Twenty-something's aim to be mortgage free

wh_em

Aims for Dec 2021/April 2022

1. Emergency fund - £200.00 £466.54/£12000 - the saving has begun
2. Mortgage OPs - £0.00/£500
3. LISA contributions - £0.00/£4000
4. Increase pension contributions to 15% again
5. S&S ISA contributions £0.00/£4000

I think on reflection some of these targets might be a bit ambitious considering it means saving £18500 by the beginning of April 2022 - but I'm hoping for another payrise before then...maybe even two if I can time it right.

wh_em

Aims for Dec 2021/April 2022

1. Emergency fund - £466.54  £1,766.54/£12,000 (14.72%)
2. Mortgage OPs - £0.00/£500 (0%)
3. LISA contributions - £0.00 £200.00/£4,000 (5%)
4. Increase pension contributions to 15% again
5. S&S ISA contributions £0.00/£4,000 (0%)

Goals total £1,966.54/£20,500 (9.5%)

wh_em

Hi all
Been a bit quiet, just thought I would post a quick figures update (above). I'm just trying to get my head down and save as much as I can this year. I'll be moving in with my parents for a month or so in the summer/early autumn so I'm sure I can really "go for it" when I'm there. As rent and bills will be 1/3 of what I'm paying now.

Unfortunately, last week I had to pull out of the property I was going to purchase due to the survey coming back pretty unfavourably. At first I was gutted but on reflection I realised that things were just getting too complicated and it wasn't feeling "right". Now I'm out of the situation I see that I was pushing things too hard and I'm a firm believer that if things are "meant to be" then it doesn't and shouldn't feel like you're wading through treacle! Of course there will be times when "work" is required, but the work does not feel like work at all. Time to release control and just let things be!

I'm not religious by any means but there's a phrase I like to use which is "Let go and let God" - sometimes it helps for those really stressful times where you don't know what to do. It feels nice to just say "I'm going to let go of this and let the universe take the wheel."

Have a good one
wh_em

ruby_eskimo

Sorry to hear that the purchase has fallen through but as you say, sometimes it's better to let go even if you've invested in that route because you may lose out in the long run if you persevere.  Looks like you have some achievable goals that you'll be able to really get to grips with when you're back with the parents.  

wh_em

Aims for Dec 2021/April 2022

1. Emergency fund - £1,766.54 £2625/£12,000 (21.88%)
2. Mortgage OPs - £0.00/£500 (0%)
3. LISA contributions - £200.00 £300/£4,000 (7.5%)
4. Increase pension contributions to 15% again
5. S&S ISA contributions £50/£4,000 (1.25%)

Goals total £2975/£20,500 (14.5%)

South_coast

Hey wh_em, how are things going?

wh_em

Hey @South_coast! Sorry, I didn’t see your comment. Things are going well, I just completed on a flat on Friday. I was thinking about restarting my challenge

wh_em

Hi all,

Sorry I’ve been completely MIA for over a year! I really hit rock bottom in June 2021 and I’ve been trying to rebuild and create a new life for myself. At the end of June that year I realised that I had “lost” everything - which in some ways was a good thing because I got to start from scratch! I have been very successful in my rebuilding and things are much improved! Just an update on my goals (the deadlines are way gone now)

1. Emergency fund - £12,000/£12,000 (100%)
2. Mortgage OPs - £0.00/£500 (0%) - had no mortgage from June 2021
3. LISA contributions - £4,000/£4,000 (100%)
4. Increase pension contributions to 15% again (about to do this)
5. S&S ISA contributions £2000/£4,000 (50%)

Other updates:

I spent almost 18 months renting a flat whilst I rebalanced myself, taking myself completely out of the property-buying game. During that time I joined a sports club and made lots of new friends! Not sure if I ever mentioned but I moved to a new city with my ex in February 2020 so I didn’t know a single soul and then as we all know, covid hit. 

That’s all changed and I can really feel that I’ve put some roots down and have a life here, the life I’ve always dreamed of ☺️

I just completed on a flat on Friday! It ticks most of my boxes: own garden, two bedrooms, affordable… the only thing is the location is a little…imperfect BUT the flat is mine and one day I’ll be able to move back to the area of the city I want to be in. 

I put a lot of my financial goals regarding early retirement on hold whilst I boosted my deposit and built up and emergency fund. I’m hoping to get back to it but the new flat and garden needs a lot of work, so we will see.

hope everyone is well!

ruby_eskimo

Good to see you back here @wh_em and good to hear that things have taken a more positive turn in the last few months!  How exciting to be in your own place again, even if it's in need of TLC.  Looking forward to hearing about the new adventures and goals.

frankersBri

Welcome back and it's wonderful to read that you're doing well again! Congratulations on the flat purchase too!