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Five Year Fix, Five Year Plan

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  • Merlin's_Beard
    Merlin's_Beard Posts: 1,503 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Two days into september, and the mini promise I had to spend not much at all has gone kaputt.

    However, it's because I've been sorting out other people's birthday presents so maybe it's excusable? One LEGO sent off, one 70th birthday present for my dad, one birthday dinner out for my mum (I guess those two are a bit mixed up because I'll take them both out and his present is something she'll go to as well).

    Another birthday present has prompted a lot of buying - branching out from premade cross stitch kits to a pattern and then sourcing the threads myself which obviously has a bigger outlay (threads, bobbins, something to keep them in, a big swatch of aida fabric) but should make life cheaper in the long run (I say, jokingly) - I do do a lot of cross stitch cards and gifts.

    Car MOT was not TOO bad for a 14 year old car, lots of niggles, nothing serious. Will need some new tyres in the next 3 months or so - Christmas present for the car, I guess!
    Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
    Current mortgage amount: £226,957.97
    Start student loan 2012: £29,750; current student loan: CLEARED July 2025
  • South_coast
    South_coast Posts: 5,932 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    The REST of the month, though, we're not going to unnecessarily spend!
    OK, I definitely believe you 😘!
    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!!!
  • rtandon27
    rtandon27 Posts: 5,810 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    None of the spends you made sound unnecessary!

    Wondering if you could roughly map out your present expenditures for the year and set aside x amount each month?  Mine is now about 30 a month but used to be much higher until I spent a year really anyilizing which gifts were not necessary.
    4 YEARS 10 MONTHS DEBT FREE!!! (24 OCT 2016)
    (With heartfelt thanks to those who have gone before us & their indubitable generosity.)
    ...and now I have a mortgage! (23 AUG 2021)
    New projection - 14 YEARS 8 MONTHS LEFT OF 20 YEARS (reduced by 16 mths)
    Psst...I may have started a diary!
  • Merlin's_Beard
    Merlin's_Beard Posts: 1,503 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    rtandon27 said:
    None of the spends you made sound unnecessary!

    Wondering if you could roughly map out your present expenditures for the year and set aside x amount each month?  Mine is now about 30 a month but used to be much higher until I spent a year really anyilizing which gifts were not necessary.
    Oh I do! This year was messed up due to a big birthday, and, if I'm completely honest, rolling several summer birthdays into getting sorted this week and then spending more on them than I was expecting to for various reasons (which I don't begrudge and would do again).

    I also found my list of jobs for this week which involves sorting frames for various projects (cross stitch - mine; art - a gift from a friend) so maybe already I'm falling off the wagon!

    Finally got around to tidying the back of the beginner embroidery that I did and wanged that on the kallax (It's a kids thing so that's definitely not going up on the wall, it can live next to the wonky crochet cow).

    My second ever embroidery project has managed to arrive without the printed embroidery, but a quick message to the seller had another one in the post within half an hour - now just to wait for the unreliable postie.

    Also been back on prolific for the first time in an age.
    Start mortgage date: August 2022; Start mortgage amount: £240,999; Original mortgage free date: August 2056
    Current mortgage amount: £226,957.97
    Start student loan 2012: £29,750; current student loan: CLEARED July 2025
  • savingholmes
    savingholmes Posts: 29,017 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Good luck with the embroidery.

    Your EF sounds great. I feel you on future car costs though - my car is 10 and I'm hoping it lasts a very long time but who knows.


    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
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