I want to be Debt and Mortgage Free by 35!

lorriedriver1988

Good evening everyone,

MSE things for today:

1) Completed all surveys that were available.

2) Received £10 cash from survey site transferred to H2B savings

3) Redeemed £5 pp from swagbucks

4) Redeeemed points from app trailers.

5) Sold one item on bay of e

6) Relisted three items

7) Received refund from glasses direct after getting overcharged for DH's glasses and sunglasses that were 2 for 1, plus 50% discount code off the glasses frames and 12% £co.

8) Changed standing order into regular savings with FD.

That's it for today.

lorriedriver1988

Well long time, no post!

I had my 3rd little boy 6 weeks ago today. Life is a little chaotic with three children under 3. But I have been keeping the money-saving up. I am dedicated to getting rid of this debt and mortgage, I will post later with figures and update my signature :j

abba1772

Aww congrats on baby number three can sympathise with the chaos as I have three but they are 13 9 and 2 xx

lorriedriver1988

I thought it was about time I updated my diary. A lot has been happening, too much to update here. But the major event is I have started a new job. The benefits of this job are it is 15 minutes walk from where I live, which means no bus fares. DS3 is almost 4 months old and is flourishing. Although I have not been reporting on here, things have been progressing at a slow and steady pace.

Originally posted on 07/07/2015
Short Term Goals
1) Bespoke blinds for Extension: £31.03/ £1500 by December 2015

2) Family Holiday In Cornwall for August 2016: £18.67/ £500 by January 2016

3) House Items: £0/ £1500 As and when.

These targets are quite challenging The money for these targets has to be made from selling items, surveys, etc- no income

Short Term Goals update 16/11/2015
1) Bespoke blinds for extension: £733.75/£2100 – the original target had to be revised. I am contemplating at the moment whether to use the money towards the H2B savings
2) Family Holiday in Cornwall for April 2016 £108.52/£500. I don’t think I will £500 but I will still aim to save this.
3) House items £0/£1500- as and when needed. Although we do need another wardrobe for DS3.



Long term Goals: originally posted on 07/07/2015

1) All Debt to be cleared by December 2016: £94.78/ £9842.81. This debt will be paid off with minimum payment plus any spare pennies we can spare from our budget. I will do a breakdown of debt in a separate post.

2) 10% Help to Buy Loan: £1030.00/ £17,500- by September 2018. Savings for this come from surveys, selling items and interest on savings, cashback etc. Currently in a regular saver with FD.

3) Mortgage: £0/£80,300- Once all debt is paid of all spare pennies will be thrown at this. Would like to clear it by 2023, I do like a challenge.

4) Buy to let deposit: £0/ £25,000- December 2020.

Long term goals- update 16/11/2015
1) All debt to be cleared by December 2016: £1047.90/£9842.81. One debt has been completely cleared last month that was not listed. We are very near clearing the next debt, we are currently just over £80.00 short. I am hoping to clear this by the end of November.
2) 10% Help to Buy Loan: £1925.00/£17,500 by September 2018. We are slightly behind in the savings target. However, I am geared up to push myself this month to get more items on the bay of e for one more final push in the final month of the year.
3) Mortgage to be paid off by 2023- this is a pretty impossible task with our current finance. The mortgage currently stands at £79, 640. 17. Last month we switched our fixed rate to a 4 year fixed @ 2.64%. In an ideal world I would like to obliterate the mortgage by the end of our current deal. I’m a dreamer, but all we can do is try.
4) Buy to Let deposit- I will commence saving this once I believe the mortgage is at a reasonable amount. It also depends on whether we do make the decision to upsize.

I want to give my family the best future possible. We have a lot of dreams and not a lot income to do it on. I will not compromise on my family’s quality of life. All I can do each day is take tiny steps via surveys and selling etc to achieve this

I will tonight with the other savings pots I'm trying to add to.

Lacherlich

Hello!

Just had a peak at your diary as initially I thought you were crazy to consider paying off literally all your debt including your mortgage by the time your 35!... I am the same age as you and that seems like a pipe dream. However... I was intrigued.. and have worked out how long it would take me to do the same. And I could do it in just over 8 years (so when I'm 35!); whilst still budgeting enough money per month for enjoying life.. I was amazed!

So thanks for highlighting to me that it can be done! I haven't made any promises to myself to do it yet - as need to get partner on board..... but either way I could accrue that amount of money to clear the majority of my debt and save some cash,

Ill have a proper read through your diary soon - I got distracted in excel working everything out!

Anyhow, ciao!

twiggy86

Hi!

Just read through your diary as I too am trying to pay off debts whilst renovating and have also started overpaying my mortgage as I want it gone asap! However that's quite enough for me - you're doing really well with 3 little ones! I also struggle to keep my OH in check - if you have any hints it would be greatly appreciated! Love him but he's not the best with money! Good luck!

lorriedriver1988

Lacherlich wrote: »

Hello!

Just had a peak at your diary as initially I thought you were crazy to consider paying off literally all your debt including your mortgage by the time your 35!... I am the same age as you and that seems like a pipe dream. However... I was intrigued.. and have worked out how long it would take me to do the same. And I could do it in just over 8 years (so when I'm 35!); whilst still budgeting enough money per month for enjoying life.. I was amazed!

So thanks for highlighting to me that it can be done! I haven't made any promises to myself to do it yet - as need to get partner on board..... but either way I could accrue that amount of money to clear the majority of my debt and save some cash,

Ill have a proper read through your diary soon - I got distracted in excel working everything out!

Anyhow, ciao!

Lacherlich, thankyou for commenting on my diary. I think it's great to have aspirations, even if they seem impossible, like mine. I enjoy having a challenge, it drives my determination and motivation

Like you I am still struggling to get my DH on board with the whole concept. But I'm tired of feeling like the banks are dictating to us how we spend our money.

Good luck on your journey!:)

lorriedriver1988

twiggy86 wrote: »

Hi!

Just read through your diary as I too am trying to pay off debts whilst renovating and have also started overpaying my mortgage as I want it gone asap! However that's quite enough for me - you're doing really well with 3 little ones! I also struggle to keep my OH in check - if you have any hints it would be greatly appreciated! Love him but he's not the best with money! Good luck!

Thankyou Twiggy for your kind comments. I have read your diary and have great admiration for your commitment to clearing your debt. My DH is not best with money either. Sometimes I feel like I'm banging my head against a brick wall. I have no hints, I would just keep persevering.

Lacherlich

Hi.

I agree totally, I love having something to aspire to - recently its been moving jobs etc etc, but I definitely feel being completely debt free would be an amazing accomplishment - especially if we can make it happen. I don't think are many people out there at 35 who can say they don't owe anything! I'm going to calculate how long it would take my partner to do the same, see if that motivates him!

It is a difficult challenge, but you seem so motivated to succeed. I'm a sucker for temptation, but can only give it a go - and to be honest I have been paying off loads of debt since I started. So this is just an extension of that.... a 7 year extension ha. Hopefully in that time Ill move up jobs etc so it should in theory get easier..... hmmm we'll see!

Ill subscribe as interested to see how you get on too!

lorriedriver1988

Well as I said in my post this morning, I have a few other saving pots that I'm adding to as well.

Car Fund: £83.84/£900
Emergency Fund: £98.51/£1000

These two savings pots have a little added as and when there are funds available.

Christmas savings are pretty non-existent. I currently have £52.50 in a savings account to buy all Christmas presents, plus £120 in various gift vouchers from surveys to spend. I have been buying some stuff as when things are on offer and there is money to spend. I am taking advantage of money off codes, vouchers and Mr T and Mr S double up etc. My aim for Xmas 2015 is to spend as little as possible without compromising on making it a special time.