All the single ladies vs 145k

sofarbehind

Hello everyone!

I have been reviewing my finances and having a long think about the future. I've been overpaying by £647/pm for seven months now. I have managed this fine but not been great about other additional savings, which have felt like quite a struggle to be honest. I've had a look over the past year's spending and realised that I am not being as strict with myself as I could be.

When I started this diary I was aiming for a balance between Oping and enjoying myself. The fact that even at current rate of Oping I have another 9 years to go has always bothered me. Plus I'm not even living in my ideal area! It's a bit disheartening. I have had a horrible health scare (all is ok, thankfully) and it's really made me think about security. I worked out that if I was absolutely ruthless with frugality I could pay this off in five years...

It's probably an unrealistic goal but if I adopt it the worst that can happen is that I will end up having paid more off in 2024 than currently planned. I don't know if I should try this or just get on and move to my preferred area in the new year. I will continue to mull it over. The deciding factor will be work I think. I want to change career - there is no way I can physically do my current role at 60 plus- and I'm very burnt out. So I'm applying for a training post in 2020 to do something else. If I'm successful in getting this I will have a bit of a pay cut and will probably stay here. If I am in my current career I will probably move and aim for a two bed.

The new career has a 3-6 year training contract with no guarantee of a job at the end in an insecure area facing cuts. My current role is relatively safe but I am miserable. If I push myself to get rid of the mortgage millstone now it's going to give me a lot more flexibility to change careers. Part of me thinks I will be crazy for considering trying to find insecure work in a new area in my mid 40s but I need to leave my current post. Having no mortgage would free me up to take the risk.

Gosh I really am rambling here. It's so helpful to set my thoughts out in my diary. I've just increased my overpayments to £747pm from September and am going to tighten my budget a lot until the end of the year. Then I can just see what happens work wise in the new year.

Still running and the friends I've made through this have become very close. I think they are the only reason I keep it up. Definitely become a good habit. I'm chipping away at the studying too...hopefully in another five years future me will be very happy I did all these things

Runders

Hey Sofarbehind,

Sorry delayed response from me, I've been mega busy since I moved at the beginning of July.

You last post above could have literally been written by me! I just took a big pay cut to come back onto land after 11 years at sea. The pay at sea was fab, I loved the people and I loved being at sea. But my body is tired, and I was physically and mentally exhausted after a tough couple of years. I have taken a big pay cut, got a bigger mortgage and I am struggling a little on financial side after being so used to being comfortable, but...my mental health has improved ten fold and I am hoping that now I can start to work on my physical health too.

All the questions you had above were ones I had, if I'd stayed in my last house and at sea and thrown everything at the mortgage I could have paid it off, or at least down to a level where it was insignificant in about 4-5 years and done what ever wanted work wise after. But, my neighbours were huge part in the decline of my mental health and if I'd stayed there who knows what gibbering wreck I'd have been in 5 years! I could have moved and stayed at sea, making like easier on the money front, but then again, my back is ruined and I struggle just walking some days. So I moved house and moved into the office.

You've highlighted your career is your biggest thing you want to change so go for it! We only live once, and we need to do what is right for us. Me personally, I wish I'd moved years ago, but the past is done and the future is to look forward too!

Moneyfordreams

Follow your heart that's a bit ambiguous as it can go either way. Don't let age be a barrier.. the government keep moving the goal posts so we should too ( at least mentally) I'm 50 next year and aiming to start and MSc 3 year training course. Thankfully supported in my current role, however I will then have to be interviewed moved sideways, then hopefully after qualifying start the higher pay ladder again. I might be 56 before I see any decent return. We moved last year too. I'm spending a fortune on doing the place up, I like it but I wish I'd chosen somewhere more finished for a few k more

sofarbehind

Runders wrote: »

All the questions you had above were ones I had, if I'd stayed in my last house and at sea and thrown everything at the mortgage I could have paid it off, or at least down to a level where it was insignificant in about 4-5 years and done what ever wanted work wise after. But, my neighbours were huge part in the decline of my mental health and if I'd stayed there who knows what gibbering wreck I'd have been in 5 years!

Me personally, I wish I'd moved years ago, but the past is done and the future is to look forward too!

Hi Runders,

Thanks very much for your story. We are really in very, very similar situations and it's nice to hear from someone who had the guts to make the scary changes. I'm really glad that it's working out so well for you, it's very encouraging. Sorry that you went through so much with your neighbours, it must have been incredibly stressful. I have wonderful neighbours at the moment and losing them makes me scared to move..

I'm 100% in for this career change, like you I think it's now an essential mental health issue It might take me a few years but I'm going for it. Perhaps I'll feel like you and wonder why I didn't do it years ago..

Thanks again, you have been really inspirational for me.

sofarbehind

Moneyfordreams wrote: »

I'm 50 next year and aiming to start and MSc 3 year training course. Thankfully supported in my current role, however I will then have to be interviewed moved sideways, then hopefully after qualifying start the higher pay ladder again. I might be 56 before I see any decent return. We moved last year too. I'm spending a fortune on doing the place up, I like it but I wish I'd chosen somewhere more finished for a few k more

This is lovely, congratulations on getting on your course. :beer: It's good to be reminded that I need to keep developing my career and that there are so many more years left to work Sometimes I fall into the trap of thinking I'm past it and wondering if it's time to accept my lot...:p

sofarbehind

Hello

I have increased my OPs again to £747 and just made the first payment. Yay! I'm now Oping more than the actual payment. A few people warned me that it becomes addictive and they were right - it's almost a game to see how much I can manage. I'm being more strict with myself and budgeting better after a slack few months. I'm getting there but need to look at my food budget and planning again - this has always been a weak area of mine. I'm amazed by how much better than me people with families budget meals.

In a funny way my expensive course has helped with budgeting - it's keeping away from shops and expensive nights out and trips away. I really want a good grade and between study and work I'm kept very busy. I'm still running, which surprises me! It's a very cheap hobby and I've made a fantastic group of friends so I think it's here to stay.

I think it's time to get my lovely woodburner back on...

beanielou

All sounds good:)

sofarbehind

Another £747 OP made. I am really excited because next month I will just scrape the mortgage under £120k and that feels like a significant mini milestone. I probably need to get out more

paddyz

Well done op, your overpayments are massive!

I’m a singleton too and going alone with my journey too, loads of smiles reading this as it reminds me of myself

Keep it up x

sofarbehind

paddyz wrote: »

Well done op, your overpayments are massive!

I’m a singleton too and going alone with my journey too, loads of smiles reading this as it reminds me of myself

Keep it up x

Ah thanks paddyz, that has made my day The overpayments have slowly crept up - fingers crossed I can keep them that way because I have a lot of work to do. You have done really well and I'm looking forward to halving my original mortgage one day too.