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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 3
    • Retro.Monkey90
    • By Retro.Monkey90 14th Sep 17, 9:08 AM
    • 69 Posts
    • 219 Thanks
    Retro.Monkey90
    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.
    Hi Maia, I have just caught up on your diary and I must say you seem to be doing an excellent job! I see what you mean now about starting as soon as we have with OPing the mortgage. Hindsight is 20/20 and we have learnt a lot of that in our lives (even though I am quite young!) so we want to make the best choices as soon as we can. But my parents have always encouraged me to pay things off quickly or get the cheapest loans, best price etc. So I have them to thank for my MSE ways as well

    All the best
    Retro x
    Save
    Original Mortgage: £134k Sept 2044 Current Mortgage: £126k Neutral Oct 2039
    Ideal goal: TBC
    Bonus OPs made 2017: 7 total= £159.91
    Save
    Save
    • maia_evo
    • By maia_evo 15th Sep 17, 6:04 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Marketing isn't getting much of my attention. I just can't be fussed with it (or work tbh) at the moment.

    I keep going between feeling like this and being excited at the prospect of owning a business that generates enough money for me to live on comfortably without me needing to do too much.

    Not to worry, I don't believe I'd ever be homeless as I know I have enough equity in this house to be able to buy something basic if needed. Funny where your thoughts go isn't it.

    Onwards and upwards. Lets focus. Energy flows to where focus goes. This has worked a treat with my personal finances already.

    On the money front. My SIPP pension (new provider) needs some sort of code from my current provider to check if they can hold the investment. I've sent that request.

    Had Friday walk and lunch with my dear friend today. Love it. Was soooo much colder than last week but least we managed to avoid the rain. This is the only personal spends money I've used this week.

    Have friends coming for dinner tomorrow night so will need to spend more on groceries than usual budget allows but I have some allowance stashed away in household expenses to cover this no problem.

    Hope all you MFW's have had a wonderful week. Wow, another one gone by...
    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 17th Sep 17, 9:17 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Night in with friends was a success. Good time had by all but bit of a sore head as a result which was fixed by a huge Sunday lunch and a 4 hour "nap"

    Meal planning and grocery shopping done today and within budget for the first time but because no wine purchased as couldn't even think of it after last night!

    I didn't do my exercise class on Saturday morning so I transferred the £5 off my CC . Every little helps.

    I am looking forward to the week ahead.
    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 18th Sep 17, 5:24 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    I started this diary knowing that i'd be looking at reducing spending as a way to over pay. I also knew that more income from sales was needed to be able to boost the over payments.

    I am doing so well with the former, not so much the latter!

    However... I have made a new sale today.
    To help me focus more on sales, I have now included product sales in my signature to prompt and motivate me. If I say it here, I'm more likely to take note. Odd isn't it

    So, since I started my diary I have made 2 sales. I'd like to make 10 by the end 2017. Another 8 to go. Lets see how much making it into a little game here will help me along.

    Other money news. A NSD today - that's 9 from a target of 12 for the month.

    I am still avoiding contacting Virgin media for a better deal.
    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 19th Sep 17, 8:37 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    10 NSD from a target of 12 for the month. Nothing else to report!

    Things will be slow on the OP front for a while as I won't be able to make another OP until the end of October. On the plus side, that will take me to £1200 in 2 months when my initial target when I started the diary a few weeks ago was £1000 for the rest of the year!
    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 22nd Sep 17, 6:53 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Well i have hit my target of 12 NSD's for the month with over a week to go

    I have transferred another £165 to emergency fund to bring that in over target so I am going to change the target to £1000.

    I have a lead for another sale which I will follow up next week.

    My grocery shopping this week came in under budget too for the first time

    I have come by some money unexpectedly so the CC debt is going and I am paying an additional £4K off the mortgage next week

    Never thought for one moment when I started this diary around a month ago that these things would be happening. I am one happy girl

    Chilly today for beach walk with my friend and lunch outside was lovely but I need my thermals out now
    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 24th Sep 17, 7:03 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Have had a spendy day, but all planned for with budget already allocated so all is well.

    There is something really comforting about having a budget with the discipline to stick to it. I've never felt that way about budgets before.

    I had £100 budget for clothes (starting to look a bit raggy I thought!) but only spent £35 of it so far. I've carried the balance over to next week.

    Had lunch out using one of my te$co card vouchers for £20 off the bill. OH paid the £15 balance

    I've had a look into pensions as this has been rather neglected over the years I must say. Still better now than never. I am going to have a good read of the pensions board, looking especially for information on Ltd company rules for Directors. Upon first research, it seems I completed missed the fact that I could pay into my pension and get tax and Ni relief to the tune of 31.8% As 55, the age you can start withdrawing from your pension is not that far away (7 years), it makes sense I think that I start to max out the contributions I can make to the pension pot. I have a SIPP pension which means I am in control over where I put the asset for investment (no domestic property though!) .

    Anyways, lots of learning to do there.

    Almost forget, I have applied to be a dining mystery shopper. I'd be really very good at this and look forward to having free dinners out in return for my assessment.

    Now that I am able to pay off my CC, I am going to put everything I can through the card to ramp up the points collection (transferring the money after each purchase). Unless I learn otherwise on the boards, I do think transferring the club vouchers for restaurant vouchers is very good value.

    Hope everyone had a lovely weekend.
    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 26th Sep 17, 10:37 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    2 more NSD totalling 14 for month so far.

    CC repaid in full and £4K moved to mortgage OP . In days gone by, this windfall will have been squandered over time on nothing in particular. Good job I had had my LBM and started my quest to be financially independent. First step is always to clear debts.

    Still haven't done anything with Virgin media to reduce our bill.
    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 28th Sep 17, 3:58 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    15 NSD for month so far.

    I've been approved for the dining mystery shopper gig and need to log in to do a little induction of how it all works. Fab. Now to work out how I can do this for holidays too

    Had to sort out some admin so there was a delay to the remortgage going through for this month. This however has turned out to be a good thing, as I've just logged on and it seems the deals they are offering are even better More for the O/P pot. Still likely to remain with an offset mortgage but need to decide on 3 or 5 year term. End of 5 year term will see us to the end of the mortgage if all goes according to plan. 3 years will see us do a MEGA push to get it cleared but I think we are setting ourselves up for a fall with that one. 5 years is good going from a 12 year term.

    Still trying to sort out my pension. Can you believe that old pension provider charge £390 for me to transfer MY CASH to new pension provider Honestly, if that isn't modern day robbery not sure what is! Peeps, please be aware of these charges before signing over your hard earned money. I was naive - not anymore though.
    Last edited by maia_evo; 28-09-2017 at 6:20 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 28th Sep 17, 6:24 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Okay here goes. I've signed up for the 3 year fixed rate deal AND, done the figures for me mortgage free the month before my 50th.

    So I started this diary 1 month ago. In that time I have gone from the belief that being mortgage free by 53 was a pipe dream to committing to being mortgage free by 50 in 2020.

    Wonder if I can change my diary name
    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
    • Mrs Money Penny
    • By Mrs Money Penny 28th Sep 17, 8:57 PM
    • 718 Posts
    • 6,249 Thanks
    Mrs Money Penny
    Well done will be following you on your journey.
    MFIT T4 40
    MFIT Challenge save £40k
    £55526:/36617/18909
    • maia_evo
    • By maia_evo 1st Oct 17, 9:50 AM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Thank you Mrs Money.

    I've done the "induction" on the mystery dining shopper thing. Slim pickings for my area on the available jobs but I'll keep an eye on what comes available. Will be fun.

    Supermarket shopping is going really well, have achieved sub £75 budget a few times.

    Remortgage paperwork was signed and posted yesterday so lower interest will start as soon as they process it their end. Excited that this will be the last remortgage ever...

    Went out last night for MIL birthday, OH paid for night so great money saving for me.
    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 2nd Oct 17, 5:19 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    OMG OMG OMG OMG OMG

    Mortgage balance now begins with a 7
    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 Oct 17, 6:29 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    I have had a few money conversations with friends recently. I've been open about the learning I have done around personal finance and the positive implications it is having on my life.

    Two of them have asked me to take a look at their finances, not sure if they are serious. I'll wait to see if they mention it again.

    How freeing it is to realise that I don't actually have to earn as much as the £ figure I had in my head to live a lifestyle I am happy with! It takes the pressure off big time. Such a relief.

    Mystery dining jobs have not started yet. Just Subway available at the moment. No good for a low carber like me
    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 5th Oct 17, 6:51 PM
    • 587 Posts
    • 2,246 Thanks
    wishingthemortgaheaway
    I've had conversations with a few friends about our approach to money and finances. It mostly comes up because people say 'is love to not go back to work after mat leave, how do you do it?'
    Which is a great opener to the conversation. Yes, I'm starting to look for work now, but (mostly) it's on my terms.
    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 6th Oct 17, 5:55 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Good conversation today that looks like will lead to another product sale. Won't count it until the money is in the bank though. Pretty pleased as I still haven't really started any marketing.

    Lunch at beach today was lovely. Can't quite believe how quickly the weeks are going by.

    Can't make another OP until later in the month.

    Talking with OH about doing some updating in the kitchen. We have agreed to a budget of £500:
    • new tiles (which OH are going to fit himself)
    • new benches
    • new blinds (MIL makes them)
    • new coverings for the kitchen table chairs

    We had new flooring a couple of years ago and that will still do nicely.
    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 Oct 17, 4:40 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Fancy dress party night. Felt needed to hire as left until last moment. On way to hire shop, passed second hand shop with costume in the window.

    Fit good enough so bought and £25 not spent on hire.
    Last edited by maia_evo; 07-10-2017 at 4:47 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 9th Oct 17, 6:21 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    With a little bit of spreadsheet magic, I've made my £500 OP 2 weeks earlier than expected.

    Every little helps
    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 9th Oct 17, 6:57 PM
    • 587 Posts
    • 2,246 Thanks
    wishingthemortgaheaway
    Wow. Go you. Love some spreadsheet shenanigans
    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 11th Oct 17, 4:27 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    Had confirmation that new mortgage is now in place. Saving of £144 a month from the SVR I was paying. (Already accounted for in the spreadsheet )

    We remained with an Offset mortgage @ 2.14% fixed to 31/12/2020. Happy girl.

    Had a bill of £123.23 from old gas/elec supplier that I wasn't expecting as due when I switched the account.
    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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