2020 Vision

OS_QS

Just spent a very enjoyable few hours making a spreadsheet and playing about with the numbers. I now have a master plan

It is my goal to become mortgage free in 2020. It will be hard work and require commitment, but it gives me something to aim for.

A few weeks ago the penny dropped for me and I posted on here that it was about time I became sensible with my money and do more to pay off the mortgage. The postings there helped me get things in place, set up the bank accounts, keep a spending diary, figure out where my money was going, basically get organised. It was really useful, but now I want a more focussed diary, with aims, objectives, etc.

AIM: to manage my money better and pay off the mortgage quicker

OBJECTIVE : to be MF by December 2020 – this requires Overpayments of £760/month

METHOD:

-Money Management – making what I have work hard
- have separate accounts to help with budgeting
- moving money about to get the incentives offered
- keeping tabs on what rates I get and act promptly to get best deal
- move money into savings account (ie spend what’s left, not save what’s left)

-Overpayments –
- set up intitial OP of £300/month, aim to increase to £600/month by May 2012
- Have an OP pig to make up difference of the magic £760, and put aside all ‘extra’ money throughout the month and overpay this also.

-Grocery Challenge-
- Set a monthly food budget and work to it
- ‘Value Engineer’ my recipes – What can I substitute / omit, to maintain the recipe or reduce the cost in order to increase value to me.
- meal plan / batch cook
- take lunches to work

-Savvy Shopping
- Check around for the best deal
- Check for cashback
- do we really need it?!

I’m sure I will think of some more, but those are the ones that jump out. Any other ideas are welcome!

So now the hard work begins (although I’m quite looking forward to it!):rotfl:

saver03

:wave:

Didn't want to read and run so thought I would say hello and wish you luck on your journey

I love the way you have broken it down into objectives etc. I think maybe I should become more professional with mine and attack it seriously!!

[Deleted User]

Well, you have got things really organised...well done and good luck!

OS_QS

To keep me motivated, and have a bit of fun, I have worked out that my daily interest is £10/day, so my initial goal is to save/generate as much as possible a day to help offset this.

Ie, If I walk instead of getting the bus - £1.30 towards the daily interest, with the hope to get it up to £10 /day.

Will be difficult, and hard work, but hopefully focus the mind and add a bit of perspective?

OS_QS

So a few months shy of 5 years since my last post!!! Since then I've gotten married, had a baby, bought a new car outright and complete a house extension, plus had holidays. All VERY VERY anti MFW, but worth it....actually may have been mortgage free already if none of those things happened LOL, but its important to live life too!


Anyways, I'm still plugging away with the overpayments, and have managed to get my mortgage down to £69,000.


I'm really hoping I can clear the balance in the remaining 3 years left on my self imposed challenge!
Mortgage free at 35 here I come!

Tropically

What a great plan! What is your current balance?

OS_QS

came across this old thread. like i said previously, we have been very much living life, but looking at the numbers, we *may* well still make it!
Might resurrect this diary in a bid to keep me focussed for hitting the goal

mortgage currently £46,100 and 15 months until 2020 ........lets see if we can do it!:T

VDOT47

QS QS - even if you don't do it by the end of 2020 (so, actually 27 months until your self-imposed deadline in your OP, not 15) you are still in a great position by the looks of things! Good luck!

a_fresh_start

VDOT47 - i like your thinking! a whole years' leeway

OS_QS

Hi VDOT47 and afreshstart - nice to know im not talking to myself! thanks for 'popping' in.

ok, so i’ll need to post a lot regularly than every 6 weeks, but have had a lot going on family / work wise recently, plus a sneaky wee break thrown in to celebrate husbands 35th birthday!

Here’s the numbers….unfortunately savings have been depleted a bit as we’ve had a spendy few weeks, some house maintenance, and car repairs, some splurges, and some for living life…

Mortgage -44,760
Savings: 8000

so total debt: circa -£37000

we have one more mortgage payment + overpayment for the year, which will bring the figure as of 31st of December to £35k HOPEFULLY. This will be made up of a rounded mortgage payment of £1k and also £1k towards the savings. the savings mature in January, so we should get circe £250 worth of interest mid jan.

so the big question is, can we repay £3k per month for 12 months to get rid of it completely?

I reckon £2k would be achievable, as we’ve done that regularly over the years - its the extra £1k. How many little things can realistically be done to chip away at that?

doubtful there will be any pay rises. nor shares maturing this year, so will be hard graft. Might try and break it down into 10x £100 mini goals or 20x £50, etc…..

However the benefits would be huge. financial security in this period of uncertainty, especially for me working in construction. i could significantly reduce my hours at work, allowing me to do drop off / pick up of nursery. or perhaps jack it in all together! or keep working and enjoy nice holidays. Or private school for kiddo. or maybe keep saving and get a bigger / nicer house….though would have to be very nice to tempt us back into owing hundreds of thousands!

sorry I’m rambling!

away to do a stock check and meal plan for friday-thursday. hoping to use up as much cupboard / freezer stuff. firstly to save money in the run up to christmas, and secondly to create some space for goodies coming in for Christmas

OS_QS

just stuck chipotle chicken in the slow cooker - fingers crossed it turns out! loved the chipotle chicken burrito the last two times we were in USA and am desperately trying to assemble something similar.

was thinking - are there any folk out there in similar position, or wanting to join in in a hardcore 12 months? would definitely make it more fun - and focussed?

my husband loves the idea of mortgage free, but is just too sociable and generous to really get into it. he doesn't do well with long-term, so hoping such a short term goal will keep him interested, but i know it will be me pushing it along. would it be bad to ask him to stick to an allowance, so he doesn't feel hard done by, can continue his socialising, but up to him how to spend it. would mean that I can be on top of the budgeting.....hmmm.