I wanna be mortgage freeeee!

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  • FlacosFloozie
    FlacosFloozie Posts: 816 Forumite
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    Well done! It really is amazing how those small amounts do start to add up over time.
    MFW 2024 £0/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £99,801.75 FP May 36 Emergency Fund £17,500 100% Added to ISA 24 £0 Save 12k in 24 #31 £0/20,000 Debt Free 31.07.14
  • Flossymuldoo
    Flossymuldoo Posts: 67 Forumite
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    edited 7 May 2023 at 2:59PM
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    I usually do my grocery shopping online with a monthly trip to Aldi/Lidl for storecupboars basics.  When I added everything I needed to my online shop it was £116 😳

    So as a woman on a mission I tripped off to Lidl armed with my phone with the online shop open and if it was cheaper at Lidl i got it from there and knocked it off my online shop.   Even though I have a good idea which things are cheaper at Lidl It was quite eye opening looking item by item. Not everything is cheaper there for a start. Some things I saved pennies but for other things I was saving 50-70p item 😮

    I reduced my Morrisons shop to £56.
    I spent £54 at Lidl so only a £6 saving, but I got loads extra from Lidl that I won’t need for the rest of the month (loo roll, mozzarella, tinned toms, rice etc) so the shops for rest of the months should in theory be a bit cheaper.
  • Flossymuldoo
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    It feels like I’ve been pretty speedy over the last couple of weeks. The car repairs are ongoing so main stuff done but it needs a wheel repairing and new tyres. 
    I think it’s also because I’m tracking is so more aware of the money leaving the accounts.

    I’ve also booked our summer holiday. Flights were more than I had in mind but I’ve been checking since the start of the year and there have been none at even close to the price paid last year, so just sucked it up.

    Halfway through the month and general merch budget is gone. All things were needed so no extravagances - new phone chargers, bird seed, shoes polish and other pretty boring stuff.

    On the plus, I’ve earned £10 in Amazon Vouchers that will reduce the pet food spend this month.  And, some of the monthly budgets haven’t been touched at all.  So alls good.

    OH will get his first pay packet of new job at the end of the month 🎉
  • savingholmes
    savingholmes Posts: 27,544 Forumite
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    Glad things are going well overall
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £4.6K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • Flossymuldoo
    Flossymuldoo Posts: 67 Forumite
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    Wahoo!!! Another £27 Amazon vouchers cashed out from surveys. That’ll be added to my Amazon account to offset Junes pet food bill!

    Budgets for May spending looking so-so. Some are a little over, some under so alls good.

    Looks like my money in the Chip account will get me £2 a day in interest. Not once I’ve paid off my loan though 😩
  • savingholmes
    savingholmes Posts: 27,544 Forumite
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    Nice survey money 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £4.6K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • FlacosFloozie
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    Well done on the surveys!
    MFW 2024 £0/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £99,801.75 FP May 36 Emergency Fund £17,500 100% Added to ISA 24 £0 Save 12k in 24 #31 £0/20,000 Debt Free 31.07.14
  • Flossymuldoo
    Flossymuldoo Posts: 67 Forumite
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    Thanks @savingholmes and @FlacosFloozie. That plus the other 2 x £5 is £37 this month so far 🎉

    Just had a panic that I have only £120 left in spending account before payday, then realised that £93 child benefit will
    land tomorrow. Phew!  Didn’t have a hope in hell of managing with £120 as still have some car parking and food to come out. Hopefully my heart rate will go back to normal soon 😬

    OH will get his first pay check of new job at the end of this month and the plan was to clear most of my savings and pay off my loan but now I’m not so sure.  The peace of mind of having 6 months expenses stashed away is immense and I don’t want to lose that. But also like to log into Chip and admire my lovely balance as I have never had a bank account as healthy 😂

    The alternative is that I keep the money, and then bust a gut to pay the loan off asap. I think we could probably pay 3/4 of it off by the end of the year if we stick the budget we’ve set at the moment. We can clear the flights on CC on payday, and all being well the only thing we need to fork out for before the end of the year is hol spending money.  The rest can go off the loan.  I know we’ll pay some interest but the interest we’ll get on the dosh will go someday towards that. I dunno.

    Maybe I also feel like it would be a bigger sense of accomplishment to pay it off out of our salaries by budgeting properly.  Over the years we’ve had quite a lot of debt and managed to get it paid so just have this loan left. It’s a combination of debt consolidation and a new roof and it feels like paying it off with redundancy money is an easy ‘out’ and the only way I’m going to get my mortgage gone is to get full control over my money. Getting  the loan gone will be good practice!

  • FlacosFloozie
    FlacosFloozie Posts: 816 Forumite
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    Well the MSE thing to do would be to look at the interest on the loan vs what you can get in savings. I do think there's a lot to be said for getting into a discipline of paying off your debts. I found the journey to being debt free really helped me continue on to savings and it changed my mentality around money.
    Could you maybe compromise? Aim to pay 3/4 by the end of the year and , if your new jobs are secure, clear the last bit with savings?
    MFW 2024 £0/7500 Mortgage £129,500 Jan 22 Final payment June 38 Now £99,801.75 FP May 36 Emergency Fund £17,500 100% Added to ISA 24 £0 Save 12k in 24 #31 £0/20,000 Debt Free 31.07.14
  • Flossymuldoo
    Flossymuldoo Posts: 67 Forumite
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    I get 3.71% on my money and pay 6.2% on the loan, so I’ll be paying 2.5% on it until it’s cleared. Not horrendous but I think worth it.

    I am going to do as you suggest @FlacosFloozie. Bust my gut to get as much gone as poss then clear the rest with savings.  I crunched the numbers and it’s possible to get all but around 3k clear by the end of the year. If I stick to my budget, nothing major crops up and if the wind is blowing in the right direction! 
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