MF by age 40! Then I am buying a Mercedes SLK

CathT

atypicalblonde wrote: »

Have a cuppa now and a vino later xx

What excellent advice! :rotfl:

gallygirl

diamondsonly wrote: »

Thank you ATB. I think I am just exhausted and stressed at the moment which isn't helping. Tired as mini diamonds not sleeping well. Stressed as coursework due 5th October and I have alot left to do plus i have my Ear surgery in 4 weeks which is making me feel a little nervous too.


Also feeling the pressure as I think even though DH is on board I make the major decisions and DH just agrees as he doesnt really understand. I don't want to make any major financial errors.

I have relaxed since early and focused on OP as soon as possible which would give us so much disposable income once MF that we could save alot of money each month and then even buy a property closer to the grammars schools in 8 years time.

Dare I say it... new plan MF in 2019!! that's 4 years to pay off £138,946.46
Got a letter from mortgage company and balance is not £139k but actually a bit less woo hoo

yes I am mad :rotfl:

well 138k is obviously a realistic target whereas 139k was overly ambitious

diamondsonly

HI GG :rotfl:

My original target was MF by Dec 2022-7 years
then I moved it to 2020- 5 years and now I am hoping 2019 so 4 years:eek:

2022 was doable, 2020 ambitious and 2019 improbable but lets see :eek:

Plan on how to do this:

• Remortgage to lower rate as soon as possible and preferably a 4 year fixed
• Use £10k of savings to OP in Dec 15 once IFA advice is received
• try and use £100 of personal spends towards op each month
• Sell a lot of things on gumtree, fb, ebay
• Minimise eating out- which has been big expenditure in the past
• Don't buy anymore clothes
• Use £4500 bonus received in Jan 16 as op

newbie2013

diamondsonly wrote: »

HI GG :rotfl:

My original target was MF by Dec 2022-7 years
then I moved it to 2020- 5 years and now I am hoping 2019 so 4 years:eek:

2022 was doable, 2020 ambitious and 2019 improbable but lets see :eek:

Plan on how to do this:

• Remortgage to lower rate as soon as possible and preferably a 4 year fixed
• Use £10k of savings to OP in Dec 15 once IFA advice is received
• try and use £100 of personal spends towards op each month
• Sell a lot of things on gumtree, fb, ebay
• Minimise eating out- which has been big expenditure in the past
• Don't buy anymore clothes
• Use £4500 bonus received in Jan 16 as op

there's nothing like a target to focus the mind! if you do achieve it then that is brilliant work!

atypicalblonde

Hi Diamonds, what monthly OP do you need to make to hit that target?X

diamondsonly

Thanks Newbie. It is definitely going to be an interesting journey.

Hi ATB, I think somewhere in the region of £1800-1900 a month :eek: bearing in mind we are managing £1200 a month OP at the moment
the remainder will have to come from:

• £100 personal spends
• £143 once student loan paid off in April 2016
• Annual bonus payment if I perform well
• £500 a month from January to August 2017 once MSc is finsished and then those funds will be allocated to DS school fees
• Pay off as much capital as possible to minimize interest paid- if we paid off £30000 using all our savings our OP would only need to be £1500 -which is doable ( think :A)

The only thing I will miss is the family holidays. We use them as quality time time together away from mundane routine and chores. I think we will just have be creative in our family time for the next 4 years

diamondsonly

I have just done a account tidy so all accounts have whole £s now. Also noticed a neglected account and used the funds to OP £135.61.

No idea what my balance stands at but I hope its getting closer to £137k.

That's it til payday now I think xx

newbie2013

diamondsonly wrote: »

I have just done a account tidy so all accounts have whole £s now. Also noticed a neglected account and used the funds to OP £135.61.

No idea what my balance stands at but I hope its getting closer to £137k.

That's it til payday now I think xx

like I said before, love the dedication and how organised this is when you have it all laid out.
I must sit down and get my things listed!:T

diamondsonly

newbie2013 wrote: »

like I said before, love the dedication and how organised this is when you have it all laid out.
I must sit down and get my things listed!:T

Thanks Newbie, I really suggest you spend some time jotting down your figures, monthly expenses etc even if you don't post it on here at least you will have a clearer picture of where things stand. It is not as scary as I first imagined it might be... honest

newbie2013

diamondsonly wrote: »

Thanks Newbie, I really suggest you spend some time jotting down your figures, monthly expenses etc even if you don't post it on here at least you will have a clearer picture of where things stand. It is not as scary as I first imagined it might be... honest

Thanks - yes, a few hours of pain for a clear focus on future!:D