The Journey Begins...

Thriftmaster1973

Hi, got a few things out of the way (weddings, stag do's etc) and now I want to start putting extra down and clear the mortgage.

I want to do this within 5 years or less (I will be 48 y/o). Here's the state of play....

£52,365 owing, house valued at £150.000.
9 years remaining (on 2.54% fixed for another 3 years)
10% of 64,000 can be overpaid without penalties.

There are no other debts, only this mortgage.

I am going to be aiming for £333 overpayment every 4 weeks (13 times a year) and add more overpayment as the mortgage decreases.

House runs on a ultra low cost operating model (implemented by me).

All variable outgoings (apart from shopping)are monitored weekly. Milage, mpg, actual fuel spend, water usage, gas, electric are all monitored so I can try to become even more efficient.

I know I sound a skinflint and I know it's not trendy running a house like a business but I need to have a journey to financial freedom.

SOA

£1800 take home every 4 weeks so get 13 pay packets a year. 1800 divide by 12 = 150.
So could call take home pay £1950 on a monthly basis.


552.90 mortgage
96.00 council tax (10 month, other 2 month's pay for car tax)
70.00 gas & electric
70.00 car fuel
15.30 broadband and landline
10.00 mobile
120.00 food
175.00 maintainance payment
12.12 TV licence
20.00 car insurance
20.00 building contents insurance
19.61 life insurance
39.99 gym / swimming
32.86 redundancy / sickness cover
13.00 union membership
10.00 mot
25.00 water
26.43 boiler insurance.

£1328.21 outgoings per month.

£472 left over (4 weekly)

Thriftmaster1973

I will be publishing an incoming/outgoing list shortly.

You will see that there is no choice for me but to run on a ultra tight budget.

louloubelle79

All the best for your journey! I'm also hoping to be MF at age 48 fingers crossed ;)

tori.k

Sounds intriguing best wishes look forward to reading your progress.

jimi_man

You are 43, what's your pension and savings situation?

Thriftmaster1973

In a company pensions scheme. Got £2000 savings as a buffer.

Thriftmaster1973

Right here goes...

£1800 take home every 4 weeks so get 13 pay packets a year. 1800 divide by 12 = 150.
So could call take home pay £1950 on a monthly basis.

552.90 mortgage
96.00 council tax (10 month, other 2 month's pay for car tax)
70.00 gas & electric
70.00 car fuel
15.30 broadband and landline
10.00 mobile
120.00 food
175.00 maintainance payment
12.12 TV licence
20.00 car insurance
20.00 building contents insurance
19.61 life insurance
39.99 gym / swimming
32.86 redundancy / sickness cover
13.00 union membership
10.00 mot
25.00 water
26.43 boiler insurance.

I'm sure this could be trimmed a bit.

penny*pincher_2

:wave: Welcome!

I will be following your journey with interest - you seem very committed to reach your goal and half of the battle is focus. Go for it!!

Thriftmaster1973

Sorry, forgot to put total...

£1328.21 outgoings per month.

£1800.00 incoming (4 weekly)

£472 left over (4 weekly)

Do you all think the £333.00 overpayment plan is doable?

beanielou

Happy shiny new diary
Hope your journey goes well.

Thriftmaster1973

I will be getting paid on Tuesday and will be keeping a diary of every penny spent. Might bring some surprises seeing where these bits of money are disappearing.