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Priorities and posteriorities

So here I am, a new diary to turn the dial up a notch!

About the goal: In the last four years I've reduced my mortgage by nearly £48k, a good chunk with overpayments by prioritising certain goals. Every time I open my OP letter and see the repayment term reduced I get such a buzz. However I want to turn the dial up a notch as I'm getting closer to dream-house-buying stage, so want to be fit as a fiddle financially. So my standing order has been increased to £1,100 per month and I've set myself out a budget to build up my savings by £700 per month. The fat to be trimmed is all the little payments - the posteriorities so to speak...the Pret sandwiches, last minute train tickets, mediocre dinners out...stuff that with a bit of planning and will power I can get on top of or say no to.

About me: Solo city dweller with OK job and no dependants. Enjoy travelling, whether UK or abroad.

First steps: MSE activity for today: cancelling my Netflix subscription. I mostly watch nonsense and it's a waste of £7 each month. Done and dusted.
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Replies

  • beanieloubeanielou Forumite
    82.1K Posts
    Part of the Furniture 10,000 Posts Mortgage-free Glee! Name Dropper
    Forumite
    Hello :wave: Welcome to MSE.
    Happy shiny new diary.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    MFW. Finally mortgage free February 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
  • SwashSwash Forumite
    209 Posts
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    Good luck Raincoat!
    Swash x
    "Nothing is permanent in this wicked world, not even our troubles".
  • RaincoatRaincoat Forumite
    26 Posts
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    Thank you both very much!

    So for saying goodbye to 2018 and welcoming in 2019...

    The good: The last day of 2018. Lunch and teabags successfully brought to work, so no unnecessary splurges.
    The bad: Debated whether to get taxi or public transport to get home from NYE celebrations. Uber won in the end but avoided the surge charge by leaving later...and celebrating more!

    Today I've worked more on my budget planning for the year, to be more realistic - a simple solution, stop buying clothes!!! How long this NY resolution will last is debatable.
  • julicornjulicorn Forumite
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    Happy new diary Raincoat, and Happy New Year as well of course! Best of luck with your 'not buying clothes' resolution, that's something we're also spending way more on than we should. Something to work on!
    Original mortgage: December 2017, £203,495 MFW start: April 2018, £201,800 Current: £47,000 (-£40,300 savings pot)
  • RaincoatRaincoat Forumite
    26 Posts
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    Ok, so in terms of keeping a diary, this was an abysmal failure - I was a lurker but haven't posted in two years. Thanks to the nice people who responded to me and wished me luck, and apologies for just being rude!
    2019 & 2020:
    So I did actually meet my goal. My back of an envelope target was for £43k over two years, and my actual over 2019 and 2020 was slightly over this. 
    Yet when I look back, I could definitely have been more careful if I'd been more mindful - the savings were helped by a pay rise in 2019 and a long-term overseas project. Even when I look at my enforced savings due to Covid, I developed some poor habits and spent savings elsewhere.
    2021:
    So I am back, and hopefully more diligent. Trimming the fat and being more conscious around my spending decisions now will help with future financial independence - I would love to be able to change career in the next few years, and not be limited by maintaining a specific lifestyle.
    I also want to actively look for ideas from others, so spending more time on this forum will help me think about other changes I should put into action. 
    My financial goal is therefore to continue to maximise my savings and reduce my mortgage debt. 
    For this diary, the goal will be to post once a fortnight, as this seems realistic for me.
    With this in mind, over Christmas I set about creating a budget for 2021, and my focus will be on my weak points: clothes; groceries; gifts for others; beauty and grooming; and miscellaneous "treats". However, I want these goals to be aligned to a green mindset too, and to be kind to myself. Certain things will go hand in hand with these objectives (e.g. using the library vs. buying books), but some things will conflict (e.g. buying from discount supermarkets vs. buying my local plastic-free store). 
    Fortnight #1:
    My money saving activities were: (1) To finally sign up to the library to borrow eBooks (this has been on my to-do list for ages); (2) To sign up for the OS grocery challenge, register for the L1dl app and stick to my shopping list (so far my coupons have saved the grand total of 50p, but more importantly I stuck to the list - I picked up a few non-list items, put them in my basket and then put them back on the shelves).
  • SwashSwash Forumite
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    Welcome back! I also started a diary years ago and failed miserably. Good luck with your goals :smile:
    "Nothing is permanent in this wicked world, not even our troubles".
  • caelercaeler Forumite
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    Good luck with the diary! @Raincoat
    My diary took a few years to get going but I’ve been a regular poster for the last few months! I’ve found it very motivating and supportive. 
    Mortgage started on 17 December 2012 at £169,000 with a 25 year term finishing in 2037
    Mortgage Repaid on 20 April 2021
    Click here to visit my Mortgage Free Wannabe Diary
  • Squirrelz92Squirrelz92 Forumite
    662 Posts
    500 Posts Third Anniversary Photogenic Name Dropper
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    Very best of luck with your diary! Think of it as a new years resolution, contributing towards it every fortnight without fail!  :D 
    Mortgage Overpayments £0 || Halifax CC1 - £3013.80/£2657 Paid Off 11.8% Tesco CC2 - £1853.13/£0 Paid Off 0% DWP - £766.56/£606.86 Paid Off 20.83% Mum - £1300 Paid Off 0% Emergency Fund: £404/£1000 Aim To Be Debt Free By Dec 2024
  • RaincoatRaincoat Forumite
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    Thanks @Swash , @caeler and @Squirrelz92 all for the words of encouragement. I have bookmarked your MFW diaries to read through, as I am sure they will give me further ideas and help keep me on track :smile:

    As I am back with an update, I guess this is a first step to being accountable. Just need to turn it into a regular habit...

    This week has been quite a quiet week on the spending front and on my known weaknesses. 
    I kept the MSE grail of checking my kitchen stocks and heading off to the supermarket armed with a list, and for the most part I adhered to it.
    Then I spent a relaxing Saturday afternoon prepping and batch cooking, listening to podcasts / audio books and drinking some delicious herbal tea - maybe its a sign of lockdown, but I found it really mellowed me out as work is quite hectic during the week. Everything is now labelled and in the freezer/fridge and I should have enough to keep me going for the next ten days. This also meant I didn't succumb to any takeaways, so Raincoat 1, De7iveroo 0.

    On the treats front, I did order the aforementioned herbal tea from an online specialist, and whilst it was pricey, I regret nothing!   
  • caelercaeler Forumite
    2.6K Posts
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Photogenic
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    Well done on not doing takeaway. I’m all for a treat and supporting local businesses but I’m so extreme I hate spending money when I can cook a nice meal for myself. Lol! I need to lighten up! 
    Mortgage started on 17 December 2012 at £169,000 with a 25 year term finishing in 2037
    Mortgage Repaid on 20 April 2021
    Click here to visit my Mortgage Free Wannabe Diary
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