Mortgage Free in Three Yrs

Desperate_Housewife_2-2

Sorry about the redundancy Overlandlandy.

Thanks for the chart Tallgirl, what an achievement £1.5million paid, that is a substantial amount.

I had a bit of a dip in terms of enthusiasm at around the 1 year mark but I'm all fired up again and ready to go! I see the mortgage in bite sized chunks and now its £22,500 I am aiming to get it below £20k which will be a real psychological boost. I keep marking off my chart next to the computer in £500 blocks as it seems more achievable.

I'm so glad we decided to do this challenge, at the beginning it seemed faintly ludicrous to even suggest trying to pay off the mortgage but now I can see us doing it. When I watch the news and see all the reports about economic downturn/ credit crunch/ recession/ job losses, it makes me realise that we can't take things for granted. Jobs are precious and anything other than your health, a roof over your head and food on the table is a luxury.

I've cut right down on everything and no one has really noticed. I've done the grocery challenge (still trying to keep within budget but better than I used to be) and plan to use leftovers. My veg patch is a veritable garden of Eden!

A big WELL DONE to everybody on the challenge. Thanks to Tallgirl for doing the charts and hope we all continue to do well.

Its a good thing we are doing this challenge in view of the present economic climate. Keep up the good work

minimoocow

Thanks Tallgirl - I can read it really - its just OH was sat next to me earlier so had to make a feasible excuse for not wanting to spend the evening analysing figures . . . have a whole week ahead of me doing just that!!!

MMC

FreedomGirl

Hi OverlandLandy,

Very sorry to head of your impending redundancy. I left my job back in January after effectively being forced out, and my OH had enough and his last day of salary will be end August.

The only advice I can suggest is to try and stay away from the doom mongerers (e.g. ooh - you'll never get a job, what with the credit crunch and all) and don't make any major binding decisions straight afterwards. I also have reduced contact with people who only seem to ask, "so what are you going to do next?", rather than asking how I'm doing etc.

As a pick me up, I'm thoroughly enjoying reading this book, too (sorry for crap formatting!) - it talks a lot of sense, I think.

Burning the Suit: Fighting Back Against the Aftershock of Redundancy (Paperback)
by Andrew Taylor

HTH

FG

Jonesy_Bonesy

OverlandLandy wrote: »

I have just been told that I'm getting made redundant after 21 years of continually high achievements with the same company and it has hit me really hard (even the thought of the Redundancy to assist in reducing the Mortgage is not helping much).:mad:

I'm thinking about a TOTAL change in my work life but this would mean earning around 50% of my current pay (mind you that will be £0 in September!)

Sorry to hear that this has hit you hard. I am in a slightly similar situation in that I have applied for voluntary redundancy after 12 years hard and loyal service, and if I get it I am planning my future life earning around 50% of what I am getting now due to being on a very good wage at the moment. I just can't handle the high pressure anymore or this job will put me in an early grave. My OH won't be returning to work for probably 4 years at least due to small children so being the only earner means additional pressure.

I try and keep myself positive. There are still plently of jobs out there if you want to work. Temp agencies are another possible option if you want to explore a career change and get a foot in the door somewhere. Keep your chin up because there is always light at the end of the tunnel.

Bonesy

OverlandLandy

FreedomGirl wrote: »

Hi OverlandLandy,

Very sorry to head of your impending redundancy. I left my job back in January after effectively being forced out, and my OH had enough and his last day of salary will be end August.

The only advice I can suggest is to try and stay away from the doom mongerers (e.g. ooh - you'll never get a job, what with the credit crunch and all) and don't make any major binding decisions straight afterwards. I also have reduced contact with people who only seem to ask, "so what are you going to do next?", rather than asking how I'm doing etc.

As a pick me up, I'm thoroughly enjoying reading this book, too (sorry for crap formatting!) - it talks a lot of sense, I think.

Burning the Suit: Fighting Back Against the Aftershock of Redundancy (Paperback)
by Andrew Taylor

HTH

FG

Thanks FG

I totally feel for you both - I guess you need to experience it to understand it.
I will give the book a look.

Anyone I have told are totally shocked. one of my Managers burst into tears when I told her. Everyone (including me) has the definite feeling that I have been stitched up due to having been off work for a short spell and having a few health issues. Its a Major Blue Chip company and I have been there for 21 years with nothing but above average reviews and results - but I 'failed the process' (a 1 hour 15 min criteria based interview!) and while others have been promoted, I'm being made redundant. The profits that I have made them over the years must run into £m but it all counts for nothing.

I'm thinking about going from a high pressure and high responsibility job to sit my HGV licence to drive trucks for a living instead! Is this too radical? I'm not sure? it uses none of my skills etc...but I enjoy driving....who knows?

It is a terrible feeling. Its so not the way that I would have wanted to pay off my Mortgage. success due to faliure..... not good

The pity is that it looks to be happening more and more these days. If It was not for my kids who live close to me I would up sticks and move to Canada.

OverlandLandy

Jonesy_Bonesy wrote: »

Sorry to hear that this has hit you hard. I am in a slightly similar situation in that I have applied for voluntary redundancy after 12 years hard and loyal service, and if I get it I am planning my future life earning around 50% of what I am getting now due to being on a very good wage at the moment. I just can't handle the high pressure anymore or this job will put me in an early grave. My OH won't be returning to work for probably 4 years at least due to small children so being the only earner means additional pressure.

I try and keep myself positive. There are still plenty of jobs out there if you want to work. Temp agencies are another possible option if you want to explore a career change and get a foot in the door somewhere. Keep your chin up because there is always light at the end of the tunnel.

Bonesy

Thanks Bonesy.

I know that feeling - good money - but more than a lb of flesh as well!
I guess its all a bit raw at the moment and it just feels unjust.
£ is not the be all and end all, however it does help.

If I look back on my career most of the times that I REALLY enjoyed were in my early days...and very little good times as I got further up the tree....Is it just me who thinks this.....is this what its like for everyone? (I mean you never see Gordon Brown Smile.....)

I also guess that 50% gross of current salary is not 50% in real net terms? high rate tax & NI & Pension contributions etc...... really hammer people.


Good luck with whatever you decide to do. Its not easy - but I guess your mortgage reduction will help to a large degree?

minimoocow

Hi Overlandlandy!

First off it sounds like they are a rubbish company to work for if they have done that to you - do you really want to still be working there? As for your comments about success due to failure - redundancy is not failure - please don't think of it as such. Whilst it is tough now it does give you the opportunity to think about what you really want so please don't rush into something - OH did that and whilst it wasn't disasterous it could have been better.

As for the pay I took more than a 50% pay cut 2 years ago (although my choosing) with the opportunity to work up to where I was in 3 years but with little opportunity to go beyond that afterwards (unlike my old job). I have to say it hasn't really been that difficult at all - as you say 50% gross is not the same as net and I also saved £200 a month in travel so I reckon I wasn't that worse off - certainly don't feel it as I have more time at home doing what I want!

Good luck in whatever you decide

MMC

Bargain_Rzl

Aaaaaargh, sorry TallGirl -I completely forgot to send you my email on Saturday :doh::doh::doh::doh:

Will climb back onto the spreadsheet for the next update but for now, just for the record, my balance at the start of MFi3 was £51,225, and it's now £49,022.76

FreedomGirl

Hi Overlandlandy,

I think the over-riding feeling at this point will be deep rage, fury, and murderous instincts. I was a cauldron of resentment (think witches potion over bubbling), and six months later still am, to some degree. Easy to say but hard to do, but try not to let it leak out at work colleagues. Wander around the house going "f*uck you" at high volume instead. Sign up for something structured, e.g. evening class. Me personally, I took a short online writing course, and am having great fun incorporating my feelings into characters.

One thing that has helped me was doing online networking (LinkedIn, Facebook), which allowed me to reconnect with previous colleagues. You've been at the same job a lot longer so I'm not sure whether that would work for you...I have my ltd company name up (even though it's dormant at the moment) as my current position.

Try and identify work colleagues who you can develop new friendships that are not dependent on work. Feels very odd to do so and I've only got about 2 or 3 who make the grade (i.e. ones who don't ask about jobs!!) but it can help with the continuity aspect.

Come back and post here, too, when you feel really !!!!ed off.

HTH

FG

AnW'sMum

minimoocow wrote: »

Cool chart - thanks TG!!!

Hope some of our cheerleaders will be along shortly as OH is asking things like "who has paid off the most then" and I'm struggling to read the chart let alone work out the stats . . . I've told him someone will be along to do that shortly . . . fingers crossed or tea may be a bit late tonight!!!

MMC

That'll be me! I didn't even switch the pc on yesterday (which has to be a first for me!!!) So I shall be working on the stats side of things today and this evening, it will be posted ASAP