Buying a little piece of Middle England; Manifesting my way to mortgage free.

lulabelle1

Hi! 

Well done with what you have achieved so far. 

And well done on leaving the job, I’m sure you’ll get a better one soon. My 20 year old worked a few roles as a warehouse op whilst he was at 6th form etc and a lot of what you’ve said resonated. They typically don’t treat people well at all.  He used the experience to secure a role working at the hospital and he can’t believe how different it is. He’s amazed at how much he loves his job!

You’ve asked for some thoughts on the budget…. So I’m chiming in. I actually think your budget is excellent and I’m not suggesting any cutbacks at all…. But just some ideas with the saving/overpaying side. 

My suggestion would be to stop MOP’s all together and focus on really building the emergency fund. I would aim for a minimum of 3 to 6 months of expenses. So between £6k and £12k. I would also consider paying off the carpet loan ASAP.

Only once the emergency fund is in place would I suggest MOP’s 

it’s all personal choice, but you’d be putting some solid financial foundations in place and then you could throw yourself at MOP’s. 

Also, maybe with bonus’s etc, perhaps a bit could be saved towards a holiday, or a weekend away or something like that. I’ve noticed there’s nothing in the budget for anything like that. The goal of an emergency fund and a paid off mortgage is fantastic, but the journey to getting to that point is just as, if not more, important. 

Best of luck with everything and I hope you get the perfect role soon 😊

debtfreewannabe321

HotDog2020 said:

That chiropracter sounds like a miracle worker. If it was me...I don't know how much debt you owe on your carpet loan even though it is 0% having that money continually coming out lowers the amount you have from your monthly pocket, I would pay it off if I had the money...I would do it with Mortgage and student loan if I had the money and neither are very expensive. This means you reduce your monthly expenses ongoing, wheras if you use it up on other stuff your bills will not reduce and you'll be in a worse spot until  you get another job...But although I would do this it is not for everyone, and I don't have a family to feed and everyones situation is different. Just a passing opinion choose to do with it what you want.

I cancelled my drs appointment yesterday because it feels so much better !! I have another appointment with chiro soon to help with some other areas that he was unable to manipulate back into place...my muscles were too tight so I am doing daily stretches to try and help that. 
I keep going round in circles with the loan, it is £2k owing on it still and it would take me forever to pay off (well it would feel like it) and it would mean no money to the EF (which is going into a high interest saver) so I feel like the interest earned on the EF and interest saved on the mortgage outweighs the 0% which runs at that rate until it is paid....I do keep coming back to it though and debating whether to use EF funds or switch to paying that...

debtfreewannabe321

lulabelle1 said:

Hi! 

Well done with what you have achieved so far. 

And well done on leaving the job, I’m sure you’ll get a better one soon. My 20 year old worked a few roles as a warehouse op whilst he was at 6th form etc and a lot of what you’ve said resonated. They typically don’t treat people well at all.  He used the experience to secure a role working at the hospital and he can’t believe how different it is. He’s amazed at how much he loves his job!

You’ve asked for some thoughts on the budget…. So I’m chiming in. I actually think your budget is excellent and I’m not suggesting any cutbacks at all…. But just some ideas with the saving/overpaying side. 

My suggestion would be to stop MOP’s all together and focus on really building the emergency fund. I would aim for a minimum of 3 to 6 months of expenses. So between £6k and £12k. I would also consider paying off the carpet loan ASAP.

Only once the emergency fund is in place would I suggest MOP’s 

it’s all personal choice, but you’d be putting some solid financial foundations in place and then you could throw yourself at MOP’s. 

Also, maybe with bonus’s etc, perhaps a bit could be saved towards a holiday, or a weekend away or something like that. I’ve noticed there’s nothing in the budget for anything like that. The goal of an emergency fund and a paid off mortgage is fantastic, but the journey to getting to that point is just as, if not more, important. 

Best of luck with everything and I hope you get the perfect role soon 😊

Yes although it wasn't in a warehouse the job sounds just as menial as mine was...and the lower down the rung you get on these types of jobs the worse you are treated as I found out. In fact those below me were treated better, the supervisory job seemed to be a catch all for filling in for sick people as well as doing everything management couldn't be bothered doing! So sometimes triple the workload. My mistake for just taking the first job that came along (lesson learned lol).

Thanks for the thoughts on the MOP and EF....I bizarrely had this conversation with DP last night whether to switch to saving 3-6 months of EF (I think I fell down a Dave Ramsey rabbit hole )....The carpet loan as I was just saying to Hotdog is on 0% till it runs out BUT it is another 2 years and I asked DP to check the balance yesterday as I was doing the budget and when I saw it still had 2k on it that deflated me a little as I was also thinking to pay it off to have the extra £93 in the budget....

I think for now I will keep putting into the EF regularly from the budget, and making small payments towards the MOP with any extra income. The MOP savers account (our two xmas savers with YBS) is due to be paid end of year to the MOP in one lump sum....however I could use this as my EF instead. By then I will have £3,000 in it.....added to my projected £2k if I have no emergencies between now and then, I should have saved in my cah00t savers, that will be £5k so that is worth thinking about (and I have until October to decide what to do). Once I am back at work it would be worth reassessing what income I have as extra and getting that EF up to where it needs to be. 

We haven't had a holiday away as a family since DP & I actually got together 5 years ago which I find sad. DP & I have had the odd weekend away in this country but never been abroad. We got together right before lockdown so that kind of put a stop to that and then job changes, house moves, renovations, finances kind of meant we didn't have time nor money to do a holiday. It is on the top of my list for saving towards when I am earning again. Until then I might see if we can do more days out, the furthest we tend to take the kids is shopping centres & cinemas and the odd museum day out (which they hate) teens are so hard to please. When DP & I got together the kids were 9 & 10 and we used to take them to NT places & places like this, a good day for us and them (lots of parks in these places lol) they are now at an awkward age where they don't tell me what they want to do so we do nothing! Not good....best sort this one out really as they will be grown up like their older brother before I know it. Thanks for reminding me to make this a priority....  

debtfreewannabe321

Morning all,

I have woken up with a right chill. I took DP to the city yesterday and dropped him at a trade show so it meant I had the car all afternoon and evening...I have forgotten how liberating it is to have your own car all the time and go wherever you want. I decided to pop into Mr Al whilst there as needed bread and a few other bits. I ended up spending just over £20 which I wasn't best pleased about considering I am already over my budget this month! I only went in for wraps, bread, milk and oranges. I found their vegan blond chocolate and that was it...... totally blew the budget oops. The shop was freezing though like walking through a freezer, I had a big hoodie on (DPs one so nice and big and warm) and I was shivering by the time I left there and was unable to warm up all evening. I feel really chilly to the bone today as well. SO I am sat next to a warm radiator with a chamomile tea now. It isn't even that cold out today although still super windy here. I have fed and walked the dog so he is no longer under my feet and he's snoring in his bed in front of the radiator oh to be a dog eh.......so I will stay put for a bit longer.

I have done a few surveys this morning already, I have over £20 pending in my pr0l1f1c one still. They are taking a long time to come through lately and then a long time to mark as paid. I am still waiting on my @mazon voucher to come through on email so I can order some furniture legs (first thing on my list to buy). I've got a slight headache today I think it is me detoxing as I am taking supplements to help detox. I will drink lots of water and herbal tea to help clear it through me. I am fasting today too. Aiming for 24 hours but I might just do 21 which will be 1:30pm....I will see how I am feeling and listen to my body. Would like to kickstart my diet and detox with a 24 hour one though if I can manage it. 

Yesterday we had tofu and rice for dinner with stir fried carrots, onions, peppers...i didn't have any soya sauce so had to get creative, I found half a jar of chinese 5 spice, some plum sauce, hoisin and sweet chilli and also some BBQ, none of any great quantity left so I mixed the lot onto the veg and cooked tofu with a splash of rice vinegar thinking what a disaster AND I now have a nearly empty cupboard as I used all the dregs of everything lol - well EVERYONE was like, wow mum that was amazing and do you think I could replicate it again if i tried, nah, doubt it so typical huh. 

It does mean I have an empty cupboard though which is annoying so will need to stock back up again. I meant to go to the Asian supermarket in the city but honestly it was rush hour by the time I was wanting to get there and I gave up fighting with traffic. I am short on money anyway so will just wait for payday.

I have surpassed my MOP goal for this month so any extra I make on surveys and FB sales (need to list more actually haven't much up at the mo) will go into the EF. I got DP to get his loan total yesterday thinking it must be around 1.5k now but no it was still over 2k with 2 years left was a bit miffed at that and don't know whether it is worth directing all money there because I think it would still take a fair few months to pay off in which time I could reach my first EF goal and get my mortgage down slowly but surely by chipping away at it. Will keep thinking on that one....as not sure it's worth getting rid of even though I don't want any debt.

NSD today. I have minimum left in my current account now (maybe £30) DP is doing better he has around £90 which I am gobsmacked at...between us we have over £100 so close to a new month (next Thursday he gets paid) not a lot to some but that is a lot to us. 
I am waiting to see if I get paid this week. I am reckoning not but you never know....I did work a week in hand, but they will probably say I have been paid it already as I handed notice in half way through a holiday which I got paid one week for.) I shall report back if I receive a payslip! If I do the money is extra to what I budgeted, that will go straight to EF. Be nice if I could reach my first goal of £1500 before summer on the EF so I can work toward the next goal. 
So I know EF should be 3-6 months of expenses not necessarily what I budget so I am assuming that is all household bills & food? But nothing extra? So with that in mind I work out one month expenses for us is £1750 - which is made up of household bills, maintenance, loan, food...everything else could be cut? Is that right? So that means I still haven't really hit my target for even one month with only £1500. so I think my next goal after £1500 will be £1750 - correct me if I am wrong but I think that is right?
So therefore, 3 months expenses are £5250 and 6 months would be £10,500 oh lordy that seems an impossible amount to save!! But it is my long-term goal to have that....I will take baby steps...1 month here we come

HotDog2020

debtfreewannabe321 said:

HotDog2020 said:

That chiropracter sounds like a miracle worker. If it was me...I don't know how much debt you owe on your carpet loan even though it is 0% having that money continually coming out lowers the amount you have from your monthly pocket, I would pay it off if I had the money...I would do it with Mortgage and student loan if I had the money and neither are very expensive. This means you reduce your monthly expenses ongoing, wheras if you use it up on other stuff your bills will not reduce and you'll be in a worse spot until  you get another job...But although I would do this it is not for everyone, and I don't have a family to feed and everyones situation is different. Just a passing opinion choose to do with it what you want.

I cancelled my drs appointment yesterday because it feels so much better !! I have another appointment with chiro soon to help with some other areas that he was unable to manipulate back into place...my muscles were too tight so I am doing daily stretches to try and help that. 
I keep going round in circles with the loan, it is £2k owing on it still and it would take me forever to pay off (well it would feel like it) and it would mean no money to the EF (which is going into a high interest saver) so I feel like the interest earned on the EF and interest saved on the mortgage outweighs the 0% which runs at that rate until it is paid....I do keep coming back to it though and debating whether to use EF funds or switch to paying that...

When there is worry of a job loss or shortfall in money...I always feel the best means is to get the monthly expenses down as low as possible, whether that is cutting out things like netflx/ sky or paying off a debt, because if you don't find a job soon your future self will be thankful that the bills are as low as possible for the time being. I would condsider not having seperate pots for clothes etc and just build up the EF, because it is simpler and gives you a better understanding/clearer picture of what you have, as you won't need to buy clothing all throughout the year and when you do it will potentially not be evenly distributed and not the same amount from year to year. However if you had 5K or more in EF you would know how many months you have to cover bills, especially when you are expecting a drop/ shortfall in money.

Also I agree with lullabelle (I don't know if I have spelt that correctly) don't put anything to OPs until you have another job and out of risk - There is not a better feel then building up EF and reducing monthly payments to the minimum.

Of course these are suggestions, its how I would approach the task, but everyone is different, and everybody factors in different things when coming up with solutions, eventually you will come to the decision that best suits you. I do wish it all goes okay for you...Wishing the best outcome.

debtfreewannabe321

Signature updated, I need £1.33 to be able to reach the next square on my MOP chart so next payment from surveys I will send that over and all the rest to EF headache is worse, looking at screens not helping so I will switch off for a bit and go and chill with a hot water bottle and a book (or movie if eyes are too tired to read) catcha later  

lulabelle1

So I know EF should be 3-6 months of expenses not necessarily what I budget so I am assuming that is all household bills & food? But nothing extra? So with that in mind I work out one month expenses for us is £1750 - which is made up of household bills, maintenance, loan, food...everything else could be cut? Is that right? So that means I still haven't really hit my target for even one month with only £1500. so I think my next goal after £1500 will be £1750 - correct me if I am wrong but I think that is right?
So therefore, 3 months expenses are £5250 and 6 months would be £10,500 oh lordy that seems an impossible amount to save!! But it is my long-term goal to have that....I will take baby steps...1 month here we come

Yes, I would think along the same lines as you with the Emergency Fund - all bills/commitments and food multiplied by the number of months that you feel comfortable with. 

Maybe the first goal could be 3 months of expenses.
The next goal - throw everything at clearing the loan
Once the loan is paid, back to building up the emergency fund to 6 months
And then mortgage overpayments once you've got yourself a nice safety blanket. 

It sounds like a huge mountain to climb, but just focus month by month and try not to get too overwhelmed. You've definitely got this and once you've managed to pick up a new job, it'll all seem a bit more achievable 

debtfreewannabe321

HotDog2020 said:

When there is worry of a job loss or shortfall in money...I always feel the best means is to get the monthly expenses down as low as possible, whether that is cutting out things like netflx/ sky or paying off a debt, because if you don't find a job soon your future self will be thankful that the bills are as low as possible for the time being. I would condsider not having seperate pots for clothes etc and just build up the EF, because it is simpler and gives you a better understanding/clearer picture of what you have, as you won't need to buy clothing all throughout the year and when you do it will potentially not be evenly distributed and not the same amount from year to year. However if you had 5K or more in EF you would know how many months you have to cover bills, especially when you are expecting a drop/ shortfall in money.

Also I agree with lullabelle (I don't know if I have spelt that correctly) don't put anything to OPs until you have another job and out of risk - There is not a better feel then building up EF and reducing monthly payments to the minimum.

Of course these are suggestions, its how I would approach the task, but everyone is different, and everybody factors in different things when coming up with solutions, eventually you will come to the decision that best suits you. I do wish it all goes okay for you...Wishing the best outcome.

Oh sorry @HotDog2020 I think I cross posted with you. I am just looking at my budget to see what else I could cut down if it were an emergency....I reckon we could get the food budget down a bit if we absolutely needed to, as I currently favour organic but could make do with non organic veg and fruit (that would probably cut at least £100 off ) I haven't included any pots for clothes, health etc into the 3-6 month fund it is pretty much bills and maintenance for DP DD and food. 

This is how I split up my money so far:-
EF into a high interest account (5.12% I think).
Xmas & Birthday into another higher interest savings account (5-6%).
Then depending on what we have budgeted for throughout the month the rest goes into an easy access account- so currently it has health/ clothes/ diy (etc) funds and this is a low interest (1.87 I think). 
Also have the YBS accounts saving as much as we are able to per month until October. I will decide what to do with this one closer to the end of the year....but currently it is the MOP. 

This is all money that is planned spends ongoing but I have separated it for my ease so I know what I have left. These funds could be cut out of the budget though if we were in a tight spot.

I appreciate both of your views on this and I think I will concentrate on the EF but I will still make small payments to the MOP. We are on a low interest rate with the Mortgage so it does make sense to save I suppose so the money every month I would usually put towards the MOP out of the budget I will put over to EF but the money I make from surveys (which let's face it isn't a huge deal) and any money from FB sales/ v1nted I will put onto the MOPs. 

The loan............this is a real annoyance of mine I had enough money here when we moved in to pay for this in cash out of the sale of my other two houses but it got swallowed up elsewhere (lack of budget mainly) and I was loathe to take the loan out but the carpets and floors were flea-ridden so had to be done. Thankfully 0% ...but like you both say...it would  be best if I didn't have it. If I want to I can always wait until I have enough in the EF and think about using that. Or the YBS accounts. 

We all want to move eventually and the idea of paying down the mortgage was to allow us to be able to make that move more easy - this is not our forever home so I will bare this in mind too. 

DP has received his bonus payout (well what he will get it's not here yet) and it is around £1300 so after tax we figured we had approx £350 a month to add to each month's budget. This is great and between that and his payrise that has just gone on that is the wage from me we are missing. So we *should* be able to carry on as we were!

beanielou

That’s excellent news on the bonus. 

debtfreewannabe321

Morning all 😊
Well I dozed on and off all afternoon yesterday and had an awful headache. Went to bed early last night and was hot and cold all night, feeling quite tired this morning as a result. Seems we are all tired here though, DD started shouting at around 7:50am 'I've overslept!!!!' so I had to give her a lift into school. It's a twenty minute walk from here and she had to be in by 8:30...so I told her to chill out, get dressed, have breakfast and just be calm. 😆 Seeing as though I was up I decided to walk the dog in the woods after dropping her so the dog has been walked (and bathed because the woods were very muddy in certain parts). 
I got given a soup maker I think I mentioned it on here. My sister dropped it to me at the weekend when she came by. It's been cleaned up and so far sat on the side staring at me, daring me to use it. I've never used one before and it had no instructions and I can't find them online either. So this morning I decided I would give it a go. I had some celery and carrots that have definitely seen better days. Chopped up, stock made, two tins of tomatoes and some onions and I've chucked it all in and put it on. I will report back. I didn't have any tomato paste so it might be a bit thin but I can thicken with some cornflour I guess. We will see ...it looks good so far ...

I've got some windows open even though it's still cold and Intend to shake off whatever bug I have with lots of fluids and fasting for 21 hours again. I didn't manage 24 hours the timing wasn't right for dinner. 21 was good though I ate a healthy meal and I felt better for not having too much to digest. 

Anyway was a NSD yesterday.  Not much planned as still got a lingering headache but want to do some yoga, and meditate and perhaps another module on my course 😊....will have a nosey on here too these diaries keep me on the straight and narrow when I'm feeling in that lull part of the month. 

I sent over £1.33 to the MOP because it rounded it up to a £20 square. And then sent other monies that I was TT over to the EF. I've still got £20 pending on the survey site hoping it clears soon.

I watched a lovely film on prime yesterday I don't watch much TV any more but this was a lovely sweet film ..it was called Mrs Palfrey at the Claremont. I looked up the author and saw Elizabeth Taylor and was like what? Eh? THE actress Elizabeth Taylor?? Found another one of the same name, and found many more books by her so I ordered a second hand one today with some of the money I had on my prime account in vouchers. So not really costing anything out the budget or pocket money which is nice. I'll let you know if that story is any good ...I fancy a nice story after my usual genre which I've read to death. 

Will report back on the soup. It would be lovely to save £1 per tin of soup from my budget!