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  • FIRST POST
    • Zola.
    • By Zola. 20th May 16, 11:38 AM
    • 1,155Posts
    • 441Thanks
    Zola.
    Quest for Financial Freedom
    • #1
    • 20th May 16, 11:38 AM
    Quest for Financial Freedom 20th May 16 at 11:38 AM
    Hello fellow money savers

    This will be my diary to help keep myself accountable and focused on a few key things
    1. Clearing Our Mortgage Early
    2. Saving Money
    3. Investing Money
    4. Enjoying Life

    A little about me. I am 30, live in UK. Up until I was about 27 I was pretty rubbish with money.

    I saw my pay check as money to burn. I matured eventually, knuckled down and saved very hard to get our first home. We bought around a year ago and managed to slap down a good deposit. We get married in 2017, so currently saving for that.

    Here are some early stats.
    • Mortgage Balance: Around £126,500 - 24 years left (currently)
    • Wedding fund: £12,500
    • Rainy Day Fund: £10,000
    • Investments: £350

    We have been putting £600 into our wedding fund every month and will keep doing so until the wedding happens.

    We plan to overpay on the mortgage after that. I like the thought of keeping £600 floating into an over payment fund and send that off. We can only make one payment of up to 10% every year, so will likely build it up over the year then send off.

    We will have things like car replacements, kids etc to think about in future as well, so my priorities may change a year or two down the line!

    I also have started investing in Vanguard Life Strategy 80, and plan to put in £300 a month whenever possible. I want to hold onto this for as long as possible and pray for a good return!

    We also love holidays and enjoying ourselves, so I wont be holding myself back in enjoying life, we only get one. I just want to become a black belt in the art of being Frugal!
    Last edited by Zola.; 01-06-2016 at 11:01 AM.
Page 2
    • Zola.
    • By Zola. 10th Oct 17, 2:08 PM
    • 1,155 Posts
    • 441 Thanks
    Zola.
    Thank you both very much

    Getting that first over payment done felt great. One small step at a time !!
    Last edited by Zola.; 10-10-2017 at 2:14 PM.
    • Zola.
    • By Zola. 30th Oct 17, 9:34 AM
    • 1,155 Posts
    • 441 Thanks
    Zola.
    Just back from honeymoon!! What a time away...

    I have setup a standing order for £350 to be filtered into another account on the 1st, then the intention is for this to be sent off every 4 months as a single overpayment. We'll see how that goes. Each £350 is a month off the mortgage, so its very motivational to see the time we are getting back, each payment closer to freedom!

    My Mrs' car died, so we just bought a new car, as she needs her own wheels for work. We went for a BMW 1 Series M Sport, from 2014. Its a real treat, but quite expensive. Hopefully it will last us for a long time.

    As a result I may need to drop down the S&S ISA investments every month from £250 to £150 perhaps, need to play with the numbers a bit to see, as we want our current account to grow again after the heavy hits it's had recently.

    My car is getting on also, so I have to start thinking about replacing it, hopefully it gives me another year or so!
    Last edited by Zola.; 30-10-2017 at 9:36 AM.
    • Zola.
    • By Zola. 1st Nov 17, 9:45 AM
    • 1,155 Posts
    • 441 Thanks
    Zola.
    After some thinking I have decided to leave the S&S ISA DD as it is for now at £250. I am keen to stay focused and on the path and see how we cope. Hopefully we will be smarter with cash with groceries etc and build up the joint account again.

    Will be strange to see the car payments begin, £220 a month for 3 years and thats it fully paid off, after a £7000 deposit. Its a lovely car, but a lot of money.

    When my old car eventually dies, maybe we will try to survive on one car for a while, or else I will replace it with something not quite as extravagant.

    Back to work like it was before, nothing has changed really!

    £350 pinged to overpayment account, will be a few more months before I can send that off as a lump sum..
    • Zola.
    • By Zola. 3rd Nov 17, 4:22 PM
    • 1,155 Posts
    • 441 Thanks
    Zola.
    I have marked out the main areas where our money is spent. Can anyone see room for improvement anywhere, things I am not thinking about, etc ?


    Typical Monthly Budget

    Investments - - - - - - - - - - - - - - - -250
    Mortgage Payments - - - - - - - - - - - 627
    Car Loan - - - - - - - - - - - - - - - - - - 219
    Mortgage Overpayment - - - - - - - - - 350
    Life Assurance - - - - - - - - - - - - - - --76
    House Insurance - - - - - - - - - - - - - --30
    Electricity - - - - - - - - - - - - - - - - - - -32
    Sofas - - - - - - - - - - - - - - - - - - - - - 60
    123 Bank Fee- - - - - - - - - - - - - - - - --5
    Internet- - - - - - - - - - - - - - - - - - - --33
    Gym- - - - - - - - - - - - - - - - - - - - - --50
    Rates/Council Tax- - - - - - - - - - - -- - -80
    Socialising/Eating Out/Takeaways - - - 100
    Groceries - - - - - - - - - - - - - - - - - - 240
    Stove Logs - - - - - - - - - - - - - - - - - -20
    Car Fuel- - - - - - - - - - - - - - - - - - - 160
    Oil- - - - - - - - - - - - - - - - - - - - - - - 30
    Cars Bills Averaged Monthly- - - - - - -200

    Total 2562

    After pension contributions and some saving, household income circa £3200
    Last edited by Zola.; 03-11-2017 at 4:25 PM.
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