Don't call it a dream.... Call it a plan

Jox

You're doing so well, congratulations!!

kittykatneedscash

Ahh thanks Jox didn’t think anyone much read my ramblings

So far I have been focusing on November and getting to where I want to be with enough money in the bank to pay off all debts, and have a healthy emergency fund in place and savings towards holidays and Christmas. As I listed in an earlier post I’ve already thought of what pots I might start saving for and how to allocate my monthly surplus.

I need to start to thinking of my finances longer term and set myself up in a better position for the future. I feel I have a lot of catching up to do I need to look into pensions, maybe a stocks and shares ISA, and think about overpaying on the mortgage. I do want to ease up on myself a little and allow myself more spending money and treats but I need to be very wary that this doesn’t just trigger overspending.

My boyfriend doesn’t always get how careful I have to be with money and why I’m doing this and it has caused a couple of issues along the way he thinks it’s strange and calls me tight which I don’t like :mad:. His way of thinking is that I should ease up and spend a bit more even if its takes a few more months to pay off the debt. I haven’t wanted to lose my focus and putting my ‘date’ back but I feel he has to see a change in my habits after November and that it was all worth it as I can ease up a bit more.

He has his own business which is very successful and likes to spend not necessarily on things but, eating out, drinks out, going to the pub, takeaways etc which are all not very MSE he is good with his money in the sense that he knows how to make it and is never short but also has a very easy come easy go attitude. He deals in cash a lot but never has any idea how much Is in the wedge in his pocket and its always in the hundreds but says he’ll worry if it ever runs out. (Don’t worry he’s not a drug dealer or anything) so his attitude to money is VERY different to mine. I won’t ever be wasteful with money again but I don’t want to be seen as tight either. Does that make sense?

kittykatneedscash

Long term the plan is that I will end up renting my house out and move in with the BF. I am very attached to my house and it’s been in the family 70 years I love that it’s in walking distance to a train station, shops, bars and some nightlife. I feel really proud of what I’ve achieved and that I managed to keep the house on my own through everything that’s gone on the past few years. Everyone always seems to have a horror story about renting, houses getting ruined, bad tenants etc etc so this does make me very anxious. At the moment while I’ve got a lodger and enjoying living there I’m not in a rush to move. A rough plan is next summer renting the house would cover the mortgage with surplus for maintaince etc and overpayments.

We are currently spending a lot of time renovating my boyfriends house ready for me moving in this is a big job as eventually it will involve turning a bungalow with a full size cellar and attic space into a 3 storey house. It’s in a rural location and is pretty much his forever house his grandparents built it, he owns quite a bit of the surrounding land his business premises is just up the hill. The house needs a lot of modernising as a lot of it is the original decor from the 60’s. This will always be his house and not mine but by helping in a lot of the decision making on doing it up I suppose it will hopefully feel more like my home one day.

When I move in my monthly outgoings will reduce significantly. Hopefully this will give me more freedom and choices with my career. At the moment I’m really not happy with my job and career and very much just keeping my head down, treading water, not thinking about it while the finances don’t allow. The problem is I don’t know what I want to do / what I’m good at. I’m even thinking of something totally different. Setting up my own business but I suppose it’s the uncertainty I’m scared of. We are also taking about starting a family at some point neither of us have any children but I’m 36 in January and he’ll be nearly 44 by then so we’re not exactly spring chickens but there’s lot of things I want to do and places I want to see before children come along if they ever do. Hence the start of a holiday savings pot.

There’s a lot going on in my head at the moment and I don’t always like the uncertainty and I am a bit of an overthinker so it does get me a little stressed. Argh so much to think about but it does feel good to get it all down on here.

Jox

Sounds like you're moving in the right direction and it will all work out!

I had my son at 39 and am now 44, we bought a house last year and at the moment have some debts as my husband's brothers "gifted" us some of the deposit so we've paid them back but it's left me in debt which I'm working on!

Good luck with your plans and the career and starting a family

kittykatneedscash

So quick update to my neglected diary I am officially debt free:j:j:j:beer::money: Well maybe debt neutral I have enough in savings to repay my parents and my credit card. I also have a EF of £1800 plus £400 saved towards the start of a holiday / travel fund for this year. I managed this before Christmas and Christmas was all saved for so didn’t push me back at all. When I look back I’m pretty chuffed at how far I’ve come taking full control of my finances, making every penny work for me where I can, stopping smoking, finishing renovating the house and getting a lodger to help me pay down these debts.

I now have a full 12 months spending diary which makes it easier to set a budget for 2019. I have a lot I want to do this year I want to travel and get a couple of holiday / city breaks in. The plan is this summer to move in with my BF and rent my house out, and then think about hopefully starting a family next year. Money that was being saved towards debts can now be diverted to other pots. So far I am looking at splitting available funds between the following

House / DIY – start saving towards anything that needs doing before I rent out or costs incurred with this I might also put new flooring in the hall and kitchen yet but undecided
Bills annual fund – start putting money aside to pay things like house insurance in one go like I did last time and also a bit of a buffer in case I end up in debt with G&E
Clothes budget
Travel / Holiday
Christmas / Birthdays
Mortgage OP

I want to start overpaying my mortgage starting this month by small amounts at first while I put money aside for various things but then this will increase. Thinking I might even start a new shiny diary over on the MFW board if they’ll have me and hopefully I won’t neglect it as much as this one. Thanks to everyone for your help and encouragement along the way and reading lots of other diaries on here and MFW helps massively with motivation along the way. :heartpuls