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    • armchairexpert
    • By armchairexpert 9th Feb 17, 4:00 AM
    • 750Posts
    • 4,912Thanks
    The ups, downs, and occasional sideways bits of trying to be mortgage free
    • #1
    • 9th Feb 17, 4:00 AM
    The ups, downs, and occasional sideways bits of trying to be mortgage free 9th Feb 17 at 4:00 AM
    Hello! I used to loiter around here a few years ago and you were all terribly friendly. Then I was made redundant, started my own business, and it's all been a bit uppy and downy since then.

    We've been meandering along for the past three years, since taking on a new mortgage in 2014, paying things as they come up and failing to notice that we're not making a dent in the mortgage at all. It's set up as a line of credit, so the minimum payment on it is only interest - we'd expected to be paying down the principal as well just as a matter of course, but it hasn't quite worked out that way.

    I'm not going to do a SOA because I'm in Australia, and even the most dedicated MFW'er probably can't tell me if I'm paying the right amount for my electricity! But I have buckled down and done a very comprehensive YNAB budget, and it tells me that I should have about $700/month extra without cancelling the children's extra-curricular and the occasional treat. We shall see if this holds true.

    As an aside, I also have a second mortgage on a buy-to-let, but the tenant is my mother, who can't afford to pay us market rent much less cover the running costs, so that costs us about $5,000 a year or so. As a way of clawing back savings, I don't budget any of the tax reductions that brings us, I just treat it as a normal expense, and then anything we get back at the end of the tax year is like an annual bonus.

    What else? Two DDs, the youngest one started school this year which is a GAME CHANGER I tell you what, some lovely silly chickens who very generously make eggs for us, the beginnings of a fairly pathetic vegetable garden which I'm not convinced even pays its own running costs - and long suffering DH, of course, who keeps the lights on.

    Also I am not the most succinct person in the world.
    Last edited by armchairexpert; 09-02-2017 at 4:10 AM.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    December 2017 - $214,653.00 Current MFD 31 July 2035
Page 23
    • Cherryfudge
    • By Cherryfudge 27th Feb 18, 11:13 AM
    • 1,468 Posts
    • 7,626 Thanks
    Hello ACE, just popping in to see if you're okay? It's been quiet here for a while... missing you!
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