Edinburgher gets cracking!

Prudent

My 'mortgage free' started as a wee pot too. I bought a house in 2002. I probably should have never had a mortgage. I had newly become a single parent and wanted a place of my own where I felt safe (fleeing a nasty situation). I was in casual and insecure employment and totally unsuitable for a mortgage. However the Northern Rock were handing them out like sweets at the time and I managed to get one. The only house I could afford in an ok area was in a terrible state. Almost immediately I began a bolier fund which initially came from buying yellow stickered foods and using coupons to pay for food and even from odd pennies I found dropped by other people. The boiler fund grew at quite a decent rate especially once I got a secure job. Once I had enough for a boiler, I put the surplus into the mortgage. It had a flexible option which meant in the meantime the money reduced interest, but if necessary it could cover payments.

I still called this the boiler fund and once I found MSE (in its very early days then) the whole project became a bit of an obsession. The high point came when I got letter saying I now owed £102 and that my monthly payment would be £1. So do keep going with the small pots

Edit: incidently the boiler was finally replaced in 2011, not because it had died, but simply because at 28 years old it was very inefficient

ajmoney

edinburgher wrote: »

Does anyone else have personal (as opposed to family/joint) goals that they're saving for at the same time as their MFW journey?

My savings goal is to have at least 2 years worth of my current income put aside, although I would like to be MF by July 2021 or September 2022 we are currently on target for far later than that. I will need to train for a new career from September 2022 and I would like to be able to continue with our current lifestyle while studying. Depending on which career I chose next I will be wage free for 1 or 2 years with reduced wages from what I am used to after that.

I am interested to see what goals everyone else has.

southerndave

edinburgher wrote: »

Does anyone else have personal (as opposed to family/joint) goals that they're saving for at the same time as their MFW journey?

Retirement!:D

We save into our pensions. We are saving into my son's pension as well and he isn't even in 'big' school yet!! Essentially as soon as our mortgage is paid, I plan to go part time the same day, if not sooner. My wife will also cut her hours too. Post mortgage free, we plan to then save as much as possible and make that money earn for us. After that a bit hazy - I like the idea of temporary full time work that I can chuck in as soon as the boos starts to grate on me or I get bored , perhaps for periods of six months or so and then not work for six months and so on. Travel as well.

But as we all know, god/fate only laughs at the plans of men!!:rotfl:

edinburgher

We save into our pensions. We are saving into my son's pension as well and he isn't even in 'big' school yet!!

We already knew it SD, but you rock! I take it your son doesn't know?

HelenDaveKids

I want to be mf by the time the oldest is ready for uni, had 3 girls in 3 years so potentially be an extremely expensive time as want to help as much as poss with all of then. After that it's retirement goal with dh wanting a camper van..

southerndave

Good goal HDK, we looked at living in one of those permanently.......

ED, not sure about rocking, but rolling in the right direction, yes! No, he doesn't know. He get his CTF when he s 18 along with savings we are holding for him until then as well, from another relative. Hopefully these will go on education and not cars/girls like I did. Fun, I grant you, but you pay for it long after the party.

We want him to have a good start, but not have everything. He needs to learn the value of a £ and the value of work before he gets anything else on top, which is why we preferred to kick start him with a pension now instead of the usual kids ISAs and such as they get to 18 and the money is sometimes wasted. This way, he'll get to 50 and see that money we saved when he was too young to know has been working as hard as possible for his entire life. Its the best way of us leaving a legacy for him as we have sod all in the way of heirlooms or estates that's for sure!

edinburgher

Up bright and early this morning (shame about the horrendous weather).

Popped out to L1dl for groceries, some good deals today (mince is £2/kilo!) Also got lots of packed lunch stuff and a few treats for Mrs E, who is painting today. I am being allowed the 'day off', which feels like a rare luxury

HM pizza planned for dinner - onions, mushrooms and chorizo. I'll make this and an extra loaf of HM wholemeal for next week. Other than that? Sit around, read the new Neil Gaiman book and chill out...

Ordered a new rope for our pulley from the folk who manufacture Kitchen Maids today. The last couple of ropes we have had have been c@rp and I'm finding the lack of longevity to be quite frustrating. The 'official' one has a nylon coat over the cotton, so will hopefully last better. At £11 delivered, it blimmin' better! :eek:

£1 to Freedom Fund

*Submitted meter readings - £437 in credit. Looking forward to them giving most of that back once we switch suppliers

southerndave

Where were you buying your rope from? Chandlers usually have good quality ropes of all descriptions, made for sailing they aren't going to snap soon!

Alchemilla

E you should have said. I have a roll of sash cord that works well with our Sheila's maid and looks good too.

edinburgher

southerndave wrote: »

Where were you buying your rope from? Chandlers usually have good quality ropes of all descriptions, made for sailing they aren't going to snap soon!

The stuff I've bought is made for sailing, so it should hopefully do the job :beer:

So hungry - HM pizza with chorizo, onions, chestnut mushrooms and roasted garlic is making me drool :rotfl: