Future Proofing my life: Deposit saving then MFW journey in under 13 years

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  • Moneyfordreams
    Moneyfordreams Posts: 2,442 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    LWAP, I have finally read all of your diary and you savings are phenomenal. Congrats! Glad the phone saga got sorted for you. Sorry to read that your cousin is unwell - sending my best wishes
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • savingholmes
    savingholmes Posts: 28,893 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sorry about your cousin 🦋
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £175.8K Equity 32.38%
    2) £4.3K Net savings after CCs 13/5/25
    3) Mortgage neutral by 06/30 (AVC £20.6K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 26.3/£127.5K target 20.63% updated 16/5
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.4K updated 16/5
  • savingholmes
    savingholmes Posts: 28,893 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sorry to hear abut your nephew. There are no words... 

    Glad your DIY course is going well. 

    I think you made the right call on your pensions - it's why I'm paying into AVCs rather than direct on the mortgage as the tax benefits are huge. 
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £175.8K Equity 32.38%
    2) £4.3K Net savings after CCs 13/5/25
    3) Mortgage neutral by 06/30 (AVC £20.6K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 26.3/£127.5K target 20.63% updated 16/5
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.4K updated 16/5
  • LadyWithAPlan
    LadyWithAPlan Posts: 3,658 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Sorry to hear abut your nephew. There are no words... 

    Glad your DIY course is going well. 

    I think you made the right call on your pensions - it's why I'm paying into AVCs rather than direct on the mortgage as the tax benefits are huge. 
    My cousin is very ill which is v worrying but its' my friends nephew who killed himself - if it had been my nephew I would be hysterical.

     Yes this pension vs home debate gets complicated -but  the tax implications are often the leveller vs the peace of having a paid for mortgage. I always pay anything I make as a HR tax payer over the BR into my sipp for the last 2 years - good you are doing the AVC's - I guess this is a salary sacrifice thing?? Not been employed for decades - always self employed .. though my first job was lucrative and the DB pension from it is a gift I only now appreciate - at the time I did not.. if only I had known to put more money into a pension then!

    Worse thing about moving the money  from house savings to sipp though may be  it has destroyed my colour my brick house thing! Every time I save £500 more I colour in a 2 floor home plan - been doing it for years and lovely to see the tiny amount of bricks build and build.  so I need to get it up and beyond £109k to get it back to balance.


    I have been future mapping my house buying savings. All dependent on my self employed income and what I choose to put into my pensions.. but in theory in 2- 2.5 years by which I do want to be seriously buying by  - and all going well (ha!) I could have over £200k saved - £105k now plus about £30k owed (if I dont put some into pension which I will)  plus say £3k per month plus interest...
     £200k  is such a huge and exciting goal and would change everything and really help with minimising a giant monthly mortgage which does scare me.. A £2k plus a month mortgage on my own sounds like a lot of pressure

    I also really do not want to buy London leasehold either - had too many friends with a nightmare
     ..
    I really have to knuckle down and save, need to keep tracking more. So I am going to journal here more..
    I also am waiting for my new side hobby stuff to arrive so I can get moving on that - extra income just for my house deposit would be amazing,.,

    Grocery challenge April- So far in April I spent £150 food plus the £30 bulk
    On that vein I have just added up my grocery spend this month from receipts for once  - I have not entered the grocery challenge officially but my £145 per month plus £30 bulk is looking difficult with the price rises and the fact I am gluten free and need to also be strictly dairy free - post Easter on one bar of normal chocolate I had a red rash on my neck and I know its the dairy.. with my allergies its hard to buy TGTG and often discounted food has gluten or milk in - I guess more cooking and zero takeaways.

      in Bulk I bought my 10 x 250g crema e gusto lavazza coffee online for £29 - at £2.90 each its far cheaper than the £4 you often pay per pack and its great coffee- nicer than the often £5.50 for the same size.. . Plus I bought some reduced GF oats from tesco

    Most my spending on food was in the week of my DIY course - even though I was buying from shops and eating there I was also popping in after a post diy drink to buy more food etc....
    I am not going to starve myself just cos I have hit my budget £150 is OK and it may need to go up as inflation keeps doing so . I buy at least one corn fed fr chicken from lidl each week - £10 a time - I have halogen roasted one today  - so I get stock and probably 5 or 6 meals out of it as I make a soup and also a stir frry with the leftover bits. It is just me so.

    I am really trying to eat a lot of extra greens such as broccoli and kale with each meal .. as I have been reading how kale really helps the liver do its job.. the pile of veggies on my lunch today was Massif!.  I am trying to do more veg than my eyes can see at each meal - always cruciferous on there so kale, broccoli, spinach plus today I roasted a whole red onion with the chicken plus sugar snap peas, frozen mix veg inc corn and peppers.

    YNAB anyone?
    I was re watching a til debt do us part episode and Gail said how one should do at least an annual review of ones spending...I dont -  I do my monthly budget and have online banking pots so I track through the month how my spending is - but i will then put excess on my card or take it from my bank... I want to start doing a full review at the end of each month so I can see my actual spending - I like to do a paper budget -0 I am great with spreadsheets but I like the paper and scribbling out approach.
    However I guess if I used YNAB with connecting the bank accounts  it would give me monthly reports on actual expenditure., - I am just not sure I like the cost of it and how much it would change me given I already do a budget and move cash around when I spend..... Anyone use YNAB and love it? I would love to hear people's experiences..

    On the spending note a friend who borrowed 400 euros last year from me says she has finally transferred it today ;) This is good as I have just been booking and paying today for my annual  trip - I am later than normal so it has cost me more on flights and other stuff...  so my procrastination has cost me at least £150..
    I did thus choose to fly back a day earlier than normal so saving myself £80 on the return flight so ..
    For the first time ever I have a spreadsheet of the cost of it including accommodation - it will cost minimum over a £1000 plus extra food which is not terrible for 2 weeks and is my main trip.. but good to see the figures as the more I spend the less I am saving - I keep spending then saving whats left and that is not going to help this house buying...

    Also good news is I won a SMEG kettle! Always wanted one... I would sell it as I think it will not be in the colour I always wanted and buy the colour I want but that will cost me probably £50 at least by the time I have sold the new one when it arrives even sold new and boxed and then bought the other colour... but they are fabulous and I feel a bit of high end free luxury when I make my coffee in the mornings will make me smile! So I may just keep it wrong colour and all ;)




    DON'T BUY STUFF (from Frugalwoods)
    No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff.    Money doesn’t walk out of your wallet on its own accord.
    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • Cheery_Daff
    Cheery_Daff Posts: 16,999 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hello 😊 So sorry to hear about your cousin - all fingers and toes crossed. And your nephew too, how awful xxx

    I use YNAB, and I do love it. I'd never recommend it to anyone in debt because of the cost, but I find it very convenient and I love the reports it gives you. However, I don't think you can link to bank accounts in the UK? Although that might be a new feature - last time I looked (which was a while ago) you couldn't. Which means of course you have to enter everything manually, which might not be what you're after!
  • beanielou
    beanielou Posts: 94,888 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    I would LOVE a Smeg kettle!
    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 forumteam@moneysavingexpert.com. 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.
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