Excited to try and be mortgage free

chumpy45

So, I have been out of action for a while as just couldn't shake off the dreaded lurgy. Finally, beginning to feel a little more human like. The exciting news is that DH has a new job :j:j We did manage to survive the three months whilst still making planned OPs but it does mean other savings pots have taken a bit of a hit. The main implication is that the money ear marked in DH's business account which we were going to use for a big one off payment on the mortgage has now gone :eek: The consequence of this is we will not be able to make our MFW target date of Sept this year. However, things could have been much, much worse and I am really thankful we have made changes since finding this forum which meant our financial situation was relatively healthy.

New job starts next week so we can move forward with new targets and plans. My first plan is to commence AVCs with my company pension and I will be ringing them shortly with a few queries. Given my age (55 :eek:) this is really an urgent task to research and I am seriously considering reducing the OP to fund this. I keep reading about FIRE on various diaries and wonder whether we can find a better balance between OP/savings/pension. Definitely food for thought.

Weekly shop just came in at £78 which I am pleased with. Will have to rethink the food budget for the summer months as two of the DSs will have finished Uni and be returning to the nest. Lovely but :eek: at the same time.

In other money news, have just received new Water bill which has reduced by £20/month :j (my frugal ways must be beginning to rub off on the rest of the family). Also, received £1.79 from TCB. Every little helps.

Sorry, this has turned into an essay. Will go and hang out the washing as it it a glorious sunny and blowy day. Then off to do battle with the Teacher Pension people. Wish me luck !

greent

Yay! - great news about DH and a new job! x

chumpy45

Thanks GreenT, relief all round, can hopefully take a big breath and re-group now !

Have been investigating AVCs with the TPA and am in a quandry. I am very risk averse having had a bad experience in the '90s with an investment which lost a lot of money. At my age I am wondering if I would be better off saving in a regular saver for instance which could pay 5% interest. As the regular saver matures, I will transfer to the highest paying account I can find at the time. Santander123 has a linked regular saver into which I could pay £200/month. I know I could potentially make much more than this by investing, but I could also potentially lose a lot more :eek: With some re-juggling, we can just about free up £200 towards this project. Should I perhaps consider £100/month into a regular saver and £100/month into an AVC with a low risk option fund? Any thoughts would be very much appreciated.

I know there is a separate pensions boards, but they all look a little scary, and I thought some of you lovely MFW peeps might have some ideas ?

Right, off to pack my bag for tomorrow ...

atypicalblonde

Huge congratulations to your DH! Your diary is a fab, inspiring read. No pensions advice I'm afraid, just a huge pat on the back for how fabulously you are doing.

You'll be MF in no time :j

chumpy45

Aw thanks ATB for your kind comments, what a lovely thing to say. Thanks you so much for following my mumblings. I seem to post in stops and starts but I am always plodding away behind the scenes ! This forum is just so supportive.


Well, yesterday alongside my AVC ponderings, I compiled a long list of refurbishment jobs which require completing on the house (much to DH's horror). One of the jobs was to re-stain the two sheds (which DS3 can complete - I'm all for a bit of child labour to avoid costs :T). I used TCB and click and collect and picked up two tins for £30 on special offer at B&Q. I then advertised for sale a boy's bike which DS4 had outgrown and the trampoline which is no longer used, on our staff intranet (which is rapidly becoming a mini selling site) and came home today with £45 in my hand and a smug look on my face :rotfl: Paint/stain is paid for with £15 going towards funding the next item on the list and shed and garden are a little more de-cluttered. I think that could be described as a "win win" situation lol.

chumpy45

Mad day at work. Only went in to do some interviews at 10.00 a.m. and didn't get home until 3.00 p.m. Not sure how that happened. A quick login to OnePoll and the balance is at £9.90 - getting there slowly but surely. YouGov is just over 4000 points, so creeping painfully to the finish.

Am contacting various people for prices for the refurbishment plans. We are thinking of replacing the cupboard doors in the kitchen rather than a whole kitchen refit. Does anyone have any experience of this? The tiles for both kitchen and bathroom can hopefully be funded by Te*co points via Topps Tiles as I have a little hoard built up. We would also like to replace the bannisters with spindles rather than the ugly 70s look that we have going on at the moment. Once the numbers are in, we can make a plan. Am still looking around for things to sell to help fund the work. We also have a bath with no panel which is not really the luxurious bath time experience you dream of :rotfl: would be good to get that fixed.

Found 5p at work which has entered my counting coin jar and that's about it for today. Have a good evening.

chumpy45

Just lovely to see the sun today. I managed a quick 30 minute sit in the garden with a cup of tea which was very restorative. NSD today, although I am planning to meet a friend for a quick drink tonight. However, that comes from my personal spends so doesn't count in my book. Continuing my pension investigation following some help from a lovely member of this forum for which I am very grateful. Did some overtime at work this morning but can only claim TOIL instead of real money which is a little disappointing. However, can use the time during the May half term which will be useful. Right, better go and sort dinner out for the returning hoardes - they will be hungry ....

chumpy45

I washed all the bedding this morning, so of course the sunshine disappeared and was replaced with grey skies and rain :rotfl: I decided to have a cuppa instead and update some figures relating to our current savings position. I have been reading up on lots of diaries about FIRE and want to try and work on this as well as OPs. Although I have probably left it too late to Retire Early, I would at least like some Financial Independence in my retirement and that is what I am focusing on at the moment. So the scores on the doors read as follows;

FD Regular Saver £2100/£3600 (Uni support for DS1, 2 & 3)
FD Cash Isa £1982 (bills account)
Emergency Fund £4983/£5000
FIRE Account £ 100/£10000 (opened today )
JISA £3892 (Uni fund for DS4 – 4 years to go)

On top of this, DH has a personal pension, I have some deferred pension benefits from a previous employer and currently pay into the TPA. I opened the FIRE regular savings account this morning, and hope to gradually increase the contributions.

DS1 and DS2 leave Uni this year, but DS3 starts in September. The plan is that as DS3 finishes in 3 years time, increased funds can be redirected towards FIRE. The JISA is intended for DS4 as because of our increased awareness of MSE through this site, we are planning in advance for him !!!! Don’t get me started on the “if onlys”

Overall, I am aware we are very lucky to be in this position with our mortgage also close to being paid off. However, we could (and should) be much further forward with FIRE. But… we can’t change the past, only the future and that is what we are focused on now. Any thoughts or tips will be much appreciated.

Sorry, this has turned into an essay. Good news is that whilst writing the sun has reappeared so can hang out the washing after all (I am easily pleased :rotfl:). Have a good weekend everyone.

hiddenshadow

Sounds like a solid plan.

chumpy45

Not much news so far this week. Up to 4300 points on YouGov, so getting there slowly but surely. Just over £10 on Onepoll - tiny steps. Out with work colleagues last night for some birthday celebrations (not mine). Mexican meal with drinks (including a jug of margueritas - on a school night :eek:) for £25 each. Loads to eat and loads of fun so well worth it. Have also just joined a beginners Salsa dance class with a friend which has been hilarious so far. It's part of my "do more" campaign so there is something other than work and housework going on in my life :rotfl: Wouldn't claim to be the most talented on the dance floor but it's certainly good fun and exercise. Happy Tuesday