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Chapter 2: Burrowing On!
Pearla*Merle
Posts: 1,611 Forumite
Hello lovely MFWs!
It's been a while 😅 ... though it's really time to come and play with you all again!
I had a diary way back in the day, which I see has been closed due to my awolness, but for the historical record it was over here: https://forums.moneysavingexpert.com/discussion/4849964/building-the-burrow/p1
So I started the original diary with the idea of getting into MFW habits before buying a home (plus we were keen to build one day)... and then life when in all sorts of directions and long story short we're still in much the same place! Still renting, but closer to potentially build/buying thanks for our fab saving habits (which have continued unabated despite my posting absence!).
We've (Mr Merle & moi - still no cat, alas!) have got a sizeable amount stashed but have been through utter chaos last few years (my health blipped massively - though I'm much better now), multiple redundancies and/or job changes which resulted us moving back north of the border after living down London-way for the last ten years. Great new house though, near the countryside, near friends, all good generally (not to mention cheaper, paying over £600 less per month on rent alone!!! 🤯)
But saying that, Mr M's job is up in the air again which could affect the stash (annoying!) but hopefully that'll be sorted soon as we can get back to business. But that helped me get back on here though - need to get a bit more focused while things are tight (and just generally after the last few years! It'd be good to get some focus around what we want to do and Actually Make It Happen), plus MFW is just such a lovely place to be! (I can see there a few familiar faces - and lots of new ones, hurrah!) 😻
A bit about moi as a quick catch up: have always had to work part time due to chronic illness. Developed skills myself and worked myself up into a well paying job which balances out working only a few days per week (am now in a new job with much nicer people after last one imploded!). Kept meaning to do some freelance/passive income stuff on top but still haven't worked that one out! A few ideas bubbling in the background though, so perhaps I'll finally get on it! I'm really into the whole idea of FIRE as well, but given my lower income that's not super possible but I'd rather get into the way of thinking about it than not.
In other news, I'm heading back to school as I'd hit a bit of a ceiling with what I was doing and needed a fresh start, so at the moment I'm doing that part time but will probably be going to Uni full-time and working 2ish days a week in a year or so (exciting but eeksome at same time). I'm still a bit up and down about it as I would like the money from working more but can't keep working as I have... so I'm thinking freelance stuff might just fill that gap. I need to think more about this though and what I can realistically take on.
So the plan is... just keep saving as much as possible to reduce Actual House Cost once we get there. I'll plot out some immediate plans of action soon....!
As per usual, this has meandered into a long post! Will leave it there. Not sure quite I'll be able to post (or keep up with everyone, so please forgive me in advance!) the same way I used to now I'm working/studying so much but will see how it goes....! 🥳
It's been a while 😅 ... though it's really time to come and play with you all again!
I had a diary way back in the day, which I see has been closed due to my awolness, but for the historical record it was over here: https://forums.moneysavingexpert.com/discussion/4849964/building-the-burrow/p1
So I started the original diary with the idea of getting into MFW habits before buying a home (plus we were keen to build one day)... and then life when in all sorts of directions and long story short we're still in much the same place! Still renting, but closer to potentially build/buying thanks for our fab saving habits (which have continued unabated despite my posting absence!).
We've (Mr Merle & moi - still no cat, alas!) have got a sizeable amount stashed but have been through utter chaos last few years (my health blipped massively - though I'm much better now), multiple redundancies and/or job changes which resulted us moving back north of the border after living down London-way for the last ten years. Great new house though, near the countryside, near friends, all good generally (not to mention cheaper, paying over £600 less per month on rent alone!!! 🤯)
But saying that, Mr M's job is up in the air again which could affect the stash (annoying!) but hopefully that'll be sorted soon as we can get back to business. But that helped me get back on here though - need to get a bit more focused while things are tight (and just generally after the last few years! It'd be good to get some focus around what we want to do and Actually Make It Happen), plus MFW is just such a lovely place to be! (I can see there a few familiar faces - and lots of new ones, hurrah!) 😻
A bit about moi as a quick catch up: have always had to work part time due to chronic illness. Developed skills myself and worked myself up into a well paying job which balances out working only a few days per week (am now in a new job with much nicer people after last one imploded!). Kept meaning to do some freelance/passive income stuff on top but still haven't worked that one out! A few ideas bubbling in the background though, so perhaps I'll finally get on it! I'm really into the whole idea of FIRE as well, but given my lower income that's not super possible but I'd rather get into the way of thinking about it than not.
In other news, I'm heading back to school as I'd hit a bit of a ceiling with what I was doing and needed a fresh start, so at the moment I'm doing that part time but will probably be going to Uni full-time and working 2ish days a week in a year or so (exciting but eeksome at same time). I'm still a bit up and down about it as I would like the money from working more but can't keep working as I have... so I'm thinking freelance stuff might just fill that gap. I need to think more about this though and what I can realistically take on.
So the plan is... just keep saving as much as possible to reduce Actual House Cost once we get there. I'll plot out some immediate plans of action soon....!
As per usual, this has meandered into a long post! Will leave it there. Not sure quite I'll be able to post (or keep up with everyone, so please forgive me in advance!) the same way I used to now I'm working/studying so much but will see how it goes....! 🥳
a penny picker upper. MFW approx 78% to go | FIRE 3 years worth (30% savings rate: now aiming for 40%!) | Normality is a paved road; it's comfortable to walk, but no flowers grow on it | Whatever you're meant to do, do it now. The conditions are always impossible | The only thing you absolutely have to know, is the location of the library
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Happy shiny new diary
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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.3 -
The chance to build/buy your home sounds wonderful and congrats to being closer to that dream. I know what you mean about freelancing/self-employment with a chronic illness. It seems to be the only way to make a living as rigid schedules, getting up early, and commutes are not possible with my health challenges. I hope your university schedule and freelance work remain flexible to accommodate you comfortably.Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20233 -
Thanks @beanielou & @LeighofMar!
Yes, I'm the same @LeighofMar, freelance/flexible work has been the only way I've managed to get vaguely 'ahead' work-wise. I did the office thing for a while and it was brutal and I ended up going backwards - I'm so glad to be back to 'normal' WFH again! I hope you've managed to find a way of working that suits you too
PS well done both of you on your MFW stats! Great going!a penny picker upper. MFW approx 78% to go | FIRE 3 years worth (30% savings rate: now aiming for 40%!) | Normality is a paved road; it's comfortable to walk, but no flowers grow on it | Whatever you're meant to do, do it now. The conditions are always impossible | The only thing you absolutely have to know, is the location of the library3 -
Using this post as a bit of a holding space for things to remember - and plans!
Things that work!
Piggybanking, making my priorities a priority, buying local/in bulk, batch cooking, growing herbs/veg, keeping organised & the house tidy so I remember/make the most of what I've got, charity shops for presents/clothes, moving with the seasons and bringing gift exchange down to a more human level, yoga/exercise/meditate to keep my body & mind healthy (can then work better & make more monies!)
Current situation & plan
I'm separating out Home money and FIRE money for now, but this may well change up in future depending on how things go. It's helpful psychologically to have FIRE money (or at least money to cover me if I can't work for a long while - this is definitely a hangover from chronic illness! So in a sense it's an emergency fund).
Home: £300k for property (a guesstimate!) & about 22% of the way there - plan is to keep saving like mad!
FIRE: 3 years covered (aim for 25). Savings rate per month is currently 30% (now aiming for 40%!)
What I can do better...- Get back into batch cooking, meal planning and being more creative with using up food.
- Get back into charity shopping for clothes, presents & other bits (I avoid shops in general these days, but if I go in with a list of things I'm looking for this would help get me back into the way of things).
- Seriously think about 2nd income - passive and/or freelance. Setting it up will be a pain but I'd be much happier if I knew there was more money coming in as realistically a) I can't make massively more rate-wise in current role b) in order to leap forward career (& money-wise!) then Uni is key (theoretically it will allow me to be in a position to double my salary so makes sense to do Uni even if it means waiting a few years to get there - I would never get the chance to increase my salary in such a short amount of time going the way I was going!) c) I don't have much pension-wise etc, and will be taking a bit of a financial hit to attend Uni over next few years so it would be good to see what I could replenish. Plus, it generally feels safer to get another income stream on the go if I can. Being reliant on one has been just as stressful as being completely self-employed (maybe more so, as I had no agency?!) and I don't fancy plodding on like that any more.
a penny picker upper. MFW approx 78% to go | FIRE 3 years worth (30% savings rate: now aiming for 40%!) | Normality is a paved road; it's comfortable to walk, but no flowers grow on it | Whatever you're meant to do, do it now. The conditions are always impossible | The only thing you absolutely have to know, is the location of the library3 -
Kicking off my little check-ins again to help me keep on track...
MFW Wonderment: transferred old pension to new to get everything in one place. Followed Martin's advice about meter reading for this weekend. I've got some ££ set aside for insane-at-the-moment energy bills but I'm hoping I don't need to use it - I'm keeping a watch on the balance, if all looks well circa September I may transfer over the ££ to S&S ISA instead. Still eating cheap biscuits we picked up at Christmas (the day was grey and drizzly enough for them!) 😂
Simple Pleasures: tea in the afternoon and reading a history magazine!
Burrow Building: doing another round of decluttering - we had kept a lot of random stuff in the last house and of course it doesn't all fit in this place, so I want to fit more lightly into this house (and also not keep too much 'just-in-case' junk that just gets in the way). Plus is we live more lightly that makes it easier to imagine continuing to live in a smaller place that is cheaper to run which has benefits long term!
a penny picker upper. MFW approx 78% to go | FIRE 3 years worth (30% savings rate: now aiming for 40%!) | Normality is a paved road; it's comfortable to walk, but no flowers grow on it | Whatever you're meant to do, do it now. The conditions are always impossible | The only thing you absolutely have to know, is the location of the library2 -
Good luck on your journeyAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K with 227 payments to go - now £177.5K Equity 29%
2) CC1 £12465 (0% expires Aug 26), CC2 £9032 (0% expires Aug 25) & CC3 £31 (0% exp Mar 25)
3) CC debt offset by £26K savings & £5K investments
3) Mortgage neutral by 06/30 (AVC £16.4K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) 22.1/£127.5K target 17.3% value @16/12/24
4) FI Age 60 income target £13.7/30K 45.7%
5) SIPP £4.6K @16/12/24
6) Set up new income streams: Start up costs £1202 -
Hi and welcome back 😊2022 MFW 67 - 33 month challenge to clear mortgage, currently month 26 🙂MFI3 No.121
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Thank you @savingholmes & @newgirly! Great to see you again 😊
Just a quick check-in today...
MFW Wonderment: £35ish claimed from Topcashback (perfect timing as I needed to buy Mr Merle a little something for his half-birthday and this made it free - he's a January baby and needs a midyear pressie fix 😂).
Payday! A wad of ££ automatically moved to savings 💸
Nabbed a £5 off voucher for a new academic year diary (getting myself more organised 😇).
Organised the food cupboards and put aside odds & ends that need used up first.
Had a closer look at savings accounts & rates as per Martin's email. I think the ones I've got are still probably the best for now. I struggle with lots of account-hopping plus certain savings are earmarked and need to be accessible. I might look again in a few weeks but at the moment it's not worth the hassle.
Simple Pleasures: sunny river walks ☀️
Burrow Building: had a look through a self build website to get an idea of costs (& get motivated). I reckon £300k is still a good ballpark figure for now so will stick with that.
Did some more decluttering and feeling better for it!a penny picker upper. MFW approx 78% to go | FIRE 3 years worth (30% savings rate: now aiming for 40%!) | Normality is a paved road; it's comfortable to walk, but no flowers grow on it | Whatever you're meant to do, do it now. The conditions are always impossible | The only thing you absolutely have to know, is the location of the library1
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