FtbDreaming wants to clear £69,700 before Im 40 (2027)

MovingForwards

Work out how many bank shifts you have to do in order to clear no 1. Then when that is gone recalculate to clear the next one and so on. Breaking things into bite-sized pieces makes it a lot easier to mentally cope with.

I would still clear the kitchen before focusing on the mortgage, it's one less bill to pay when there's nothing outstanding.

slm6002

I am sure from what you have already achieved that you will soon clear this list.  Start with one and work your way through.   

FtbDreaming

Good morning/afternoon! I’ve slept in. I think this is probably the longest I haven’t updated my diary! Erm... not a lot going on MSE wise.

The house fund is down to its last £350 which will hopefully cover a new kitchen floor (laminate/wood and DIY fitting). Most of big spends are done now. £950 kitchen deposit, £450 plasterer and £500 electrician plus all the materials have been bought so I’m not doing too bad. I’m looking forward to the light at the end of the tunnel money wise now! All the prettifying and accessories will be added slowly as and when I can. 23 days to installation day!!! 

I have had 11 days off work so far which involved a trip to Leicester to celebrate my nans 70th.. that ended up costing about £250 for the weekend with presents, clothes, fuel and meals out, bowling etc. Since then has been a non stop cycle of cleaning the kitchen and moving things around out of people’s way. 

I was so tempted to pick up extra shifts in work but I decided I need the time way from the department for my mental and physical health sake! It’s just so busy that I need to embrace the opportunity for time out even if it means being a little poorer! If there’s something I desperately need money for I have backup funds! 

So yeah! It’s my one year house anniversary in 3 days so I’ll do some then and now numbers to see what I’ve achieved but I’m happy with the progress been made especially with a few personal bumps in the road along the way xxx

LadyWithAPlan

Just read through your diary, wow you have a lot going on especially as the largely sole breadwinner. The bathroom and kitchen look fabulous;) 

Hopefully as the kids get older your partner can get more work outside so you have less pressure - you are doing amazing but I would find all that you do very difficult to cope especially with such an important and stressful job. You really are a superwoman. Having the stability of a job and feeling like one is fully contributing to the household  is good for mental health as well.

FtbDreaming

So today is my 1 year housiversary!

Mortgage £69700 to £66300 4.88% reduction 81.22% LTV. Term reduction 11 months.

If no overpayments made would be in this position in August2022

Net worth August 2020 -£68,578 

Net worth August 2021 -£64,340

Pension pot £70,609 (£1412 pa from age  68) 

Lump sum on death £47,100 

Emergency fund August 2020 £85

Emergency fund August 2021 £761

Spent £2500 on bathroom renovation £3000 on kitchen renovation.. both priceless for quality of life and hopefully increase house value significantly. 

In summary I feel like I’ve done quite well financially! Personally I’ve had a few lows and highs but I’m still here to tell the tale. 

Goals for next year:

Pay off all finance ASAP

Continue overpayments to round down to £000 

Have a holiday

Build Savings /Mortgage neutral pot

FtbDreaming

Thanks for your nice words @LadyWithAPlan unfortunately I’m a bit peed off with the pressure of everything at the minute lol. 

Especially with DP, he could have a job now but chooses not to and it’s really starting to get to me. I am exhausted and stressed 24/7. I have to feed and clothe and support 5 people and 2 cars on a low income and he’s not making life any easier, he’s like a spoilt rotten 4th child. That could be another goal for year 2... self care and making life easier 😂

LadyWithAPlan

FtbDreaming said:

Thanks for your nice words @LadyWithAPlan unfortunately I’m a bit peed off with the pressure of everything at the minute lol. 

Especially with DP, he could have a job now but chooses not to and it’s really starting to get to me. I am exhausted and stressed 24/7. I have to feed and clothe and support 5 people and 2 cars on a low income and he’s not making life any easier, he’s like a spoilt rotten 4th child. That could be another goal for year 2... self care and making life easier 😂

Maybe you should go to couples counselling? As money is one of the main reasons couples split and understanding each other's money attitudes and frustrations would help. 
You are far more patient than I would be tbh, you are doing incredibly well but for your own physical and mental health wise over a long period, it would be great if you had another adult pair of hands to co-support the family at difficult times if they are able to do so. 

I remember when my dad was made redundant when I was a kid, my mum took on waitressing in a casino 3 nights a week til 3am on top of her full time job to make ends meet for a while. All hands on deck.  

I understand SAHD and SAHM are a choice a couple make together and that can be the perfect choice at one point but that can change especially as the kids grow up or when you hit difficult patches.

I am sure you will negotiate this with the same focus and energy you tackle everything else but make sure you get plenty of rest at least.

abba1772

Does he know you’re annoyed with him for not working.  If so I would encourage Him to get a job that covered at least one of the cars running costs, insurance tax etc 

slm6002

Happy housiversary. You have certainly achieved a lot in a year. Maybe circle some job pages and leave where he will find them. If like the men I've known it will need to be his idea, but no harm planting that seed so he gets there quicker. Does he do all house keeping bits so you dont need to lift a finger when home?

Chiglepig

I feel for you, @FtbDreaming, you seem to be carrying the entire financial and mental load. It's not sustainable (I know, been, there, got the Ex to prove it). You need to have some serious conversations and, I'm afraid, start to think about how you protect yourself.

Do take care.