Sweetdaisy's aim to be mortgage-free

gallygirl

What great news SD :T. Your bank balance may take a temporary hit but your quality of life balance has gone through the roof :j:j:j:j:j.

sweetdaisy

Thanks everyone for your replies. Had a bit of a wobble in work this week . Think I felt overwhelmed with the prospect of leaving a job I have been in for 11 years and one that I know inside out and going into a job I where I have no idea what to expect, plus starting a new College course! But wobble over and I am back on track .

Thanks for popping in Southerndave - it's been a long time. Hope you are well.

Having received a mere £3.82 interest on my Cash ISA account last month I decided to transfer the balance to my main Offset Savings account. The reason for this is that the money in the ISA was a long term savings account which is going to be used towards the children’s education (University/College), help with a deposit on a house etc when they are older. I pay £100 a month into this account and DS1 is only 7 years old so we have a fair few years of saving into this account to go. I will also be paying in an additional £10 a month to the account to make up for any interest it could have earned as I don’t receive any interest on my Offset Savings accounts (as it is linked to the mortgage).

By transferring the money, the Mortgage has gone from 53% Offset last month to 64% Offset. Only 36% to go and the Mortgage will be fully Offset.

Also, monthly interest added to the Mortgage was £59, a reduction of £24 compared to last month. This brings the Mortgage balance to £47,500.

I have started :xmassmile Christmas shopping as I like to be organised and prefer to do most of it online as I don’t have much time along with work, studying, children and running the home etc. Plus, I like to use TCB where I can to earn extra cashback.

southerndave

No worries SD! I feel shamed that everyone I used to read regular diaries are forged ahead and some even fully MF, I must get my butt in gear. Inspired by yourself and others. Good move with the ISA I reckon, savings rates are woeful and its better to reduce debt, any debt, before saving I reckon.

QB_Wolf

Wow SD what great news about the job. Saving that time every day will seriously improve your life, brilliant stuff.

Miss_Moneysaver

Hi,


I have read your diary over the last couple of nights. Wow! Well done on reducing your mortgage so much and well done on the new job/career! You have done really well and I have pinched your 'savings pots' idea.


I have a similar story to yours and, although have read a few diaries on here, I haven't started making regular over-payments on my mortgage yet. I am part time at work (and have been part time for 11 years now). Due to childcare over the years we haven't had that much spare. We have an offset mortgage too but never seem to have anything to offset it with at the end of the month. I do save about £700 - £800 at the start of the month and then car bills and other things eat it away! I then spend some on weekends away etc. Like you, I don't want the children missing out on fun.


I am married with two children, one boy (11, who has just started secondary school) and one girl (7, who has just started year 3). The husband works full time but in a lower paid job than mine. We pay childcare (groan) and have NO help from family at all with the children. This is due to age of the grandparents. I only have my mum and hubby has his dad (others RIP) and they are way too old to help out. We do have an amazing childminder though but we get stuck, for childcare, when she is off (Christmas week is a NIGHTMARE as both of us work that week).


Like you did (in your old job, have you left yet?) I work bank holidays, Christmas, on-call, and extended working days. Although, on a rota, I find it extremely difficult to organise out of hours childcare as the childminder finishes at 6pm. I can only work late/do on-call if my husband is off on a rest day. Then, with on-call, I have problems if he is on an early shift as he can leave the house at 5am. I have had a lot of stress with it all over the years. To make matters worse, my department was shifted 25 miles further away (my old job was in my hometown). This has added to my pressures! Cutbacks - grrrrr!


Anyway, I had applied for primary and secondary teaching and both offered me a place but I backed out when I realised how much income I would lose (I planned to do a PGCE over 2 years) and that I would start at the bottom of the pay scale again. I am now thinking of doing a part time post 16 PGCE or moving into university work. I really want better hours. I can cope with the hours but, combined with the commute, it is too much. I work in a city (although a small city) that is absolute bedlam in the mornings and at night rush hour. So, my commute is taking over an hour each way (then, if on-call, I have to do it again and again in the same day)! have no flexibility in changing my hours either as I need to work within the hours of available childcare if hubby is at work...so, 9-5 (with about 50 min - 1.5 hours commute each way).


I wish I had the guts to change completely like you did but I need to get the mortgage down first. My husband is 10 years older than me so I feel the pressure to earn more and, have the potential, to earn more in the future.


I applied for a job in a hospital in a neighbouring town last week (yes, I am NHS). I have an interview later this week. It would be better for us financially and I have the option of moving my hours slightly each week (so one of us would always be around for the eldest when he comes in at 420pm). It is FULL TIME though and I haven't done FT since 2004! I really don't know what to do as, where I work now, I struggle to get school holidays off. Hubby has fixed/allocated holidays too just to stress me more.


Money would be great and it is only 10 minutes away so a lot easier for on-call etc. I can get there 3 different ways (one is a lovely country road that is really, really quiet at all times). I would really be in a good position to pay off the mortgage even quicker! That would be wonderful. I pay £729 at the moment and add an extra £100 every now and then. We stop paying for one of our cars soon (£166/month) and I was going to start using that as an overpayment. The other car is old and paid for (we plan on keeping it until it dies).


Really don't know what to do about this job. The manager has already told me that they haven't had any decent applications apart from mine. It seemed like a very friendly place to work. I worry about the kids being stuck in childcare all of the school hols (my eldest is getting funny about going to the childminder). On the plus side, it would be more money, closer to home, flexibility for me to work early shift when hubby is on a late shift (and be home for eldest after school) or I can work 930 am start and take youngest to school (if hubby on early shift). They give more time off for working on-call though and only work the mornings at weekends (I work all day where I am now at weekends). I hate the commuting! It is too much and, long term, I don't want to stay there. If I wasn't in a job that involved out of hours working it wouldn't be so bad.


I would love to have the extra money to throw at the mortgage though and LIVE a little more afterwards. What would you do? Go FT and be close to home or stay PT (3 days) and commute? Bear in mind that I do the same number of on-call/weekends/bank hols/late and early shifts as a full timer in my present job (ggggrrr).


I love your story though...you have provided inspiration!

sweetdaisy

Miss_Moneysaver wrote: »

Hi,
I would love to have the extra money to throw at the mortgage though and LIVE a little more afterwards. What would you do? Go FT and be close to home or stay PT (3 days) and commute? Bear in mind that I do the same number of on-call/weekends/bank hols/late and early shifts as a full timer in my present job (ggggrrr).

Thanks for reading my diary . In terms of you changing job, I'm not sure I can offer any advice as you have to do what is best for you.

I can sympathise with being On-call, Bank Holidays etc as DH works 12 hour day/night shifts and organising childcare around this and being 'On-call' was a nightmare, which often resulted in my parents and mother-in law being on 'stand-by' when I was On-call. Also, I used to work until 10pm every Friday so had to rely on family to look after the children when DH is working.

I have always worked full-time so can imagine that once you change to part-time work it could be difficult to return to full-time work, however an increase in salary does give you more options.

It was a big decision for me to change jobs as I have gone from a full-time permanent job to one that is only temp and I may only be there a few months. But, if I had not started my MFW journey or been saving hard I would not have been in a position to have the opportunity to change job. Yes, I have taken a large pay cut to change career, but for me the reduction in my daily commute to work is worth it as I will get an extra 2 hours a day with the children, I'll be able to spend more time with them after school and helping with homework and reading etc, plus it takes the pressure from family having to be on stand-by for me.

My change in job will mean that my MFW journey will be put on hold slightly, but for me it is 'now or never'. I am usually risk adverse and I could be making the biggest mistake of my life, but sometimes we need to take a risk otherwise we will always wonder '"what if?"

chumpy45

Have just caught up with your inspirational journey - what a great achievement and well done on the new job. Have just started my own journey and will continue to follow you and be motivated

SuperSecretSquirrel

sweetdaisy wrote: »

My change in job will mean that my MFW journey will be put on hold slightly, but for me it is 'now or never'. I am usually risk adverse and I could be making the biggest mistake of my life, but sometimes we need to take a risk otherwise we will always wonder '"what if?"

Hi Daisy I personally think the best thing about this MFW business is the kind of opportunities it affords you afterwards. The focus for me isn't really paying off the mortgage, it's more about making the most of our time. Having a paid off mortgage and not needing to earn as much allows people to retire early, go part time, leave a job that was just for the money and instead spend their time doing what they love, etc... You've just brought it forward a little, and with the age your children are now I think you have absolutely made the right choice. I don't think you've really put the MFW journey on hold as such, it may take a little longer to pay it off in full, but you are already enjoying some of the benefits that being MF would bring, so in a way it balances out, you're just changing course a little and taking the scenic route

sweetdaisy

SuperSecretSquirrel wrote: »

you're just changing course a little and taking the scenic route

Thanks, that's a lovely way of putting it .

You are right - being MF or being on the MFW journey does give you options and for me it has allowed me to change career and take a large pay cut, which is something I couldn't have dreamed about doing if I had not started my journey. Even though I am overpaying each month I know in the back of my mind I can return my monthly mortgage payments to the original amount if I wish and that's great peace of mind .

sweetdaisy

I started my new job on Monday. It was very daunting going into a new place of work and it’s going to take at least 3 months to be fully trained in my new role but I am enjoying it and even though I was very worried about changing career I feel I have made the right decision .

I’ve had to review my finances (yet again) as in my new job I am going to be paid weekly, rather than monthly. Therefore, we are going to reverse the way we do things and DH’s pay is now going to cover monthly bills, whilst my pay is going to be used for the weekly food shop, fuel for our cars and general spending money for the week. As I have taken a pay cut I am not going to have much money left for Savings. I know that I will be saving money on fuel and I tend to spend under the budget for the weekly food shop. So each week (on a Thursday evening) any underspend from the weekly ‘Spending account’ is going to be transferred into Savings and I’ll transfer money into the ‘Weekly Spending’ account on Friday’s to coincide with my payday.

Interest applied to the mortgage this month was £41 - £18 less than last month. I received my final pay from my old job this week and it was more than I expected so I made an overpayment of £291. This brings the mortgage balance to £46,500. We are now 66% Offset and I have reduced the term by a further month to July 2021 (4 years and 6 months earlier than original end date).

I am making good progress with Christmas :xmassmile shopping and did quite a lot of shopping last week during my week off between jobs. I am hoping to buy something each week, so that I can get it all done by beginning of December.