The ups, downs, and occasional sideways bits of trying to be mortgage free

armchairexpert

Hello! I decided I was spending too much time on this site to the detriment of my actual billable work and I put it on my list of Things To Access Occasionally (I use a productivity blocker, so it went into the time waster category which gives me v limited time between 8am and 8pm).

But I'm still here, still fine, still budgeting. Let's see. When we left our heroine, she (um, I) had three goals for first quarter 2018, which we appear to be basically at:

Get the interest payment under 50% of the total payment (easy, tbh. Fortnightly payment is $647, last interest payment was $674).

Not as easy as all that! Last month it was , but it was February, so only 28 days. The month before, 31 days, was $691. I reckon this is a bit further away than I thought.

Shave another 5% off the groceries. I have a whole plan. It's dull to anyone but me. I'd like it consistently under $1000 even on a 5 week month.

Noooooope. As always, this would be achievable if I were the only one doing the shopping but I am not. March, a 5 Saturday month, is not even going to squeak in under $1100.

Build the business buffer back up: this last two months I have borrowed back from the business buffer/tax account to cover my contribution. This is mostly due to outstanding invoices, which is why I'm not worried about it, but I'll feel better when it's got savings in. I want a $3K slush fund there in case I've badly miscalculated my tax obligations - they'll be higher this year, and I think student loan payments kick in.

Now, this I have managed, and I have two more lucrative months lined up before I even have to start worrying. In January I lost two of my best clients and was down to earning half of what I needed to meet expenses. In February I decided I was going to pay for some after-school-hours care for the girls to free up more time to hustle, and that's proven to be a good decision. Whether it was that, or just the time of year picking up, I've had a series of good projects come in and a few more meetings that might turn into equally good stuff, as well as clear business plans for bringing in more inbound work once I find the time to execute them. It's all forward motion.

And here's a goal that wasn't on the list: I started this diary in February 2017, when my mortgage + credit card debt - savings account was -$228K. Exactly a year later, it was -$198K. I'm rounding slightly, but it's almost exactly $20K paid off.

Generally, things have turned around a lot. Bonus money now goes straight into savings. I have the emergency buffers/repair funds built up. We may even be planning a proper holiday for next year.

wishingthemortgaheaway

Sounds like a generally successful year and quarter Ace.

I like the sound of the productivity blocker. Does it work on a phone/tablet? I need this in my life.

armchairexpert

Should do! The one I use is Freedom. I have it set so that all of the websites I have categorised as Time Wasters have a one hour time limit per day. As in, added all together. Every time I click over to Twitter or whatever, the clock starts ticking. And every time I realise I have discovered a new time waster, I add it to the list. And it's very hard to change it back to more generous settings.

ToeDipper

I started this diary in February 2017, when my mortgage + credit card debt - savings account was -$228K. Exactly a year later, it was -$198K. I'm rounding slightly, but it's almost exactly $20K paid off.

Hi ACE I've been a lurker for quite some time - I love reading about people's journeys but haven't plucked up the courage to comment until now. Unlike you I have made a resolution to be more active here!

I just wanted to say firstly, thank you for coming back with an update, and secondly - $198k down from $228k is a whopping $30k off rather than $20k! Just wanted to make sure you're feeling the full effects of your amazing work :T

mfmaybe

So glad to see you back ACE. I like the sound of that blocker. Now, if only my app store would work with my ancient iphone 5. Because buying a new phone doesn't seem to be very MSE!

And ToeDipper I never spotted that and I'm an accountant, whoops. I blame the $ sign confusing me :rotfl:. But you are absolutely right and that's fantastic, ACE. :T

armchairexpert

OMG so it is.

That's amazing. I've been thinking of it as $20K for WEEKS now.

I should clearly come back here more often.

mfmaybe, I only upgraded from a 5C a few months ago and I didn't have any trouble with the app store - is it a recent problem?

Nothing much to report here but I have decided to come and update more often - yesterday I could feel myself getting back into MSE mode just reading diaries. I'm off to Costco tomorrow for a big shop - was supposed to be today but I have this tedious thing called work getting in the way.

Cherryfudge

Welcome back ACE, and very handsome progress, well done!

mfmaybe

armchairexpert wrote: »

OMG so it is.

That's amazing. I've been thinking of it as $20K for WEEKS now.

I should clearly come back here more often.

mfmaybe, I only upgraded from a 5C a few months ago and I didn't have any trouble with the app store - is it a recent problem?

Nothing much to report here but I have decided to come and update more often - yesterday I could feel myself getting back into MSE mode just reading diaries. I'm off to Costco tomorrow for a big shop - was supposed to be today but I have this tedious thing called work getting in the way.

It's like you paid off $10k in a day

I resolved it by turning the phone off and back on again (it somehow always annoys me when this works ) but I did notice the App store was advertising the new ios11 app store - and I can't put that os on my ancient phone.

Tahlullah

Good to see you back ACE and congratulations on a $30k overpayment in one year. An absolutely fantastic result!

armchairexpert

Oh God we've spent so much in March. March was stupid. Most of it totally frivolous spending, too. Partly this was because I got an unusually lucrative two-week contract, and while I won't see that money for a while there was an element of "I'm charging $X per day, I can definitely blow $300 on these concert tickets!".

Yeah, we spent $300 on concert tickets. And despite packing a picnic (it was an all day outdoor concert/music festival thing) we still ended up also buying food and blinking heck, I haven't done that in a while, it costs SO MUCH. We spent about another $150 just on food, drink, henna tattoos for the girls, a cheap pair of sunglasses for me, the list went on.

And March is also School Fun Time, it seems: separate excursions for each girl at $40 each, plus the annual school fundraiser which one really has to go to and cost us close to $150 by the time we bought tickets, food, raffle tickets, drinks on the night, one could do it cheaper of course but it's for the school and the program it supports is so wonderful and completely funded by this event.

While I thought I had built up the pots since this (the school part) happened last year, in fact I massively underestimated how much I needed to have in that particular pot! I'm adding notes into YNAB right now so I don't forget and raid it in November when I'm short on Christmas money.

Anyway. In April, by contrast, Mr E will be away for two full weeks, one of which he will get an Away From Home Allowance of - some money, can't remember, a few hundred I think. And him being away means the food bill goes down. And I don't think there are any major expenses except my Mum's birthday, for which there is money in the budget.

My fortieth is coming up in May, and while I originally wanted Expensive Piece Of Furniture, I thought about it more and decided that a decent holiday was what I really wanted. Even if that meant saving up for another year. And then Mr E got anxious, because gift giving is a love language thing for him and he couldn't really conceive that this milestone birthday would go past without A Big Milestone Gift, but I think we've got there with that one now.

As of today, the savings pot for the holiday is $1500. That's taken...a while. But I was also aggressively paying down the mortgage. Now I'm trying to do both. Realistically, I'm going to need at least $10K, maybe closer to $15, for the holiday I want - which is three weeks in England and Ireland, maybe throw in a weekend in Paris on the Eurostar, stay in airbnbs where possible. Travel from Australia is ridiculous.