Posts
    • 5,957 Thanks
    pinkypig
    • #2
    • 22nd Jul 17, 6:18 PM
    • #2
    • 22nd Jul 17, 6:18 PM
    Hi

    My first task is to collate a detailed and accurate SOA which I'm rather looking forward to (sad I know!). From there I will progress to realistic but challenging targets for extra pension contributions and overpayments. Wish me luck, I may be a while

    PP x
    • bexster1975
    • By bexster1975 22nd Jul 17, 6:58 PM
    • 1,041 Posts
    • 4,816 Thanks
    bexster1975
    • #3
    • 22nd Jul 17, 6:58 PM
    • #3
    • 22nd Jul 17, 6:58 PM
    Happy shiny new thread! Hello.

    You will be in very good company here pinky.

    I agree about RL. Lots of people don't see the point. I think it's possible to strike a balance. I look forward to following your journey.

    Good luck with the SOA

    Bexster
    • Kittenkirst
    • By Kittenkirst 22nd Jul 17, 7:51 PM
    • 1,592 Posts
    • 8,224 Thanks
    Kittenkirst
    • #4
    • 22nd Jul 17, 7:51 PM
    • #4
    • 22nd Jul 17, 7:51 PM
    Hi Pinky!!

    Looking forward to reading your progress & cheering you on
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £206.32

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 22nd Jul 17, 8:00 PM
    • 453 Posts
    • 1,737 Thanks
    wishingthemortgaheaway
    • #5
    • 22nd Jul 17, 8:00 PM
    • #5
    • 22nd Jul 17, 8:00 PM
    Following your journey (and hoping to encourage you)
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 22nd Jul 17, 8:18 PM
    • 202 Posts
    • 903 Thanks
    DeterminedSingleMummy
    • #6
    • 22nd Jul 17, 8:18 PM
    • #6
    • 22nd Jul 17, 8:18 PM
    Hi I've given up talking to my RL friends about being mortgage free too. These guys on this forum are much more supportive will be reading
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • EatingTheElephant
    • By EatingTheElephant 22nd Jul 17, 8:46 PM
    • 1,124 Posts
    • 6,053 Thanks
    EatingTheElephant
    • #7
    • 22nd Jul 17, 8:46 PM
    • #7
    • 22nd Jul 17, 8:46 PM
    Welcome pinkypig, I have to admit I was sceptical that keeping a diary would help, but now I have to agree that it definitely helps. The support from fellow MFW's is truly wonderful.
    • museumworker
    • By museumworker 22nd Jul 17, 8:51 PM
    • 1,942 Posts
    • 11,008 Thanks
    museumworker
    • #8
    • 22nd Jul 17, 8:51 PM
    • #8
    • 22nd Jul 17, 8:51 PM
    Hello pinkypig, and thanks for the name check, although Tilly and SSS are very much mortgage free, unlike me, so much better role models !

    Well done for coming out of lurkdom, it is amazing how much a diary can focus you and make a difference to your finances.

    Look forward to cheering you on. We're also looking at increasing pension contributions as well as overpaying the mortgage, a heady combination I still need to get my head around!

    The burning question though - how big is your mortgage?
    Mortgage 16/03/2011: £190K 01/01/2017: £107,729.65 01/07/2017: £95,979.89
    OPs 2011-2016 = £45K 2017 OPs = £9250.20
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 22nd Jul 17, 10:59 PM
    • 453 Posts
    • 1,737 Thanks
    wishingthemortgaheaway
    • #9
    • 22nd Jul 17, 10:59 PM
    • #9
    • 22nd Jul 17, 10:59 PM
    My diary is becoming my accountability, I think 'what would diary world say about this purchase?' - not that the members of diary world would judge me, everyone is too lovely and supportive for that. But the mythical diary world aura would judge me severely.

    I also think by taking hold of our finances we are setting a good example to our offspring. I don't believe we should burden our children with worry associated with finances, but I do believe we have a resnsibility to model good habits and to teach children the value of money.
    I learnt such good habits from my parents (interestingly I didn't get pocket money until I was 16 and going to college) and, apart from one little slip up I've always managed my finances really well.
    (I hope that sounds encouraging to you and not preachy or patronising)

    Wish
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • MissLemon
    • By MissLemon 22nd Jul 17, 11:57 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    Hello! I'm looking forward to following your journey!
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • greent
    • By greent 23rd Jul 17, 7:25 AM
    • 6,296 Posts
    • 63,765 Thanks
    greent
    Diaries are not only a good place for self-accountability, but they act as a brilliant record of your progress - sometimes acknowledging what you've achieved is a great re-motivator if you're not feeling it at that particular time
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • pinkypig
    • By pinkypig 23rd Jul 17, 8:36 AM
    • 643 Posts
    • 5,957 Thanks
    pinkypig
    Hi . Thank you all so much for dropping by - what a lovely bunch you are, I feel at home already
    You'll have to be patient as I'm quite technically challenged! I will work out quotes and the likes eventually I promise.
    Bex, Miss Lemon, and Kitten - hello . Do you have diaries? I'll have a look later as I'd love to read them.
    WTMA - nice to 'meet' you! - didn't sound patronizing at all, just very thoughtful and kind observations.
    MW - Hi. I've read all your diaries and think your attitude and your a achievements are amazing. Our current approaches seem somewhat aligned as my current dilemma is the OP or pension contribution one. You can all look forward () to endless ramblings later.
    Greent - thanks for the reminder, I'm inclined to be a little hard on myself and each step deserves to be celebrated and I will try!

    So here goes ...

    After several tumultuous years of uncertainty whilst also locked into a rubbish mortgage deal that was done in a bit of a haze during a particularly difficult time, thinking that it would bring stability and peace of mind. The picture, I'm glad to say is now clearer and a little
    rosier. Last week the mortgage was £143,780 on a rate of 5.5% with a 23 year term Now it is £112,000 on a 10 year fixed rate of 2.75 % (offset) with a 10 year term.

    There have been so many things latterly that I couldn't control but I decided, largely due to this forum and a few great blogs that the one thing I could control was my finances.

    I've always been quite good with money but often got lax through lack of planning, waste and the odd impulse buy. In the last few years I've really knuckled down. I've joined the GC which is brilliant , I meal plan (which I kid you not, has changed my life!!), I keep a spending diary and have saved, saved and saved

    This has allowed me to get a mortgage on my own (I couldn't borrow the full amount on one salary) and although the responsibility is daunting, I feel more secure than I have done in years.

    That said, its still a massive mortgage with massive e repayments due to the term and I'm determined to attack it with all my might!
    I want financial freedom well before my normal retirement date and clearing the mortgage is a big part of this. My SOA is almost done and my next goal is to post that and hopefully get some feedback on how I can tighten things up. Beyond that I want to decided on some challenging but achievable goals for the remaining part of 2017 and to celebrate my successes, however small in order keep myself motivated.
    Long, rambling post is now over
    PP x
    Last edited by pinkypig; 18-08-2017 at 5:33 PM.
    • newgirly
    • By newgirly 23rd Jul 17, 9:20 AM
    • 5,802 Posts
    • 39,701 Thanks
    newgirly
    Hi pinkypig, welcome and best of luck with your new diary
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • michelle09
    • By michelle09 23rd Jul 17, 1:23 PM
    • 303 Posts
    • 950 Thanks
    michelle09
    Hey Pinky, and good luck! I'm with you, this forum and reading about what others are doing is a big help. Most of my friends in RL don't really get it either, so I find it better to chat about on here.
    • VintageHistorian
    • By VintageHistorian 23rd Jul 17, 2:18 PM
    • 234 Posts
    • 1,479 Thanks
    VintageHistorian
    Welcome to the forum Pinky! I'm not going to lie, it gets a little addictive once you start!
    "You won't bloom until you're planted" - Graffiti spotted in Newcastle.

    Make £3 a Day in September 2017 - £29.31/£90 (2017 total - £164.27) | Womble #03 - £4.32 | Overpayments in 2017 - £866.06
    • pinkypig
    • By pinkypig 23rd Jul 17, 8:27 PM
    • 643 Posts
    • 5,957 Thanks
    pinkypig
    Hi

    Thanks for stopping by eatingtheelephant DSM, MissLemon, newgirly and VH, your encouragement is very much appreciated

    I've gathered everything together and my SOA is as follows. I've rounded up to the nearest pound for simplicity.

    Mortgage £1024
    Life insurance, CIC and income protection £83
    Boiler and central heating insurance and annual service £17
    Basic TV, broadband, telephone, my sim card for mobile £35
    DC mobile £8
    Council Tax £129
    Gas and electric £60
    Water £23
    Union sub's £22
    TV licence £13
    Pocket money £14
    Food £140
    Petrol £130
    Xmas savings £25
    Holiday savings £150
    Annual costs (inc car running costs, coal, house insurance and tax on 2nd self employed income ) £250
    Replacement car savings ( should need one for several years but want to be prepared) £100
    Personal spends £150

    I have tried to really control my spends over the last few years but any feedback on tricks I might be missing would be very much appreciated.
    Measures I have already put in place include;

    Meal planning and shopping with a list
    Had a smart metre fitted and take more care with utilities
    Cook from scratch
    All of us take lunches and drinks from home
    Bought a good quality coffee thermos cup which is always full and in my bag
    Clean my own house, car and windows
    Use all leftovers
    Batch cook
    Do the odd YS shop to fill freezer
    Reuse where possible and recycle the rest
    Charity shop shopping ( must only go when needed as often can't resist wants when it really should be needs )

    My next goal is to set some goals I'm going to number crunch OP Vs Pension contributions and will set myself a target for the remainder of this month and then a monthly amount from 1st August.
    I feel I maybe negotiating my way out of the overwhelming stage and towards the light

    One small step was a roast dinner for 6 using a £2.50 ys pork leg joint, 4 different types of 10p ys veg, hm stuffing followed by rhubarb (free) crumble and smartprice custard lovely to end the weekend surrounded by family and friends

    Hope everyone's had a good weekend too.

    PP x
    • Jessy103
    • By Jessy103 23rd Jul 17, 10:41 PM
    • 448 Posts
    • 1,889 Thanks
    Jessy103
    Good luck with your journey PP! The people on this forum are the best!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount July 2017 - £62,900.00
    Overpayment Target for 2017 - £5,000 /£3,679.09
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11 September - £177.22
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 23rd Jul 17, 11:03 PM
    • 453 Posts
    • 1,737 Thanks
    wishingthemortgaheaway
    Can I come for dinner PP?
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • pinkypig
    • By pinkypig 24th Jul 17, 8:03 AM
    • 643 Posts
    • 5,957 Thanks
    pinkypig
    Good luck with your journey PP! The people on this forum are the best!
    Originally posted by Jessy103
    Hi Jess,good luck with your journey too. Do you have a diary? Once I get my own up and running I'm going to get caught up on reading x

    Can I come for dinner PP?
    Originally posted by wishingthemortgaheaway
    Ha! Only eat here if you don't mind it having ys origins
    Hey Pinky, and good luck! I'm with you, this forum and reading about what others are doing is a big help. Most of my friends in RL don't really get it either, so I find it better to chat about on here.
    Originally posted by michelle09
    Hi Michelle, my experience is they look at me like I'm a bit odd and on subsequent conversations their eyes glaze over !!! I'll keep my chats confined to here I think

    Get me multiple quoting ! I'll be working out how to use the timer on my oven next

    My number crunching has made my poor little brain hurt but I think I've come to a reasonable conclusion.
    Based on pure numbers extra pension contributions win hands down because of the tax relief. The projected tax free lumo sum would probabky pay off my mortgsge. The downsides however are;

    1. Once its in the pension pot its there until I'm at least 55 so not accessible in a crisis.

    2. Its indexed linked so there is always a degree of risk especially as I am looking at an investment period of less than 10 years

    3. Psychologically I'm left with a mortgage that is decreasing at the pace of a snail which just doesn't sit comfortably in terms of feeling financially secure.
    4. I want my pension lump sum to do nice things when I retire
    5. If I don't want to retire at 55 my money would be tied upeven longer because partial withdrawal is complicated and has an impact on future contributions.

    Putting all my surplus cash into OP would clear my mortgage in 4 years 3 months however this would leave me only give me 2 years 9 months to save for ER and I would have missed out on about £20k in tax relief.

    Consequently my decision is part head\ part heart as I'm going for a combination of the two.

    My goals from 1 September are to contribute £1000 pm (£800 cost to me due to tax relief at source) and £400 in OP
    This would leave me MF in 7 years but alongside that I would have enough in the pension pot to retire at 55 and I would also have the tax free lump sum available for adventures
    This will leave me with £100 pm to dip into if anything unexpected crops up. I'll OP anything that's left out of this and my other budgets at the end of the month.

    Today's goal is to look at some big bills that are due throughout August to decide how much I can OP in the remainder of July and in August.
    Actually can't wait to get started - I can see how you get addictive
    PP x
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 24th Jul 17, 9:05 AM
    • 453 Posts
    • 1,737 Thanks
    wishingthemortgaheaway
    Looks like a very sensible head/heart compromise. To me PP.
    yellow stickers all the way.
    When we were at uni one of our friends worked for mr Sparks, their staff shop is awesome, we ate like kings on a pauper's budget on an evening after she'd finished her shift.

    Have a great mse day
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
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