Dreaming of financial freedom!

Jessy103

Thank you x

ch4rly2002

I think I'm finally getting to grips with the new forum format. I've managed to updated my signature 

A couple of updates since my last proper update. I started a new job in May. It is a similar job to at my previous company but with a 43% payrise! I'm enjoying my role and loving my new company / team so it's a double whammy! The extra money is being used to overpay the mortgage and I have also set up a £250 per month direct debit to try and reduce my student loan quicker. I have been paying it off for 12 years and it's gone from £18k to £10k so I want to pay it off sooner. 

themadvix

Well done on the new job - that's fantastic all round!

I know what you mean about the student loan.... so tedious! And now most of my peers have paid it off, but because of my earnings/high pension contributions (to make up for lost time), my loan doesn't go down much. (ETA Just had a look at mine and it's hardly going down at all 😏 another thing to find money for to pay... although when's the cut-off for wiping it?!)

South_coast

Probably not until you're 64 Vix 🤦‍♀️😱 That's what mine was (took it out in 2002)

Excellent work on the new job ch4rly 👍!

themadvix

I had that feeling SC! There’s something that says 50 and then there’s something (this entire conversation is in my head you understand!) that says that’sa lie and it’s more like 64! Hmm…

Kittenkirst

Hey Ch4rley! 
Ive also found the new forums a bit more difficult to navigate- I couldn’t find your thread until now so Ive finally just caught up over the last 18 months.

It seems you’ve had so much happening; New York sounded amazing, despite the money blaggers, fab news with the PPI and savings. Also huge congratulations for the new job- that pay rise is a stinking increase

I also use instagram a lot as I find it so motivational to see pictures/get tips from people also trying to pay down their mortgages or live more frugally! If you are happy to please send me your instagram name so i can follow you and cheer you on on there (obviously only if you are happy to, there is no pressure)

ch4rly2002

I plan to start making more frequent diary entries now as I hadn't realised it's been over 3 years since I last wrote in here and a lot has happened! 

Shortly after I started my new job, my husband and I decided to adopt. We'd been trying for over a decade with no luck and I was eligible for IVF through my health insurance through work, which made us sit down and have a long hard think about what we wanted. We both decided the toll that IVF takes on the body and the risk of heartbreak was too much for us so we went down the adoption route. Two years later we welcomed a beautiful soon-to-be 3 year old (she came home in December 2023) and then in April this year we welcomed her then 10 month old brother. We love them so much as are so happy with them.

In financial news, my husband was made redundant, which was scary facing the unknown after 20 years building a career in the company. It worked out for the best though. We managed to save £30k of the redundancy payment and he got a few months off. He then got a lucrative contracting job, which was only meant to last 6 months but he's still doing it now. That took him from his previous salary of £63k to a whopping £152k. We're saving what we can for now as we know it's only a matter of time before this cushy gig ends. 

I got a promotion and salary increase, taking me to £63k, which would have been the first time in our history that I earned the same as my husband had he not got the contracting job. I'm currently getting 100% of it while on adoption leave but that starts to decrease from next month and when I go back to work in Feb I'll be doing 4 days a week so will be back down to £50k (which is what I started on in this job 3 years ago so nice to be earning what I did a few years ago but only doing 4 days).

We have maxed our Premium Bond accounts (fingers crossed for the million win!) and have £6k emergency fund in a savings account.

The problem is that with the increased salaries and extra stress and lack of time with having the two bambinos, We've been eating out a lot and spending a tonne of money on softplays and all the food, drinks and ride costs that come with them so I really need to get back into the money saving mindset so I don't squander this amazing opportunity and make the most of it while I can.

The plan is to either pay off our mortgage when the fixed rate ends in February 2027, or use the money to buy a new house with more land for the kiddos. Our mortgage is 1.27% so it's currently cheap as chips and we make more money in savings so we're saving rather than overpaying. One huge concern for us is that the doctor just leaked our location to the birth family, so it looks like moving might be more of a requirement for us now and the other places we'd be happy to live cost quite a bit more than here so it would be a case of increasing the mortgage but using savings to mitigate the increase as much as possible. 

I can hear little one waking up now so I'll update with figures soon. Thanks for reading!

Jessy103

Hi ch4rly! Really good to read your diary and wow, you've had a lot going on! Congratulations on the bambinos 🎉 and the new wage increases x

ch4rly2002

Thanks Jessy. I need to check out everyone else's diaries as I am very much behind! Hope you're well

This is an update of our figures:

Mortgage: Mar 2018 -£300,000 / Jul 2021 -£255,000 / Oct 2024 -£172,835
Student Loan: March 2011 -£18,275.04 / Jul 2021 -£10,425.28 / Oct 2024 £0
Joint Savings: Aim £13.5k. Dec 2016 £1,700 / Jul 2021 £36,600 / Oct 2024 £106,450

Our projected figure at the end of our mortgage fixed term is £146,000 so if we want to be mortgage free when it ends in February 2027, we need to save another £39,550. 

Currently that is achievable, however 1) we don't know how long DH's contracting gig will last. That is pretty much the only reason we've been able to save so much so if he drops his salary we go back to not being able to save much and 2) we've already spent £20,000 getting this house up to scratch and secure for adopting little ones. If we move, we'd likely have other big expenses and 3) because of the data breach, we may end up moving house and we wouldn't be able to save much, if anything. 

Some big decisions ahead of us, head vs heart vs risk. Either way, we're really comfortable with our emergency fund for if DH's contract is cancelled.

We also need to think about saving for the little ones' futures. When the final adoption order goes through they're officially ours, we intend to put money aside for them. They're also expensive! so lots of uncertainties around how much they'll cost us going forwards. This diary should hopefully help keep me on top of everything and not spend too much on takeaways or conveniences. I just need to learn how to say no to multiple rides on the machines at soft play too. More walks and playgrounds are in order I think! 

Have a lovely weekend!

ch4rly2002

Just sold some 'vintage' McDonald's glasses on eBay for £60. That'll go into our savings pot. I'm happy that eBay now aren't charging domestic customers and also I've cleared up some space as we've had them since 2008 and they've been mostly sat in the garage doing nothing! 

I've decided I want to have a good clear out. Partly for if we need to move house but also because I feel like it's bringing DH and me down. I'm fed up of clutter and sometimes it costs us as I can't find something so end up buying it again. I'm going to try and use up perfumes and creams etc. so I can just have one on the go. Here's hoping eBay and Vinted can help with my mission