I have a dream...to be a MFW

edinburgher

I think the first few things are best established off spreadsheet. For example, what are your goals, what priority is associated with each and how important to you is it that you achieve them.

Once you have those, it should be relatively straightforward to set up a spreadsheet that allows you to track the value of each pot and project a future value for each item.

What would I suggest? Predict sensible rates of return, otherwise you are deluding yourself, stick in some charts (everybody loves a graph!) and don't be afraid to tweak the formulae as you go. Also, make updating it part of your monthly? ritual

ajmoney

I wimped out of writing my own spreadsheet and just played about with some numbers on different calculators instead and then tried them in the spreadsheet I have. I think £500 OP a month will see us MF of our large mortgage the month before Mr AJM is 60 which is the plan, it would only take a year to clear the small one after that. I honestly think this is more than we can afford while I am working away, especially as we don't know how long it will be for. If we were to give up our holidays we could easily manage it but that is too much of a compromise for both of us. I need to have a chat with Mr AJM so we can decide the best course of action. We know we can afford the mortgages without him working as we deliberately got a larger mortgage with that plan in place in case the stress became too much in the teaching world. Mr AJM is at the top of his pay scales and unless I do another course at work I am too, I am undecided on the further course at the moment. Therefore we need to prioritise our short, medium and long term life/goals. It could make for an interesting conversation, I am hoping to go for a nice walk later so think that will be the ideal time for the conversation.

ajmoney

I am now a fifth of the way to completing my 500 mile challenge, it is hard work but is great when I can't be bothered to go to the gym. I have to complete a minimum of 42 miles a week to stay on target and that is hard going, especially when I am at home. When I am feeling lazy I know it will be even harder if I take a day off.

Off for a shower now then going to enjoy an afternoon in the conservatory. It will stop me spending money which is not going too well this week

ajmoney

I seem to waste a lot of time while I am at home, I feel I should be doing more but I am not entirely sure what! I have been to the gym this morning and have just under 12 miles to do for the rest of the week to stay on target with my challenge.

I need to make a list of jobs on here to try and get something done and not feel like I have wasted my time.

Jobs that need to be done before I go back to work
Ring land management company to understand bill and then pay it
Book next flight home
Go through clothes to see what fits and rehome what doesn't
Sort through toiletries
Sort stuff in coffee table
Make 2 lemon drizzle cakes
Discuss mortgage OP options with Mr AJM
Check budget for next month
Book repair course and find a B&B
Check price for travel insurance
Book airport parking and airport lounge for Cyprus holiday

Off out to the cinema with Mr AJM and some friends this evening, it will be a little spendy but I am not home much so am going to enjoy the time with everyone.

edinburgher

Remember that if Mr AJM is getting close to retirement by the time you are planning to pay off mortgage (i.e. 60), it might make far more sense to pay the money into a pension and use the lump sum to pay off the last chunk of mortgage (particularly if he is pays higher rate tax). This would see you paying into his pension/a SIPP instead of OPIng quite as much, getting the pension tax relief.

ajmoney

edinburgher wrote: »

Remember that if Mr AJM is getting close to retirement by the time you are planning to pay off mortgage (i.e. 60), it might make far more sense to pay the money into a pension and use the lump sum to pay off the last chunk of mortgage (particularly if he is pays higher rate tax). This would see you paying into his pension/a SIPP instead of OPIng quite as much, getting the pension tax relief.

Maybe going to see a financial advisor would be a good idea, especially for him then before we make too many plans? We are in town later so I might do a bit of research and see if there is anywhere we can make an appointment for next week before I head back to work. Thanks Ed.

ajmoney

Making a list always prompts me to get things done

Jobs that need to be done before I go back to work
Ring land management company to understand bill and then pay it
Book next flight home
Go through clothes to see what fits and rehome what doesn't
Sort through toiletries DONE
Sort stuff in coffee table DONE, mine anyway
Make 2 lemon drizzle cakes
Discuss mortgage OP options with Mr AJM
Check budget for next month
Book repair course and find a B&B
Check price for travel insurance
Book airport parking and airport lounge for Cyprus holiday

Going to have some lunch and then see what more I can do before I go out.

ajmoney

Ed, you have the cogs in my brain going! I need to write stuff down or I am going to forget what I am doing.

ajmoney

Jobs that need to be done before I go back to work
Ring land management company to understand bill and then pay it Office shut until 2pm
Book next flight home Priced up, will book on Monday when I have been paid
Go through clothes to see what fits and rehome what doesn't
Make 2 lemon drizzle cakes Thursday's job
Discuss mortgage OP options with Mr AJM
Check budget for next month Done, need to work out spending once I have double checked travel expenses
Book repair course and find a B&B
Check price for travel insurance Priced up, will book on Monday when I have been paid
Book airport parking and airport lounge for Cyprus holiday Priced up, will book on Monday when I have been paid

Not bad work although a lot of it still needs to be done. It will definitely get done by the end of Tuesday. Mr AJM is in hospital on Monday and is taking Tuesday as a recovery day so I will be able to do these things with him if I haven't done them before then.

ajmoney

Jobs that need to be done before I go back to work
Ring land management company to understand bill and then pay it Done
Book next flight home Priced up, will book on Monday when I have been paid
Go through clothes to see what fits and rehome what doesn't
Make 2 lemon drizzle cakes Thursday's job
Discuss mortgage OP options with Mr AJM
Check budget for next month Done, need to work out spending once I have double checked travel expenses
Book repair course and find a B&B
Check price for travel insurance Priced up, will book on Monday when I have been paid
Book airport parking and airport lounge for Cyprus holiday Priced up, will book on Monday when I have been paid