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  • FIRST POST
    • squirrelgirl
    • By squirrelgirl 12th Mar 17, 2:44 PM
    • 78Posts
    • 269Thanks
    squirrelgirl
    Squirrelgirls MF quest
    • #1
    • 12th Mar 17, 2:44 PM
    Squirrelgirls MF quest 12th Mar 17 at 2:44 PM
    I am venturing into the MF Wannabe world!!

    I have recently come to the end of my mortgage deal and have got a new one which runs to the 31st March 2019. My plan is to clear my mortgage on 1st April 2019

    I have an offset mortgage, so I can spend between now and then either paying off the capital or putting the extras into the offset savings - knowing me, it will probably be a combo of both as I really like seeing the figure I owe drop (it's a psychological thing!! ) until I get close to the end, then it will have to go into the savings so that I don't accidently pay it of too soon and end up with early repayment charges

    My mortgage is actually due to finish in 2024 - and although I have paid a considerable sum off over the past 5 years or so, I haven't made any op's for about 2 years as I took a break from work. I have several things that I need to sort financially between now and the end of November, so my bigger op's won't start till then, but I am going to make every effort to put at least £50 extra per month towards it until then.

    My ability to save money on food and household products is limited as I don't use supermarkets and buy everything as ethically as possible - this means that I am going to have to be creative and stretch what I have as far as possible I do have a massive stockpile of dried goods and a freezer full of stuff so I am going to be able to minimise my spends over the next month or so.

    I will go over my 'bills' budget too and see where I can make savings - I currently overestimate everything bill wise and can probably reduce the amount we put in by at least £10 - once I have checked out what is in there, I will tilly-tidy the surplus and make a start!

    I am reasonably confident that I will be getting a very small pay rise in April and hopeful that dh will too, so am intending to put that towards the mortgage - we have a persie amount each which is adequate for now so I'm happy to utilise any increases we have for op's.

    Right, off to check out the bill account and see what I can do!
    CC £0/£2000; OD £2000/£2000; Relative Debt £0/£6000; Car fund £3500/£8000; Sofa Fund £0/2000; GC £322.34/£3600 MFW £50/£22968.96
Page 1
    • squirrelgirl
    • By squirrelgirl 12th Mar 17, 3:25 PM
    • 78 Posts
    • 269 Thanks
    squirrelgirl
    • #2
    • 12th Mar 17, 3:25 PM
    • #2
    • 12th Mar 17, 3:25 PM
    Checked the account - first £10 op made!!

    I've added my mortgage to my sig - it's actually the full figure (including interest) that I will need to pay before 1st April 2019
    Last edited by squirrelgirl; 12-03-2017 at 3:28 PM.
    CC £0/£2000; OD £2000/£2000; Relative Debt £0/£6000; Car fund £3500/£8000; Sofa Fund £0/2000; GC £322.34/£3600 MFW £50/£22968.96
    • AsgardFI
    • By AsgardFI 12th Mar 17, 3:34 PM
    • 6 Posts
    • 7 Thanks
    AsgardFI
    • #3
    • 12th Mar 17, 3:34 PM
    • #3
    • 12th Mar 17, 3:34 PM
    You sound very motivated in your MFW quest, I am sure if you keep up that attitude, you will have no problem.
    Pursuing Financial Independence each and every day...

    Debt/Mortgage Free - 2014 // Side Hussle - 2014 // 50% + Savings rate - 2015 // Bare bones FI - 2017 Jan // Current spending FI - Prediction 2022 // Target spending FI - Prediction 2025
    • squirrelgirl
    • By squirrelgirl 12th Mar 17, 4:02 PM
    • 78 Posts
    • 269 Thanks
    squirrelgirl
    • #4
    • 12th Mar 17, 4:02 PM
    • #4
    • 12th Mar 17, 4:02 PM
    Thanks AsgardFI

    Its not going to be easy due to my lifestyle but I am totally determined to do it!
    CC £0/£2000; OD £2000/£2000; Relative Debt £0/£6000; Car fund £3500/£8000; Sofa Fund £0/2000; GC £322.34/£3600 MFW £50/£22968.96
    • EatingTheElephant
    • By EatingTheElephant 13th Mar 17, 5:34 AM
    • 764 Posts
    • 3,752 Thanks
    EatingTheElephant
    • #5
    • 13th Mar 17, 5:34 AM
    • #5
    • 13th Mar 17, 5:34 AM
    Well done on your first OP, it can get addictive!
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 13th Mar 17, 10:47 AM
    • 479 Posts
    • 2,110 Thanks
    SuperSecretSquirrel
    • #6
    • 13th Mar 17, 10:47 AM
    • #6
    • 13th Mar 17, 10:47 AM
    Hi squirrelgirl

    Nice mortgage balance, and nice target - that's just under 1k a month to aim for. I will be cheering you on

    Since it's a relatively short term target for you to become mortgage free, any thoughts as to what comes next?
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £21,644.55
    DN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£38,382.75 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £243,931.03 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 14.2%
    • squirrelgirl
    • By squirrelgirl 18th Mar 17, 9:05 AM
    • 78 Posts
    • 269 Thanks
    squirrelgirl
    • #7
    • 18th Mar 17, 9:05 AM
    Long post alert!!
    • #7
    • 18th Mar 17, 9:05 AM
    Thanks ETE I'm gong to check my balances again today to see if I can put in anything further so I think you're right!!

    SSS, I think that I will travel more and I also want to be able to do work on the house and finally live in a more 'grown-up' environment!

    Once the mortgage has gone, I'll set up travel and house funds.

    We have had responsibilities for dogs and kids for decades; dogs are now gone and children grown. I will be able to travel whenever it suits me (I'm thinking last minute deals ) and have things around me that are chosen on how I feel about them rather than whether I can fit the dogs on them/will it withstand the kids!!

    We have a 'bucket list' of places we want to visit and things we want to see, so they will be my destinations of choice Some places are close enough for a weekend break, others are going to be a three-week adventure....

    We also know what we want for the house - it really needs a bit of an overhaul
    I need to sort the roof; I want to replace the ceilings; get the walls re-plastered; get a new bathroom; replace the boiler/heating system; re-carpet and re-decorate throughout and replace many household items such as beds, wardrobes etc. We haven't replaced any furniture in about ten years and the quality of the stuff we have has always been dependent on what we could afford at the time - when I move things, they will probably collapse and die, so it makes sense to factor them into the things that we need!!

    I must admit that I am becoming more excited about becoming MF its going to be hard over the next couple of months as I have other things that I need to do before I can really throw everything at it....November will be my first substantial payment but I am definitely going to achieve this though so I am going to do whatever I can to get it sorted.

    I am going to pay a minimum of £50 a month off the capital and if I can manage anymore than that before November, I will put that in the offset account so that we have access to it but it reduces the interest.

    I want the point that the capital and offset are the same figure to get here asap
    CC £0/£2000; OD £2000/£2000; Relative Debt £0/£6000; Car fund £3500/£8000; Sofa Fund £0/2000; GC £322.34/£3600 MFW £50/£22968.96
    • Freddykrueger69
    • By Freddykrueger69 18th Mar 17, 10:41 AM
    • 8 Posts
    • 11 Thanks
    Freddykrueger69
    • #8
    • 18th Mar 17, 10:41 AM
    • #8
    • 18th Mar 17, 10:41 AM
    I am similar in that I want to get to the position where my offset savings balance equals the mortgage outstanding. I have a lot further to go than your good self but hoping to keep the motivation going without having to resort to beans and toast every night
    • squirrelgirl
    • By squirrelgirl 18th Mar 17, 11:24 AM
    • 78 Posts
    • 269 Thanks
    squirrelgirl
    • #9
    • 18th Mar 17, 11:24 AM
    • #9
    • 18th Mar 17, 11:24 AM
    Looked at the budgets - made a £30 op (ETA - just added another £10 from my 'persie' account so that's my march - £50 first month target reached )

    I'm off next week so intend to do some batch cooking and menu planning hopefully, not too many beans on toast days (although I love them now and again!)
    Last edited by squirrelgirl; 18-03-2017 at 11:45 AM. Reason: added to op
    CC £0/£2000; OD £2000/£2000; Relative Debt £0/£6000; Car fund £3500/£8000; Sofa Fund £0/2000; GC £322.34/£3600 MFW £50/£22968.96
    • Secret Saving Squirrel
    • By Secret Saving Squirrel 18th Mar 17, 5:08 PM
    • 3,777 Posts
    • 34,959 Thanks
    Secret Saving Squirrel
    Very good luck to you from another squirrel !
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years
    • squirrelgirl
    • By squirrelgirl 19th Mar 17, 9:47 AM
    • 78 Posts
    • 269 Thanks
    squirrelgirl
    hi secret thanks for dropping by
    I am hopefully going to get the greenhouse sorted today - it's pretty windy though and I need to replace the glass that we lost so I may have to see how it goes I will have to re-pot my seedlings though, regardless of what happens weather-wise... a few purple sprouting broccoli, a couple of cauliflower, a Brussel sprouts, an aubergine and a few tomato plants have all done well so they need to be potted on I will also start the leaves, the red basil and the oregano today - it will end up saving me a fortune on herbs and salad

    I have cancelled one of my charity donations today - it was one that I agreed to do for a couple of months and I have done 6 months of it now so I don't feel too bad about it; ultimately, reducing my mortgage is more important to me at the moment (particularly as I have discovered that the chief exec of this charity is on a six figure salary!! I know that they have to get the best people for the job, but it seems excessive to me....)

    I'm looking forward to the week ahead - mainly because I get to spend most of the week with my new grandbaby and I get paid this week so will clear my cc again I put half of the car costs onto the card and paid the other half cash last month - I don't like having a balance on my cc now though

    I'm going to check out the spare room and see what needs doing to my wine while I am there - it will save me a fortune in the summer if I have them bottled and ready to go I also have a mountain of books that I need to get rid of...does anyone know any decent companies that will buy them from me? I know I won't get much but every penny counts on my mission!!

    I have got a duck out of the freezer for the boys (although I am vegan, the rest of the household is not so I still have corpse in the freezer to get rid of) which should feed them for the next few days along with some of the super 6 stuff I bought at A*di yesterday - oranges, purple sprouting broccoli, kale and some spring onions. I also got some potatoes so will do some mash with it....tomorrow they can have Chinese pancakes and the most of the remaining duck and then I will put the rest in sushi on Tuesday. I'll have the veg in a warm salad tonight with some quinoa and puy lentils, some hoisin jackfruit and Chinese pancakes tomorrow and avocado sushi for Tuesday. I will have to buy the avocado but other than that, it's all from the store cupboard/fridge

    It's all about saving the pennies
    CC £0/£2000; OD £2000/£2000; Relative Debt £0/£6000; Car fund £3500/£8000; Sofa Fund £0/2000; GC £322.34/£3600 MFW £50/£22968.96
    • greent
    • By greent 19th Mar 17, 12:17 PM
    • 5,596 Posts
    • 56,652 Thanks
    greent
    Re: books (and CDs/ DVDs/ games) - try ziffit or music magpie. Cashback through tcb or quidco also available, bringing up the total a bit. Download the app to your phone and scan in - much quicker. Also when you have the rejected pile of books from one, try scanning them for the other

    Not usually masses of money - but better than nothing and gets rid of a load I one go - and you don't pay postage so all money is back to you
    Repaid mtge early (originally 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 up: BTL Mtge. Op Bal £69786. Cur Bal £68286 - 2017 target £0/£3286
    Net sales 2017 £352.81/£500 PAYDOX17 £6558/£10k Mar GC £355.29/£400 NSD 12 Decluttered 455/2017 items
    • squirrelgirl
    • By squirrelgirl 23rd Mar 17, 4:46 PM
    • 78 Posts
    • 269 Thanks
    squirrelgirl
    Re: books (and CDs/ DVDs/ games) - try ziffit or music magpie. Cashback through tcb or quidco also available, bringing up the total a bit. Download the app to your phone and scan in - much quicker. Also when you have the rejected pile of books from one, try scanning them for the other

    Not usually masses of money - but better than nothing and gets rid of a load I one go - and you don't pay postage so all money is back to you
    Originally posted by greent
    Thanks for that greent!!

    I will do that over the next few days - there are a lot of books and it's time that I let them go and get some additional space in my house

    I have paid off a lot of the cc today but have also met a large expense for my grandbaby so it's not totally clear however, I will pay the remainder off next month so I'm not going to get too wound up about it

    I am looking forward to keeping a really close eye on things in April - the MOT is looking as if it may be reasonable so that will free up more cash which I am going to split between the cc and the mortgage op - it's not a huge amount of money as there is a bit of work to do, but it will all help

    The greenhouse is sorted and the seedlings planted on now - the leaves went in too so I'm happy with my progress there I do love home grown food - and because I usually buy organic when possible, it saves me quite a bit of money growing my own.

    I have the beginnings of a menu plan but I need to do a bit more work on it. I am going to change my diet a bit for the next month or so; I need to eat more healthily and regularly - I eat well when I can be bothered but I still eat a lot of rubbish as snacks. I'm going to concentrate on my health for a while and my diet is the first thing I needed to look at - I can use a lot of things that I have in stock anyway so it's still going to be cheap to do. So, food is pretty much sorted - exercise next! All exercise has to be done at home - I'm not prepared to pay for classes as that can be additional mortgage money!

    I'm hopefully going to be able to clear the cc and order the new sofas and carpet for the front room by the end of April - that will mean I will be able to add a bit more to the op fund from May onwards....fingers crossed!
    CC £0/£2000; OD £2000/£2000; Relative Debt £0/£6000; Car fund £3500/£8000; Sofa Fund £0/2000; GC £322.34/£3600 MFW £50/£22968.96
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