Phase 3

I’m starting a shiny new diary for a shiny new year. I’m now in phase 3, both in financial and life terms - a fresh new start, which I’m really excited about.

Phase 1 started 16 years ago, we started a frugal lifestyle to get rid of overdrafts and loan debts and to save for a family and maternity leave.

Phase 2 started 10 years ago, after relocating, changing jobs and 2 children later, we started overpaying to get rid of the mortgage. we lived frugally, but budgeted for lots of great, cheap holidays and family days out. We also undertook major building work, which used our savings up.

Despite working hard at keeping the family unit together, we separated 3 years ago. The past 3 years have been working to rebuild the dynamics, with lots of challenges being faced regarding daughters health.

So now, phase 3 starts, I’ve drawn up spreadsheets for my 2020 budget and have a number of goals;

1. Finalise divorce £950/£1500 saved
2. 0/40lbs lost
3. Big summer holiday 0/£1600 saved
4. 9k/70k mortgage.
5. Transfer mortgage into my name.

My horoscope is promising a calm, happy year ahead, so I shall drink to that. Wishing us all a happy, healthy, and peaceful 2020 :beer:


  • lippy1923
    lippy1923 Posts: 1,374 Forumite
    First Anniversary First Post Combo Breaker
    Hello :)

    I like the idea of phases in life! Good luck with phase 3.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • Thanks lippy, it’s exciting to have a blank canvas for the future.

    A lovely day today, dog walk, swimming with the kids followed by a big family get together and meal out. I’ve spent £100 in the boots sale for future gifts, cards and wrapping.

    Chased up divorce paperwork. Seems like it’s lost in the system, started the process in May, £1k in fees and no further forward. Frustrated as I’m out of my fix and paying an extra £50 monthly interest on the mortgage, as I can’t remortgage into my name until the finance order has been agreed.
    However, the last couple of years have taught me to be patient, it’s not worth getting stressed about in the grand scheme of things.

    Looking forward to a lovely couple of days of family get togethers, followed by a short break to the seaside before school starts. Then, full frugal mode starts for January.....
  • Octobergirl
    Octobergirl Posts: 345 Forumite
    First Anniversary Combo Breaker First Post
    edited 8 January 2020 at 10:40PM
    Played with my spreadsheets and worked out this Christmas has cost £750...ouch. Looked back over past years, present spending for family, friends, Carers, colleagues and teachers has stayed the same at the £450 mark. I’m pretty good at buying in sales.

    £150 spent on a tree, decorations, family meal, activities and food. It’s bumped up this year by a trip away, which in hindsight I didn’t need to do as the kids have been much more chilled and happy to relax this year, i won’t be doing it again next year.

    To compensate, I’ve gone through my direct debits and cancelled all the unnecessary ones. £55pm saved, I’ve really taken my eye off the ball over the past couple of years, whilst focusing on other battles.

    Been catching up on diaries to get back into the spirit of things. Lots of members I used to follow are now in the mortgage free thread, a big ( slightly envious) congratulations to all those that have made it.:T:T
  • twinklie
    twinklie Posts: 5,052 Forumite
    Name Dropper First Anniversary First Post
    Found you! I’m a long way of mortgage free so don’t worry about it. We can trudge on together.

    Looking forward to following your journey. :D
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • savingholmes
    savingholmes Posts: 27,355 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Best of luck for the next phase of your life.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £12.3K
    3) CC £4.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value at 15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • beanielou
    beanielou Posts: 90,227 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Happy shiny new diary :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 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.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Happy New Year everyone:beer:

    Thanks beanie Lou, it’s a little scary to catch up on old familiar diaries, I can’t believe how the time has flown. Had I stayed with ex, we would be mortgage free in 10 months, although he would be under the patio and I would be in prison:rotfl:

    I’m a little disgruntled at waking with a stinking headache this morning, especially as I was on soft drinks/ driving last night - not very fair:(

    I have got 7.10 years to pay off £70k, which is a non- negotiable time frame. I’m currently on track to achieve £30k IF nothing throws my current budget out. I’m not in a position to earn more currently, so need to look at ways to spend less. I figure I need to find another £225 pm:think:

    Groceries are always my weak spot. I need to go back to taking weekly housekeeping out in cash and stick to budget. The next week we will be eating from the freezer whilst I take stock of my meal planning, which isn’t working very well.
  • twinklie
    twinklie Posts: 5,052 Forumite
    Name Dropper First Anniversary First Post
    I’m currently 18 years away from being mortgage free, but we shall see. I’m hoping to be done in 10 - 11 years but I think that’s probably quite ambitious given we want to do an extension and various other bits and bobs to the house. We shall see anyway.
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • It’s trying to get the balance right isn’t it Twinklie, saving and still having a life. We’ve done an extension and had lots of (frugal) holidays, which has delayed the pay off, but created lots of good memories whilst the children were younger. 18 years sounds a long time but I started on here a good 10 years ago and it’s gone in a flash.
  • Octobergirl
    Octobergirl Posts: 345 Forumite
    First Anniversary Combo Breaker First Post
    edited 24 January 2020 at 8:55AM
    Having been inspired by tattycathy, I’m going to start decluttering the house and make some pennies from eBay. My goal before July is To:

    1. Special needs bike
    2. special needs trike
    [STRIKE]3. Bread maker[/STRIKE] - gave to friend
    4. Climbing frame
    5. Dd waterproof jacket

    Dismantle green house and give/sell/ tip
    declutter loft.
    Decorate hall
    Decorate kitchen
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