MF Target 04.01.24

madaboutspots

Feels like we’re on the home straight now. We don’t want to stop having a life but boy would it be a sense of freedom to not have to pay the mortgage every month!

We’d love to move back “home” in a few years. We run a business for 2 x directors/owners who have a  delightfully hands off approach and we need for now to be near the premises. We are working towards having others to do the daily grind at which time we can live where we want to, with a house AND garden that makes us both happy. 

The ambition is to clear this mortgage and save the balance that will be required to move South (more expensive area) whilst remaining mortgage free. 

We have lived in this house for 10 years exactly IF we pay the final mortgage payment on 4th Jan ‘24. Bought for £250,000 so we’ve come a long way. We remember the start line but can actually see the finish line now.

Circumstances - him 54, me 52, 2 x dogs, 2 cars. Both working - him FT, me much more varied (basic is 25 hours but often to 40/60 depending on requirements).

Both took voluntary redundancy some years ago to quit corporate world as sick of it. Both now work in dream job - half the salary but 10 x as happy 😁

We both tend to be fairly well disciplined but have our own little weaknesses. Overall we probably could do better but definitely could do a lot worse so no serious guilt there. 

Current mortgage now down to approx £44,000. Fixed rate until 31/12/2023 and as the building society will be closed for a few days - I’ve set our target date at the 4th Jan 2024. Happens to be exactly 10 years since we moved in so a nice date to aim for.

All money is managed by me with his full approval (he calls me the chancellor). An arrangement that makes us both very happy. I deliver a regular budget review and we discuss and agree any new tactics that he has an opinion on. All our financial arrangements are joint in every way - neither one of us has anything we own as an individual. Over the years I’ve had more savings but he’s earned more. Neither of us is interested in counting it up or keeping score. It works brilliantly for us so a happy house. 

Income (obviously joint)
£4,300.00 NET

Bills (again - joint is the only way for us)
£2,500

Remainder
£1,800.00 

Savings
£9,582.50

1 x car (PHEV) owned outright
2nd car (EV) leased @ 0% 38 months remaining
An average fuel & electric bill combined for all driving (personal & work) = £160


Additional income
1/ we each get a twice/year bonus - £s varied
2/ both get work mileage allowance @ 0.45p/mile. Varies but frequently approx £675.00
This allows us to have the EV paid by our allowance (hence the purchase) and all fuel covered. Personal cost for mileage = £0.00
3/ my little hobby of making natural skincare - income is a bit hit and miss as working so many hours in job reduces hobby time but occasional income. 

Naughty spends
Him - expensive/quality clothing. I’m happy to be in rags for gardening and dog walking - get told to replace things when the holes cause him embarrassment 🤣
Me - garden centres. So many plants are so pretty! 

So how do we plan to make ourselves MF by our target date?

We pay 10% off balance at the beginning of each year and immediately start saving for the next year. As our 10% payment goes down each year we’ve accumulated some spare towards the end goal as we’ve continued to save the same amount. 

Now we need to up our game a smidge and have £1,057.00 EVERY month (starting end May ‘22) to have the remainder of the balance. 

What does this mean for us? Being a bit more disciplined and organised to make sure it’s not a trial and we don’t spend what we’re supposed to be saving. 

From end of May ‘22 pay I will siphon off all work mileage allowance surplus to a car fund. As we often get 2 x our costs (lease/EV charges & fuel) we should put the rest to one side for all further vehicle payments. MOT, services, insurance etc.

£1,057.00 to be moved to a separate (do not touch upon pain of death) account for the final mortgage payment which I calculate to be approx £25k. All interest accrued to remain in said acc.

We have definitely been quite blasé about what we can afford because we have so little debt so worry very little about things we want and things we’d like to do. 

Last month he got 2 nice new items of clothing (approx £300) and I bought almost an entire garden centre (£530) - oops! He looks smart and smiley and our garden looks amazing and makes us both smile. So not wasted. 

Obviously this lackadaisical attitude needs nipping in the bud.

We have loads to concentrate on without having to spend money. Dogs need loads of regular exercise which makes us all happy. Both of us would like to be fitter with cycling and some strength training. We have the means but must make more time. 

We definitely need to work less! He has worked 50/60 hours always. I will do what’s required but would love to be properly part time. However, we joined a business that was previously some little club for all the minions to line their pockets. No one was looking after the customers or the future of the business. We’ve changed all that but it’s been a massive amount of work. We’re definitely now forging forward the new and right way. Happy customers, happy staff (not many - think each of us 2 of them) and finally making money instead of haemorrhaging it. This is means the directors/owners are happy and we get bonuses. Yay! 

So we’ve busy lives, much still to do and like everyone else - always striving to be better at it all in some balanced way. 

Don’t be too quick to judge - the above is a snapshot of our lives, not the full picture. We’ve both had our various struggles in the past. He used to have a rotten wife before me who gambled and never stopped shopping. £10s of £1,000s wasted paying off her regular huge debts. He got sucked into always working to keep them afloat which of course she made sure they never did. Work also meant less time with her which was a small bonus.
Me - well I’ve had my fair share of really crap jobs, terrible boyfriend choices and a serious lack of confidence due to mental abuse growing up (thanks mother!) and have spent many a lonely evening able only to afford to eat plain pasta with a little marj and salt on. You can grow to like anything if choices are literally non existent. We’ve each had our fair share of bumps and obstacles along the way. Essentially though, we’re a cautious pair who can’t help ourselves but work hard.

Right, for now that’s enough from me. I’m off to water my potatoes and onions - and all my new lovely plants. 

Thanks for reading all of you who’ve actually made it this far. Have you really nothing better to do? 🤣🥰

Fingers crossed we cross the line on time.

jennystarpepper

Good luck on your MFW journey.  

All money is managed by me with his full approval (he calls me the chancellor)...  This made me laugh as  I'm called the accountant.

You should treat yourself if you work hard.  Our spuds have just started to 'poke up' , let us know how the crop does. 

madaboutspots

Thanks Jenny. 

Spuds have gone crazy! It’s a great day full of rain today so that saves me bothering. 

I find surveys so dull! Having said that, I realise they can be quite fruitful so today I’ve just added up what I’ve already claimed back in the last year and found it’s an astonishing £550! I have £190 still to claim and a £20 reward/survey booked for next week. That seems insane just for some boring (and INCREDIBLY repetitive questions) …. So dull they may be - but dedicated I shall stay. 

I do find the months long between paydays. Is that just me?  

I feel so close to having no mortgage that I just want each payday to come around again. Soon as I’ve saved for a month I want the next payday. Seeing the total savings going up is so addictive.

Thankfully life is full and enjoyable so whilst in my head i’m wishing the time away with the mortgage I am making sure I live now. 

Really interesting reading so many different approaches to achieving goals. Such a personal choice. 

We chose to keep our payments the same every time we remortgaged to bring the overall time down, same with overpayments. If we already don’t miss it we can pay the same…. Except I do miss it - every payment each time is one I’d love to not have to make any more. 🤣

I have to say - in such a materialistic and commercially driven society where “things” are constantly pushed in our faces to have “the dream life” whilst being all about profit for others - it’s so nice to see so many on here actively trying to resist and just enjoy health, family, friends and hobbies. 

Off to answer more dull questions whilst my potatoes are watered for me by the lovely rain. 

Happy MFW to all.

savingholmes

Good luck - it certainly sounds like you can hit your goal if you commit to it. 

madaboutspots

So it turns out that I’m rubbish at writing a diary! Nearly 8 months and not a note. This is my first ever diary and I suspect will be my last. It’s clearly not my forte.

Where are we up to? Well I have a countdown widget on my phone. 356 days to go! 🥳 We’ve already paid off our final 10% allowed. Fix rate ends 31st Dec this year. Bank shut until the 2nd Jan so about £25k to find by then. So far, we’re about £5k in with regular savings set up for a definite £7,600 as well.

The rest is choosing every day to save instead of spend. 

I started my countdown at 368 days so it’s superb to be below 360 and I’m now looking forward to being below 350. Every morning when we wake - how many days left? So excited!

To all my fellow MFWs out there, the best of luck and well earned rewards to you all. However far away it feels, keep aiming for the finish line and you will get there.  We have run that marathon and hit our walls but the anticipation has hit giddy new heights now for us. 

What a slog - but so worth it! 👏

My next challenge from today? Update my diary before another 8 months go by 🤣 

madaboutspots

I’m back! Look at me go! What a rammed diary this is turning into. Twice in one month. 🤭

339 days to go … some days it feels so close and others it seems so far to go still. 

I feel caught between wishing the year would disappear in a flash so we can get this done once and for all and wanting to savour the excitement and just enjoy the year. Reminds me of the anticipation of Christmas as a child. 

Feels strange having mixed emotions about this last leg of the journey. I’ve even wondered what next after it’s done. I already know - building savings up to retire early - so why is it I’m even asking myself what next? 

I guess this journey has been such a focus for long enough it will maybe feel like a little bit of a loss once it’s finally over. I’ve seen others report the same but it’s weird once it happens to you. 

Gotta keep trundling along this last leg. Not over the line yet - though the generously proportioned lady is definitely warming up her vocal chords. 

Will try and focus on enjoying the here and now, instead of wishing the time away. That and not getting concerned over what next. 

Still counting the days though 👏