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    • Tahlullah
    • By Tahlullah 19th Aug 13, 10:39 PM
    • 792Posts
    • 4,676Thanks
    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
    • 696 Posts
    • 4,445 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
    October 2017 - $216,963.86 Current MFD 31 July 2035
    • Tahlullah
    • By Tahlullah 16th Aug 17, 5:50 PM
    • 792 Posts
    • 4,676 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
    • 792 Posts
    • 4,676 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
    • 696 Posts
    • 4,445 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
    October 2017 - $216,963.86 Current MFD 31 July 2035
    • Tahlullah
    • By Tahlullah 5th Oct 17, 9:54 AM
    • 792 Posts
    • 4,676 Thanks
    Tahlullah
    Back from my jollies. Had a great time and am totally skint!

    Overspent on budget as predicted by £300. Add this to the visa bill I was already clearing, it's not too shabby. Just need to follow the new regime to clear this in incremental affordable instalments, which I can afford according to YNAB.

    Everything else in budget and payments being made. Still on track to begin the New Year owing £40k on the mortgage.

    Very aware that Christmas is nearly here and so will enter a financially challenging period. Add that to the Grand Debt that will no doubt appear in its entirety at some point within the next 6 months, I am feeling optimistic.

    Priorities for the next 5 years.

    1. clear the visa bill - aiming to pay it off at £100 per month.
    2. pay off the whole mortgage. This is impossible in light of priority 3, but being forever a dreamer, aim to be cleared within the next 3 years.
    3. pay off the Big Debt. I am anticipating about £20k at worst. If this much, all desires to clear the mortgage early go out the window.
    4. remain in employment. This still looks tenuous, but no point in worrying about it now, it hasn't happened yet.

    Outside of those priorities, keep making the regular over payments of £1k per month on the mortgage.
    Striving to be mortgage free.
    • Tahlullah
    • By Tahlullah 18th Oct 17, 8:41 AM
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    • 4,676 Thanks
    Tahlullah
    Definitely been off the boil a bit since returning from my holiday. To be honest, everything isn't expensive, I am just spending at a rate. Its coming up to Christmas, it's Halloween, bonfire night, a plethora of birthdays etc all rolled into the winter season, where you want to comfort eat. Added to that, I am preparing for my winter holiday, which means new snow boots and paying for the actual holiday; so a lot of money is leaving my account.

    I need to focus down again and begin to live more frugally. On the plus side, I am attempting to ebay some of my stuff, not that it is selling.

    I am still having my NSD's and saving my coins when I come across them. But this does not balance what is going out.

    Checked to see if I should switch my electric - am already on the cheapest rate with the cheapest supplier. Looked at the car insurance, house insurance, everything and no money to be made with a switch.

    Nope, just have to stop spending.
    Striving to be mortgage free.
    • Tahlullah
    • By Tahlullah 27th Oct 17, 9:20 AM
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    • 4,676 Thanks
    Tahlullah
    New tyres, brake pads and discs and MOT needed for the car. Plus Christmas.

    These 2 things will take all the money I have been saving. Haven't been saving long enough to build a pot big enough for all the outgoings, but something is better than nothing.
    Striving to be mortgage free.
    • Welshlassie
    • By Welshlassie 27th Oct 17, 10:52 AM
    • 1,722 Posts
    • 2,981 Thanks
    Welshlassie
    I know that feeling my car needed a new drive shaft yesterday and it was touch and go whether we repaired it or not - its 15 years old but had only done 65k miles. We decided to repair it (altough there wasn't enough money to cover it I've WAM'd from all over the place) and keep an eye out for a new car, although I'm looking for a new job and it might come with a car so don't want to rush into anything.
    • armchairexpert
    • By armchairexpert 28th Oct 17, 1:20 AM
    • 696 Posts
    • 4,445 Thanks
    armchairexpert
    Oh, cars are the worst. I got rid of my old one earlier this year precisely because it was costing me $1-2,000 a year in repairs and servicing. Crazy. But at least you've been saving, as you say. Once Christmas is done, we'll all find it easier again.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    October 2017 - $216,963.86 Current MFD 31 July 2035
    • Tahlullah
    • By Tahlullah 8th Nov 17, 10:12 AM
    • 792 Posts
    • 4,676 Thanks
    Tahlullah
    Chipped my tooth badly chewing on a perfectly cooked lamb chop. I don't have an NHS dentist so this will cost an arm and a leg in cosmetic repair work.

    However, still inching towards meeting my end of year target of starting January with a debt of £40k. What happens after that is anyone's business, but I will have achieved my aim for the year. Then, New Year, new targets.

    Still have £100 in £2 coins to go towards Christmas, so the sealed pot challenge has been good. Not very sealed but not plundered either.

    Have £100 of vouchers from Shop and Scan for Christmas presents. Have all my Tescos vouchers ready to contribute to the big shop, around £60.

    All in all, could be worse. Still haven't bought the brake pads and discs for the service and MOT but have got the tyres. Will buy them this week and then book it in next week, or I will lose a months MOT.

    Still trying to ebay stuff but nothing selling.

    Onwards on upwards.
    Striving to be mortgage free.
    • Tahlullah
    • By Tahlullah 14th Nov 17, 6:13 AM
    • 792 Posts
    • 4,676 Thanks
    Tahlullah
    Got scammed on ebay for the first time. Not a major issue, should have known it was too good to be true. Bought and paid for the item, and immediately, the account was closed down. It was a new account, but everyone has to start somewhere.

    What is bad is ebay is terrible for trying to report the matter. They really don't want to know. No worries, will get the money back eventually. Perhaps I should just think of it as a short term savings account which I can get my money out of just before Christmas.

    Shame about the present though.
    Striving to be mortgage free.
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