Countdown to Freedom

Tilly_MFW_in_6_YRS

Hi Ammonite, I think daily interest is a good barometer for where you are with the mortgage. Having gone from £45 per day down to just over £18, it makes me feel so much better as more of our money is working towards reducing the mortgage which is FAB. The banks have had enough from the Tilly household.

Have a great week and well done on not using the TD today


Tilly x

ammonite

Agreed! Which is why I am so determined that I won't be paying a mortgage for another 20 years. 10 at the most I think (if all goes to plan!). Damn interest! Have a good day tilly x

macgirl

Hi there Tilly :hello:

Glad to read all is on/above target and you are ploughing through those mortgage payments!
And I was VERY impressed to read about the fantastic weight loss - that is amazing!!! Well done. You must feel like a different person!
Glad you have continued the regular exercise, it really does pay dividends but is hard to sustain, so keep up the great work

Tilly_MFW_in_6_YRS

Hiya MacGirl, I haven't stopped with the exercise at all. Weight loss been sustained, with running/walking at between 21 and 35 miles per week. I will never be a runner like some of you, but I have travelled miles in terms of turning my life around. It's very rare that I am not up and about for 6.30am most days outside with the dogs. The really heavy rain has put off a small number of the early starts, but from memory, only missed maybe 2 or 3 days in total.

What with running, shred it and boxing - yep I have also started boxing with DH, its all going great guns. DS bought me boxing gloves and glove type target things for DH to use. Marvellous :T

So all in all with weight loss, mortgage £ loss, daily interest £ loss and no alcohol for weeks on end, things are looking good. There has been a lot of laughter along the way. Mainly from my kids and DH towards me which has been ok as well. Much discussion about sports bras :rotfl::rotfl:

Anyway glad to see you back posting and hope things are going well for you.

Best wishes Tilly X

Tilly_MFW_in_6_YRS

Morning, woken to a dry morning . I have just moved a few bits and pieces around in the bank accounts and am looking forward to pay day next week. I have a lot of things happening financially at the moment, so there's a fair bit of control needed. Always challenging when you decide to have jobs done on a house.

I read a post from someone the other day regarding how you celebrate when you clear your mortgage. The comments made me think about pensions. Both DH and I have pensions, mine is a final salary one, his is contribution based, plus he has one from his previous employment of 25 years. We both have AVCs, plus ISAs which we fill each year. We don't intend staying in the family home forever, as we want to move area, which will result in less cash tied up in property, so I think our pension pot will be fine. We are likely to spend most of the year abroad when we retire but unlikely to completely sell up in the UK. It has made me think again though about a financial advisor to check our plans. When I tried to contact some a few months ago, not one returned my calls, so I don't hold out much hope.

There's always something to do as an adult. Wouldn't it be great to take some time out and just relax. Whilst I realise we are fairly close, it's still 4 years away, and the focus needed to stick to that is quite wearing at times. That's not to say I am slowing down, but occasionally I dream of coming into enough money to clear the mortgage in one go - which won't be happening, but what joy :T

It's quite a frugal week so far and the weekend shouldn't be too bad. We have a dinner out with friends but that is from the entertainment pot. I have given up checking the weather forecast but hopefully we will have some dry weather. If dry, then we are all off for a bike ride and picnic. BBQing bacon and taking rolls, plus a flask of coffee. I would quite like to bike ride to church, then BBQ on the way home.

Right, have to get cracking.

Best wishes Tilly x

Polly_Wolly_Doodle

Hi Tilly,
Really interesting to read about your longer term plans. Would you want to help your children buy their first homes? Must admit that would be my aim. Mind you as i had mine later in life i think the youngest might only be out of uni (if he gets there) by the time i retired, but maybe that would be perfect timing!

What are your thoughts on amounts required to get the children through uni? Up here the degree is still 'free' but of course accomodation, living, books, laptops etc etc aren't, so i have no idea how much we should be looking at (and of course if they wanted to study south of the border i would love them to be able to go). When i went through it was so much easier, full grant and travel allowances and i had great summer jobs that paid off my overdraft and credit card all ready for the next year!

PWDxx - very much looking beyond her debts to the bright light sooo far away:D

Tilly_MFW_in_6_YRS

Hi PWD, had my kids later too, so I know how you feel. We are quite fortunate that there is a legacy to come to the children as they finish Uni which allows their study costs to be wiped out in one go. I am hoping there is enough to buy them a property each as well and put the property into trusts to protect their assets for the future. If this doesn't work out as planned, then we just won't have as much in savings, as I want the kids to start their lives clean, without being weighed down by debts before they start. It is absolutely tragic that we are burdening kids with debt, yet are expecting them to be the leaders of the future.

It's so complicated though and we do need some more advice.There are always so many things to consider aren't there.

I am educating the kids all the time about money management, the benefits of spreadsheets etc. They know we have fun, but I am making them earn money more now, so that they learn to value why and what they are buying. They both have an allowance and have to budget for Xmas, birthday, clothes, toiletries (apart from the normal deodorants, girly bits). This has been a big help in them understand the impact of their decisions. DS spent too much on a game recently, didn't have enough for DH birthday, so had to ask for jobs to earn more money. I suggested he asked the neighbours again to encourage the 'earn it yourself' mentality, rather than us as parents bailing him out. What a meanie I am, but maybe that's where age helps?

Best wishes Tilly x

ammonite

The thought that mine can be paid off in 10 years feels like a long way off. Without overpayments it will be 20 years and that feels even worse! 4 years isn't too bad, keep ploughing away Tilly Mint!

We too are doing some jobs in the house, buying a few things for the garden, nothing too expensive but still several hundred pounds (which all I can see that as is overpay money not being overpaid!)

Tilly_MFW_in_6_YRS

Hi Ammonite, 10 years will go so quickly and thank goodness we woke up when we did, otherwise we would not be looking at 4 years. By then one 'baby' will have left home and the other will be off a year or so later. Boy that's going to go quickly.

I will have an empty house then and I love having a houseful. Any excuse to start feeding people.

DH and I will have to rattle around here until we choose our next location . What an exciting chapter that will be :T

Jobs round the house really do add up don't they, but we are all thinking about the cost more now which is an improvement.

Have a good week, Tilly (mint) x

Polly_Wolly_Doodle

Morning T and the gang,
Agree about the house diy costs completely, that's how we got into the mire, bought this place to do up and sell on and got stuck with the housing market and our own inertia. However in a positive Tilly mood we should be discharged tomorrow and then it's only 2 more years of being under the Trustee and then we are truely free:j.
I'm going to have a big think today about money, the future and more immediately my weight, may even start a diary again just on the weight and the next two years to count the days off.
So todays purchases may be a pair of scales and a bottle of champagne:eek:.

What i was going to say Tilly was your plans sound very solid to me and i think you'll know as much if not more than the IFAs! I completely agree about educating the children with their decisions. Keep up the good work.