Pay off mortgage and start having fun!

newgirly

Thanks mfd’s and Vix 😊 car is fixed and home costing £138, not terrible for an old girl I guess. Work meeting could have been better but could have been worse today. They basically opened with “people need to go” never good to hear! Dh is the safe but unless he can up turnover by 20% in the next six months it’s not good and one person will have to go. He as we had talked about beforehand, Dh suggested that if it came to it would they consider letting me train ds2 to do my part time job and keeping him on (full time still) and they said yes. Everybody else left there is single and has a mortgage and one has young kids 🙁. 

In theory if we can get the turn over then it may be all ok, but personally I doubt it and I think someone will go even if we do, but I am a pessimist. 

Financially I don’t know what to do yet, last months op is still in the current account as I was waiting for a new card reader so haven’t got round to transferring it. I feel like paying it and everything else to the offset rather than off the balance for the time being while work out what is next. 

themadvix

I think keeping it in the offset sounds like a very wise move considering the uncertainty ahead. As you say, meeting definitely not the best by the sound of it 😕 but at least they were open to keeping DS2 on if you go ... small mercies!

£138 to get Geraldine through sounds like a good deal at least!

CathT

Hope hings pick up with the business, sorry things are so uncertain at the moment.

Was nice to see your photo too. Where are things up to with the builder?

newgirly

Thanks guys, had a busy day today so have not looked further into a “worst case plan” yet. 

Visited a local museum with ds2’s girlfriend to see my aunts exhibition of miniature shops she has made of local shops of our town from the past, she’s so clever they are stunning. There was also some info she had written about my grandad buying her sweets from one and she had made a replica of my great grandparents house at Christmas time and told how my grandad used to walk her around the local houses marking their Xmas trees out of ten which he also used to do with me, it really made me well up! 

That was followed by a coffee and I bought everybody (at home) a nice cake or tart each from Sainsburys fresh bakery section, it’s a bit pricey but it’s been a rubbish week and I felt like a meringue filled with fresh cream and fruit 😍

Tomorrow I WILL be working out a plan, I think it may have to be a plan with dh in a lower wage as well as me with no wage for the moment as I have a gut feeling dh will have had enough in six months time.  

themadvix

The exhibition sounds lovely!!

 Do you not think you’ll be able to find something if you leave the factory? I feel for you and your DH - it’s such a pity as it’s been such a big part of your life and it clearly means so much to you both. 😔 

The cream cakes sounds entirely justified!

newgirly

I don’t know vix, looking at what’s online I’m unqualified and old 😆 my job is so niche I won’t get another one doing the same thing as it’s a dying trade and we know most of the other businesses doing the same within travelling distance. At the moment I’m looking at doing something from home as I have before, purely as I would like to be at home and have more freedom. It depends on what it means for us, if we really need the money I’ll do most things if I can. When the kids were small I started baby and toddler sessional play classes, when they were a bit older I did some cleaning before starting at the factory. What I would really like to do is sell online from home, I guess I have six months to look into it all. 

It is all seriously messing with my plans to be retired ASAP! 😁

South_coast

The exhibition sounds lovely, what a lovely thing for your Aunt to do ☺

newgirly

I’ve been a hermit today, it’s very cold and windy, dh has been at work so I’ve been at home working out the finances. I think I’ve come up with a good worse case scenario, We are switching to oping the factory mortgage (or at least setting aside to op as and when due to op limits). The main aim is to clear it by the time we need a new mortgage on our home in Aug 2022. 

I’ve fiddled around with a few bits, ie. this year I was was saving £100 pm to pay for extra costs that apply to this year only , like a trip with the kids to Alton towers and a bit of extra birthday spending. So I’m setting that aside right now from febs money saving £100pm and I’ve also trimmed the birthday and Xmas budget as much as I can possibly live with which has saved a good few hundred.

I’m also (after feb as it’s already used) basing my figures on no wages for me and a reduced wage for dh which would be around £25K which is what I think a realistic figure might be if he needs to change jobs suddenly, based on a conservative estimate of what he’s been offered before for different types of jobs.

So the plan is based on these lower figures and the factory mortgage would be cleared in the time frame. After this time it snowballs on (with a new residential mortgage) to our home one, along with the now freed up rent, clearing the home mortgage by around July 2025.

There will be an excess for at least six months this year of surplus money and hopefully for much longer, I think at least initially I will save this instead of oping it all on the mortgage. As the time frame for being mf is a couple of years longer I think we need to allow for bigger expenses that previously may have been paid after we became mf, for example helping with dds wedding which will be with five years I’m pretty sure.

In the mean time I will of course be carrying on with any mse efforts I can to chip away at our home mortgage, they will make even more of a difference now op’s will be officially non existent for a couple of years. 

I’ve really been putting off looking at this all week, worrying about what it meant but now I feel a lot happier with a plan 😊

South_coast

Great plans NG, I always find having a solid plan is calming, plus this sounds measured and achievable ☺

themadvix

That sounds like a very well thought through plan NG.