Taka's journey to freedom

taka

Right… another try at this diary lark!

When I started the MFIT challenges (MFiT mark 1 - over a decade ago!) my target had been to get rid of my mortgage by the day my 1st mortgage would have ended. That day is just under a month away and… it is not going to happen by then. Well... I could pay it off but it'd mean plundering my savings pots / emergency funds and I'm not comfortable doing so. I've still been overpaying my mortgage, but only very small amounts only recently as I've had other priorities for the last few years.

Mostly I've been prioritising my pension. After losing my mum almost 2 years ago, I decided life was too short to work until the ever increasingly high state pension age and I would love to retire a bit earlier. Also there are changes brewing in my pension scheme (a probable switch from hybrid DB & DC scheme to DC only). Much of my "spare" cash has been heading that way instead of prioritising my mortgage.

Oh yes and I'm also trying to increase savings / investments, save up for new windows and to learn to drive (& hopefully get a car thereafter!)… Oh and try to enjoy life! :eek:

After reading some of the other MFW diaries recently I ended up playing around with the mortgage calculator and realised if I can find an extra ~£300 a month on average (on top of my normal payment) I could be MF by Aug 2020 instead. Half the weekend, and a whole lot of playing around with YNAB and various spreadsheets later and it may just about be doable… so I'm going to try! :j

Erm… wish me luck!! :rotfl:

taka

Current mortgage = £8959.75
Current end date = Dec 2027
MF date aim = Aug 2020... 13 months to go! :eek:

Goals for the rest of the year...

• Mortgage - a simple one! Try to OP as much as I can!
• Pension - keep up with the 13% I'm (voluntarily) paying into the DC bit of my DB/DC hybrid pension scheme. DB contribution increases are looming (went from 8% to 8.8% in April 19, increases to 10.4% in Oct 19 and 11.7% in April 20 unless all parties can agree to a different way forwards. :eek:) I hate that it is 13% but I don't feel comfortable increasing this until I know what will happen going forwards... if they ever make a decision... :mad:
• Increase savings / investments by £1125 (£225/month)
• Enjoy life - need to work on this one badly!

How do I plan to do this? Erm make my salary ssstttrrreeeeeeeettcchhhh as far as it can, raise a bit using TCB for purchases, sell off [STRIKE]old tat [/STRIKE]pre-loved items and things like Prolific surveys & earning vouchers etc. Oh and I need to be a bunch more frugal too! :rotfl:

Tropically

Oh my gosh so close.

savingholmes

I would love to be that close to mortgage freedom! Good luck! Sounds like you have a plan.

teapot2

Happy new diary, plans sound good and exciting to be near the end of the mortgage 13 months will soon pass

taka

Thank you all!
I gave a a bunch of my YNAB pots a "haircut" and OP'd just over £2.3k last night and it appeared in my mortgage account today. Down to £6583.50 now! :j

My holiday pot (where most of it came from) and hobby funds in particular are looking a lot sadder now. Decided I'd rather be mortgage free than have a fancy pants holiday this year. I've kept some aside though, to actually explore more of the stuff within day trip distance I never get round to visiting. Kelvingrove museum & art gallery and the new V&A museum are 2 things definitely on the to do list in the next few months.

beanielou

Great start
A year will fly in so quickly.

taka

Thanks Beanie!

No money saving to report yesterday althought I did a bit towards the "enjoying life" part of my challenge. A lovely spontaneous trip to a local beach for an ice cream with a couple of folks from work! Half of my city had the same idea though - it was mobbed!

Note to self... locate sunglasses and summer shoes. Biker style boots are not great beach footwear! :rotfl:

teapot2

Thats a great OP - very satisfying even if other pots look a bit depleted. All beaches round here mobbed as well :cool:

taka

Payday yesterday! :j

Had to give my mortgage provider a quick call today. Looks like I mucked up my last overpayment slightly. I'd hoped I'd set things up for it to reduce my term (if I OP over £500) but it instead it decreased the amount I pay each month. Hopefully it is now sorted for future overpayments!

A bit of money in from Prolific and a end of month Tilly tidy of my YNAB categories plus some of my my salary mean £590.02 winging its way to my mortgage to test this out! If I've got it right this time, this means I'll have lobbed 10 months of my MF date and now be under £6k! :j:j

It means my mortgage payment is now less than half my monthly food budget! :eek: Which mostly makes me want to cut my food budget... :rotfl:

taka

What horrible weather today. Lots of random, thunder storms! Don't need my sunglasses today for sure - more like waterproofs and wellies. Glad I bought a new waterproof jacket last month! Should have been round at Dad's today but he has cancelled on me again. Kinda worried about him but maybe he just needs a bit of space today, with the anniverary of Mum's death coming up very soon.

Right more cheerful stuff... My Aug standard mortgage payment is out and I've managed 2 OPs (£43.34 + 57p!) from a combo of a tiny Tillie tidy, another Prolific payout, coming under my food budget last month and a bit of found cash. (the 57p! ) Interest is now a whopping 45p per day. :rotfl:

Trying to reduce my food budget but finding it hard. Didn't realise how much I had got into the habit of frequently popping to the shops for bits and bobs. Boy does it all add up! Store cupboard challenge ahoy! Cous cous mountain needs to be eaten! (Why exactly do I have over 3 kilos of cous cous? :eek:)