One more step along the world I go.....

Allium

Hello everyone!

I've been reading some of the threads on this forum for a few weeks whilst percolating! A bit about me.

I've had a busy few years living modern life; having my two children, working, being a wife, looking after the house and finances etc. We had a few debts on cc and a loan for some building work that we had done in 2009 but were clear of non mortgage debt in May last year.

Then life fell apart. My husband was diagnosed with cancer out of the blue in June. We were told it was incurable as it had spread but we were hopeful of a few years. He died in December. We did some planning work in his last few months, will, closed unused accounts etc and realised our joint life cover wouldn't clear the mortgage! Silly oversight, but at 34 you don't think do you?!

So I'm left with a smallish mortgage balance after the life insurance clears. Mortgage is going through the admin process of remaining in my sole name - 40k. I've left it to run the same term as was remaining, 11 years but really want to overpay and have my life begin at 40. I was 35 last month so 59 months to go! It's a lifetime tracker with no overpayment limits.

Really encouraged by my beautiful children, 6 and 5. We're an awesome team with a gaping hole in our lives.

Looking for inspiration, advice and community. I know I can do it!

edinburgher

I am so sorry for your loss, I think it's very true that the younger you are, the less you expect tragedy. Your children sound like a blessing, and your MFW plans will help to bring positivity to your future as a family

Also, welcome to the MFW madhouse! :coffee:

There are so many bright individuals, ideas and sources of encouragement here that you will be ideally positioned to achieve your goal.

Now all you need is an allium avatar - my favourite is garlic!

Allium

Thanks Edinburgher You're right, I do need an appropriate avatar!

I've added a little signature that will develop as I complete the final paperwork and have an accurate starting balance.

I do hope to save a little too so we can perhaps have a holiday this summer. We'll see.

I work four days and have been working extra hours where I can. My employers have agreed I can take the extra back in lieu during school holidays, which will help!

Looking forward to getting cracking - always had a spreadsheet but it needs updating to include OP figures so this will be my first job I think.

Have a great Saturday everyone!

Alchemilla

Gosh Allium, what a tragedy and welcome.
You might find it helpful to search AnWsmum 's thread about her family going through similar?
Huge good luck in your quest.x

Tilly_MFW_in_6_YRS

Hi Allium, whilst it doesn't reduce your loss, you'll find a fantastic collection of folk on this forum who always lend a hand, advice etc when needed. Along with a few laughs which definitely help the journey.

Welcome on board.

Best wishes Tilly

Allium

Had a thought about paying down my mortgage! I'm waiting for the paperwork to come through to transfer the mortgage to my sole name and I have the life insurance sat in the bank waiting for the mortgage people to ask for the capital repayment.

I'm so daft, I should pay this now and be charged less interest whilst they mess about with the remaining balance, shouldn't I?:o

muddywhitechicken

Yes, you should

Welcome to MFW!

MWCx

Allium

Although I'm a bit behind :eek:, reading threads on this forum has triggered this penny to drop!

I'll be on the phone first thing tomorrow!

Thanks to all

Alchemilla

I know it probably feels like the emergency has already happened, but keep an emergency fund, wont you? X

Allium

Thanks for the advice Alchemilla.

I should have said, I was made redundant in June last year (it really was annus horribilis) and have kept that nest egg tucked away. I don't want to use it towards clearing the mortgage as I do want an emergency pot. Living on one wage seems scary after having two! So I do have a few months worth of bills set aside.

The savings target on my signature is what I'd like to put away this year. I may then use the savings to pay a lump sum off the mortgage at the end of the year if I've not had a catastrophe along the way!

x

sweetdaisy

Hi Allium. Just wanted to pop in a wish you all the best on your MFW journey. This thread is very supportive and there are some great people on here with fantastic advice to help us along the way .