Prosperous soul in the making

jwil

I love the plans, we have many similar aims!

SandyShores

jwil said:

I love the plans, we have many similar aims!

Me too @savingholmes.  I could use your exact same headings.

I really don't want to give up working but I did love working part-time when I was a working mum - eventually I had two part-time jobs that added up to more than full-time hours before a full-time job.  I loved the two part-time jobs, and it seemed to give me so much more freedom - it was definitely free of office politics and full of variety because you are only there 2 or 3 days and then you're gone again.  At the moment I need the full-time job for mortgage purposes, but later on when the mortgage is smaller, and the pensions more built up, I will definitely think about some kind of more flexible work.

MovingForwards

Unfortunately those type of garages are all the same and have the same reputation.

Looking through your plan.
I highly doubt your mortgage will still be running to 73, but it gives you breathing space to adjust and work out budgets over a few years. It's also a good use of the TFLS.
Build up the essentials EF over time, I get 2.5 months saved each year.

Slow and steady wins the race, never feel guilty about adjusting plans.

savingholmes

jwil said:

I love the plans, we have many similar aims!

Great - we can continue to cheer each other on... Once the divorce goes through - and perhaps start of next year rather than immediately - want to focus on reducing my weight and improving my health and wellbeing.

SandyShores said:

jwil said:

I love the plans, we have many similar aims!

Me too @savingholmes.  I could use your exact same headings.

I really don't want to give up working but I did love working part-time when I was a working mum - eventually I had two part-time jobs that added up to more than full-time hours before a full-time job.  I loved the two part-time jobs, and it seemed to give me so much more freedom - it was definitely free of office politics and full of variety because you are only there 2 or 3 days and then you're gone again.  At the moment I need the full-time job for mortgage purposes, but later on when the mortgage is smaller, and the pensions more built up, I will definitely think about some kind of more flexible work.

I think you have a similar length mortgage to me Sandy - so yes it will be great once it's gone / reduced. I think my ideal would be to work 3 or tops 4 days a week in a traditional role - and then do my art and writing alongside. I too worked 4 days a week at one point in my life and it was amazing - however the amount of work I got given to do didn't really drop - so I think that's the top thing to always watch out for.

I think now I am mostly WFH - I am a lot less exhausted than I was when I was mostly in the office. I think that's partly because I'm over-sensitive to noise - as in it can hurt as well as be distracting. I find office politics exhausting and seemed to have a knack of putting my foot in it - which is rarer now I'm mainly at home.

I'm hoping that head space wise - I will feel more able to engage with art and writing once the divorce is finalised and I have my home mostly to myself (other than DD coming home at weekends). If I get 'proof of concept' that I can actually make money from art and writing - then it would give me speedier mortgage neutrality and more options over time - but given the value of my DB pension & my good salary - I would be reluctant to make any drastic measures in the short to medium term.

I have 2 weeks booked off at Christmas which is fast approaching so looking forward to that. I also have another 8 days left to book between now and the end of March which is also positive. I'm hoping to use that time to recharge, redecorate, make art and to write.

lucielle

Sounds like you've got lots of plates spinning.
L

savingholmes

MovingForwards said:

Unfortunately those type of garages are all the same and have the same reputation.

Looking through your plan.
I highly doubt your mortgage will still be running to 73, but it gives you breathing space to adjust and work out budgets over a few years. It's also a good use of the TFLS.
Build up the essentials EF over time, I get 2.5 months saved each year.

Slow and steady wins the race, never feel guilty about adjusting plans.

Thanks MF for the vote of confidence. I think if I can transfer my DB pension - that will be life changing. 

With regards to the EF - I am hoping that by this time next year that I will have added £1K to it - and also repaid the £1.3K of debt. This is a much slower rate of EF accrual than you've achieved. This is because: 

1. Unless I was sacked, I have great job security
2. Sick pay is 6 months full, 6 months half
3. If they made me redundant - I would get a tax free lump sum that I could make stretch a year if needed.
4. If I developed a long term health condition that qualified for ill health retirement - then that could give me access to my pensions earlier anyway.
5. I have CCs with decent empty balances on them I could use in an emergency - even if it was extended.
6. I could sell my car for £7-9K.
7. I could take in lodgers.
8. I could sell the house and take the equity.
9. Family might help if it got really bad.

I've worked out all my annual / ad-hoc bills - and how much I need in savings to pay them. I've then worked out what's the max I should spend in my desired categories. 

In the first year

• My new repayment mortgage will cost £800 more pcm than the current interest only one  
• I will be responsible for all the other monthy fixed costs that in the past I've shared with Ex - these are due to add another £300 to my current monthly bill. Plus annual bills like home insurance, Pr1m3, software etc.
• I am adding a cost of £23 pcm for the gym as getting fit and healthy is a priority for me
• I plan to overpay my mortgage by £20 pcm while I get used to my new budget 
• I plan to pay an extra £25 pcm into my DC pension from April (by which point the debt should be cleared and the big car bills gone) - with the tax rebate that becomes £31.25
  
• I want to ensure I allow enough money for counselling, socialising, art, writing and holidays - so that I feel I am 'living' while I am alive - and so I am not constantly over-future focused
• I want to see if I can up my income - and use that to pay into my DC pension - and possibly holidays!!
• I want to create and start working through my bucket list - first up would be to go to a ballet performance or a musical 
• DD related costs should reduce post April/May/June

In year 2

• I expect some costs to go - like the counsellor - enabling me to pay more into my pension
• I expect my car bills to decrease - as my car servicing is on a 2 year cycle - and tyres are likely to be 2 years or more
• I therefore expect to make more headway on both the EF and the pensions / mortgage neutrality
• I'm hoping my side hustles will be more established and create more additional income

At some point I am due some back pay and a pay increase. I think net that's worth about £280 then plus £40 pcm. I am still debating how best to use that. I think I will wait to see what my revised utility bills are and CTax post divorce.

Tahlullah.H

I am loving your drive and determination.  Long may it continue.

jwil

savingholmes said:

jwil said:

I love the plans, we have many similar aims!

Great - we can continue to cheer each other on... Once the divorce goes through - and perhaps start of next year rather than immediately - want to focus on reducing my weight and improving my health and wellbeing.

SandyShores said:

jwil said:

I love the plans, we have many similar aims!

Me too @savingholmes.  I could use your exact same headings.

I really don't want to give up working but I did love working part-time when I was a working mum - eventually I had two part-time jobs that added up to more than full-time hours before a full-time job.  I loved the two part-time jobs, and it seemed to give me so much more freedom - it was definitely free of office politics and full of variety because you are only there 2 or 3 days and then you're gone again.  At the moment I need the full-time job for mortgage purposes, but later on when the mortgage is smaller, and the pensions more built up, I will definitely think about some kind of more flexible work.

I think you have a similar length mortgage to me Sandy - so yes it will be great once it's gone / reduced. I think my ideal would be to work 3 or tops 4 days a week in a traditional role - and then do my art and writing alongside. I too worked 4 days a week at one point in my life and it was amazing - however the amount of work I got given to do didn't really drop - so I think that's the top thing to always watch out for.

I think now I am mostly WFH - I am a lot less exhausted than I was when I was mostly in the office. I think that's partly because I'm over-sensitive to noise - as in it can hurt as well as be distracting. I find office politics exhausting and seemed to have a knack of putting my foot in it - which is rarer now I'm mainly at home.

I'm hoping that head space wise - I will feel more able to engage with art and writing once the divorce is finalised and I have my home mostly to myself (other than DD coming home at weekends). If I get 'proof of concept' that I can actually make money from art and writing - then it would give me speedier mortgage neutrality and more options over time - but given the value of my DB pension & my good salary - I would be reluctant to make any drastic measures in the short to medium term.

I have 2 weeks booked off at Christmas which is fast approaching so looking forward to that. I also have another 8 days left to book between now and the end of March which is also positive. I'm hoping to use that time to recharge, redecorate, make art and to write.

Yes, I need to focus on my health and wellbeing as well.

I also like WFH to get the peace.  I find being around people exhausting, I am an introvert and need time alone and quiet to recharge.

savingholmes

lucielle said:

Sounds like you've got lots of plates spinning.
L

Never had a shortage of them LOL - neither have you from the sound of things on your diary. Have you chosen your pods yet?

Tahlullah.H said:

I am loving your drive and determination.  Long may it continue.

Thanks Tahlullah. I'm feeling positive. I just need to get past the final gatekeeper and then the divorce should be done and the house solely in my name. I'll pop over to your diary and see how your house plans are progressing. 

jwil said:

WFH - I am a lot less exhausted than I was when I was mostly in the office. I think that's partly because I'm over-sensitive to noise - as in it can hurt as well as be distracting. I find office politics exhausting and seemed to have a knack of putting my foot in it - which is rarer now I'm mainly at home.

I have 2 weeks booked off at Christmas which is fast approaching so looking forward to that. I also have another 8 days left to book between now and the end of March which is also positive. I'm hoping to use that time to recharge, redecorate, make art and to write.

Yes, I need to focus on my health and wellbeing as well.

I also like WFH to get the peace.  I find being around people exhausting, I am an introvert and need time alone and quiet to recharge.

I think that's the thing - because of C19 - there were too many people in the house and I got zero peace. Only as the kids got jobs outside the home has that improved. Ex is now going to work 2-3 times a week which helps - and I go into work for the odd day just to get away... It will be interesting to see how much I do from home versus work post divorce. I really do think my mental health will improve dramatically post divorce as I literally crave alone time and currently see most things as an interruption... 

Do you have any specific plans Jwil?

MovingForwards

I've every faith you will reach goals and plans, even if they're tweaked over the first few years.

My actual basic outgoings are about what your new mortgage is, therefore it's easier for me to squirrel pounds away, and as you know budgeting is done just on my income.

I'm so pleased to see you're allowing fun things. That's the one thing I should have done sooner, instead I became focused with saving again or maybe saving was the right thing, as it's allowed me to see what means more to me and try new things.

Whatever you do, we'll all be here swapping hints and tips, supporting through good and tricky times and chatting over a virtual coffee.