Im going to get rid of this mortgage

TheFactory

wildcherry wrote: »

Hi,

I've read your diary a few times but I am a forum lurker I'm afraid, and rarely post!

You are doing fantastically well on your journey to being debt free. I do hope you continue to post, I enjoy reading even if I don't much (ever!)

Thanks wildcherry! At least someone is reading

I must admit I feel a bit like im cheating because I can work as hard as I want and can claw in lots of OT which I have been using to pay these debts off this year.

Ill give you guys a run down of how I manage my finances (this is all PCM)

Outgoings
Private rented garage (for classic car) £90
Gym = £34.99
Mobile phone = £45 (this is out of contract now)
Cancer research donation = £2
Mobile 3G simcard = £15
House rent and bills (50%) = £480
Mortgage top up (as the rent doesn't cover it) =£240
My spending money for the month = £800

When I say my spending money I mean diesel, food shopping, clothes, going out etc - its my monthly total spend allowance. On payday this £800 is sent to a barclay debit card which I use for daily spends, the rest of the money is kept in my main halifax account and I don't spend from here. This is a system I developed in January this year and its worked incredibly well, I seen a signature on here saying "don't save whatever is left after spending, spend whatever is left after saving" - what a motto! So to that end I have a spreadsheet that I input what ive been paid and it tells me whats available to pay debts off with/save.

The phone contract will be cancelled as soon as work provide us with the smartphones we have been promised (it was supposed to be the end of july), the garage will be going when we move to a bigger house next year and im pretty happy with the rest of my outgoings - obviously the mortgage topup will come down once I can get this LTV down to a BTL level (current rate is 4.99% + BOE)

So basically it all depends on how much work I do, this year I've been working 60+ hours every single week to make this debt go away, my Dad has raised his concerns as has my girlfriend (my mrs regulaly tells me im going to kill myself) but im determined to work hard now whilst I can so that I don't have to when im older and that means head down and smash it out this year.

Its 21:30 now and I just got into my hotel in victoria, central london - there is a rave going on down the street so im not hopefull of much sleep although Ive gotta be up at 04:00 in the morning to start work again so im not happy but thats how it goes I suppose!

Bye for now

wildcherry

I don't think you are cheating at all. OT might not be available forever so I think you're being savvy by using that money now to make a (hefty) dent in your mortgage debt.
My only observation would be this. We're here for a good time and not for a long time and to get to the point where you have no mortgage but also no girlfriend and no social life because all you have done is work, won't help with living a life full and abundant.

I'm a true believer that its the people in our lives and the experiences we share with them, not just the 'things' we have that make for a wonderful life lived.

Other than that, keep on keeping on!

P.S. Did you not fancy joining the rave?!

Tilly_MFW_in_6_YRS

Good luck on your journey - your hard work will definitely be rewarded and it's great to see the numbers drop.

Best wishes, Tilly

fluffysox

Just read your diary, well done on clearing the debts and good luck with the MFW quest.