More Effort Required - the next 5 years

SandyShores

Background:

2014 - Final LBM and DFW
2019 - DFD - exhausting journey but

2020 - Back on the property ladder £300k+
2025 - Mortgage down to £200k+

2026 - Reset needed
2031 - Working towards MF by SPA

Looks like I do these things in five year cycles, so hopefully this is the final one.  How do I enjoy these next 5 years and become mortgage free at the same time (knocking 7 years off the current end date)?

I've already got two holidays booked this year so that's a lot of the enjoyment ticked off.  Flights paid and apartment/holiday cash saved for the first one.  The second was booked on low deposit but I'm currently saving £200/mth for when the balance is due (unlike the old days when everything including spending was on credit cards).

Spending - its mostly on stuff for the house, but I've definitely made a few unnecessary ones in the last couple of years. 

So, time to rewind to 2014 when every penny was counted.  Goals are a bit woolly at the moment but will firm up as I work through them.

Goals:
- Set a manageable household budget and stick to it - make sure every penny and pound counts
- Work through subscriptions and end those I don't use
- Stop Spending
- Sell Stuff
- Make the most of points savings
- Prepare for possible changes at work
- First Mortgage goal - reduce end date to 2036 (10 years time)
- Ultimate goal - mortgage free by 2031 (ps I realise this is huge - but aim high!)

SandyShores

Subs Cancelled:

• Requested £54 refund for one of the geneology sites I was using and forgot had automatic renewal - they will get back in 7 days.
• I've paused monthly membership of the other one - you can only pause for 2 months but you can then go onto a half price to keep it paused - must make decision in March.
• Cancelled the National Theatre at home subscription, as I just don't get time to watch at the moment.
• Cancelled Apple TV and 'accidentally' accepted a reduced subscription for 2 months.  Will definitely cancel when that ends in March and make a decision re. the family tree/geneology site in March too.  Although I've just realised this has been paid but I'm sure I couldn't log in - one to action.
• Logged in to cancel Audible and signed up for the half price offer for 3 months
• Cancelled the running app renewal so that will expire in the summer
• Also found another subscription for some health supplements that was due next week - now cancelled.

Not 100% success but I am pleased to have done this and will end the others in March if I don't use them.  I took on board advice about having things delivered/on automatic renewal to make things easier, but think I took it too far.  I also need to sort out the amazon subscribe items as the prices can vary wildly.  Just looking at coffee pods for over £20 and I bought from Asda for £14 the other day as was running out.  Feeling more in control just from doing this.

Spreadsheet updated - I still have around £500 on the credit card (spends on new blinds and things for the home this month) which I could pay off from my personal account, but won't as I want to see that balance as encouragement to be frugal with the food account first.

I've looked through the mortgage payments etc. and decided that as changes at work are a little uncertain at the moment, instead of OPing I will be saving as much as possible until we know more.  Not this month though as I want to focus on that credit card/spending.  Some selling of items could be good here.

Today I'd like to go for a run, make some sour dough bread for the first time, have a garden tidy and wash the bird table down, then have a quick clean inside.   I've been looking at some instructions to make an outdoor hanging light for our BBQ shelter but that will have to wait - and will look around for a cheaper way to do this e.g. charity shop etc.

KajiKita

Happy new diary 😊 And here’s to the mortgage being cleared by the end of this 5 year cycle 💪😊

Thank you for the nudge on subs I think I should do this too … 🤔

KK

beanielou

Happy shiny new diary. 

Tjh1412

Happy new diary. We have similar amounts to repay, though a lot longer than 5 years for us but have bookmarked so I can gain inspiration 

debtfreeoneday

Happy new diary. It’s a small one but have you looked at your library audio book offering? Ours use BorrowBox so I never buy audio books and if they don’t have one on the library you can request for to be added?

sure you’ll smash your goals!  Well done so far!

SandyShores

Thank you for the messages, encouragement and tips   I'd completely forgotten about the library doing audiobooks, so will definitely cancel audible and find out my library card.  

I managed my run yesterday, plus sorted the garden when I got back.  Forgot to wash down the bird table, and didn't get around to even feeding the sourdough starter or cleaning.  Instead when Mr Shores came back we settled in for a late afternoon TV session, then early dinner.  

This morning I dropped all the cardboard boxes to the recycling centre and then went to Asda.  Have been struggling today - seems like I strained a hip flexor running yesterday - so tried to rest and stretch it this afternoon.  Hoping to get back exercising tomorrow.  I still managed to womble around enough to spend just over £86 on groceries.  Admittedly a few sale items went in the basket - how can you not buy the mixed cheese crackers at 81p a box, and then miniature gift ports with a glass £1 each, fab choc biscuits £1.24 (all with mid-year use by dates) and then a hair set for DD £1.24.  Food-wise, we should be all set for the week now, so with the £13+ order for Sunday we'll be just under £100 and that includes stocking up on a few items and cleaning products.

Oh and checked monthly interest on the mortgage statement - total £669.47 end of December.  It was £676.33 in October so has come down £6.86 in 2 months without OPs.  This will be a good way to check progress so will do each month. (November was £651.45 so £21.71 a day - yikes that's woken me up!) - coming down around £3/mth.

PB day tomorrow, the million winners have been announced in far away regions but there's still a few prizes up for grabs.  Fingers crossed for us PB holders.

debtfreeoneday

I didn’t know they announce the million winners. I always wondered if they knew the day before. We didn’t win anything this month. Hope you did!

SandyShores

Whoop Woo!  £125 this month - that's going to be OP'd

Sorry you didn't win @debtfreeoneday but thanks for reminding me, I'd forgotten to look.  Yes, the winning numbers of the larger amounts come out the day before and the location of the millionaires are usually posted in the paper somewhere.  Edit - here they are under high value winners.

Edit - just checked and £125 will save around £70 interest over term - so will be close to £200 saved

And good news on the strain, a day's rest and a good night's sleep and I was able to run again this morning.

debtfreeoneday

Well done on the win!  At least I’ll stop waiting for the phone call to say you’ve won a million (as if!!!)

edinburgher

Well done on the million @Suffolk_lass