The impossible dream

Tahlullah

Off to a great start! Tilly Tidied £2.11 into my new savings account specifically designed to aid me in my quest towards freedom. All that work done before breakfast!

I will still be working in whole £100's. A bit of a way to go to my first over-payment. I have made a decision that I will be realistic and try to aim for a £2000 over-payment this year. My finances are tight already and so I have to see if I can gather this money from somewhere. This is an over-payment aim above and beyond my normal mortgage payments, so will be interesting to see if I can do it.

Currently at £50,000. Normal mortgage payments between now and December will be £8000, so I want to begin the New Year with a mortgage of £40000.

Also, I would like to build some sort of savings pot. I have none, nothing, nada, zip, zilch at present so hoping to use the income from the tenant to do that.

Of course, this could all go pear shaped when the big debt comes along, but I will be able to take it in my stride. After all, what is the worst that could go wrong?

I have a dream of getting back to where I was in 2013, with a mortgage of £26,000. Those were the days...

Tahlullah

So, my great plan of having a no spend day was cast aside like yesterdays chicken carcass as I strode on to spend without thinking of my aim.

Well, that's not quite true; it's just the outcome was the same.

I went to do my volunteering so spent £1.50 in the car park.

I also bought a bike. Well, the latest study says that those who ride a bike to work are less likely to die of cancer or heart disease, so I bought a bike.

I bought it second hand, so there was a saving against buying new I suppose, but that's not the point I guess.

However, this was the only expenditure.

I am classing this as a fail, but with a positive twist, so an Amber day. Not full red.

Today, again I am aiming at a no spend day and intend to follow through. The plan is for 4 no spend days a week and my week starts on Monday.

Tahlullah

Still lots of planning going on. I guess I am struggling to get my head around everything as I prepare for the onslaught of the big debt. It's a bit like awaiting the arrival of the Kracken. You know it exists and you can only brace for when it does. Not sure when, not sure how much, just know it will one day.

Anyway, I guess my mindset is still that of 'make hay whilst the sun shines', whilst the other side is saying, 'prepare and get ready'. I am conflicted and trying to do both I guess. When this type of thing happens, you either want to be in a position where you can say 'well, I have everything I need, so should be ok for a few years until I have paid the debt off' because it will be so big, normal life will be a while returning, or you say 'I have managed to save in preparation, whilst making my life miserable, but at least I can pay the debt because I have a wadge of savings'. Not easy either route. So, I am doing both, and by doing both, you do neither.

So, where am I in my bid to mortgage freedom? I have decide I want to save, so I am planning to do this . I have no savings figure in mind, just get some capital in the bank, as much as possible. I also want to pay off the mortgage. I am doing this and have a plan to overpay by £2k, which is looking very unlikely. I have managed to save £2.32 so far, but hope to raid the pennies jar and to put any spare money I have into the savings account until I reach £50 (have changed my mind from £100). I will pay the mortgage down in £50's.

I am continuing to do my surveys etc, which I intend to keep to help me through Christmas. Forward planning, as I know by then I will have no disposable income at all.

I will continue to aim for no spend days. Not doing too well so far, but this is an achievable aim. Currently eating from the freezer and so reducing my food spend. Starting to cycle to work to reduce the petrol expenditure (did this yesterday! Wow, what went on in my mind!!).

Will keep writing on here and reading other MFW diaries to give me inspiration and positive vibes, including the debt free wanabee diaries; knowing that you can pull yourself out of a black hole when you focus.

Looking to sell things on the bay of e's; slow progress. Have slim-lined my monthly expenditure so it is now a fine tuned animal. There is no slack, no spare so nothing, which I guess is why I am struggling to find money to reduce the mortgage.

Anyway, staying positive. By December 2017, I will be absolutely clear on where I am financially. I will know what the debt is and more importantly, I will know what it will take to clear it. At which point, I will be able to focus on becoming mortgage free again.

Tx

HoplessCase

Hi there! I just wanted to ask about the Excel House you mentioned earlier in your post - it sounds like a great idea - how would I go about making/getting one of those?

Thanks and keep on trooping, it all adds up!

Tahlullah

Hello, it was provided to me by Gallygirl.

I am certain she will not mind sending you a copy.

Tx

Tahlullah

And, as I am not going anywhere this evening, I can categorically claim today to be my first No Spend Day of the week! Only 3 to go.

Woo hoo!!

armchairexpert

Tahlullah, welcome back! I'm subscribing to your very entertaining diary.

Tahlullah

Hello and welcome armchairexpert. I am surprised you think my diary is entertaining. I just feel it is a reflection of my chaotic life. The abridged version so to speak. Anyway, entertainment and laughter is what is needed to get us through some of these depressing days, so all is good.

Today was another no spend day. Two in a row. Not sure I can believe it. Lucky really because there is no money in my purse, it's all in Ermintrude! I really have to get a grip on this. If I continue to collect £2 coins, 50p coins, 20p coins, 5p coins and 2 & 1 p coins, when do I ever expect to have any money to spend?

So, this weekend, I intend to cash in some coins and hopefully have enough for my first £50 over-payment. But I don't want to cash them in just for the sake of cashing them in. Not all of them at least. So, I will continue to save £2 coins and 50p coins and 20p coins and cash in the coppers and 5p's. From then onwards, my purse will actually have some money in it. £1 coins, 10p coins, 5p coins and 2's and 1p coins. I may actually feel rich!

The weather has been awful this week so the bike has not been back out yet. Not off to the best starts in attempting to extend my life. Shame the research didn't stipulate you just had to own a bike, not actually use it.

There is so little movement in my bank accounts that there has been nothing to Tilly Tidy for the past 2 days.

I have found a bit to sell on ebay, but it needs to wait for winter as it's winter sports related. Selling it now will be like giving it away; gold for the price of silver...

Anyway, I have high hopes for this weekend. Sleep being one of those hopes. You know, the sort when you wake up, realise you don't have to get up and go to work and smile. That's what I am aiming for this weekend. Anything else positive is an added Brucie Bonus.

Tx

Welshlassie

Hi Tahlullah - You thread appeared in my subscriptions from your original posting, welcome back. I've been very scarce on here of late but do pop in every now and then.

Forgive me if I speak out of turn but it sounds to me like You Need a Budget.

We started using a proper budget and sticking to it about 3 years ago and it has transformed our financial life, we eat better, go on holiday more, buy presents (birthday and christmas) without hesitation or credit card debt and have more money in our bank accounts than ever before. It has also allowed us to pay towards more of our mortgage (well actually save toward an extension we're doing) than we thought possible.

We're using a tool called YNAB (You Need a Budget)
https://www.youneedabudget.com/

It's amazing and so worth the subscription (there are 3 month trials out there if you look).

Good luck

Tahlullah

Hello Welshlassie. Wow, I am surprised it stayed on the list for so long.

I have absolutely no doubt that you are correct. I need a budget. I will look at the link you have sent me and give it a go. To be fair, I dread to think what it will show up.

I haven't changed in that I don't spend money in the places others may wish to; no coffees, chocolate, cakes, sweets, cigarettes etc. I just overspend on big items. Usually things that I believe will simplify life or save money in the long term.

The bike for example. Did I need it? No. Will it help me save money? Yes, in the long term as I will be buying less petrol. But to purchase it when I am supposed to be focusing on my MF journey? Clearly something is not right. So a budget may be the way forward.

Anyway, today was not a no spend day as I did some food shopping in preparation for the long weekend. I only spent £20 which will keep me for the week. This should guarantee my final 2 no spend days of the week, thus meeting my target.

Again, no movement in the bank accounts, so no Tilly Tidying to be done. Still doing the surveys etc. Small steps.

Hope you all have a relaxing Bank Holiday and return re-invigorated and ready to slay the interest dragon.

Tx