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    • Tahlullah
    • By Tahlullah 19th Aug 13, 10:39 PM
    • 777Posts
    • 4,663Thanks
    Tahlullah
    The impossible dream
    • #1
    • 19th Aug 13, 10:39 PM
    The impossible dream 19th Aug 13 at 10:39 PM
    Hello everyone. I am new to the forum, but have been reading for several years. It has been a help and inspiration, but I have never felt the need to get involved until today.


    I have been financially aware for many years and now have set a goal which I know I cannot achieve. My aim is to be mortgage free within 2 years. It is impossible to do, I have read everything, looked at spread sheets, calculated within an inch of my sanity, but I cannot do this without becoming a hermit and stopping ‘living’. The one thing the diaries have taught me is that people have great intentions, but after a while, the frugality can become grating and somewhat depressing and so the aim becomes a chore.


    As I still want to live my life to the full, I am not prepared to give up all luxuries; I do not have any debt and I do not overspend. I regularly have no spend days, sometimes going a whole week without letting the moths out of my purse for air! I don’t smoke, drink in excess, have a gym membership, shop frivolously for food; I’m not into handbags, makeup, shoes or clothes. In fact, I am the most boring person I know. But I do like holidays!


    I bank with F.Direct, in my opinion a great bank. The mortgage is an offset. I already overpay, but I cannot seem to find any other substantial spare cash to over overpay with.


    I already save bits of change, xbay, Tilly Tidy, use the sweep function to put extra bits into the mortgage, whilst maintaining a small amount of savings. I decided I preferred to pay off the mortgage than save as I feel better about watching the capital reduce.


    I made my decision to do the impossible and this weekend, conjured £200 out of nowhere to overpay on top of what I normally pay - cashed in my £2 coins. Now, I have come to a dead stop and hit a brick wall. No more conjuring until payday!
    So, I am going to keep this diary to help me to focus, and see what progress I can make out of nothing at all. I am going to aim at reducing my capital by £500 by the end of the financial year, in addition to my normal mortgage payments, without having a substantial negative effect on my way of life.


    I am going to take small steps. I shall begin by trying to xbay or Gumtree anything that is not tied down, including the cat if anyone will pay me for him. I will continue with my sweep every month. I will continue with my no spend days. I will continue to collect change in the hope of knocking small amounts of the amount owed, so I can see a difference being made.


    The spread sheets say I could be mortgage free in 4.5 years. I would like to be free in 2, by my 50th birthday. I could stretch it to 3 years as I am still technically 50 until I am 51! I am committing to posting once a week, even if to say, I have made no progress. Hopefully, someone will be able to inspire me to great heights.


    Thank you for your help so far. Let the games begin.
Page 12
    • Tahlullah
    • By Tahlullah 27th Jun 17, 6:57 PM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Now you are talking my language!

    On another thread - The Nice Persons thread - we were coming up with ways to dispose of a body.

    This may become a common theme with me.
    Striving to be mortgage free.
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 27th Jun 17, 7:05 PM
    • 192 Posts
    • 855 Thanks
    DeterminedSingleMummy
    Please include me in your billionaire plans
    Yours sincerely
    Determined Single Mummy
    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
    • Tahlullah
    • By Tahlullah 30th Jun 17, 7:58 AM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Made it to the end of he month. Everything paid for within budget. No borrowing from next months money. Fully budgeted for next month including the F1 which I forgot about - can't wait! And the dentist.

    Also managed to purchase my holiday tickets without any financial penalty and without borrowing or putting it on the visa card. Over the moon about this. However, I don't have any spending money yet! But, I have 2 months to get that together, so should be fine. Next to save for is Rufus's hotel and then I can think about what I will spend over there.

    I have 0.42p in my snowball debt account from this month, should hopefully be able to put a bit more in next month and will pay it in as a lump sum, but have to be careful to ensure it's paid in after the direct debit comes out.

    Mortgage is doing fine and i am keeping to my agreed over-payment. Still have the dream of starting the New Year at £40k - we shall see how I do with my budgeting and squirrelling away, however that is less likely now I've booked the holiday.

    Think I will join the madly frugal July club, where the intention is not to spend anything beyond essential bills and petrol in the month of July. It's NSD's on steroids. I will start with stocking up on milk today!

    Anyway, feeling more positive as I haven't had to forfeit my holiday and still fulfilling my aim of overpaying whilst staying within budget. Rolling with the punches!

    Shiney, shiney day!
    Striving to be mortgage free.
    • armchairexpert
    • By armchairexpert 3rd Jul 17, 3:27 AM
    • 606 Posts
    • 3,847 Thanks
    armchairexpert
    You're doing great! I will take a peek at the July club, but those guys scare me a little bit. Let us know how you get on.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    September 2017 - $218,597.77
    • Tahlullah
    • By Tahlullah 5th Jul 17, 8:51 AM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Blown it already. Clearly not got the hang of this 'no spend' malarky. Bought a new work bag. Old one is literally sagging and looks like a piece of old leather that should have been put out to pasture many years ago.

    To be fair, I have had the same bag for 9 years, so it has done well. I question my judgement though as my concerns regarding having a job at the end of the financial year seems to loom larger every day. Will I even have need for a work bag?

    Getting stressed and it's starting to affect my sleep. Was like this a year ago going through the closure of the old place and tupe of staff into this job. And here I am a year later and the same stress levels are beginning to build.

    I have looked at the finances and I will struggle to downsize and I will struggle to find alternative work. Before, my age gave me experience. Now my age just makes me too old to employ. So, I really do have concerns going forward.

    I will get to the end of the financial year and re-evaluate. Too late for this year as I have all sorts of expenditure, mainly related to holidays! I may as well go on them and then worry. Isn't there a saying about worrying before the event is worrying twice?

    The worst case scenario is that I have to start paying a normal mortgage. But to do that, I have to have a job. As I said, get to the end of the financial year - I am unlikely to lose my job before then - and then look at what sort of income I would need to be able to pay a standard P&I repayment mortgage over the remaining number of years left. From there, I can see if I need a high level, therefore high paying job or just a job.

    Until then, I will take this no spend target more seriously and see what I can do towards making more inroads into overpaying the mortgage when and if I can.

    I thought I was already on an austerity drive! No, I was merely playing at it.
    Striving to be mortgage free.
    • Welshlassie
    • By Welshlassie 5th Jul 17, 10:48 AM
    • 1,716 Posts
    • 2,969 Thanks
    Welshlassie
    Sorry to hear you're stress levels are rising. It's not good for you. Could you start looking for a new job now. They say it's easier to find a job while in a job, at least that way you can be a bit pickier about what you choose in stead of just saying yes to the first offer you get.

    Having a plan about how to get out might also reduce your stress levels.

    It's ok to treat yourself everyso often (that's what budgets are for), especially if it's for things you really need and otherwise you end up resenting the whole situation and are more likely to splurge even worse.
    • armchairexpert
    • By armchairexpert 5th Jul 17, 10:56 AM
    • 606 Posts
    • 3,847 Thanks
    armchairexpert
    I feel like I've missed something: why is the worst case scenario that you will have to pay a normal mortgage (do you mean a P&I?)?

    I'm sorry you're stressed. Is it the pending/potential court case, or do you hate the job on its own merits?
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    September 2017 - $218,597.77
    • Tahlullah
    • By Tahlullah 5th Jul 17, 6:22 PM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Thank you Welshlassie and Ace for the concern and good wishes.

    I am a drama queen, so everything will be ok, including my stress levels. What will happen is I will get to a point where I don't care any more and everything will be fine. Never good for the employer, but great for me.

    Yes, the worst case would be having to pay a P&I mortgage. For a start, I would have to pay it over the full term of the mortgage, which is another 13 years, as I wouldn't have any income to overpay, and my income will be much lower so I will have to pay the standard monthly payment.

    The stress surprisingly isn't the pending court case - still haven't heard about that. So that will just add to my woes when they finally get round to it. No, I'm purely stressed about my current job at the mo, which may not be my current job for very much longer. Told them what I thought at work today. Well, people can only take so much.

    Yes, I should be looking for a new job and will start in earnest, but very difficult. I really am very de-skilled in what I am qualified to do. And what I do do, is very limited, so finding a job I do now could prove impossible. What I used to do, I am so outdated, it's unbelievable.

    So, stress levels are getting higher.

    No worries, at some point, I will stop caring. What's the worst that could happen? Thousands of people lose their job/ income very day and they have to cope and adapt. I will just have to do the same thing.
    Striving to be mortgage free.
    • shangaijimmy
    • By shangaijimmy 5th Jul 17, 9:12 PM
    • 2,198 Posts
    • 10,039 Thanks
    shangaijimmy
    Not sure I have anything to advise other than use it to vent and sound out thoughts. I'm sure it'll help!
    MFW: Turning June 2036 into March 2023... 30//120 Payments Challenge, Diary Reduction £32,077.72
    Aug 2009: £163,051 // Current: £103,922.28 // Avg Daily Interest £4.67
    MFiT-T4 #8 - 47.86% of £41,000
    • TallGirl
    • By TallGirl 5th Jul 17, 11:15 PM
    • 4,141 Posts
    • 8,579 Thanks
    TallGirl
    The stress surprisingly isn't the pending court case - still haven't heard about that. So that will just add to my woes when they finally get round to it. No, I'm purely stressed about my current job at the mo, which may not be my current job for very much longer. Told them what I thought at work today. Well, people can only take so much.

    Yes, I should be looking for a new job and will start in earnest, but very difficult. I really am very de-skilled in what I am qualified to do. And what I do do, is very limited, so finding a job I do now could prove impossible. What I used to do, I am so outdated, it's unbelievable.
    Originally posted by Tahlullah
    Sorry to hear it's all doom and gloom with current job god can I recognise your feeling of being deskilled. I know we're both in the same sector where funding is dire which is why I'm trying to get out but as for deskillng I felt exactly the same however not anymore. After a month of volunteering back on the ground in my old role I hadn't done for 11 years and a load of courses and online tests you know what I can actually do it. I know you might not have a month off to redo everything or have access to free coursed like I did but don't think you can never change and go back. It's possible.

    Fingers crossed things get better do take care.
    Save £12k in 17 no 93
    £7750/£12k
    Pay off wasted money £1465/£10k updated Sep 17
    • armchairexpert
    • By armchairexpert 6th Jul 17, 2:00 AM
    • 606 Posts
    • 3,847 Thanks
    armchairexpert
    But why will you have to pay a P&I mortgage? I understand why having to do so wouldn't work for you, but I don't know why it's a thing that might happen?
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    September 2017 - $218,597.77
    • Tahlullah
    • By Tahlullah 6th Jul 17, 7:52 AM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Thanks TG. Having just been pushed and made to think about what I said by ACE, I am not sure that I am beyond retraining. But, going back into Welfare Rights and Employment law is still a restricted field. But I can always go back to generalist advising, would just have to hope a vacancy came up. Yes, volunteering is the way forward.

    Thanks for the support and good wishes.

    Tx
    Striving to be mortgage free.
    • Tahlullah
    • By Tahlullah 6th Jul 17, 8:02 AM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Hello ACE. Thanks for pushing me to explain. In order to answer you, I had to think. And then once I started thinking, I had to get the calculator out. And once the calculator came out, I realised I was being a Drama Queen.

    Yes, when everything goes pear shaped, I will still be able to keep the offset mortgage, I just have to treat it like a P&I until I am able to get back on my feet and then begin repaying as normal. Or not. I could choose to just pay the interest and not touch the balance until the end of the mortgage period and then sell the house to repay, but it's unlikely to come to that.

    If I chose to treat my outstanding balance as a P&I, the repayments on a monthly basis are so low, it's unbelievable and very affordable, at the moment. What I will think when I have no income is another matter, but currently, I may be able to make this work.

    I will still need a job, but the next thing to calculate is how much will I really need to earn to be able to pay my bills.

    Hard times ahead.
    Striving to be mortgage free.
    • Tahlullah
    • By Tahlullah 6th Jul 17, 8:04 AM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Thank you ShangaiJimmy for the supportive comments.

    Tx
    Striving to be mortgage free.
    • TallGirl
    • By TallGirl 6th Jul 17, 9:12 AM
    • 4,141 Posts
    • 8,579 Thanks
    TallGirl
    Agree welfare rights and employment are restricted fields but you have at least got two not just one field and they are very connected. I've seen plenty of posts in membership organisations (unions) maybe that would work again like me look at grant givers that seems to be where the money is. Another tip from me start networking now and go to the meetings and forums you normally don't go to as you only have time but they are useful in terms of refreshing knowledge and meeting people who might be useful.

    Offset mortgages are great very flexible yes you still have to work but your overpayments in the last means you've kind of paid ahead and take take a step back work situation is back on track.
    Save £12k in 17 no 93
    £7750/£12k
    Pay off wasted money £1465/£10k updated Sep 17
    • armchairexpert
    • By armchairexpert 7th Jul 17, 1:15 AM
    • 606 Posts
    • 3,847 Thanks
    armchairexpert
    Oh I'm glad I was helpful rather than just pushy! If only we could be of use in the employment situation. There, I can only offer support.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    September 2017 - $218,597.77
    • Tahlullah
    • By Tahlullah 7th Jul 17, 8:18 AM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Thank you for the kind words and thoughts, they really are appreciated.

    However, my new work bag arrived yesterday and it's too small! Not wide enough at the opening to take a ring binder. Pah, so sending it back today. Still need a new bag.

    To buy the exact bag I bought 9 years ago ( I know! Shock it's still available, but it is.) will now cost me £107 plus postage. Well, as much as I think it would be worth it, because the quality is outstanding used every day (bar weekends) for 9 years, I think its good going; I just can't justify over £100 on a work bag. So, will keep scouting around until I get something just as good for a quarter of the price.

    Went out for lunch yesterday with a friend and she bought. Very nice. Didn't need dinner as I was still full from lunch, so money saving twice in one day.

    First day driving to work this week, have been walking to save fuel, so a bit more money saving there. Did anyone notice that I wasn't cycling in? Hmm, I am going to have to address that at some point! Otherwise, that was a waste of money.
    Striving to be mortgage free.
    • Tahlullah
    • By Tahlullah 22nd Jul 17, 9:24 AM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Well, the Big Debt has just crawled back out of the woodwork. Will have an idea of what is happening shortly, think its a hearing to see how to proceed. I won't need to be in attendance.

    Was just reading some of the debt free diaries. Puts my issue into perspective. I am not in debt outside my mortgage, yet. I have enough money to pay the bills and then some. I am in a (relatively) secure job. I am not bitter and twisted by this and whatever the outcome, can afford it. All I have to do is accept that I am not going to be mortgage free when I want to be, because I will be borrowing down.

    How lucky am I that I can even do that?
    Striving to be mortgage free.
    • greent
    • By greent 22nd Jul 17, 6:12 PM
    • 6,196 Posts
    • 62,730 Thanks
    greent
    To buy the exact bag I bought 9 years ago ( I know! Shock it's still available, but it is.) will now cost me £107 plus postage. Well, as much as I think it would be worth it, because the quality is outstanding used every day (bar weekends) for 9 years, I think its good going; I just can't justify over £100 on a work bag. So, will keep scouting around until I get something just as good for a quarter of the price.

    .
    Originally posted by Tahlullah
    Would you think £12.50/ year on a bag is acceptable? - that's what it works out at. Would a £30 bag last more than 2 years for work? If the bag is that good and it lasts that well and works for you size-wise and comfort-wise, is it not worth the investment?
    jm2p
    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) £4151/£3286
    Net sales 2017 £1152.39/£500 PAYDOX17 £11333/£10k Decluttered 1515/2017 items
    • Welshlassie
    • By Welshlassie 1st Aug 17, 10:53 AM
    • 1,716 Posts
    • 2,969 Thanks
    Welshlassie
    Sorry to hear this has arrived. At least you are in a position that you can use all you have learnt from paying down the mortgage to focus on the debt. YNAB will see you through it all.
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