FinancialBliss: My mortgage free journey…

setmefree2

Kaz2904 wrote: »

What were you thinking going into work you wally! Good grief if you'd already passed out once you could have done it again (maybe even somewhere dangerous). Although it may speed up your MF dreams to leave the mortal coil, I expect your family have grown rather fond of you over time and would like you to stick around.
Anyway, nursey speak over (consider yourself told off).
Hope you all improve nice and quick. TTFN, Kaz.

Hi FB,

Sorry to hi-jack your thread but I just wanted to ask Kaz if she bought those £65 boots she was tempted by

Mumto5

financialbliss wrote: »

Sickly stuff at the bliss household…


Mrs bliss is under the weather too, but she’s plodding on regardless – think mum’s just do that. I’m sure mumto5 or someone else who is a mum will confirm that.

Financial Bliss.

Confirmed! :rotfl:

Mumto5

SmlSave

Congrats on the savings!

How is Mrs Bliss doing?

financialbliss

StuartGMC wrote: »

Do you have any other equities and have they performed better than those that sadly hit you recently?

I say this with a big smile on my face - NO

They'd have probably crashed by now.

Northern Rock shares were due to having two savings products with them. This was in the early '90s when you had to walk into a branch to open a savings account / deposit cash. We just missed out on a third block of shares as our first Northern Rock mortgage didn't start early enough to qualify.

Bradford and Bingley shares - they had market leading TESSA rates at the time, and again we had an account each with them.

Financial Bliss.

financialbliss

SmlSave wrote: »

How is Mrs Bliss doing?

Hi Smlsave. Still a bit sickly. I'll spare the details.

FB.

StuartGMC

FB
Sounds like you are not set in your views of equities and I can't blame you for that. However, you've overcome these obstacles and made massive progress so well done, a good inspiration for others.

financialbliss

financialbliss wrote: »

I’m expecting 2008 to be a make or break year. The whole 12/12/12 concept is based on making mortgage payments of 1,250 or more per month. I’ll probably have a good idea by the end of this year if I’m still on track for 12/12/12 or if I’ve got my sums completely wrong…

Please bear with me for a mo. That was me on page 6 of this diary at the part of my aims for 2008. I'm intending to properly review these aims real soon, plus add another few feature posts, but first I'd like to say a few words about my salary.

I've been in my current job 10 years this week. When I started, I was earning 18,006. When I wrote that in January I was earning 35,852.

I mentioned last week that I'd spotted that the 2.45% April pay increase was going to be applied. What I didn't mention last week is that I've recently been regraded. Not a promotion - just an adjustment of where my post sits in the the overall salary scale. I've been one of the fortunate ones who has had an increment.

So, factoring in the 2.45% increase, I should be on 38,462 before the end of this year. If you also bear in mind that I typically get to get a cost of living increase every April - next one due April 2009 (I'll use the 2% cap that the central government recommend), then I estimate that my salary could be approximately 39,232 come next April.

This year has been a bit of a roller coaster. I tried to force my finances, as I realised I needed to "feed" the mortgage 1,250+ a month to attain my goal. Once I realised my budgeting was wrong, I cut back, but not before I'd took a chunk of savings.

How does the above affect my goal?

I'm planning to continue paying 1,050 for November and December this year - any surplus cash at the end of those months going back into savings.

For January through to June 2009 (as pay reviews can take a while to come through), I'm planning to pay 1,200 a month towards the mortgage.

From July 2009 onwards (hoping that pay review is through), I'm planning to pay 1,225 a month towards the mortgage.

Key word is planning. I've not factored any further wage increases at all into the repayment plan. I'm hoping to do get some, but I'm being much more caution with the repayment planning.

You still with me?

Come December 2012, this leaves us with a mortgage of about 8k. If I kept paying 1,225 until it was repaid, I've estimated it would be completed in July 2013.

So, a bit of good luck with the salary and I think it's improved my chances of being mortgage free by 2012, but we're not out of the woods just yet :eek:

Next mortgage product after this fix, general savvy spending, sorting our mrs bliss - yes I need to come back and discuss her at some point, and whatever life throws at us could change the ~8k defecit.

Financial Bliss.

StuartGMC

FB
Many thanks for the detailed posting. Firstly I think you'll agree that bein gin local government now is helping you (I'm guessing that you could have jumped to private sector otherwise but, like my wife, balance the benefits of working in a local authority vs salary elsewhere?

You are still setting very tough targets, I hope these don't put a strain on you and home life, far better to back off to 13/11/13 and remove pressure than push for 12/12/12 if that will really cause issues. You can always improve on 13/11/13 as cash is found to be available.

Good luck and I will watch with interest.

SmlSave

sorting our mrs bliss

That sounds ominous! I do hope she feels better soon.

You still with me?

I think I understood your run-down of events. I'm taking it that next years goals are going to be a bit more 'relaxed' than this years?

Hope you're putting some money aside for a nice holiday :- )

gallygirl

FB, I think it's looking good, especially when you bear in mind that as time goes on more each month is going an capital repayments (as witnessed by your monthly interest figures). And let's remember, there's no point in having a target that can be reached easily, having a real challenge will make 12/12/12 even sweeter .