My Plan Of Action Shared.......

HotDog2020
HotDog2020 Posts: 537 Forumite
First Post First Anniversary Name Dropper Photogenic
Hi All,

I have decided to get a plan of action together, I own a flat, I have a £50,000 mortgage 30 years, I start a new job soon earning 22500, take home 1500. There is a chance I will get a lump sum of money in the future from a relative (not inheritence!!), to pay off the mortgage. I would really like a house, but on my wages, which could increase in the future as I am still learning, however for the time being, the house is not in the equation, and I am not sure I want it to be. It might be better as a single 30 something expecting to stay single period it might be better to use the money for doing the flat up and holidays and cars and clothes and general going out money,  house ( I wouldn't like to say nice house as I cannot afford a 'Nice' house is it worth the tight and restricting budget set for life? Or flat life for life, but living comfortably able to re-do the bathroom/ kitchen when needed would be nice to be able to do.

I want to explore above question supposing I had my mortgage paid off, I would be looking at property of £116,000 owned outright, supposing I purchased one of those 1 bed houses 40sq mt (Flat 60sqm) with a garden and parking that would cost 200,000 I would need to borrow £84,000 on the same interest I would need to pay back £375 PM, bills could be different but there will not be service charge or ground rent as it will be free hold so I would guess the bills will be similar to what I pay now, on my money and a bigger mortgage - no thanks.

I am not great with money, I do not have a great disposable income to do lots with, my savings are zero that just sums up how crap I am with it, the debt I have is student debt (worth it, yes and no - I needed the education a bit longer then the average person, before I was ready to go out there - have I achieved anything yet - NO!) Apart from flat and qualifications, giving me a real chance at getting a new job each time one goes down the dung heap. I am quite good at work just had some bad experiences, redundancy and temp jobs etc. 

I feel a bit sorry for myself writing so far and I shouldn't be I am in a lot healthier position then a lot and I have prospects, I seem to have a negative slant sorry about that, I really need to turn that around as well as my finances, If I am going to survive out there eventually I will be on my own (when folks go). So what can I do differently, well I have planned a budget, I always love planning the budget and have great hopes but then fail all the time. so what to do, I have increased the budget to £500 for spending on CC this is to include monthly printer charge and food shopping and petrol, in my new job petrol should be about £35 per week, 151 pm - leaving 349, food - I am big a lot of my money is spent on food I have cut down recently but it needs more control, let's say 60 per week that would be 260 pm leaving, 89, printer usually costs 1.99 that leaves 87.01 for spending, If I only spend money when I need to this should be okay, I am planning to stay in more only because I feel I should have some money saved up and I need a new bathroom fairly soon, then car, then kitchen, then flooring and in that order!

That leaves £300 saved per week and £100.63 Monthly Over payment to the mortgage.

£300 will be November and December £600
£300X12 = £3600

Of that money I want an emergency fund, ideally £10,000, this may be a bit high, perhaps when I have saved £10,000 maybe get the bathroom done and spend £4000-£5000, then save again to get back up to £10,000, if the car is still okay, perhaps save a bit more perhaps get to £15,000 then get the kitchen done for £5000, leaving £10,000 for car if it is still okay (as it is fairly new) save up to £15,0000 and get the flooring done. Then save again and go to New Zealand and have money for a car - this would be enriching if I managed to save for all these things and my car lasts me 10 years would be amazing.

Okay so supposing I am on £22500 for the rest of my life and I don't get any help with the mortgage well then I am still overpaying the mortgage so that will be paid off earlier then the 30 years saving me money.

When will I have the first £10,000? 

2021 600
2022 4200
2023 7800
2024 11,400 It will take me until 2024 to save £10,000 and that is providing I stick to plan and nothing else has gone wrong, I think I need to make more money! what do you think.

I need the money and I need to stick to budget and I need a new bathroom, so this is it, it will take time, I think everyday I do something good I will report reaffirming what i am doing, and perhaps I will reach those goals a little sooner - heres hoping!


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Comments

  • You have a plan so you are on your way.  Don't be hard on yourself if things do not go as you want, none of us are perfect.

    An emergency fund is a great idea, can you do anyhing else to help pay off your mortgage / save, a few surveys or snapping your receipts?  Don't forget about a pension, I used to increase mine by the odd 1% when I had a pay increase....that way a small amount won't make much difference. 

    Good luck on your journey.
    MFW -  01 10 21. £63761 01.10.22 £50962 01.10.23 £39979

  • Thanks Jennystarpepper, I will go on the minimum pension to begin with (once probation period ends), may increase in the future, but until I get healthier no point saving so hard for the future! poor approach but feeling v unhealthy, want to change that. My Main goal is to stick to budget for the time being, before anything else, that will be a big change. I tried doing the surveys lark but never got much money for the time spent, so have stopped doing it! Thanks.
    April Missions:-

    Mission 1 - NS days aim 14/30 actual 8/30 Current Month April.

    Mission 2 - Month April Save £350 Actual £0

    1 2 3 4 5 6 7 8 9 10 11 12 13 14
  • You have a plan so you are on your way.  Don't be hard on yourself if things do not go as you want, none of us are perfect.

    An emergency fund is a great idea, can you do anyhing else to help pay off your mortgage / save, a few surveys or snapping your receipts?  Don't forget about a pension, I used to increase mine by the odd 1% when I had a pay increase....that way a small amount won't make much difference. 

    Good luck on your journey.
    Thanks Jennystarpepper, I will go on the minimum pension to begin with (once probation period ends), may increase in the future, but until I get healthier no point saving so hard for the future! poor approach but feeling v unhealthy, want to change that. My Main goal is to stick to budget for the time being, before anything else, that will be a big change. I tried doing the surveys lark but never got much money for the time spent, so have stopped doing it! Thanks.
    Today I am going to limit my spend to £10 today as I need a few necessities! I'll let you know how the day goes later! since I have the time.
    April Missions:-

    Mission 1 - NS days aim 14/30 actual 8/30 Current Month April.

    Mission 2 - Month April Save £350 Actual £0

    1 2 3 4 5 6 7 8 9 10 11 12 13 14
  • L9XSS
    L9XSS Posts: 438 Forumite
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Good luck with the journey don’t be too hard on yourself. Keep the diary live, sometimes you won’t post sometimes you will. I found mine useful to reread from 2008 onwards, i could  see the ups and downs. You have made the first few steps, your later self will thank your earlier self if that makes sense.......
  • L9XSS said:
    Good luck with the journey don’t be too hard on yourself. Keep the diary live, sometimes you won’t post sometimes you will. I found mine useful to reread from 2008 onwards, i could  see the ups and downs. You have made the first few steps, your later self will thank your earlier self if that makes sense.......
    Thanks L9XSS I will certainly try!
    April Missions:-

    Mission 1 - NS days aim 14/30 actual 8/30 Current Month April.

    Mission 2 - Month April Save £350 Actual £0

    1 2 3 4 5 6 7 8 9 10 11 12 13 14
  • bexster1975 Thank you for your comment, I really do appreciate it. It is nice to know that things do work out. I am not brave enough to work self employed, but I like the idea of working for myself! Well done for your journey, you have also come along way. Very best of luck to you too. Thank you.

    Today I have over spent by £3.88, and I bought silly things:

    I bought one essential product £7.99
    I bought polish 49p from aldi
    Mands - £5.40 for refreshments this is the silly bit, I should have stopped there. I didn't need to buy anything from mands I always do this when I fall out with my mum, I am probably too old to fall out with mum but I do still and she sends me off to in an angry strop to mands not intentionally, it is just the irrational illogical child within that goes there to teach her a lesson, when she has a go at me because of my size/ weight. 

    I now do not need to spend any money until Monday 4th October, I cannot think of anything that I need, I have brek, lun and din sorted, I am at home there really is no need to spend. I will get the flat sparkling with the time I have and get extra prepared for the holiday. I will also go to the gym for some walks. I will update each day while I am at home.







    April Missions:-

    Mission 1 - NS days aim 14/30 actual 8/30 Current Month April.

    Mission 2 - Month April Save £350 Actual £0

    1 2 3 4 5 6 7 8 9 10 11 12 13 14
  • If I was to have 6 months of bills paid I would need about 1100X6 = 6600 and bathroom 5000, I am happy that the first goal is 10,000, I will put everything into it that if I can.
    April Missions:-

    Mission 1 - NS days aim 14/30 actual 8/30 Current Month April.

    Mission 2 - Month April Save £350 Actual £0

    1 2 3 4 5 6 7 8 9 10 11 12 13 14
  • jennystarpepper
    jennystarpepper Posts: 695 Forumite
    First Anniversary First Post Name Dropper
    edited 29 September 2021 at 7:51PM
    Sorry to hear about what happened with your mum, next time it happens be polite and remind her you are an adult and it is none of her concern any more and change the subject... if she continues maybe say you will see her some other time and that your weight is not up for discussion.  

    A couple of the other forums have members who run a weight loss discussion / self / group help, i've just lost 9 lb by joining one of them.... and it is free!  A few of us have had family members who have pestered them about weight, and it does not help, you are not on your own. 
    MFW -  01 10 21. £63761 01.10.22 £50962 01.10.23 £39979

  • Sorry to hear about what happened with your mum, next time it happens be polite and remind her you are an adult and it is none of her concern any more - she doesn't listen to me.

    I do not know what I have done to stop her from listening to me. I have told her I am not seeing her for a couple of days, mostly because when I am around mum lately we have not been getting along, I know she is worried about me but she also has issues, she is recently disabled. When we go out we enjoy each others company, when we are in there is a time limit, I must get use to it. Where are the weight loss forums please? Thanks.
     I am very big I am on a strong medication and I like all the wrong foods and the medication makes you put on weight, I do bad things also which I need to stop such as eating when I am not hungry. However I have dieted many times and eventually the weight just goes back on straight away, I do not think I can meaningfully lose weight well, I should be able to do something, but generally I do not enjoy life without the stuff I really enjoy, so everytime I have a good go at it, I instantly revert back to old eating habits or worse and put on serious weight.

    It is a battle I constantly fail at, mum doesn't like that chiara my friend doesn't like it either, I have the attitude that I very much don't care, perhaps because when I try I always fail. I need to make changes for life, but I am constantly tempted by what I see when watching telly or seeing someone in the street eating something. I have no control when I am hungry I want whatever, I don't think make a salad I think pizza or burger or cake!

    I have started with breakfast, there are two breakfasts that I like that is scrambled eggs (3eggs) on toast with a scraping of butter seasoned eggs. or Porride with sweetener (stevia) both acceptable healthy foods, lunch cannot have bread on SW plan as have already had with breakfast so still thinking about that, dinner is SW dinner. However most days I get something else or eat something else that I shouldn't, losing weight is going to be a long tedious journey, I wish I liked healthy foods more, I wish I had more drive, it is like I am really !!!!!! off with the world, I want to blame everyone but me.

    Mum kept having a go at me when I was gaining weight and she didn't understand that I felt right to eat and being at a lower weight didn't feel right, I felt like I needed to eat but I do not know why. All the information out there I don't want to be slim and constantly trying to stop eating, that would be a miserable life. I binge eat so thankfully I can not be operated on, I am on drugs that prevent me from losing a lot of weight, It would be good if I could just stop gaining weight if nothing else, perhaps that should also be my mission at the end of the day I am so big I can probably have bread for lunch and still lose weight, I am happy with the two breakfasts- not at the same time! I do tend to feel hungry so perhaps a snack, but a SW snack before lunch, then lunch could be any sandwich or wrap and dinner SW meal already in the freezer. If I can stop getting takeaways, which is driving up expenses incidentally and popping to mands for cake!

    I don't know if I can do it, but i'll keep trying. I know this is a mortgage free wannabe discussion, but the weight is linked to the spend, as the spend can sky rocket when I am not in control, savings effectively out the window, like today should not of happened that way eek! (and by the way £5.40 at mands was actually restrained!)


    Mission for tomorrow:

    Brek - scrambled eggs on toast
    Lunch- beans on toast and cheese
    Din-SW meal

    That would be within syns and below calories, if I want a snack I can have an apple.

    Activities

    deep clean bathroom and organise the cupboard in the bathroom

    keep on top of washing up

    scrabble

    washing

    tv

    mse up date on progress

    get documents ready for hol

    go to the gym for 10 mins

    update chiara

    Okay I think that will do for tomorrow!


    April Missions:-

    Mission 1 - NS days aim 14/30 actual 8/30 Current Month April.

    Mission 2 - Month April Save £350 Actual £0

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