making hay while the sun shines (by freshcotton)

NorthernMonkey1

Good work in killing off the mortgage.

It's probably a good idea to keep a few thousand in savings just in case anything happens. If you're monthly expenses are only £1000 a month, then this can probably be £3-4000.

Kittenkirst

:T. That's fantastic!!! :T :T

freshcotton

Thanks guys! I appreciate your support.

The mortgage balance is £73,045.97 however the penalty charge hasn't been applied yet.

It started at £145k so I'm about half way through.

Did the big xmas shop today, I think gifts have cost us £200 in total, not sure how that compares but seems a lot to me. We don't bother getting things for each other, normally just take a trip away instead.

Other major expense is partners car insurance end of month, so all in it's an expensive month especially as my final pay at my old firm was less than usual.

Hope everyone is enjoying the xmas preparations...

freshcotton

I'm going back to basics in terms of being a money saving expert. I feel that because iv been focusing on major mortgage overpayments (and long work days) iv lost focus on the small bits.

So today I cancelled sky! Was paying £40 for TV and broadband. Due to both political and financial reasons iv put a stop to that. Internet is essential and the cheapest including line rental is £19 so I'm saving £252 a year.

In terms of TV, will look at all the free options available, not essential anyway as it's all rubbish.

My other "basic" plan is to budget better. Iv read so many wonderful diaries where people are putting money aside each month for certain things and sticking to it, so I'm going to do the same. Will put up my budget once iv looked at the numbers.

freshcotton

BUDGET 2017

Groceries = £240
Hair cuts = £28
Petrol = £50
Petty cash tin = £22

Major annual expenses including car and home insurance, road taxs, mot and gifts =£1740, which is £145 per month.

I'm not going to place the £145 in a separate account, it's just for guidance.

Other stuff like clothes, entertainment, trips etc will be paid for from the surplus funds in the current account. I don't believe I need to over budget as I don't waste money.

All this should allow me to overpay £2,500 each month. It won't be easy.

After direct debits and the OP we will have £720 left approx each month.

Will post as to how I'm getting on ...

freshcotton

As me being MF appears to be a medium term goal now, I was thinking more of what I wanted long term.

I'm not someone who aspires to retire at 50, as I think some work is good for mental stimulation, although will be cutting my hours back, no doubt.

What I would like however is, when I'm 40 (9 years time) to leave my job all together and not have a job lined up and my partner todo the same. We could then go off into world and keep going ....and when we want to, we could come back home and then get back to work when we want.

I may even decide to take up a completely different type of work at this stage.

But the idea of having the freedom of not counting days to return back to work would be such a mentally refreshing experience. Almost like a mini retirement.

If I can pay my mortgage off in 2 years, that gives me plenty of time to save a large lump sum of money. A bit to travel, but then a lot in the bank to keep me comfortable.

If Iv got no mortgage and £250k in the bank with no dependents, then why not. I could then come and work 2/3 days a week, just enough to pay my bills and a few trips.

So that's my next pipe dream. 1001 obstacles in the way but I'm laying down the path anyway.

I'm even going to start an adventure scrap book ....

BachSoon

Hi freshcotton

I have been reading your diary and I am so impressed with the progress you have made on your mortgage and its very motivating. It must feel very good to be making such inroads.

Another legal professional at the coal face, not criminal though!

I shall be reading with interest!

freshcotton

Thanks BachSoon.

I forget that some people actually read what I write....

It's also nice to hear that you had the sense to avoid crime work. You clearly had the foresight to realise that being woken up at 2am is not a good thing ..

freshcotton

Hope eveyone is enjoying the festive period - all this time off work is just fantastic.


Had a look at a few webites for sale items and of course nothing that is in my size or just what I want so no spends today, apart from a few food bits. We boh got paid early this month so trying not spend any of januarys money. Have however put away the mortgage overpayment into a seperate account to pay off on 1st which will be £2,600.


As always this wont leave alot in the current accout, but got loads of nice food in and not much planned, expect a wedding in a few weeks time and we are giving cash as a gift - so thats £50 out of our spending pot


Sorted partners car insurance out - £318 (the renewal was over £700!)


Money savings action points


- not leaving heating on too much whilst im at home DONE
- avoid buying tack in sales DONE
- discover a craft to spend time and create something nice IN PROGRESS


Right - time for another cup of tea x

freshcotton

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