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  • FIRST POST
    • maia_evo
    • By maia_evo 28th Aug 17, 7:59 PM
    • 74Posts
    • 192Thanks
    maia_evo
    Wannabe Mortgage Free by Twenty Three (2023 that is!)
    • #1
    • 28th Aug 17, 7:59 PM
    Wannabe Mortgage Free by Twenty Three (2023 that is!) 28th Aug 17 at 7:59 PM
    Instead of achieving the dream of owning my home so no one could take it from me (memories of our home being repossessed when I was a child ,) I got caught up in the bigger salary, bigger house and bigger living expenses madness.

    I had my wake up call when in late 2016 I lost my self employed business income and used my savings to maintain my lifestyle.

    I've got myself back to my income matching my reduced living expenses - just. I'm working to build the business revenue up again, but with that I don't want to revert to being frivolous with my income, unconscious about my spending.

    I'm 47 and want to achieve my life milestone of being mortgage free as soon as I can. A MASSIVE stretch goal with my finances as they are now would be to do this by the time I am 53. I love that this has a ring to it. Mortgage free by 53, and I see someone else has a diary of that name hence the different name, yet still catchy of Wannabe Mortgage Free by Twenty Three (2023 that is)! I'll be 53 in 23

    It is August 2017 and our outstanding mortgage is now £86,342.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
Page 1
    • maia_evo
    • By maia_evo 28th Aug 17, 8:01 PM
    • 74 Posts
    • 192 Thanks
    maia_evo
    • #2
    • 28th Aug 17, 8:01 PM
    • #2
    • 28th Aug 17, 8:01 PM
    I'm in this mortgage with a significant other. We could be mortgage free now by downsizing and after talking about this, have decided not to for the time being, estimating it would cost us thousands anyway. Our home and its location are good for us. Plus, we both work from home so would then likely need to rent space elsewhere.

    I have learned a lot from being a lurker here on MSE for the last month or so and here is what will be completed by the end of this month.

    Switch energy suppliers - saving £400 a year
    Switch supermarkets. I've done a small shop at A!di and think I can save approx £1200 a year easily.

    I have already sold old stuff and raised £400! And I am keeping a detailed spending diary.

    This obviously is not going to get £80K plus paid off in 6 years.

    My main focus is creating additional income.

    I have a business that just pays the bills at the moment (well almost) but has MASSIVE potential for profitable growth. The biggie for me, I can manage this from the decks of cruise ships (most favourite type of holiday and we always pick up a bargain) as I don't have to be in a particular geographical location or put full time hours into it.

    So I would like to report on business building activities as well as the many money saving tips that are available within the MSE forums.

    A line I heard someone speak in a Financial Independence (FI) podcast recently that hit a chord - A dollar spent today is a dollar not needing to be earned tomorrow. Cool.
    Last edited by maia_evo; 28-08-2017 at 8:25 PM.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • Silence101
    • By Silence101 29th Aug 17, 7:13 AM
    • 240 Posts
    • 388 Thanks
    Silence101
    • #3
    • 29th Aug 17, 7:13 AM
    • #3
    • 29th Aug 17, 7:13 AM
    I read a blog once, (sorry can't remember the name of it) where the woman looked at 100 different ways to earn £1000 (or was it 1000 ways to earn £100?) so multiple income streams. And I read another one where they had at least 3 different jobs (mostly freelance) which helped cover quiet times in their main job. I thought it was an interesting idea (but haven't sat down to figure out how to do it myself)
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    10/17 OP £50
    • maia_evo
    • By maia_evo 29th Aug 17, 8:56 AM
    • 74 Posts
    • 192 Thanks
    maia_evo
    • #4
    • 29th Aug 17, 8:56 AM
    • #4
    • 29th Aug 17, 8:56 AM
    Thank you for dropping by Silence101. I do work freelance now. I have 3 main clients I work for where I am actually the person needing to do the work. It's quite a good hourly rate but in all honestly my heart is no longer in it.

    My head hurts going backwards and forwards between finding more freelance work which pays okay (the people are lovely, I have no real responsibility, I keep my own hours etc but I am bored rigid of the work), and building a business that could provide a great income in years to come and could be sold (but where I have full responsibility for everything and it's hard hard work to get off the ground).

    My side business, that I want to make my main income is much more leveraged as it is more online based. Taking "me" out of the service delivery is my idea of heaven. Although at the moment it is an expensive hobby, everything set up for it.

    On the plus side, I have also partnered with a friend of mine who is experienced in selling services into businesses.

    Today should be an easy NSD.
    Last edited by maia_evo; 10-09-2017 at 6:37 PM.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • maia_evo
    • By maia_evo 29th Aug 17, 9:06 AM
    • 74 Posts
    • 192 Thanks
    maia_evo
    • #5
    • 29th Aug 17, 9:06 AM
    • #5
    • 29th Aug 17, 9:06 AM
    Worth a mention that the flexibility of being self employed, working own hours etc is needed more than ever. My mother became ill almost a year ago, and since then I have taken more of a carers role and now look after all my parents household admin etc as well.

    I got them moved into an extra care accommodation which is fab, and I am taking the novel approach of selling their old cottage on Gumtree. It's a doer-uper and priced to sell. Good interest so far so fingers crossed with that one
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • maia_evo
    • By maia_evo 29th Aug 17, 2:54 PM
    • 74 Posts
    • 192 Thanks
    maia_evo
    • #6
    • 29th Aug 17, 2:54 PM
    • #6
    • 29th Aug 17, 2:54 PM
    I've made the switch for energy suppliers. Anticipated saving of £350/year.

    I've set up the bill payment to start the over payments, sending a test £1 transfer just to make sure all set up correctly.

    I have an offset mortgage and have set the OP up to come off the mortgage balance. Previously I had it where it went into a fund that I could get easy access too. This made it easier for me to use money in the offset bit when financial times were tough for me. I don't want to do that again. I should have gone out and got more business sooner. Live and learn.

    At long last, here we go.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • maia_evo
    • By maia_evo 29th Aug 17, 10:05 PM
    • 74 Posts
    • 192 Thanks
    maia_evo
    • #7
    • 29th Aug 17, 10:05 PM
    • #7
    • 29th Aug 17, 10:05 PM
    Had a NSD. When I was out I realised I had not even taken my bag!

    I put my parents old cottage on Gumtree to sell (cost £9.99) instead of paying £1000 agency fees.
    Sold it within a week. Cash buyer so should be through in a month or so. Fingers crossed for smooth process.

    Now, if I can focus on improving my own finances...

    Also added a tab to the spreadsheet I keep for my business expenses. Why on earth I didn't do this years ago is beyond me. Something really comforting about seeing your finances laid out week by week. Spend money that's not accounted for and immediately see its impact down the road.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 29th Aug 17, 10:37 PM
    • 444 Posts
    • 1,723 Thanks
    wishingthemortgaheaway
    • #8
    • 29th Aug 17, 10:37 PM
    • #8
    • 29th Aug 17, 10:37 PM
    Welcome Maia, interesting approach to the house sale, I did have to reread your post as I initially thought you had sold the house for £9.99 and wondered why anybody wouldn't be a cash buyer at that price oops!!!


    I love the rhythm of you mantra Mortgage free and 53 in 23. Keep saying it over and over.

    Good luck with your journey. Will subscribe.

    Wish.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 August: £36,411.85 8/100 September: £35,945.66 10/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • maia_evo
    • By maia_evo 30th Aug 17, 4:35 PM
    • 74 Posts
    • 192 Thanks
    maia_evo
    • #9
    • 30th Aug 17, 4:35 PM
    • #9
    • 30th Aug 17, 4:35 PM
    Thank you so much for stopping by and subscribing.

    It is helping already to know people are reading.

    The house is ripe for refurbishment to flip or keep for rental portfolio so guessed that all an estate agent would do would be to call the small builders already in their network.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • maia_evo
    • By maia_evo 30th Aug 17, 4:56 PM
    • 74 Posts
    • 192 Thanks
    maia_evo
    I had no idea this would be so rewarding. I've never before kept a diary and I am loving the excitement
    I feel to at long last be taking take care of my money.

    Significant other has always been good with money and does wonders with a modest income. Me, not so much

    Today was another NSD. Honestly I have no idea where my money used to go!

    Instructions are now set up for both over payments and mortgage account where I am saving the emergency fund. We have an offset mortgage so I thought its "earning" interest in there and can be accessed same day in case of emergency.

    Mortgage due out tomorrow so will look at the outstanding balance to see how much the mortgage has reduced by, the figure the account is showing today is £86,470.68

    Just had email from Virgin to say our package is going up by £3.99 - well we will see about that. Off to look on some other boards for suggestions on better deals with TV, phone and internet packages. We currently pay circa £47 each month.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • maia_evo
    • By maia_evo 31st Aug 17, 8:49 PM
    • 74 Posts
    • 192 Thanks
    maia_evo
    First OP today Its a start and better than nothing.

    Haven't got the energy to face calling Virgin media to start my cancellation process in order to get a better deal. I really don't like using the telephone. Would much rather email or call into a shop! So, going to put it on a to do list for when it feels good (maybe after a glass of vino )

    This is also a time in my diary writing when I feel safe enough to face reality. Although my MF journey is linked with my significant other - we go 50:50 on all the bills, and the OP's and EF is for both of us.

    Well, my personal finances are not in a great state from when my business fell off a cliff when I suddenly spent majority of my time and energy caring for my parents after my mother had a major stroke last year.

    I did consider starting a debt free diary but decided on this one as my major focus as our mortgage debt is much bigger than my personal debts, and the good practices I am picking up here will pay off when implemented in my personal finances too.

    For instance today I had a look at the interest I am being charged on my now one and only credit card (£83 a month - £102 min repayment ). I had maxed it out when I had no income coming in and as money for myself is still really tight, I have just been paying the minimum payments. Because of a shot credit file at the moment, I wouldn't apply for another card to transfer to as it would definitely be turned down.

    So, I going to bite the bullet as they say. I am on a mission to sort personal finances to get this paid off as soon as possible with now every spare penny of mine (literally) going to go towards its repayment. It will take a while, but that's much better than it never being paid down.

    Spreadsheet has been updated to reflect this.

    September is going to be all about marketing. More money into the bank is a priority.

    PS: NSD today again. I think that is 4 in a row! I need to pick up some groceries tomorrow though, get a birthday card, put some diesel in the car.

    To do in September:
    Get better deal from virgin media (currently paying £48 with £4 increase due soon)
    Have 12 NSD's
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • maia_evo
    • By maia_evo 1st Sep 17, 8:49 PM
    • 74 Posts
    • 192 Thanks
    maia_evo
    Had lunch out today with a friend (regular Friday thing) so did spend today but totally worth it and not something I will cut back on.

    Made the first transfer over to our emergency fund so that too has started, £264 in there. Delighted.
    Playing around with my spreadsheet it looks like I can transfer another £500 into the EF next week. Once again I am wondering where our money went before! Never mind, best take care of the here and now then the future will be taken care of.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • wildesavings
    • By wildesavings 1st Sep 17, 9:01 PM
    • 170 Posts
    • 467 Thanks
    wildesavings
    congratulations on your first OP!!!

    Sounds like a great plan to start attacking that CC debt ! It'll be costing you far more in interest that the mortgage and once it's gone you can move your focus onto the mortgage.

    Good luck with it all xxx
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,342 - capital reduced by £5497 so far this year
    • Betterthanever
    • By Betterthanever 1st Sep 17, 9:34 PM
    • 274 Posts
    • 1,076 Thanks
    Betterthanever
    You sound like me! I'm almost 47 and plan to be MF in 5 years. It's going to be hard....my finances are finely balanced at best. But I have many years of being a DFW under my belt so need to just dig deep and revisit some of those traits again.

    So....I'm right there with you, every step of the way! We can do this!!
    • maia_evo
    • By maia_evo 3rd Sep 17, 8:40 AM
    • 74 Posts
    • 192 Thanks
    maia_evo
    Thank you so much Wildesavings and Betterthanever.

    I am getting to grips with the outstanding balance figure on the mortgage account as I've just worked out that it increases each day as the interest is added. The figure with my first OP and last regular payment on 1st September was £85003.53

    Had a uturn on a major purchasing decision yesterday. I was thinking of buying a caravan (when saved the cash to do so as I'm never going to go into debt for purchases again - if I ain't got the cash, it ain't coming home!)!.

    Decided to take it out of the plan as I remember what I wanted more was to NOT have winters living in UK and to head for warmer climates instead.

    A did a kind of personal development excerise yesterday which was so helpful (if you google Tim Ferriss Dreamling you may find info). You clarify what you want to be, have and do within a certain timescale (I chose 6 months). You have to cost it out and write your very next steps in achieving it. It is a nice simple process and I think many MSE's would like it.

    My Dreamling makes it obvious I need to focus on generating extra revenue (probably through my business) in order to be able to do the travel experiences I want in my life.

    On the business front me and my partner have a couple of great meetings set up in the next couple of weeks with business owners who are interested in promoting our service to their own customers. They will earn a generous commision for anyone new that signs up with us.

    I had a NSD yesterday so 1/12 for month so far. And I will be making my first extra payment on my CC next week. I think I will add this to my signature after all to help me keep focus on paying that down too.

    I am really enjoying having my diary. It's very empowering as a writer and a reader of other people's too.

    Well it's Sunday morning and my OH brings me breakfast in bed so I'll sign off to enjoy that. X
    Last edited by maia_evo; 03-09-2017 at 8:52 AM.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • newgirly
    • By newgirly 3rd Sep 17, 9:02 AM
    • 5,798 Posts
    • 39,682 Thanks
    newgirly
    Hi Maia, I've just caught up with your new diary and wanted to say welcome. That's a lot of interest a month to be paying on the cc ( no judgement here, we have been very deep in debt!) would you consider using the emergency fund money to pay down the credit cards?

    I appreciate its a personal descision, but I feel you have an offset it could always been an emergency fund as well, that's what I'm doing anyway.
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • maia_evo
    • By maia_evo 4th Sep 17, 1:20 PM
    • 74 Posts
    • 192 Thanks
    maia_evo
    That's a lot of interest a month to be paying on the cc ( no judgement here, we have been very deep in debt!) would you consider using the emergency fund money to pay down the credit cards? .
    Originally posted by newgirly
    Thank you, you got me thinking. I could use half the EF money. The other half is technically my OH's as it comes from our joint bill money. Then it gets complicated because if I needed to use EF and OH needed to fund that more as there wasn't enough... He has been extremely supportive of me already (aka bailed me out!) and to me the CC is something I need to sort myself. It wont take too long, I've managed to move things around on my personal spending spreadsheet and paid £616.50 off the CC today.

    I have also moved extra money into EF to bring it up to £500 (what is it with needing to see rounded numbers!)

    Today will be a NSD so that makes 2/12 for the month.

    I would like to work out how to get my shopping bills down. I used to spend around £120 a week for 2 of us, and have set a new budget of £75. I managed within budget week 1, but have already spent about £90 for this week

    This amount includes everything you would get from the supermarket, not just food.

    I have been menu planning and switched to Ald! and my bills are certainly less, but no where near what some MFW's are achieving and they have families! I buy 2 bottles of wine max each week so that makes up between £5.79 and £11.58 a week. We have not being going out for meals out so includes breakfast, lunch and dinner for 7 nights. I don't eat carbs so filling meals out with pasta, potatoes and the like I can't do. Almost everything is made from scratch so to avoid hidden sugar.

    Could you please point me to extra resources within the forum where I may learn more
    Now, I really do need to get on with some work that could have a chance of paying me!!
    Last edited by maia_evo; 04-09-2017 at 6:16 PM.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • Betterthanever
    • By Betterthanever 4th Sep 17, 2:05 PM
    • 274 Posts
    • 1,076 Thanks
    Betterthanever
    Ooh I'm right there with you on the food bill. Mine is too much but I too cook from scratch, have little to no carbs and don't do sugar. My bills are way more than they used to be when I was able to fill up with starchy carbs but I do still think there is room for improvement. I'm going to really focus on this for the next few months (before I have to start buying festive food!!!).

    £75 should be more than doable....it's about what I need to aim for too so I'm with you all the way!!!
    Former DFW Nerd 230. Determined to be MF.
    Current balance £116,149.98. Offset £1,236. £114,913.98 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22

    Bring it on!
    • maia_evo
    • By maia_evo 4th Sep 17, 6:20 PM
    • 74 Posts
    • 192 Thanks
    maia_evo
    Ooh I'm right there with you on the food bill. Mine is too much but I too cook from scratch, have little to no carbs and don't do sugar. My bills are way more than they used to be when I was able to fill up with starchy carbs but I do still think there is room for improvement. I'm going to really focus on this for the next few months (before I have to start buying festive food!!!).

    £75 should be more than doable....it's about what I need to aim for too so I'm with you all the way!!!
    Originally posted by Betterthanever
    We are on a similar path. I have to at least hit my budget of £75 then will look to reduce from there. People talk about the "old style boards" not sure what these are but will take a look around.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • Betterthanever
    • By Betterthanever 4th Sep 17, 7:00 PM
    • 274 Posts
    • 1,076 Thanks
    Betterthanever
    You'll get loads of tips from OS.... you're not a proper moneysavingexpert until you've got a bottle of stardrops!!!
    Former DFW Nerd 230. Determined to be MF.
    Current balance £116,149.98. Offset £1,236. £114,913.98 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22

    Bring it on!
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