sarahevie's single quest to mortgage freedom

sarahevie1

After spending time in a wild panic, about this tax bill, feeling calmer. Went for a cuppa with two friends before the school run and i realised i could use whats currently in my acounts, plus child maintenance ex is paying me this weekend to clear tax bill. Leaving me with £116 until i get paid next friday. Will need to double check no direct debits are due but should work out. Moments like these i could do with a credit card but i dont have one, as live by the principle, if i cant afford it, i dont buy it!

sarahevie1

Been analysng wheher new income, outgoings is working.

January income £1123.03
Outgoings £1046.08
So pleased with this as next month second job will increase income to at least £1800.

So where has the income gone.

Kids
£231 this is a mix of clubs £138 and £93 school trips.

Social
£66.18

Food
£109.85 pleased with this as incldes all packed lunches and we eat well.

Presents
£13 a friends daughter.

Petrol, train fare.
£104.70

Bills
£469.85 total.
Gas and electric £77, water £25, council tax £112, £47.04 phone, broadband, mobile. £208.81 mortgage.

Clothes
£11.50

Cash
£40 dont know what this was spent on.

beanielou

That looks good

sarahevie1

Paid my tax bill. One of my tenants paid their rent. I now only have £200 in the world and btl mortgage due 8th. I am due maintenance and payment from one my jobs tomorrow. My other two tenants also owe me £1800. This covers 3 months rent though. I also get paid from my research job on the 9th. I dont think i have ever lived so close to the wind but as ive paid 17/18 tax via PAye shouldnt have a bill until jan 2020. Which is good.

sarahevie1

Interesting month. Seem to be in a much better place financially. When my tenants paid three months worth of rent, to cover Jan-March. I put the amount needed to pay the mortgage into savings. I have been trying to keep it there, using income to pay the mortgage.

So far, so good, I really do need this £1400 contingency as it is only 2 months rent.

Have had a slightly more spendy month, as went to Thornton Hall farm over half term, one of those trampolining places, went for lunch with friends. Have also had a few new bits of clothes to buy. However, get paid in a week and there's still over £900 in my current account. (This will disappear paying the BTL mortgage). Feel like I'm finding my feet.

Have had another offer on my house, it is a bit low, but have been back house hunting in earnest. The house I was buying, sold within 4 days of going back on the market, knew it was a good one!

As I'm resigned to the fact I can't afford the four bed detached forever home in a village in North Yorkshire, have decided to renovate or build one. It's not something I could have contemplated whilst full time teaching but now I only work 30 hours a week, it seems much more manageable.

sarahevie1

My property search does get me down, as can't get a mortgage, even if I wanted one and my budget of £325,000, as the sneering estate agents keep reminding me, doesn't go very far in the locations I'm looking.

However, I keep reminding myself I've come along way, and there's not many in their early thirties, who have single handedly raised 3 children, who could be mortgage free at this age on very limited income. I appreciate the £75,000 has really helped but £250,000 of it is me alone!! I'm proud that I can look at nice family homes on my budget. I'm also proud of the fact that I now can take and pick up my kids from school everyday, and its all down to frugal living.

Courgette

I think you're doing brilliantly. You're right to be very proud of yourself

teabody

Keep going x

beanielou

Be proud

sarahevie1

Had a good weekend. Went to a nearby city to visit a friend, took kids out for a drink and cake and to a play area we've never been before. I do love new places!!

I went to a local pub quiz last night, first time ever, with a new group of friends. Only went for two hours but had a real laugh and won a bottle of wine, box of dairy milk and 8 bottles of stella cider.

Swapped gas/electric this morning so DD will be altering from 77 per month to 58 per month, but takes 3 weeks to swap.