Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • 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 13
    • armchairexpert
    • By armchairexpert 2nd Aug 17, 2:04 AM
    • 611 Posts
    • 3,883 Thanks
    armchairexpert
    I'm sorry I missed your last update, Tallulah! I hope the hearing goes your way and it can be put to rest, and in the meantime you're doing a great job of keeping things in perspective.
    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 16th Aug 17, 5:50 PM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    Haven't been on here for a while. Probably because I have nothing to say. Everything going the way it should be. Payments continue to be made. I am maintaining my overpayment although I am not sure I will make to £40k by the end of the year. At £45,500 this month. Had to use some of my money to pay legal fees. Never good, but great I can afford it without it affecting my current mortgage balance.

    Getting ready for my holiday and shocked as to how much it is costing. Holidays are definitely getting more expensive. However, following YNAB and the budget and ensuring I have regular NSD's with thoughtful consideration if I need something rather than want something, so living within my means.

    Still hoping for the big lottery win. Bought a Health Lottery Ticket the other day. No luck. Postcode lottery not doing anything either, nor are the Premium Bonds. Still, you have got to be in to win.
    Striving to be mortgage free.
    • Tahlullah
    • By Tahlullah 7th Sep 17, 9:05 AM
    • 777 Posts
    • 4,663 Thanks
    Tahlullah
    On the countdown to the holiday. Everything accounted for and ready to go, but I am not so naive to think that I won't overspend. Yes, I have money set aside for spending, but if I am going all that way, I intend to enjoy myself and not be thinking 'oh, if only I had an extra £20, I could do that'. Not very MSE but this is a holiday of a lifetime. I won't come back in major debt, not my thing. But I am prepared to overspend to make the most of the holiday. Would be by £200 at the most I would think.

    So, holiday booked for Kitty, just need to finish work and pack.

    MFW still progressing well. Everything on track. No doubt, if I spent on nothing beyond the basics in life, the mortgage would be coming down faster than it is. However, I am determined to try and enjoy the journey, rather than just focusing on the point of arrival.

    My aim has not changed. I still plan to begin January 2018 with a mortgage of £40k. It is currently at £44,400.

    All good. Counted my £2 coins at the weekend and I am at £98. Didn't bother counting the .50p coins. It's just nice to know that if needs be, I have cash on hand to keep me for a while so I wouldn't have to withdraw anything from the bank. May have to fall back on this when I come back from holiday.

    YNAB working well. Serviced my car last week and had the money to pay for it in the savings pot. Will need new front tyres when the MOT is due in December, and that is accounted for as well.

    What I didn't account for, how could I forget??? was car insurance. I pay for it in one go, so I forgot to set money aside for it. Due in October. Hopefully, I will be able to 'find' the money for it and then start saving for it in YNAB.

    Otherwise, all seems to be going ok.
    Striving to be mortgage free.
    • armchairexpert
    • By armchairexpert 11th Sep 17, 3:38 AM
    • 611 Posts
    • 3,883 Thanks
    armchairexpert
    Makes sense to me. I have in the past cheaped out on holidays through a sense of general guilt that I shouldn't be spending this much, and I regret some of those decisions several years later. Go, have fun, you won't go crazy but it's worth getting the most out of it.

    Sorry about the car insurance. I think it must take a whole year to get the hang of YNAB. I've been doing it for six months now and there are still things - usually annual - I suddenly realise I haven't accounted for.
    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
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,739Posts Today

8,746Users online

Martin's Twitter