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  • FIRST POST
    • Thriftmaster1973
    • By Thriftmaster1973 13th Aug 17, 5:53 PM
    • 39Posts
    • 31Thanks
    Thriftmaster1973
    The Journey Begins...
    • #1
    • 13th Aug 17, 5:53 PM
    The Journey Begins... 13th Aug 17 at 5:53 PM
    Hi, got a few things out of the way (weddings, stag do's etc) and now I want to start putting extra down and clear the mortgage.

    I want to do this within 5 years or less (I will be 48 y/o). Here's the state of play....

    £52,365 owing, house valued at £150.000.
    9 years remaining (on 2.54% fixed for another 3 years)
    10% of 64,000 can be overpaid without penalties.

    There are no other debts, only this mortgage.

    I am going to be aiming for £333 overpayment every 4 weeks (13 times a year) and add more overpayment as the mortgage decreases.

    House runs on a ultra low cost operating model (implemented by me).

    All variable outgoings (apart from shopping)are monitored weekly. Milage, mpg, actual fuel spend, water usage, gas, electric are all monitored so I can try to become even more efficient.

    I know I sound a skinflint and I know it's not trendy running a house like a business but I need to have a journey to financial freedom.

    SOA

    £1800 take home every 4 weeks so get 13 pay packets a year. 1800 divide by 12 = 150.
    So could call take home pay £1950 on a monthly basis.


    552.90 mortgage
    96.00 council tax (10 month, other 2 month's pay for car tax)
    70.00 gas & electric
    70.00 car fuel
    15.30 broadband and landline
    10.00 mobile
    120.00 food
    175.00 maintainance payment
    12.12 TV licence
    20.00 car insurance
    20.00 building contents insurance
    19.61 life insurance
    39.99 gym / swimming
    32.86 redundancy / sickness cover
    13.00 union membership
    10.00 mot
    25.00 water
    26.43 boiler insurance.

    £1328.21 outgoings per month.

    £472 left over (4 weekly)
    Last edited by Thriftmaster1973; 17-08-2017 at 2:08 PM. Reason: Mistake
Page 3
    • Thriftmaster1973
    • By Thriftmaster1973 13th Sep 17, 12:17 AM
    • 39 Posts
    • 31 Thanks
    Thriftmaster1973
    Hi there,
    Thanks for your comments.
    I don't think I will cancel this my gym membership just yet as I go 3 x 2 hour gym swimming sessions a week.
    A one off swim is £3.40 at my local council leisure centre.

    The boiler insurance is something I am thinking about getting shut of.
    It's with British Gas and I think it's too expensive.
    They have been taking the money on a monthly basis but have failed to do a service on the boiler for two years.

    Pensions - not even thinking of these for now. I'm a company scene and it's being contributed to monthly.
    • Thriftmaster1973
    • By Thriftmaster1973 3rd Oct 17, 8:02 PM
    • 39 Posts
    • 31 Thanks
    Thriftmaster1973
    Well another month (4 weekly pay period) nearly over and looking at the accounts / one weeks outgoings, I should have just cleared the £333 target.
    Last pay day I managed £371 which I was over the moon with, it's looking like £343 this period so I carnt complain.
    £371
    £343

    That's £714 in the overpayment pot in 8 weeks.

    It's an education that's for sure, as long as I can stay focused I'm sure this plans gonna work!
    • Thriftmaster1973
    • By Thriftmaster1973 29th Oct 17, 4:27 PM
    • 39 Posts
    • 31 Thanks
    Thriftmaster1973
    Well another 4 week period done and the target was missed making me feel like I've failed. Only managed to save £130 this period so not best pleased.
    I had a few mishaps this month which have knocked me a bit off the chosen path.
    After these financial mishaps I kind of lost interest and treated myself to a m&s visit (this is a no no for me).
    Heating and lighting costs are rising too now it's getting colder.
    My MPG target of 40 MPG is now dipping below this amount due to the colder weather.
    So it's time to look at my mistakes and take stock, a new month is nearly here and I must re focus on my goal.
    • Welshlassie
    • By Welshlassie 7th Nov 17, 4:15 PM
    • 1,722 Posts
    • 2,981 Thanks
    Welshlassie
    you haven't failed as you still added to the pot, failure would have been taking out of the pot for something. Celebrate the small successes you can't "win" every month and you are most definitely winning at the moment.
    • Escapar2020
    • By Escapar2020 7th Nov 17, 6:37 PM
    • 33 Posts
    • 41 Thanks
    Escapar2020
    Just caught up in your diary and will follow with interest. Im also aiming to be mf before I'm 48, so within 3 years. I'm not sure what I'll do once I become mf, whats your plan?
    Mortgage Jan 2017: £45,460___Current mortgage (Oct 2017): £32,908
    Scheduled end: July 2028_______Planned MF day: Sept 2020
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