10 years to clear £334K - our FIRE journey

YouWithTheSadEyes

Subscribed to read along. 👍🏻

iamnotasoldier

Just reading your first post, aiming to be retired by 55 & being in mid-40s. Not sure if you are aware that the current minimum age for withdrawal from pensions is likely to be rising to 57 in 2028, so chances are you will miss this & will have to wait a few more years before you are able to take anything. I have heard talk of it being 10 full years from State Pension Age, so that could be 58 before you are able to access. 
Good detail here 
Minimum pension age on the up! (aegon.co.uk)

CCW007

Thanks @iamnotasoldier - there is a suggestion that this may not apply to pensions started before a certain time (this year maybe?) so it may not apply.  I am building the S&S ISA in case it does apply but would mean I couldn't access the TFLS at 55.

Have to say 55 is a stretch target anyway, 57/8 is more likely and 60 is as far as I want to consider pushing it.  Am very aware things may change in the meantime anyway, hence why I want to diversify.  And I'll struggle to get near it unless I take a more focussed approach to saving anyway!

CCW007

So £9 OP has been deducted from balance but the OP itself is not showing on app.  I have two sub-accounts - the main remortgage and the additional borrowing.  I can send OPs to be allocated proportionately or I can send them to one sub-account.  So I've sent £100 OP to the additional borrowing so I can target that and get it paid off first, being the smallest pot.

First payment of just over £1,800 paid but not showing yet.  Will update figures once I have them.

CCW007

£9 OP showed up on 1st April later in the day.  Mortgage payment and OP are showing on app today but no interest showing so can't update figures yet.

Met a friend for coffee (well herbal tea in my case), friend treated me as I paid last time.  Popped into charity shop and spent £12 on a brand new pair of Clarkes shoes for work and £4 on a coat for a homeless chap.  £6 on chip dinner. £22 in total.

Many items to list on eb@y / FB etc but no motivation to do so at present.  Tomorrow will be the day!

No win on PB - apparently you need to hold them for a month before being entered into the draw - boo!

CCW007

Still no interest added (although I suppose it might only be interest from 18th to 31st March which is due to be added) so I guess I'll just post the current balances and adjust them if needed:

3rd April 2022
Sub account 1 - £257,593.24
Sub account 2 - £74,492.93
Total - £332,086.17

Reduction - £1,912.83

OPs - £109.

Both sub-accounts are at same interest rate (1.74%) so my aim is to direct all OPs to sub account 2 with the intention of clearing that first.  Usual mortgage payment is split proportionately between the two accounts so sub account 1 will reduce as well.

Went for a run this morning - wore new running leggings which were on offer for £7.  Really liked them and would like another pair but back to full price so will wait for them to be on offer again.  No spends so far today - dinner is LO casserole for me and pie from freezer with potatoes and veggies we already have in so no need to go to the shops.  

Credit card statement has been generated (£8k!!!!! Eeek!  Partly due to large vet bill for my now gummy cat but various other expenses - both avoidable and unavoidable - this month) so am starting my grocery challenge from today to 2nd May.  £150 for groceries and cleaning products.  Will not include pet food - am going to review that another month!  Am starting an online shopping list with Mr M (as I have a midweek saver with them) and will add things as we go then decide when to book the delivery for. 

Only things we really need are loo roll and OJ so might be able to push it out a week and do a quick drop in to Aldi near work on Tuesday when I'm in the office as we really like their loo roll!   

Grass_Roots_2

Popping on to say good luck with your journey - pets are expensive aren't they but well worth it (proud owner of an elderly cat and dog myself)

CCW007

Thanks Grass_roots_2 - not quite as much of a whopper as your mortgage but still a fair chunk to pay off!

Managed to list one item on FB and two items on eb@y today.  V tedious and no-one has bought anything yet.  Impatient - me?

CCW007

Ordered loo rolls from Amazon - if I get to @ldi tomorrow I will cancel order but if not at least I have a plan.  Do need more salad but might have to stretch that out a bit longer.  Also out of yoghurts but that's not the end of the world.

Ordered running leggings on offer for £10, not as good as last pair but better than full price.  Plan is to go through sports wear drawer and have a clear out.  Have lost weight since start of year so need to see what is too big and can go and what I fit into (some of it still has tags) and put into use.

I pay my council tax on the credit card to get a pitiful amount of cashback.  Need to do that by 15th of the month; I usually do it soon after the credit card statement is generated but as I am close to credit limit and need to pay some off to get the balance down I will leave it until next week to keep the money in my account as long as possible.  Have set reminder!

No sales yet - am on leave after Friday for 10 glorious days so plan to spend some time sorting / decluttering / listing.

First target for mortgage is to get balance into 320s - need to sort a plan for how I'm going to manage that within the next three and a half weeks.  Reckon I need to find just over £900.  Hmmm, not sure Tilly Tidying is going to cut it!

Aimingforthegoodlife

Hi! I think just working things through in your head is the biggest step and you are making great plans, with realistic goals! Welcome to the addiction that is OPing!haha.