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  • FIRST POST
    • Pooky
    • By Pooky 10th Aug 16, 7:59 AM
    • 6,485Posts
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    Pooky
    Mortgage free by 53
    • #1
    • 10th Aug 16, 7:59 AM
    Mortgage free by 53 10th Aug 16 at 7:59 AM
    Incredibly optimistic of me but not entirely undoable.

    I want to be mortgage free by the age of 53. Not sure it's possible to pay off our mortgage in that time with our limited income but we have the downsize option which we're holding onto for now as our "trump card".

    So I'm currently 43 and married to a rather nice man (he's 45), we've got 2 grown ups (how did that happen) one still at home, the other away at Uni (although she'll be moving home next June once she's finished her degree).

    We purchased this house 5 years ago when the money gods all came together at the same place and the same time and we had a momentary fluke of just the right income to actually get on the property ladder.

    DH is just in the midst of taking early medical retirement, a few small pension pots that don't amount to much but we've been watching them dip down over the past couple of years and decided now is the time to put the money into the mortgage instead. A car accident 9 years ago and subsequent medical conditions mean he won't be able to work again so retirement is the way to go. Not what we had planned but we're making the most of it.

    Income wise - there's very little to talk about - DH gets the contributions based bits and bobs he's entitled to and I run a small business from home around being his carer. We're debt free and make sure the credit card (used only for points) is paid off as soon as we've used it.

    Ok, so where are we at right now.

    Mortgage is currently £108300 (house was valued at £285k in Feb 2016) We put it on the market for a couple of months as we were toying with downsizing, moving to a cheaper area and being MF but then we decided to stay a bit longer and try and throw everything at the mortgage instead.

    Savings - currently £6200 sitting in the bank, I need to do something with this to generate a bit more interest. I need a decent rate, instant access account where I'm not having to cycle money through (as I lose track very easily) We do need to use a chunk of this in the next few weeks as youngest should be passing her driving test, we'd already saved for a car (which is sitting on the drive ready for her) but we need to tax and insure it and it's going to need new brakes. We did this for our eldest too - we're not into lavish gifts but we decided when they were little that this is one gift we'd like to give them.

    Pension lump sum due in the next few weeks £11500. Our plan is to put this straight into the mortgage but keeping our payments the same.

    We currently OP by around £50 per month when we can but as our income is so limited it really does depend on how good we've been or how much work I've had in. Ideally I'd like to up that to at least £100 per month. We have no limits to over payments so just keep chucking what we can at it.



    So diary wise, I need to create a few goals to work towards as we're always better if we've got an idea of what we're doing.

    1 - OP £100 per month
    2 - Grocery spends - take out cash for the month and stop the top up shops.
    3 - Petrol - plan our week better to make use of being in town (we live in a small village so need to drive to get to any shops/post office/bank etc)
    4 - Build the slush fund up to £500 (emergencies/christmas etc) Currently £224
    5 - Sell unwanted stuff - we regularly do but there's a few things built up again in the box.
    6 - New bathroom - we've had hideous quotes and we're not prepared to spend that much so a friend has offered to do the plumbing bits so it looks like I need to dig out my tiled cutter - need to decide what we're going buy and get that money put aside (ideally from selling other stuff) Ideally I'd like to do the work next April so it gives us time to save.
    7 - Sort out savings account with decent rate.
    8 - Stop buying fabric and wool (I've got enough - yeah right)
    9 - Stop him buying telescopes (expensive hobby!)


    Wish us luck!
    Last edited by Pooky; 10-08-2016 at 12:50 PM.
    "Start every day off with a smile and get it over with" - W. C. Field.
Page 2
    • Pooky
    • By Pooky 24th Aug 16, 9:46 PM
    • 6,485 Posts
    • 38,350 Thanks
    Pooky
    Managed to not leave the house all day which considering the heat, was very wise (I don't do heat very well). Made £42 in sales and had another £25 payout via quidco - all transferred into the slush fund (£700 ish at the mo but need to payout most of that to various other places).

    Lunch and dinner both used up stuff from the store cupboard and freezer that have been languishing too long. Need to work on getting more from the store cupboard used up so will write next weeks meal plan up accordingly.

    Need to remember to book the chimney sweep - if I put it in here I might actually stand a chance of remembering!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 28th Aug 16, 12:09 PM
    • 6,485 Posts
    • 38,350 Thanks
    Pooky
    Managed yet another week of shopping just from the list - well ok, maybe I brought a couple of things that weren't on there but they'd have been on next weeks and were on offer so that's ok (well that's what I'm sticking too anyway)

    Another £50 in sales popped into the slush fund. Currently at £460 but £410 still to go out at the weekend. We're owed £150 so that will top the pot up nicely when it comes in.

    Have ordered a couple of bits of furniture and a new cat climbing frame that should be here mid week, currently £80 short of the pot for that but hoping to sell a couple of other bits of furniture that should bring in £50 - just need to get the wood wax out and give them a going over first.....but that's a job for tomorrow.

    Bootfair bargains this morning included a camera and load of bits for £10 - DH just wanted the lens which is worth about £50 so he'll sell on the other bits. A huge pile of collectable figurines for youngest to go with her collection (these will be put by until Christmas) - normally retail for £20/£90 each depending on size - we got 22 for £12! She'll be so pleased. A lovely little cabinet for my bedroom wall £3, a jigsaw for £1 (we love a good jigsaw night here) and a tea cosy with gingerbread men on for a whole 50p - I'm a bit obsessed with gingerbread men and I really needed a tea cosy so win win!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 28th Aug 16, 5:56 PM
    • 44,411 Posts
    • 152,932 Thanks
    beanielou
    Happy new tea cosy
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 3 stone **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. ***Keep plodding***
    • Pooky
    • By Pooky 28th Aug 16, 6:54 PM
    • 6,485 Posts
    • 38,350 Thanks
    Pooky
    Happy new tea cosy
    Originally posted by beanielou
    Thank you Thought of you today, saw some Snoopy tins in TKm@xx
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 1st Sep 16, 8:11 AM
    • 6,485 Posts
    • 38,350 Thanks
    Pooky
    The start of a new month!!! Yipeeeeee!

    An expensive month but everything has been counted and collated and we're still in credit....always a good start.

    Unplanned (at the start of the month) expenses. Eldests birthday gift (3 months early) £306 (£150 owed from others - still to be collected)

    New furniture £172 (covered by slush fund)

    New astronomy stuff £430 (covered by selling other stuff and slush fund)

    Won't be spending anywhere near that much this month so the slush fund will be replenished. There's a whole £26.62 in there currently. I've got £35 cash and a customer is picking up some work in the next few days so another £45 cash. That covers our trip away that's planned for later in the month.

    I've still got a load of stuff listed on the local FB sites that hasn't been selling - expensive time of year with back to school stuff so will list on the bay of E at the weekend and see how it goes.

    Mortgage now stands at £107514.34.

    It's officially DH's retirement day today but none of the pension companies have managed to get their act together so we're still waiting. DH will celebrate by having a few more hours in bed as he had a really bad night.

    I've managed to make a meal plan up for the next week from mostly store cupboard stuff - need a few basics (milk and cheese) so will pick those up later. Youngest requested fajitas last night, I used one large chicken breast and 2 large peppers bulked out with loads of frozen onions and a tin of kidney beans and it fed 3 adults with a portion left to go on someones jacket potato tonight! Didn't miss the extra meat and the beans more than made up for the protein.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 1st Sep 16, 9:14 PM
    • 44,411 Posts
    • 152,932 Thanks
    beanielou
    Hope the pension company's get their act together.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 3 stone **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. ***Keep plodding***
    • Pooky
    • By Pooky 3rd Sep 16, 5:03 PM
    • 6,485 Posts
    • 38,350 Thanks
    Pooky
    Slush fund now up to £55 thanks to a few sales in the past few days.

    Decided (a bit last minute) that we will do the boot fair in the village tomorrow - it's safari style so you just load up your drive way and people come to you, doesn't start until 10am either. Far nicer than having the load the car and leave at 6am. Eldest and I have been turfing out cupboards and the loft and found enough stuff to warrant setting up, a couple of bits of furniture that didn't sell on the local FB group will go out too so I'm hoping for around £100 profit. Pray for dry weather!!!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 3rd Sep 16, 6:45 PM
    • 44,411 Posts
    • 152,932 Thanks
    beanielou
    Hope it goes well
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 3 stone **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. ***Keep plodding***
    • Pooky
    • By Pooky 4th Sep 16, 5:44 PM
    • 6,485 Posts
    • 38,350 Thanks
    Pooky
    Boot fair was a success and we made just under £200 - DD's took their cut and I was left with £135 profit. Had a bit of work collected too for £45 but she was so impressed with it hat she paid me extra. Always lovely when someone does that.

    So enough cash for our few days away camping without touching the bank account - yay!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 8th Sep 16, 7:02 AM
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    • 38,350 Thanks
    Pooky
    Finally seem to be getting somewhere with the pension companies. One pot has paid the 25% lump and transferred the rest to another provider (offering the best annuity) so now to wait for the other 2 pots that are also going into that annuity to sort themselves out. Another pension company that were unsure as to what they could offer as no one as ever requested early medical retirement, have been in touch with figures. We'd sort of assumed we'd not get anything from them but there's a £4.5k lump and the annuity will give us £50 a month - not vast sums but will all help to clear the mortgage down.

    things we need to do with the money:

    £2k tax/insure/new brakes for youngests car (once she's passed her test)
    £3k bathroom (quoted £4.5k to have someone do it for us but will be doing as much of it myself as possible so hoping it won't be anywhere near that)
    £2k car savings - DH currently has a car on the motorbility scheme but when the lease is up in 2 years we'll probably look to buy. If we start with a £2k pot we should have enough for something decent in 2 years.
    £6k to be kept in savings we can get at (to fund downsizing in the next few years)
    £8k to mortgage - which will take us below £100k!!!!!

    Need to phone the bank and find out what the new mortgage payment will be once we've paid that much off. We'll reduce the monthly payment but overpay as much as we can each month, but with our limited income it gives us the wiggle room if we do need it.

    Brought a couple of microfibre towels yesterday in primarini for £3.50 each, was looking for some for camping but wasn't willing to pay £8 each in the camping shop. Need to start getting the camping bits together and get organised for next week.

    I decided yesterday that it would be wise to chop down everything in the big flower bed that's next to the drive, dig it out and gravel it to make it easier for DH to get in and out of the car.....Couldn't get it all finished yesterday so need to finish that today, a huge hippo bag sized bag of plant stuff and around 13 big blue idea bags off earth to get to the tip....fun!! Not sure why I thought one of the hottest, stickiest days of the year was the best day to start that job....I really do need a slap sometimes.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 17th Sep 16, 7:17 AM
    • 6,485 Posts
    • 38,350 Thanks
    Pooky
    Back from a little break away, it was lovely and we were so lucky with the weather (we'll ignore the torrential rain and thunder storm on the last night/morning - the tent needs airing off to dry so need to rig up a line in the garage)

    We visited the Portsmouth Dockyard which was fantastic and the staff were so helpful with DH, normally entry price is £38 each for a year long ticket but we got in for £19 by prebooking and I went free as DHs carer. The spinnaker tower in the harbour was fantastic too and again I got in free as DHs carer so only £10 spent there. So aside from the camp fees and petrol and a few bits of food we managed 5 days away for just under £250. Bargain! Mountains of washing to get through but we won't be venturing far for a few days as DH isn't up for it.

    2nd pension company still not paid out but third has so I've just shoved everything into a savings account for now and will sit and work out the detailed plan this week.

    The fridge is bare so I do need to think about doing a shop, the freezer isn't looking much better either so it might be a spendy one this week.
    "Start every day off with a smile and get it over with" - W. C. Field.
    • Pooky
    • By Pooky 22nd Sep 16, 10:40 AM
    • 6,485 Posts
    • 38,350 Thanks
    Pooky
    Last pension company still not got its act together, lots of phone calls this week and still not sorted - big complaint going into the pensions regulator. It's astounding how much this one company have done wrong. We were told yesterday they were waiting got a bit of paperwork from us, one we supplied back in April that the call operator could clearly see on the system. Banging our heads against the wall.

    I meanwhile had a fine from HMRC for not filing my tax return....then one I filed in January and have a receipt for......they admitted an error on their part but I now have to write in to get the fine dropped as they don't deal with that in that department.....another head on the wall moment!

    In better news £130 in from £co this week which tops the slush fund up nicely. Yay!
    "Start every day off with a smile and get it over with" - W. C. Field.
    • beanielou
    • By beanielou 22nd Sep 16, 2:52 PM
    • 44,411 Posts
    • 152,932 Thanks
    beanielou
    Jeez. How bleeping depressing on both fronts.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 3 stone **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. ***Keep plodding***
    • Pooky
    • By Pooky 24th Sep 16, 3:43 PM
    • 6,485 Posts
    • 38,350 Thanks
    Pooky
    One pension company managed to get funds into our account just before close of business on Friday and the other did phone and say it's all signed off, money will be with us next week......I shan't hold my breath.

    Spent £25 on weed control fabric and shingle of the garden - trying to make it as low maintenance as possible, bit by bit. DH can't do the gardening and I'm having more and more problems coping with it, lack of wanting to being a big factor cos I hate gardening but also because I'm having increasing issues with my arthritis and tendon issues. Just easier if it can all be gravel or grass with plants in tubs.....the bindweed round here is horrendous so this will help cut it down.

    Eldest brought a big bag of stuff back from her uni house that she doesn't need, I suggested she start bringing back a back every visit so that when she finishes in April we won't have to do multipul trips, this prompted me to clear her some space in the book shelf so I've sorted a big bag of books for charity (our local village hall has a book trolley out constantly and you pop books on, take what you like and leave a small donation - ideal way of recycling them. I also decided that all the CDs can go as we rarely listen to them now, we've got a music streaming service with one of our TV thingies and use that. £25 worth ready to go to MM and the rest will go to the charity shop next visit.

    Got a child free evening so planning a nice dinner (yellow stickered duck and pancakes) with a few nibbly bits and a glass of wine and probably a game of cards - we know how to live it up.
    "Start every day off with a smile and get it over with" - W. C. Field.
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