mumof3.12kindebt - mortgage free by 40!

mumof3.12kindebt

hello my beautiful diary friends, 
we are about to leave to go the playing fields shortly but i wanted to do a breakdown of our debts / savings well its in my head. 
i paid off very today .. so that is step 2 of our financial plan achieved. 
ive also decided to keep our savings for car / emergancy fund together. ive used money from the car fund to pay very but it will be replaced later in the month, ill list our plan at the end. 
balances as of 01/09/2020

debts 
mortgage -£117,573.59 (original term 40 years)
loan -£11,766.00 (we had to get a loan to pay for some house repairs) (we took the loan out this year over a 7 year term)
housing association -£2191.09 (this was a bill we were sent when we left our flat, it was over £6000 but we argued it and got it to £2691.09)  
very £0
credit card £0
total debt -£131,503.68 (including mortgage)
total debt -£13,957.09 (minus mortgage)

monthly repayment amounts 
mortgage £451.16 (this has decreased since first taking out our mortgage due to overpayments)
loan £159.53
housing association £50.00
total £660.69

savings - not including loan money for house repairs 
savings / car fund £6,409.00
LISA £344.10
help to save £600.00 + £300.00 bonus 
total including bonus £7653.10

The plan. 
step 1 save £6000 in emergency fund 
step 2 pay off very 
step 3 save as much as possible towards a car (aim to have a total of £10,000 in savings)
step 4 pay off loan - target date December 2022 
step 5 pay off housing association debt - target date December 2023 
step 6 become mortgage free - target date june 2032 (13 years after first taking out the mortgage)

the smiley means we have achieved the step. 
i will try to do a monthly update of outstanding amounts, mainly to keep me updated and so i know where we are.

i have stripped our outgoings to as low as possible and we generally have between £600-£800 a month left over when doing a successful  no spend month. so we should be able to achieve our targets if we stick to it. 

anyway i better go. 

take care everyone 
love hugs and positivity to you all x

FtbDreaming

Well done on paying Very! I paid mine off in November last year. Definitely one of my biggest financial regrets. Payments went from £7 monthly to £350 monthly overnight and I didn’t have the money and ended up with a ccj. I am definitely an example of where financial education would have been well needed at school age! 

You’re doing really well on your targets. I opened a help to save in December but only set up a £5 weekly standing order a few weeks ago. I know it’s not much but every little helps. It’s up to £60 already. 

I hate housing associations too. Ive bought my house 2 weeks ago off the HA and they still have a rent account building up for me even though I’ve emailed and text the housing officer several times. 

Anyway good luck and keep at it! X

mumof3.12kindebt

Thankyou. Yes our old housing association billed us even though we left the flat as they stated it should be. I couldn't believe it when the first bill came through but Oh gave them a bit of a fight and they decided they didn't have the evidence for alot of the work they tried to bill us for and so dropped the bill by over £4k.  I'm just glad we didn't just give in. 
I've always paid off my very account before interest hits. (just something I've always done) I'm sorry that happened to you.  So easily done though. I know people who have had to go bankrupt due to catalogues. 
Yes I set mine up a while a go but and paid £50 a month regularly. I then ended up withdrawing some and stopped paying into it for a while. But I'm hoping to add too it each month from now on. Like you said it all adds up. 

I really feel like I should go back over to the debt free wannabe board. But I also don't want to really start another diary.  And at the moment as im not making regular overpayments to our debt while we save up for a car. I really dont belong anywhere in particular 🤣

I've spent the last few evenings binge watching sit coms. It's definitely helped me to relax 

I'm not really been worried about work today which has been nice. We went for a "walk" and it did help me to feel better. So so tired now though. 

Off to bed shortly. Have a good evening everyone 
Love hugs and positivity to you all 🥰

mumof3.12kindebt

Good afternoon everyone. 

Spent £120 today on clothes and shoes for the family. All essential stuff. So there we go. Can't do much about it. Although in the future I will check out charity shops or eb!y first.

Eldests first day at high school today! Can't believe I'm officially a mum of a high school'r I haven't done alot today tbh. I'm still on annual leave, but I've had a bad headache all day. I'm not particularly looking forward to going back to work but needs must. 

Oven is heating up for dinner. Dining room is clean and tidy. Lounge isn't too bad tbh just some toys on the floor for DD. We will help her tidy up before dinner. 

Ds2 had a good day at school too. Briefly met his new teacher. 

I'm not doing much tonight. Might read a book ... But generally the aim is too get an early night 

I hope you have all had a nice day. 

Love hugs and positivity to you all 

mumof3.12kindebt

Morning my beautiful diary friends, 
Hope everyone is well. 

Had my x-ray on my ankle this morning. Got to wait to speak to go for full results but they said I have soft tissue damage so it's possibly strained. It's been hurting since July     anyway that's that. 

Financial update... Well it's all gone to sh&t tbh. I spent way to much money on rubbish the first few days of this month. So had to transfer money from the savings. So annoyed with myself but what's done is done. On the upside I brought stuff to do some crafts and it really relaxes me so I'm hoping this will help me to not feel so depressed and anxious on bad days and coping with work..

Regards work. I'm working on a few things with the aim to go self employed. If it goes well I'll gradually decrease my hours at work (which is the big goal) and up my hours working for myself. But we will just see what happens. 🤞 It all works out okay. 

Another thing I want to do in the future is look into buying property to rent out. We will stick to our local area so the property is easier to manage ie repairs etc.  But first I need to achieve my current goals.  

Car wise I think I'm going to try and save for a Volvo. From research I've done they seem to be good cars. But ultimately I'll buy whatever I can afford at the time. As long as it's a car that we can all fit in and I get a couple of years out of it before it costs me an arm and a leg to keep on the road I'm really not fussed about what we get. 

The plan once we have brought a car is too save the money each month we currently use to pay for our current car to cover the costs. The goal is that after a few years we will have excess money in there that we will use to pay off a lump sum of our debts or mortgage..or possibly towards buying a rental property depending on where we are at financially. 

I want to end this year with all the repairs done around the house that we planned to do with the loan money .. have £6k back in our savings and money saved towards a car. I'm going to look at buying a car in June ready for when our car goes back in July / aug 

I'm still waiting to hear about my hernia op. Im hoping it won't be this side of Christmas. It isn't really playing me up atm so hoping I won't hear for around 12 months to get us in a better financial position. I'll get  SSP when I'm off . And won't need to put fuel in the car while I'm off. I think we will be able to get by without using too much of our savings (hopefully we won't need to use any savings but we'll I'm off we won't be able to make overpayments or save.) 

Anyway.... Going to try and get some money back into savings this month. 

I just need to remind myself that if I stick to our plan 2 years from now we will be in a much better position financially. And possibly will be back to just having our mortgage and no other debts. 

Have a good day everyone 

Love hugs and positivity to you all

mumof3.12kindebt

Our debt free date - excluding mortgage (goal)

01/01/2023 

Our mortgage free date (goal) 

01/06/2032 

mumof3.12kindebt

Everyone's back from school. Topped up the tank £35 in fuel. 

Kids are having pasta tonight. Food shop is being delivered later and there isnt much else in the house that they will all eat. 

Spent £116 on the food shop this week but that includes 50g of tobacco. 
I promise I will quit at somepoint. I need to fix my vape - it's leaking the fluid. 
Also a very close family member has had a cancer diagnosis and tbh i find work extremely stressful as explained on previous posts. I have started to develop a hobby for craft though and since doing this I have cut down alot. 

I really need to shift my bum and get some laundry done and get stuff ready for tomorrow. 
Think I'm going to set a timer for 30 mins and just see what I can get done 

Speak later. X

FtbDreaming

Hi.. I’m finding this month a struggle. My eldest started high school last week too. Its expensive isn’t it and stressful. Ive gone from having about £900 in my bank down to the last £100 with constantly shopping , eating out and paying school stuff the last few weeks. Hopefully it will settle down now all the uniform bits are paid but I think I still need to get her more shirts as I don’t like the collar on the ones I’ve got it looks scruffy. 

I also have 3 kids and share your vision of buying another house in the future but I’d love to buy a doer upper and then sell and hopefully make a profit. I’m not sure how viable it is but if I could overpay a load now then in 5 years remortgage and take out £60k to get a terraced house do it up and sell on again then I could probably clear the mortgage. It’s probably not realistic but a good little dream to have lol. 

mumof3.12kindebt

Hello my beautiful diary friends, 
I hope you are all well. 
FtbDreaming it has been an expensive few months but hopefully things will settle down now. There's nothing wrong with dreaming I would like to eventually invest in property and build it up so eventually I don't have to work or can be more flexible with when I work ..

I have my heart set on a Volvo estate. Not too worried about age or milage but would like close to 12 months MOT on it if I can. So I need to save as much as possible ☺️ 

First day back at work today and it was a good day I'm so relieved as my anxiety wasn't great yesterday and I didn't want to go back but today made me realise with my new mindset and techniques i think I'll be ok.   I am very tired now though. I slept awful last night so I'm hoping I sleep better tonight. 

No spend day today.  

Pay day tomorrow so that will be transferred to another account ready for next month. 

I've promised myself I'll be more focused on the finances from now on.  A few days of taking my eye off the ball ended up being costly 

Mini chicken dinner tonight. Nice and easy. Chicken is in the oven and I'll do the veg in the steamer which means I can get some jobs done instead of watching pans don't over boil 🤣 

Have a good evening everyone 
Love hugs and positivity to you all

mumof3.12kindebt

Hello my beautiful diary friends , 
I hope you are all well. And life is being good to you. If it's not or you want one I'm sending hugs. 

Ok so today is a no spend day  

This weekend is my weekend off so I'm going to work on some more yo-tube videos. 

I had a notification this morning on my help to save account to say my first bonus will be paid from the 1st of October. It will be transferred streight to my investment account rather than savings. 

I've done the budget for next month. Every single remaining penny is going to savings. 

I also need to do my budget for next year. Next year we are doing a full on, no slip ups trying our hardest frugal/nospend year! With the goal to buy a car CASH! And get work done on the house and pay off as much of our debt as possible! 

I will update on the 30th with current balances !