It won't happen overnight. But if I do nothing it won't happen at all. (MFW diary 5761)

seventh88

Hi @LadyWithAPlan It’s always great to hear from fellow solo mortgage owners!! It’s good to hear how helpful YNAB as been for you. I’ve already started the trial but will check out the videos to see if there’s more I can pick up. I definitely need to find my way around it more – I can see how to make budgeting pots but not saving pots that you mentioned, so I’ll have to take a look at this.

Thanks for your thoughts on the pension vs OP. I’m 37 and a basic rate tax payer, paying 11% of my income into my pension at the moment. My pension is looking healthy, but I might be tempted to put a bit more in alongside the OPs and aim for the 15%.

PS love your signature – it’s so true – we just need to actually stop spending!! I try and remind myself of this when I think there’s something else that I ‘need’!!

 

Hi @Working_Mum , thanks so much for this thoughtful and considered reply. It’s really encouraging to hear from someone further down the line – it inspires me that that might be me one day too! Ha ha, you love a mind map – I love a list. I use Trello to keep everything organised, it’s my second brain. I know what you mean though, it’s just helpful to get things down. I love the motivational quotes idea and it’s good to hear that this is something that’s definitely helped in the long term. It’s encouraging to hear decluttering and exercise included in thoughts about money management, I do both those things but wouldn’t have thought about how they’d impact on my financial decisions. I love the quote ‘all this used to be cash’!! So true!! You’re right about the F-it fund. I do find that a challenge (to let myself buy/spend in that way), but it is needed to keep the joy, which in turn is what keeps you going doesn’t it.

This forum has been such a source of support and has definitely really lifted my spirits, my resilience and my progress. Thank you for your kind words and support.

seventh88

Hi everyone,

Update this week:

Challenges

Ach, works not been so good. It gets me down a wee bit. I'm googling for other jobs! But hey ho. I know I'm lucky to have something.

Successes

- I have investigated YNAB a bit more, but I'm not getting on with it so much. I watched some of the videos recommended, and it told me not to use a lot of the features. And then I got confused and thought 'I just need something simpler'. I've downloaded a free app, I think it's called good budget. Good something, anyway. It seems simpler and I've got some of my pots in there. So I'm trying out that for the next few weeks. But YNAB is seeming a bit complicated for me. But it's great to try something new overall!

- I went food shopping and did not buy the 37 things that I saw and thought i needed but clearly, CLEARLY, do not need, because I already have tiny marshmallow and do therefore, not need to purchase the giant marshmallows as well - I tell myself !!!!!!, you really don't need all this stuff.

- The forum is helping enormously! While out shopping, I was thinking to myself 'just don't buy stuff' and 'all this used to be money' - those mantras. It's gold dust.

Other thoughts:

- Mate, I'm 37, but I just want to live in a retirement village. But I'm not allowed. They're for 50+ year olds. But they look great! Community! Camraderie! I'm not doing great living alone, I love it sometimes, and I do appreciate my own home don't get me wrong, I know how priveledged I am, but I just...oh I'd just love a bit more company sometimes. But I'm not sure I'd cope with just me and a housemate. So...somtimes, even in my MFW journey, I do think about alternatives...some kind of co-housing community. A retiremenet village looks great - activities, social stuff going on, apartments with everything just sorted for you, someone checking in on you...oh dear, I'm clearly just old before my time but hey. Anyway. Some random thoughts for you there. In the meantime, I'm still on the fixed rate, so I'll be sticking with my current mortgage and property.

Thank you for all your support.

I really appreciate this space and it's helped so much in my MF journey so far.

South_coast

Royale Life were offering village living for the over 45's. But they did go bust....😬

seventh88

Ha ha, maybe it's not as far away as I think then!

Idreamofplants

your post made me smile as I'm coming up on 50 next year. After living with OH and kids for most of my life I sometimes dream of living alone - LOL. Well I'd keep the dogs.  I would totally be in for moving to a retirement village but maybe not for a few more years.

debtfreeoneday

I have a biggish age gap with DH and years ago we were moving and actually went up look at a retirement complex as we qualified due to his age. It was an interesting consideration which we didn’t pursue for to location, lack of kids for our kids and the politics 

I’ve tried YNAB and didn’t get on with it. I use two free apps now. One for the main budget and dividing up the income. The other is my current account balance divvied up into all the pots within it. It’s worked for me for about 10 years now. 

seventh88

Hi @Idreamofplants ha ha, I can imagine that’s a busy household! I do love living alone I’d say 70% of the time - I need my quiet space and I’m quite introverted - but if there was a way just to get that bit of company nearby, an option to dip in and out of socialising but with your own place to retreat to, I think that would be my ideal. Hence loving the retirement model! Well done on all you have done to reduce your mortgage so far, you MF date of 2038 is exciting. 

Hi @debtfreeoneday it’s interesting to hear that you were eligible because of your partner and that it was something you explored, but decided it wasn’t the right time. Re budgeting, it’s good to hear that having two apps has worked for you in the long term, because that’s essentially what I’m doing now with one app for day to day spending, and then my excel spreadsheet for everything else. Well done on your DF and MF goals, that’s amazing!!

update:
hi everyone

hmm so how has this week in terms of my financial life?

challenges
I’ve applied for another job, we’ll see where that goes, I’m a bit on the fence about it. I’ll keep an eye out for others

successes
1. Feel like I’m getting into a healthier mindset. Not necessarily ‘don’t spend’ but more ‘do I want this more than I want to be mortgage free sooner?’ - and I’m finding that’s a helpful question to ask myself.
2. As a result, I actually have £200 left over this month! In a bid to not be too mortgage-focussed with it and remind myself to also have fun (see my start post), I’ve out £60 towards pricey train fares to see a friend next month, and £140 towards the MFW fund. This is in addition to my monthly payments of £250 that I’m aiming for this year.
3. I’ve just about got my head around my new budgeting app, good budget, which I’m using for my day to day small spends. I’m finding it helpful, because when I’m out I’m checking it asking myself ‘is there room in the budget for this?’ Whereas I wasn’t doing that previously. Everything else is staying on a spreadsheet. 

Next steps
1. I’m exploring the idea of (instead of moving to a retirement village at 37 to get some quiet company…), hosting international students from my local university in their home stay scheme. A student has your spare room for 8 weeks or so and they find you through the uni. So it seems like a good way to try out having some company at home without having too much commitment, and a great way to meet new and interesting people from around the world. I also hope that the uni would give you some support if things were tricky. So I’ll do a bit more research into this. 

2. I’ve been doing more hours at work this month, and am deciding how to allocate that money for next months spreadsheet. I think I would like to up my pension contributions from 11% to 15% and see what’s left over for extra contributions to the mortgage. 

Questions
I’m curious about peoples feelings towards work and their feelings towards making mortgage overpayments. I don’t like my job at the moment, but it’s manageable, and I’m focused on the overpayments - so I’m staying, but want to look for something else. For me, it’s important to have work I enjoy (on the whole) and find meaningful, so that’s what I’m aiming for. But I know lots of people who don’t feel this way, a job is just a job, they don’t like it but they don’t expect to like it and they stay in it to make overpayments. 

What about you? On a scale of 1 to 10, how much do you enjoy your job (if you have one)? And (on the same scale) what’s the lowest level of enjoyment you would be prepared to get from your job, in order to make mortgage overpayments?

thanks as always for your support and encouragement. checking in here each week is really motivating and I’m gaining fresh perspectives and lots of ideas. 

MFWannabe

Ref job - I totally value being happy in your job; there’s no point working in a job you’re miserable in just for the money if you don’t have to 
As long as you could get by on a smaller wage (if that was the case) then happiness wins every time for me 

seventh88

Thanks @MFWannabe and I hear you on this.

seventh88

hi everyone,

I hope you're all well.

Here's an update for this week.

Challenges

1) I'm quite low at the moment.

Successes

1) I've opened a new easy access savings account for my emergency fund/sinking fund, so I'm getting a slightly better rate now

2) Using the good budget app is going well, it's definitely keeping me a bit closer on track within the month

Next steps

Keep on keeping on

Thanks everyone