I Want To Be Free!!

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Good morning a little diary here to hold myself to account as we embark on a journey to savings and mortgage freedom.

This is a 3yr plan for reasons that will become clearer :)

So the biggie the mortgage.. We recently did the complete opposite when we remortgaged and borrowed an extra 7k and extended the term by another 2yrs doh.. necessary at the time but from now the intent is to pay at least an extra 1k a month from June to the mortgage. 

Also need to build our savings/emergency fund up again as it’s been wiped out by a massive once in a lifetime holiday.  I’m hoping we can go from 2k to 10k in the pot by June as we’re fortunate to be getting some good bonuses.

Finally I want to see if it’s possible to save a school fund. Our local secondary school is terrible so if we can save around 42k over next 3yrs I think we have something to get us started on better options. 

Ok so all sounds quite a challenge but the main fly in the ointment and where a lot of our money goes is a love of holidays!! Honestly we’d be laughing if we didn’t love to travel so definitely going to need to change here if we’re going to manage.

Wish me/us luck!

Mortgage 132k @ 3.29% fixed for 5yrs
Savings 2k of 10k currently 
School savings 800 of 14k currently 

Comments

  • Flossymuldoo
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    Hi @mazzymoo3

    I hear ya about holidays. My mortgage would probably have been long gone without them. 

    I’m in the same boat with wanting to have a good savings pot and start hammering the overpayments, so good luck with it!!

  • beanielou
    beanielou Posts: 90,701 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    Happy shiny new diary  :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • savingholmes
    savingholmes Posts: 27,580 Forumite
    Name Dropper First Anniversary Photogenic First Post
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    Good luck on your journey
    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%
  • MazzyMoo1980
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    Thought I’d update here!
    Still paying off the big holiday and doing some work on the house so only £100 overpayment to the mortgage and £200 to the school savings this month but every little helps I guess!

    Mortgage 131,800k @ 3.29% fixed for 5yrs
    Savings 1500 of 10k currently 
    School savings 1000 of 14k currently 
  • MazzyMoo1980
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    Cleared all the holiday and house debt today as it’s bonus month 🥰

    Overpaid 250 to mortgage today and 500 to school fund. 

    Mortgage 131,070 @ 3.29% for 5yrs
    Savings 4700 of 10k
    School savings 1500 of 14k
  • MazzyMoo1980
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    Hello thread it’s been a little while here’s an update! 

    Mortgage £126,296 @ 3.29% for 4yrs 1mth
    Savings £1700 (too many holidays again 😂)
    School Savings £3555 of 14k 
    Emergency Fund 1k
    Pension Pot £149,195 (not joint) 
    ISA £7,982 (my money not joint) 
  • MazzyMoo1980
    MazzyMoo1980 Posts: 6 Forumite
    First Anniversary First Post
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    Mortgage £125,017 @ 3.29% for 4yrs 1mth
    Savings £269 (urgh too many holidays again 😂)
    School Savings £4000 of 14k 
    Emergency Fund £665
    birthday sinking fund £100
    Christmas sinking fund £100
    Pension Pot £162,936 (not joint) markets up just now 
    ISA £8,454 (my money not joint)  again markets are up!
  • Langerhan
    Langerhan Posts: 109 Forumite
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    Have you had a look at bursaries for schools round you? I had a look at the nearest private school to me (a long way away!), and they give bursaries to families earning under £100k.
    Mortgage start date: 01/10/2021
    Original mortgage debt:
    £128,000
    Remaining debt (01/05/2024):
    £96,402
    Daily interest: £3.24
    Mortgage debt end of 2023: £101,528
  • MazzyMoo1980
    MazzyMoo1980 Posts: 6 Forumite
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    Langerhan said:
    Have you had a look at bursaries for schools round you? I had a look at the nearest private school to me (a long way away!), and they give bursaries to families earning under £100k.
    Thank you! I did look previously and don’t think we qualify unfortunately but thanks anyway.
  • beanielou
    beanielou Posts: 90,701 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    Scholarships to consider too. 
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
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