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  • FIRST POST
    • LadyGnome
    • By LadyGnome 20th Apr 16, 6:05 PM
    • 420Posts
    • 1,550Thanks
    LadyGnome
    A Journey of Many Pounds Starts With a Single Penny
    • #1
    • 20th Apr 16, 6:05 PM
    A Journey of Many Pounds Starts With a Single Penny 20th Apr 16 at 6:05 PM
    Like many I have lurked for some time popping up on people's diaries with comments but I've decided it's time to come out of the shadows and start my own.

    Let me introduce myself. I am 46, live in London with MrGnome and two school age children. We have been MF before but when we decided to move we kept the MF house as a BTL and bought a project to do up. Mr Gnome does up properties as a part time business so he did a back to the brickwork renovation and extension on the house which is now finished (mostly ). I work full time as the main earner.

    The combination of the renovation and house price rises mean our LTV is below 50% so our interest rate is pretty good (2yr fix at 1.74%).

    I won't be making huge overpayments as we currently pay school fees as well as the mortgage. Additionally I have to balance frugality with enjoying life with the children.

    As the mortgage is large
    £268,261 today
    I am focussing on smaller goals which I will put in the next post.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
Page 18
    • AlexLK
    • By AlexLK 19th May 17, 11:55 PM
    • 5,820 Posts
    • 30,226 Thanks
    AlexLK
    Sorry to hear you're unwell; hope you get well soon.
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • EatingTheElephant
    • By EatingTheElephant 20th May 17, 6:25 AM
    • 1,152 Posts
    • 6,174 Thanks
    EatingTheElephant
    Hope you feel better soon.
    • Busy Mee1
    • By Busy Mee1 20th May 17, 7:59 AM
    • 422 Posts
    • 1,625 Thanks
    Busy Mee1
    Boo to Bronchitis - hope you are feeling better soon. The weather appears to have brightened up here too after a week of rain. Have a good weekend x
    • LadyGnome
    • By LadyGnome 22nd May 17, 10:32 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Thank you everyone for the good wishes. I am on the mend but still taking things slowly. Its a long time since I've had anything as bad as that so I hope its a few years before it happens again!

    Not much MSE news other than I haven't really been spending and I won £3 on the thunderball.
    I've been doing some surveys whilst I was ill so I am over £20 on OP and YG.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • brizzledfw
    • By brizzledfw 22nd May 17, 6:14 PM
    • 7,156 Posts
    • 34,729 Thanks
    brizzledfw
    Ooh nasty.. hope you're feeling 100% very soon

    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • LadyGnome
    • By LadyGnome 23rd May 17, 6:33 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Ooh nasty.. hope you're feeling 100% very soon

    Originally posted by brizzledfw
    Thank you - nothing like a dodgy hug to make one feel better
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 26th May 17, 2:40 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Payday has been and gone (it was nice whilst it lasted)

    I swept £13 the day before payday, my standard £235 and an extra £20 to get the mortgage below £250K for tomorrow. Total OP this month is £379.

    Tomorrow I will officially record my mortgage figure for May and it should be the end of my £40K in 40 months challenge, nine months ahead of schedule.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • Busy Mee1
    • By Busy Mee1 26th May 17, 3:32 PM
    • 422 Posts
    • 1,625 Thanks
    Busy Mee1
    That is a tremendous achievement, particularly with a relatively young family. I didn't start making any headway until my two were off "the payroll "

    Well done and have a great weekend : )
    • EatingTheElephant
    • By EatingTheElephant 28th May 17, 8:24 AM
    • 1,152 Posts
    • 6,174 Thanks
    EatingTheElephant
    Nine months ahead of schedule is amazing, well done
    • LadyGnome
    • By LadyGnome 6th Jun 17, 11:29 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Hello everyone
    I had a bit of time off over half term so I am just catching up. I reached my May target of below £250K at £249,984.94.

    My next goal is below ...£248K
    Its not as bizarre as it seems...honest! £248K is 80% of the original value so below £248K means I have paid off 20% of the mortgage. I should achieve that by July.


    I have some dividends paid this month, I've received one lot and I am waiting for a second smaller amount so there will be some extra OP this month.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • brizzledfw
    • By brizzledfw 11th Jun 17, 5:35 PM
    • 7,156 Posts
    • 34,729 Thanks
    brizzledfw
    Well done on the progress I like the idea of targets too. Hoping I can get to £140k on the mortgage by November as well as keeping on clearing my CCs, sort myself out for the big holiday etc. So will have to be focussed

    Have a good week
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • LadyGnome
    • By LadyGnome 12th Jun 17, 10:18 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Well done on the progress I like the idea of targets too. Hoping I can get to £140k on the mortgage by November as well as keeping on clearing my CCs, sort myself out for the big holiday etc. So will have to be focussed

    Have a good week
    Originally posted by brizzledfw
    Hi brizzled you sound like you are making really good progress. I need mini goals to keep me motivated otherwise it's all a bit abstract.

    The dividends are now in and I've tidied up some odds and ends as well. I needed to use a bit of the money for other stuff but sent £94 to the pots.

    Have a good week everyone.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • Busy Mee1
    • By Busy Mee1 13th Jun 17, 6:30 AM
    • 422 Posts
    • 1,625 Thanks
    Busy Mee1
    Hi LG nice to see you back. I hadn't realised but your outstanding mortgage is almost identical to mine. It is a lovely feeling to watch it coming down isn't it ?
    • LadyGnome
    • By LadyGnome 13th Jun 17, 3:42 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Hi LG nice to see you back. I hadn't realised but your outstanding mortgage is almost identical to mine. It is a lovely feeling to watch it coming down isn't it ?
    Originally posted by Busy Mee1

    It is great. I was concerned about the mortgage running right up to my official retirement age at 65. I felt it gave me no option but to keep working no matter how I felt. As it reduces I can see choices opening up. There is a difference between working until 65 because you want to and working until 65 because you have to.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • Lukoind
    • By Lukoind 13th Jun 17, 4:23 PM
    • 18 Posts
    • 5 Thanks
    Lukoind
    You are inspiration . Good luck!
    • LadyGnome
    • By LadyGnome 18th Jun 17, 1:55 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Hello everyone
    I'm just plodding on to payday now so no really MSE news to report.


    Like many people in London I have been a bit shellshocked this week after the awful fire. We were at the Westway sports centre last weekend and seeing it on TV a couple of days later full of displaced people really brought it home. We walked from there to Latimer Road tube station so right in the shadow of the tower. MrGnome has recognised some of the people on TV as he is North African and we used to live closer to that area than we do now.


    Mind you, the public response has been heartening. It shows how decent most people are.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 19th Jun 17, 10:59 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Nothing to report except more plodding


    I've brought lunch to work so hopefully today will be a no spend day.
    The children are enjoying the hot weather we put a pool in the garden for them. I gave our long haired guinea pig a rather dodgy haircut so hopefully he is feeling a bit cooler today (we only put them outside in the evening). I may trim a bit more today, I stopped yesterday as he was getting fed up from being stopped from mowing the lawn.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • brizzledfw
    • By brizzledfw 24th Jun 17, 5:20 PM
    • 7,156 Posts
    • 34,729 Thanks
    brizzledfw
    Echo your horror at the fire, but also the community response has been a reminder of how much people deep down want to help and how much we have in common.

    Keep plodding!! I feel the same, need to get more money shuffles in during the week otherwise I get despondent it really affects my mood....more YNAB planning methinks.

    Your barbering of the guinea pig made me chortle!!
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • LadyGnome
    • By LadyGnome 1st Jul 17, 9:13 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Hello all
    Payday has passed, money has been shuffled and spreadsheets updated. Progress is a bit slower as I have identified a couple of one off things I need to save up for so I am running 5 pots instead of the usual 3. I've met my OP target for the month so I am happy.

    YG are running a panel at the moment where you answer a few short questions twice a week and get an amazon voucher at the end of the month. So 1 £10 voucher earned already.

    I think the long haired guinea pig has the hump with me due to the hair cut. I had a heck of a job getting him in from the garden yesterday. Our garden is enclosed so we let them run free on the lawn. They normally pootle about under the garden furniture eating grass. When I went to pick him up he sprinted across the lawn under the barbeque, so I went to the barbeque then he sprinted across the lawn to a chair and repeat...
    We are going to end up on You've Been Framed at this rate
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • Busy Mee1
    • By Busy Mee1 2nd Jul 17, 6:55 AM
    • 422 Posts
    • 1,625 Thanks
    Busy Mee1
    This made me laugh - he is obviously terrified that you are going to give him another dodgy haircut. Well done on the getting the voucher, I did something similar last year - but as a general rule I find doing surveys too tedious.

    This journey to financial freedom is a long one and can feel quite plodding at times, but I look at the progress made and it is all worth it. Similar to you I would be working until 60 with no choice if I hadn't started to save towards the mortgage. Now we are in a much better financial situation and I can retire much earlier if I want to.
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