Getting FIREd up 😀

South_coast Posts: 4,886 Forumite
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edited 26 December 2021 at 8:08PM in Mortgage-free wannabe
After two years keeping calm and carrying on, now feels like the right time to move on and start getting FIREd up instead 😀

Summary of the last two years: Was working for a plc, decent money but putting in a lot of hours, very little support from the business and pretty fed up with always being sent out to do battle for the company from an indefensible position. The pandemic struck, almost my whole team was furloughed and I was the "lucky" one who got to continue working, get set impossible targets, and then get shouted at for only achieving most of them - complete with a pay cut 🤦‍♀️! Everyone else got brought back to work and I got made redundant 😮! Felt relieved after the initial shock, then angry enough to stand up for myself and negotiate a reasonable settlement. Set some aside to pay my bills for a while, paid the rest off the mortgage. Started sleeping properly. Spent the next 3 months looking for work and doing surveys to supplement my Jobseeker's Allowance. Started drinking less. Found a job, became very suddenly quite ill 4 days before start date (I'm never ill 🤦‍♀️!), started 2 weeks later. Got a big tax rebate, paid it off the mortgage. Received a small inheritance, paid it off the mortgage. Started exercising. Proclaimed 2021 would be "the year of health".

New job is less money, less holiday, less pension, further away and longer hours (although a lot less than the unofficial hours I was putting in before) - but so much better for me! Colleagues and bosses are wonderful, helpful and supportive. People listen to me! (They've also just given me a bonus and a pay rise, so I'm feeling even more positively inclined towards them than usual 🤣!) Realised I could work here for a while and formulate an actual FIRE plan, rather than just focus on surviving the next 3ish years and then leaving to do anything else (the only thing that kept me going in old job). Drew up FIRE plan, paid off last of mortgage, started saving for some short-term expenses before I attack the big beasts of firstly making my home more habitable and then working towards FIRE.

And that's us up to date! That's saved you ploughing through 318 pages of waffle over on the old diary 🤣! But if you are a little bored now that Christmas is out of the way, then here it is: 

So, The Future....

I keep reading FIRE articles where the writer is saying that most people don't really want to retire early and are really just focusing on the financial independence part. That is definitely not me! I am focused on the retire early part,  with the financial independence bit more a means to an end. I have some overall figures in mind, but I'd ideally like to get to a point by the time I'm 45 where I can coast the rest of the way. I'm currently 38.

So, this is what I would like to achieve by my 45th birthday:

Pensions: £75k. Normal contributions and no crashes should get me there, so this isn't a particular focus. Current £60,206.14/£75,000

LISA: £40k. This will be achieved as long as I can put in the maximum £4k/year. Current £10,015.92/£40,000

S&S ISA: £90k. This is the biggie 😮! This is where all the savings will be going once the refurb is sorted.... Current £1,046.98/£90,000 😳

I check in every month with my progress against the overall figure (which also includes the costs for the refurb of my flat), so I'll probably only review the "Plan by 45" stats when I have a birthday, or I'll be bamboozling myself with two sets of figures (maths not my strong point), but I just wanted to set it out here to remind myself how that fits into the overall plan 😀!
Mortgage start: £65,495 (March 2016)
Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

Finally earning interest instead of paying it!!!


  • Happy new diary South_coast. Goals sound ace, I will be cheering you on. CM
  • Happy shiny new diary. 
    DFW (08/08) £64,346.53 Gone (02/19)
    MFW (08/08) £118k Gone (09/23)
  • Jessy103
    Jessy103 Posts: 1,821 Forumite
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    Happy new diary, SC! You got this! x
    Mortgage Balance as of Jan 24 £36,500 Starting Mortgage Balance (June 2019) £72,000. 2024 Overpayment Challenge: Jan £558.40, Feb £588.11, Mar £497.32
  • savingholmes
    savingholmes Posts: 27,236 Forumite
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    Congratulations on your new diary and journey to fire
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF) plus spent £10K+ on home improvements/emergency repairs
    2) Mortgage neutral by June 2030 AVC £8.063/£127,466 AVC target 6.32%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • newgirly
    newgirly Posts: 8,916 Forumite
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    Best of luck for 2022 and with the new diary! 
    2022 MFW 67 - 33 month challenge to clear mortgage, month 17 completed and and extra 2 knocked off 🙂MFI3 No.12
  • Thanks NG 😀!
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • Cheery_Daff
    Cheery_Daff Posts: 15,677 Forumite
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    Yay, happy new diary! I love a new start at the new year, and you have some excellent plans. I also have will-writing on my list for the year (as I did last year... must actually do it this time!)

    Also identified with your local adventures plan. We live in a national park, and I think I did more exploring of the national park when I still lived in the city than I have since we moved here. More local adventures for me too! 

    Good luck with not ranting at/about work 😂😂 an admirable goal!
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