The march to financial freedom

Ali-OK

The mortgage is indeed still on interest only - as there's a cost to change it to repayment and due to being SE with assumed irregular amounts of income, it is better for me to be disciplined and set my own capital payments rather than paying for the privilege of the bank doing it!

I also know if I ever move to a different bank, interest only won't be an option - the MMR back in April tightened up everything. So my 3 years left on the fixed interest rate goal is to get the amount outstanding down to less than 3 x my gross profit so I am in a good position to get another deal. There should only be 5-6 years left of paying it then if I can stick to the payment schedule I've got on a humungous spreadsheet :j

Great to read you're sending a little that way too. Both in for a good waffle as well

Ali-OK

Ahhh, Sunday evening and I've still to iron DS's school shirts and prep for the new week.

Lots of outside jobs done today - the daylight hours are short, so started those this morning to make sure I got them all done.

I braved the traffic too as DS needed an odd size battery and popped in Sbugs to get broccoli. Their beef joints are £5 p/kg at the moment, so got a large one for the lunch next Sunday. Spent £16.18 with getting a few things for Christmas lunches (custard, stuffing etc) that were on offer and also lemon extract - I am going to attempt a lemon sponge cake . £10 in points used, £6.18 cash. So the nectar card is down to @ £42 remaining.

Financials:
- bank account checked and that £1138 to mortgage going as the clock strikes midnight Can't wait to phone them in the morning to get that taken off the smaller part :j
- freepostcodelottery checked
- Nectar search - is at 106/200 points which should convert to 53p tomorrow
- Inbox Pounds - up at £2.31
- Qmee - still on 28p in the pot

I've started extending my monthly budget spreadsheet for 2015. I'm excited as the CC debt will be gone by June I hope, but it leaves decisions as to what to do in terms of saving and spending next year. I'm committed to the garden - so the artificial grass and corner shed will be the big costs there. We're committed to the holiday in April, so spending money there and associated costs like transport to airport and insurance to add.

The fascias and soffits still need replacing as they are rotten - I think the way to do it is the current £260 to CC each month should be kept up but into savings from July until it gets to the amount to pay to replace them - so probably Spring 2016.

All subject to work of course. Jan and Feb are usually quieter but weren't last year - never know how much will come in until it actually happens.

Hope everyone has had a good weekend.

in_need_of_direction

After last year when I had concerns about my ability to sustain my earnings due to health issues, my big aim was to get our mortgage to a three times multiplier of just one salary. Thankfully, it's now within that and is such a relief.

beanielou

Have a good week

Ali-OK

in_need_of_direction wrote: »

After last year when I had concerns about my ability to sustain my earnings due to health issues, my big aim was to get our mortgage to a three times multiplier of just one salary. Thankfully, it's now within that and is such a relief.

A great goal to have achieved, well done :T.

I've had to look at mine differently with it just being me and DS, so my goal was to be able to sell up and buy a home outright from the equity. Delighted to say I've achieved that, albeit a 2 bed flat would be the outcome. Not bad for Year 1 of the MFW journey.

My emergency fund has crept up well too - now £7,870 :j

Just need to make sure I make the best decisions next year for the future as I'll have choices for the first time in a long while

Ali-OK

*Rant Alert*

Just need an outlet for this. DS's maintenance hasn't arrived from the ex. :mad: When it doesn't arrive, it's usually Christmas time or summer holiday time - nicely timed for maximum impact, because that's what the ex is like. It's to punish me not DS because I refused to take his side against DS when he walked out on his life to move abroad. Ironic as ex is back in the UK for Christmas this year to stay with his family - the people that are coming to my house for the day next weekend and we're all meant to be smiley happy people. Why do I hold it all together for everyone - because it's the "right thing to do" for DS.

*Rant over*

I've re-jigged the budget so there's minimum impact - reduced the amount that is due into the regular saver mid-month and the rest will come from the emergency fund. Too late to reduce the £1138 to the mortgage - it's already gone :rotfl: :T

Onwards and upwards. New month, new week, just a carp start to it.

Ali-OK

Oooooohhhhh...off to update my mortgage total in my sig now too!

1st December 2014 - the mortgage now stands at £123,700 :j:j:j That's my starting figure for 2015 and my plan was to get that down by 10% next year - so £12,370 BUT I might have to change the way I do it, by paying smaller OPs Jan to Nov and doing a large one in Dec if the finances support it.

Can't rely on ex's maint now which is quite a chunk of money to lose.

millionaire_in_training

Aww Ali I feel for you. My ex did exactly the same as you know. I don't know how they can square this away in their heads tbh.It's disgusting.

Ali-OK

millionaire_in_training wrote: »

Aww Ali I feel for you. My ex did exactly the same as you know. I don't know how they can square this away in their heads tbh.It's disgusting.

Thanks MiT - yes, you've had way bigger issues with this than I, so I've been lucky for a long time to get it and I do feel for you big time.

It does happen to be the ex's last bit of control, so I am looking at the positives - he doesn't have a hold over me in any way shape or form now, I am not reliant on his money, I am financially independent and I am not going to let it change anything.

DS still refuses to have anything to do with him, so maybe it's all for the best and a natural ending of connections to him.

beanielou

I see your rational but he does have a legal responsibility at the end of the day.How old is your DS now?