Mortgage Free Plod

Ms_Potato_Head

Hey @CrazyBee787 ! Great idea redistributing your chocolate to your neighbour - I have a bit in the to redistribute to someone. I have been able to resist on day 1 thanks to being out of the house all day and evening. I'm working from home tomorrow so may be a test! Roll on day 2 😊 x

CrazyBee787

Well done MPH we are 2% there! after today we will be 4.25% Good luck XX

Ms_Potato_Head

Thanks CrazyBee hope you've had a successful day. Day 2 almost done 😊 x

CrazyBee787

https://forums.moneysavingexpert.com/discussion/comment/81891638#Comment_81891638

successful that I didn't eat choc, unsuccessful where I spent £19.30 on food that is now all eaten (none of which was choc) I can say I feel ashamed! well I really think I should feel ashamed, it is such a waste especially when I am trying to improve my situation.

Ms_Potato_Head

It's been a gorgeous week. Had a couple of days' annual leave during half term and did lots of fun stuff with DS, continuing his birthday celebrations. I also persuaded him to come clothes shopping following his latest growth spurt. He's kitted out now, until the next growth spurt. Also had a catch up over dinner with one of my good friends, who I hadn't seen for 6 months 🥰

Couple of MSE bits. Firstly, the roof repairs are done and came in £1300 under budget. I had saved for the estimate plus a contingency but the final invoice was actually below the estimate. That's because the chimney was in such poor condition it was way easier to dismantle than anticipated. Secondly, I had an eye test and ordered new glasses and sunglasses which should have been over £500 total. However, thanks to a friends and family discount plus my health cashplan (through work) I only had to pay £86!

Spendy spends were high: £567. Most things are within budget and will balance out over the year - I just have to mind the cash flow in the meantime. The only genuine overspend was going out, which I do need to rein in. March is looking like a quieter month.

£207 DS clothes, £101 DS birthday treats, £86 glasses, £73 going out, £50 food etc., £50 cat supplies.

Have a great weekend MFWs

MPHx

Ms_Potato_Head

Pay day! 🥳 Highlights this month have been:

• DS's birthday celebrations - bless him, every year he says "I think this was the best birthday ever" 😍
• Spa day with friends - bliss!
• Starting mortgage overpayments- starting small (£10 per month) but I'm on my way

Roof repairs are done and came in under budget. My next savings goal is a 1-month EF.

New savings totals:

FIRE: £44 -> £62 (just daily roundups)

EF: £1757/£2600

Happy Tuesday MFWs

MPHx

CrazyBee787

Hi MPH - If It was me and it is not so do with this idea what you like, I would tackle first the EF, then the mortgage then FIRE. Making a good EF is your first line of protection that is why you should work on the EF first. Second line of protection is OP mortgage as much as possible until it is gone. Then and only then would I consider working on FIRE, FIRE won't exist until the mortgage is gone anyhow. Your aim for FIRE should be get rid of as much debt and bills as possible so then you have the raw core of what you need each month and only then would I consider trying for FIRE. Goodluck in whatever you decide and well done for getting where you are. XX

Ms_Potato_Head

Thanks @CrazyBee787 I hear you and I'm sure a lot of people are shouting at their screens in agreement with you!

The thing with me is, I have a whole pipeline of medium-term savings goals to tackle once the 1-month EF is in place, and if I wait until they're all done, I'll never start on the mortgage. Similarly, if I start on the mortgage straight after the EF I'll never save for the medium term goals and enjoy those things.

The method I'm going with at the moment is to put about 5% of my surplus to long-term savings and the rest to short/medium term. I'll tweak that bit by bit until I'm mostly saving for the long term. The FIRE fund may end up going on the mortgage or it might be retained as a bit of cash, depending on how life goes.

This is all subject to chamge 😂 I'm constantly reading diaries on here and seeing all the different ways people have done it. There are so many ideas that may well work better for me and my brain!

MPHx

South_coast

I'd argue that the earlier you start on FIRE, the better. Small amounts invested over a long term will add up to surprising amounts

Ms_Potato_Head

Funnily enough @South_coast my pension pot is my financial saving grace so far. I spent years as a struggling single mum but carried on making pension contributions - I can hardly believe how much those little payments have grown!

MPHx