Paying down the mortgage, motherhood and the marvels of life. Welcome my beautiful diary friends

mumof3.12kindebt

Good evening  my beautiful diary friends, 
Welcome old and new. I hope you are all well? 

Right, well I suppose I'm best to start with Links to previous diaries (In order) 

First debt free wannabe diary 👇

https://forums.moneysavingexpert.com/discussion/5656806/if-i-make-a-start-then-there-has-to-be-an-end-right

Saving for a house deposit diary 👇

https://forums.moneysavingexpert.com/discussion/5732681/best-put-on-my-big-girl-pants-my-saving-for-a-deposit-diary

Finally on the property ladder. Mortgage free wannabe diary 👇

https://forums.moneysavingexpert.com/discussion/6024830/mumof3-12kindebt-mortgage-free-by-40

Debt free wannabe again.... diary 👇

https://forums.moneysavingexpert.com/discussion/6224849/mumof3-12kindebt-dfw-again-15-dec-2020/p1 

If you have read any of these. Thank you! If you have been following me since the beginning then you have been part of my story for around the last 5-5.5 years. 👏 firstly I want to thank everyone on the boards for your continued love and support,  whether it be long or short term lurking, commenting once or commenting regularly, reading one post or reading them all i really do appreciate it. ❤️ and if you have read all my posts and all my diaries I'm throwing you a virtual medal because that is probably more bedtime reading than you would do in the first 12 months of your child's life or the first year of a degree 🥳 or maybe even both put together 🤷‍♀️
But honestly I am very greatful 
 this forum has given me a place to stay on track, get back on track, but most Importantly it's given me a place to document our journey as a family and as just me. 

When I wrote my first post on my first diary I summed up my life in one paragraph quite well 

"24 years old 3 kids . bipolar. physical disability. second child with additional needs and £15k of debt (£12k + interest if i can get approved for a loan and consolidate)

i always thought id leave school go to college , travel. go to uni . get married . buy a house . have kids. raise the babies. then one day retire.

but life had a different plan,

here i am , 24 , 3 kids too two different dads. living in a 2 bed council flat with my partner 3 kids and a cat.

i only have to look at my children to realise why ive never given up. at times when my mental health got too much.

i have big dreams.

but first i need to get my debt paid off , enjoy making memories with my kids .. then i can look at the next stage of my life ,

my youngest is 11 weeks old tomorrow.

that has flown by,

anyway this is my little diary on loving life and paying off the dreaded debt"


Updated version  

29years old 3 kids . bipolar. physical disability. second child with autism, adhd and other complex medical needs and £0 debt 

i always thought id leave school go to college , travel. go to uni . get married . buy a house . have kids. raise the babies. then one day retire.

but life had a different plan,

here i am , 29 , 3 kids too two different dads. living in a 5 bed victorian terrace (which we got a mortgage on 3 years and 1 month ago)with my partner 3 kids a cat and a dog. 

i only have to look at my children to realise why ive never given up. at times when my mental health got too much.

i have big dreams.

but first i need to get my mortgage paid off , enjoy making memories with my kids .. then i can look at the next stage of my life ,

my youngest is  5 years, 4months, 8 days old tomorrow.

that has flown by,

anyway this is my little diary on loving life and paying off the dreaded mortgage "    

❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️

It's been 5 years, 1 months, 23 days since that very first post..
Or 
1880 days ... depends which way you prefer to look at it 🥳🤣

❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️

Well the big news is 3 days ago we paid off our final debt!!! (We still have my student loans and mortgage, we never did include these and don't intend on paying off the student loan early etc) 

The even bigger news is we managed to achieve our or should I say my goal by paying it off before I turned 30! Which is as of today in 5 days time. 

So the mortgage details 

(I will list a full breakdown here somepoint in the next few days) 

Originally we took out a mortgage on the property for  £130,000  5% deposit leaving a balance of £123,500. Over a term of 40 years. Fixed for 2 years. 

Now ... 
Mortgage balance £114,518.71 
Term remaining 29 years 7 months 
Redemption date march 2052
Interest rate 2.19% fixed for another 4ish years.

We are a family of 5. 2 boys and a girl. I had my First son at 16 and before buying our house we were living 2 hours away in a completely different area close to family in a 2 bed housing association flat. 
The house we bought I watched on the estate agents website for months before we viewed it. After around 6 months of watching it they dropped the price we went to view it and put an offer in that was accepted on the 19th February 2019 if you read back on my previous diaries you will see how soon after becoming debt free for the first time we viewed and put an offer in on the house and picked up the keys on 10th June 2019. 

Now 3 years have passed. We did get into debt since buying the house. We had a roof leak that we took a loan out for, had a Woodburner fitted with the remaining money and I took our another loan to buy a cheaper car so I could eventually not have a financed car.. I also got a few things on the credit card and catalogue over that time and we had a debt with our housing association from repairs that were needed after we left the flat. 

Now 3 years and 1 month after first buying the house we are debt free for the second time and now my goal is to renovate the house and pay off the mortgage. We have made some overpayments since we first moved in a total of around £5000 and we have finished a fixed rate and started a new one . 

My initial goal is 22/07/2032 

It isn't really realistic..... but 
...... we are going for it anyway 

Debt free by 30 ✅️
Mortgage free by 40....  🤷‍♀️


I hope you all have a fantastic weekend 

Love, hugs positivity and prayers to you all 

Mumof3 x

mumof3.12kindebt

2022 goals 
Pay off Debt ✅️
Carpet ordered and fitted in DD bedroom ✅
Mortgage balance be less than £110,000 ❌ £112,440.00p
£1k emergency fund ✅️
Make £10 a day extra 1/9/22 - 31/12/22 goal £1200 so far £0 ❌ forgot to track this 


My absolutely bonkers 2024 goals 

1. Mortgage at 5 figures 
Balance 01/01/2024 £107,748.25

2. Side hustle £7320 £490 as of 2nd Jan- includes what was Side hustled in December 2023 

3. Earn £5200 from etsy / social media £35 (includes paying back money I owe myself) 

4. Add £3000 to my new car fund 

5. £5000 in my home fund 

6. Fully fund 3 month emergency fund 

7. £1000 In car maintenance fund  £500 so far 

Side hustle includes money made in December 2023 

Let's do this 💪 

I've decided to break my 2024 goals Into what will feel like more manageable chunks 

Level 1 - first quarter 
Side hustle balance £1830 / £490 so far / 1340 to go 

Etsy/social media income £1300 / £35 for January 

Add £750 to new car fund (total balance £2750)

Add £1250 to house/home fund 

Fully fund 3 month emergency fund ✅️ ff Dec 2023

Have £250 in car maintenance fund ✅️ (used tax credit overpayment to fund this)

Level 2 - second quarter 
Side hustle balance £3660

Etsy / social media balance £2600

New car fund add £750 (total £3500) 

House/home fund add £1250 total for 2024 £2500

Have £500 total in car maintenance fund ✅️ (as above) 

Level 3- 3rd quarter 
Side hustle balance £5490

Etsy / social media income £3900

New car fund add £750 ( total £4250)

House fund total add £1250 total £3750

Have £750 in car maintenance fund 


Level 4 - 4th quater 

Mortgage at 5 figures 

Side hustle balance £7320

Etsy / social media income balance £5200 

New car fund add £750 total £5000
 (£2000 in 2023, £3000 in 2024)

House fund add £1250 total £5000

Add £250 to car maintenance fund total £1000 


I don't currently make anything from social media but it is one of my goals for next year. 

My home fund (this is for decorating and repairs) should have a balance of £200 at the end of 2023 bringing the total balance by the end of 2024 to £5200

My new car fund should end the year at £2000 so the total balance at the end of 2024 should be £5000

These goals are completely unachievable while I'm off sick.
Literally completely.... 

When I sat and did 2024s overall budget last night these goals are completely unrealistic while I'm not working. Once I'm back at work at my usual hours (I'm not back at work at all atm) there is only a short fall of £102. 
But until I'm back at work there is a shortfall of around £11,152

This is why I need to create new income sources / extra income to try and make up the short fall to achieve the goals 

As it stands for next year we can cover our weekly money our direct debits and our annual bills that will be left to fund after all my cashstuffings of this year. 


Ultimately if we can end 2024 with no debt and 'survive' being able to pay the bills etc while I continue to be off sick ill be happy. Everything else is a bonus but I will be trying my hardest to get these goals achieved. 

We have 27 months left of our fixed rate and although we are not in the best position income wise with me currently off sick I do hope to overpay this to get us the best rate possible when our fix ends. 

I have the opportunity to get ahead of the game and so this is what I plan to do 

mumof3.12kindebt

Mortgage balance 
1st January 2022 £116,004.03p 
1st August 2022 £114,594.21p
12th September 2022 £113,234.44p

mumof3.12kindebt

To clear our mortgage in ten years with our current interest rate of 2.19% we would need to make an overpayment of £560 for the next 119 months (as of 02/08/2022)


Mortgage overpayment amounts so far 
03/08/22 £615.00 (transferred to mortgage)
01/09/22  £615.00 (mortgage overpayment savings pot)

mumof3.12kindebt

Monthly goals for 2022 

September 

⭐️ 15 no spend days
❤️Make £10 a day extra goal £300 / for far £0 
⭐️Use up as much as possible in the fridge , freezers and cupboards 
❤️Stay on track with diploma 
⭐️4 youtube videos ✅️ 1 so far 

mumof3.12kindebt

Goals from 01/09/22 - 31/12/22

1. Make £10 a day extra 
Goal amount £1200 / so far £0.00

2. Food budget £1360

3. Make £3500 in overpayments to mortgage

4. 60 no spend days - so far 10 (updated 20th sept)

5. Stay on track with diploma 

6. At least 1 video a week 

7. Finish setting up side hustle project 

8. Stick to cash budget 


I will update this each Time I do my cash stuffing 

Four_Seasons

What a lovely inspiring story, you have done so very well. Will continue to follow your journey. Have a lovely weekend x

mumof3.12kindebt

Good afternoon my beautiful diary friends, 
I hope you are all well?

My weekend to work this weekend. 

Aww @FourSeasons you found me ❤️ thankyou so much. Hope you have a lovely weekend too. 

DD and DS2 went for a sleepover last night at a family friends. 

I've kept up with journalling most days. It's helping to get things off my mind. 

DP and ds1.are doing some tidying and decluttering this afternoon while I'm at work. 

No spend day today. We don't need anything. 

Since paying off the final debt a few days ago. Ive been abit up and down. The day we did It I was over the moon 🌙 and struggled to sleep that night I thought it was from the relief of finally paying it all off. The following day I noticed I was more tearful than normal. Since our debt free day I've continued to struggle to sleep. And tearful, my mood overall has been good. But it's a struggle to get up in the morning when your wide awake till 4am. I'm going to see how the weekend goes and if it continues I'll speak to my gp about adjusting my medication. Lack of Sleep and stress are my two triggers to causing my mood to change. And neither are nice.. although my pain disappears when I go hypomanic so that's a positive. I just need to be careful I don't end up having a night where I don't sleep at all because that opens up a cycle of not sleeping at all. I've had that a few times at the worst it lasted 9 days at which point my gp prescribed really heavy sleeping tablets which fortunately broke the cycle. at the not so bad it lasted 4 and on the 5th night my body/brain finally gave in and i managed to sleep for 2 hours then 3 the next night and a week later i manged to get 6 hours. 😪 which for a normal person is impossible but when your mentally ill its really hard to come back down from. So I've done the right thing and been keeping an eye on it. If it gets alot worse before Monday I'll have to phone out of hours 😪. I couldn't even get any of my diploma work done yesterday like I planned because I just couldn't focus enough to read anything. 

Anyway moving on. Tomorrow before work I think we will go to the park I'll try and get some of my diploma done. 

Have a fantastic day everyone 

Love hugs positivity and prayers to you all ❤️

Tiredbutdetermined

Hello,

You have done fantastically with the debt and mortgage. I have just sloped over here from debt free wannabes too and it feels so bizarre to be working on the mortgage. I didn’t think I would ever make it here.

Hope you have a good day and get some sleep tonight

missymoo81

Found you! Just caught up on your old diary. Well done on paying off all of your debts! You said you would and you did! Can’t wait to read all about your next adventure. You are an inspiration.

Bluegreen143

Happy new diary! Hope you manage to break the insomnia and sleep soon. Love your goal of mortgage free by 40!