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  • FIRST POST
    • maia_evo
    • By maia_evo 28th Aug 17, 7:59 PM
    • 76Posts
    • 200Thanks
    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 2
    • Kittenkirst
    • By Kittenkirst 4th Sep 17, 8:05 PM
    • 1,608 Posts
    • 8,375 Thanks
    Kittenkirst
    The Old Style boards is a fab area for learning to be more frugal- it has a wonderful recipes section and meal planning. I regularly read it for inspiration of lovely meals with using up storecupboard stuffs too
    2017 MFW #20 - OP £2151.52: £2150 100%
    Last 3 months- Sep £206.32 Oct: £179.60 Nov: £12.58

    Emergency fund £3945/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • maia_evo
    • By maia_evo 5th Sep 17, 8:02 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    You'll get loads of tips from OS.... you're not a proper moneysavingexpert until you've got a bottle of stardrops!!!
    Originally posted by Betterthanever
    Fingers crossed that will make sense one day
    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 5th Sep 17, 8:16 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    So before I go off to find the OS boards a quick update.

    I've had another NSD (3/12).

    Had a good meeting with a chap who runs a service business with over 120 clients he is happy to promote my service to. Bless him, he doesn't want a commission either, just happy to be able to promote a great service (his words ).

    I've got so much work to do so need to set my priorities for tomorrow. Wednesdays are a part time work day as I take my parents out somewhere in the afternoon. Tomorrow we are all off to a support group meeting for carers. My first one so no idea what to expect.

    I meditated this morning, the first time for a while. I want to add it to my morning routine again, when I do it helps my mental clarity for sure.
    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 6th Sep 17, 9:21 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    NSD 4/12 already!

    I wanted a particular book for a client of mine. I was going to press "buy now" and had a brainwave. I'll just give him my copy. I'd never read it again and if I did want to I need to get books on Kindle these days so I can increase the text size

    £17 saved

    Was at yoga tonight but I had prepaid last month before my MSE diary had started. I have included this spend in my budget going forward though.
    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 7th Sep 17, 6:37 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    So today I learned YS = yellow stickers (to help with reducing grocery spends).

    Next thing I'd like to know please. Why do people not write out shop names etc in full? Like Ald! For fun or another reason I can't yet think of?

    Incredible but another NSD today - that is 5 this month so far (target 12).

    Money news:
    I got a timely letter from mortgage company reminding me fixed rate deal was over. To be honest I had put off asking for new deal as I thought they'd do credit check and I might be turned down owing to recent financial woe's

    Well, the letter offered a selection of new deals PLUS stated NO CREDIT CHECK is carried out on existing customers. Result.

    So I have asked for another 3 year fixed rate offset. The standard payments are coming down by £112 a month - that will go straight into overpayment pot, which as of next payment will be £400 instead of the £200 I started with just this month.

    I got onto the mortgage overpayment calculator (oh my that could be addictive too) and worked out I need to be overpaying £1000 a month from January 2018 to reach my goal.

    You know what, I do now believe this is possible Now, to bring in more money...

    Funny thing today happened when I told my friend that from now on I will be using the free car park (extra 2 mins walk) rather than the one we have used all year for our Friday meetups. I went straight into MSE mode saying this will save about £100 a year - that's £1000 in ten years - just on parking once a week. I think she may be a little concerned I may go too far.

    She is safe though, I am simply being much more conscious about what I am spending money on. I'd much rather be mortgage free and not needing to work for money just to pay for stuff that is not necessary and adds no value to my life (like parking when there is a free one nearby and I LOVE walking).
    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
    • Tahlullah
    • By Tahlullah 7th Sep 17, 7:07 PM
    • 792 Posts
    • 4,678 Thanks
    Tahlullah
    Hello, just found your diary and enjoyed reading about your plans for the future.

    There are quite a few of us on here who are not sure if we should be on the Debt Free thread rather than the Mortgage Free. Usually, it's because we stop and look to see what we are really doing with our money and find we are somehow robbing Peter to pay Paul. However, once the penny drops, it's enlightening if not a hard slog to get to a point where we really are debt free and able to pay down the mortgage. Welcome to the club.

    I will be subscribing to your diary and offering moral support when I can. You are doing great so far.

    Reach for the stars and hope for the moon as it's brighter and closer to you!
    Striving to be mortgage free.
    • Betterthanever
    • By Betterthanever 7th Sep 17, 7:12 PM
    • 365 Posts
    • 1,514 Thanks
    Betterthanever
    That's fantastic news in the mortgage. You'll be MF in no time!!

    I also look at things like your car parking on a long term basis....it really acts as a motivator to see how much can actually be saved. And £1000 is a massive amount without any real effort. Not obsessive at all, just savvy!

    Current balance £115,428.65. Offset £1,775.31. £113,653.34 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22
    Money for Nothing pot = £392.99
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • maia_evo
    • By maia_evo 7th Sep 17, 7:18 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Thank you so much for your support Tahullah. I am so glad I chose the Mortgage Free thread. It has a different vibe I feel. The Debt Free will come soon enough and I'll do a happy dance for sure
    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 8th Sep 17, 6:38 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Friday meetup with my lovely friend and business partner. We have a wonderful new habit of beach walk with her dogs, then lunch and wine in a little place just on the beach. The sun was shining today and the beach was quiet with the kids back to school. Bliss.

    She picked up the bill this week, I'll get it next week.

    We parked in the free car park too

    I've been ready some diaries from people who now don't "have to" work to pay the bills. Loving them, what a fantastic position to be in. Our societal (is that a word?) training for wanting more more more is certainly paying its price on many peoples wellbeing for sure.

    Someone close to me has a job he hates, has hated for 20 years and has another 12ish to go before picking up his final salary pension (which he has just been told has been downgraded in some way and is a lot less than he was expecting), yet he has all the modern day toys (and I mean soooo many which includes 5 motorbikes and 15 (yes you read right) push bikes). Can't afford to leave job he says. No surprise there.
    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 8th Sep 17, 6:44 PM
    • 578 Posts
    • 2,209 Thanks
    wishingthemortgaheaway
    It's all about priorities isn't it?
    13 years ago, when we bought our house, we didn't go to the top of our spending limit to buy a house, we went for what we felt would give us a quality of life that meant we didn't have to be mortgage slaves.
    I don't regret the choices we made, yes I'd love to have a proper garden, but the park is a 10 minute dawdling toddler pace walk at the end of the road.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • maia_evo
    • By maia_evo 8th Sep 17, 8:22 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    It's all about priorities isn't it?
    Originally posted by wishingthemortgaheaway
    Yes indeed WTMA and thankfully we live somewhere that information is available and we are free to choose for ourselves.
    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 8th Sep 17, 9:43 PM
    • 365 Posts
    • 1,514 Thanks
    Betterthanever
    I've made plenty of choices in the past that I would happily reverse if I had the chance. But we can't....what we can do is learn from the poor choices and ensure we think carefully about what we really want and apply an individual value to it that may or may not be similar to someone else's value....and embrace the good choices and look forward to repeating them!

    I'm sure you will look forward to many good things. Not all will have a tangible price tag. Time is one of those things, and I too look forward to being able to have more of it!!

    Current balance £115,428.65. Offset £1,775.31. £113,653.34 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22
    Money for Nothing pot = £392.99
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • Madcatgirl
    • By Madcatgirl 8th Sep 17, 11:07 PM
    • 327 Posts
    • 3,956 Thanks
    Madcatgirl
    Hi - just read through your diary. I'm definitely of the mindset that less is more and you don't need more stuff to be happy. I'd much rather reduce my costs to retire early and do something meaningful with my life rather than working for the man for the next thirty years! I think I can manage the next five years though, pay off the mortgage then do something more rewarding without worrying about the money!

    I know what you mean about saving the parking though. I rationalised to my oh that if we click and collected our shopping for free each week rather than paying £1 for delivery, over time, this would take a whole month off the mortgage. Worth every penny in my eyes!
    March 2016 - £178,914.59; July 2017 £146,160.38
    Mortgage end Sept 2043; Target - pay off by March 2022, now Sept 2021
    Target balance July 2018 £112,560
    • maia_evo
    • By maia_evo 10th Sep 17, 9:55 AM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Thank you for stopping by Madcatgirl. It is appreciated.

    I am loving what this process is teaching me about myself. It is one of a few things I am learning more about and the mix is serving me well.

    Well yesterday I bought flights (with money I had and not credit ) to visit my son I have not seen for 18 months.

    We opted for the slightly more expensive flights to reduce the number of connecting flights needed (decided paying the extra was better than being stressed about missing connections or luggage being transported incorrectly).

    I have started a BA frequent flyer miles account too as I intend this to be a more regular trip.

    I'm going to keep a detailed diary of spends and enjoyment levels on this trip as it is one that I want to make much more regularly in the future.

    I have a thing about being cold and he lives somewhere warm (across the pond) in UK cold times. So I really would like to do this trip at least twice a year. November and April feels good right now.

    When I know exactly how much I need to have a lovely time, that will fuel my MSE journey to make that into reality.

    We've already sorted lifts to and from the airport to save parking charges of £70

    Off for a walk out soon then I'm going to do some work later as I've got some client projects that need my attention.
    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
    • Downshifterella
    • By Downshifterella 10th Sep 17, 10:23 AM
    • 63 Posts
    • 321 Thanks
    Downshifterella
    Fantastic news on the mortgage and lovely to be able to have a visit to warmer climates in the dull UK winter (which seems to be trying to settle in where I am already!!)

    Totally agree that long term adding up of the little spends can be a great motivator. Some , you may decide are worth it, others...if it's not a big deal to give it up then why not!!
    MF planning for the simple life
    • maia_evo
    • By maia_evo 10th Sep 17, 4:53 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    I had £50 of personal spends not used this week so I have transferred that to the CC balance.

    I have decided to leave the EF at its balance of £500 and move all future unused spends from the household budget to mortgage overpayments. Shifting them from £200 a month to £500 a month. This is doable keeping a tight rein on the finances and providing nothing breaks!

    Using the OP calculator, doing this alone will see us MF in 2023 - something I thought was a pipe dream a couple of weeks ago when I started this diary!

    When I've repaid the CC I could look at moving more money to OP's, OH would match that and we would get our OP's up to £1000 a month OMG...
    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 12th Sep 17, 1:13 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    NSD's - target for September 12 - currently at 7, doing well.

    Moved money around on my spreadsheet and just sent my October OP early - £500 paid off 3 weeks sooner than expected. That will save a little interest over the next 6 years.

    I've OP £701 since starting a few weeks ago. The £1 came from a test transaction I test up to ensure the money went through to the right place via online banking. I'm going to have to look to see if I can round it up now and find another £99

    Set the wheels in motion to transfer pension providers. I'm currently charged what the fund makes. Not good. I recently found out you could change providers! Amazing the things you take for granted eh!

    This new fund will be better off to the tune of circa £500 a year

    It will also be good as it means I can manage myself the cash side of the pension (can't get hold of the cash sadly). I will look to put this into some shares or funds. There is nearly £7K to use, but I do think it is going to cost about £900 to pay off the old provider. Honestly is legal theft! The new provider may pay a couple of hundred £'s towards these charges.
    Never mind, onwards and upwards.
    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 12th Sep 17, 9:25 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    I've just done something I don't think I should have!

    On the OP calculator I worked out where we would be with the mortgage had we overpaid our current OP from month 1...

    We would have been mortgage free sometime this year. Instead we have a £85K balance.

    It's not even that we earn more now so can afford the OP now because of that. I'm actually taking home about a third less salary as I was when we started this mortgage!

    I know I can't turn the clock back but I do hope anyone starting out on their mortgage repayments reads this and carries on to OP whatever they can as often as is possible. Your future self will thank you dearly.
    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 12th Sep 17, 10:54 PM
    • 578 Posts
    • 2,209 Thanks
    wishingthemortgaheaway
    But just think how much mor interest you would be paying if you still weren't overpaying.

    You can't change the past, but it can shape the future.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • maia_evo
    • By maia_evo 13th Sep 17, 5:06 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    But just think how much mor interest you would be paying if you still weren't overpaying.

    You can't change the past, but it can shape the future.
    Originally posted by wishingthemortgaheaway
    Yes, I am pleased I did it now as it has made me more determined to get it paid off sooner, it will certainly not be going to the 12 year term that is officially remaining.

    On the work front had another meeting today with business owners happy to promote our service. Went well but realised that developing these relationships is never going to lead to quick sales (more likely 6 to 12 months). So we have a meeting tomorrow to set out our plan of action for direct contact with our target market rather than going through a 3rd party.

    Another NSD - need to check but might be up to 8 this month.

    Didn't get out for my morning walk today. I notice on the days I don't how it impacts my day and not in a good way. I'm exhausted, but saying that I usually am after face to face meetings, I'm becoming more introverted as I go on and being with people takes alot of concentration - hence why I much prefer working in my little office at home with my computer between me and the world
    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
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