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    • Tahlullah
    • By Tahlullah 19th Aug 13, 9:39 PM
    • 978Posts
    • 5,129Thanks
    The impossible dream
    • #1
    • 19th Aug 13, 9:39 PM
    The impossible dream 19th Aug 13 at 9:39 PM
    Hello everyone. I am new to the forum, but have been reading for several years. It has been a help and inspiration, but I have never felt the need to get involved until today.

    I have been financially aware for many years and now have set a goal which I know I cannot achieve. My aim is to be mortgage free within 2 years. It is impossible to do, I have read everything, looked at spread sheets, calculated within an inch of my sanity, but I cannot do this without becoming a hermit and stopping Ďlivingí. The one thing the diaries have taught me is that people have great intentions, but after a while, the frugality can become grating and somewhat depressing and so the aim becomes a chore.

    As I still want to live my life to the full, I am not prepared to give up all luxuries; I do not have any debt and I do not overspend. I regularly have no spend days, sometimes going a whole week without letting the moths out of my purse for air! I donít smoke, drink in excess, have a gym membership, shop frivolously for food; Iím not into handbags, makeup, shoes or clothes. In fact, I am the most boring person I know. But I do like holidays!

    I bank with F.Direct, in my opinion a great bank. The mortgage is an offset. I already overpay, but I cannot seem to find any other substantial spare cash to over overpay with.

    I already save bits of change, xbay, Tilly Tidy, use the sweep function to put extra bits into the mortgage, whilst maintaining a small amount of savings. I decided I preferred to pay off the mortgage than save as I feel better about watching the capital reduce.

    I made my decision to do the impossible and this weekend, conjured £200 out of nowhere to overpay on top of what I normally pay - cashed in my £2 coins. Now, I have come to a dead stop and hit a brick wall. No more conjuring until payday!
    So, I am going to keep this diary to help me to focus, and see what progress I can make out of nothing at all. I am going to aim at reducing my capital by £500 by the end of the financial year, in addition to my normal mortgage payments, without having a substantial negative effect on my way of life.

    I am going to take small steps. I shall begin by trying to xbay or Gumtree anything that is not tied down, including the cat if anyone will pay me for him. I will continue with my sweep every month. I will continue with my no spend days. I will continue to collect change in the hope of knocking small amounts of the amount owed, so I can see a difference being made.

    The spread sheets say I could be mortgage free in 4.5 years. I would like to be free in 2, by my 50th birthday. I could stretch it to 3 years as I am still technically 50 until I am 51! I am committing to posting once a week, even if to say, I have made no progress. Hopefully, someone will be able to inspire me to great heights.

    Thank you for your help so far. Let the games begin.
Page 1
    • skint_spice
    • By skint_spice 19th Aug 13, 9:45 PM
    • 11,226 Posts
    • 23,638 Thanks
    • #2
    • 19th Aug 13, 9:45 PM
    • #2
    • 19th Aug 13, 9:45 PM
    Good luck!
    £5000 by December 2018 £721/5000
  • EchoDelta
    • #3
    • 20th Aug 13, 5:18 AM
    • #3
    • 20th Aug 13, 5:18 AM
    Good luck! You're so nearly there!
    Sealed Pot Challenge - No. 117
    Bank of Mum & Dad - £3150/£10,000 (£6850 to go) Bank of In Laws - £4600/£12,000 (£7400 to go)
    MFW - MFD - 5 Apr 2029 5 June 2025 : AIM = NOV 2019 (back up aim = MAR 2023)
    • resilie
    • By resilie 20th Aug 13, 9:02 AM
    • 178 Posts
    • 408 Thanks
    • #4
    • 20th Aug 13, 9:02 AM
    • #4
    • 20th Aug 13, 9:02 AM
    Hi T
    Sounds like you are really prepared to hammer this mortgage down. I like numbers so if you wouldn't mind giving us the juicy low down on outstanding balance, interest rate etc. Also have you got a spare room? Ever thought of taking a lodger in? Few hundred quid extra a month right there!
    All the best and good luck!
    • MiffyMFW
    • By MiffyMFW 20th Aug 13, 9:14 AM
    • 38 Posts
    • 188 Thanks
    • #5
    • 20th Aug 13, 9:14 AM
    • #5
    • 20th Aug 13, 9:14 AM
    Good luck Tahlullah!

    I've just committed to starting the impossible journey too. It's exciting but I know what you mean about maintaining the holidays! There are some things I am not willing to give up
    Mortgage balance £25,798.43 28 May 2019
    Mortgage balance £63,086.48 24th Mar 2015
    Original mortgage end date Aug 2033, aiming for Jan 2022
    2019 MFW #132 £1250/£3000
    • black taxi
    • By black taxi 20th Aug 13, 10:37 AM
    • 1,810 Posts
    • 6,329 Thanks
    black taxi
    • #6
    • 20th Aug 13, 10:37 AM
    • #6
    • 20th Aug 13, 10:37 AM
    goodluck,but there are plenty unknowns out there
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
    • Sundaysgirl
    • By Sundaysgirl 20th Aug 13, 12:14 PM
    • 1,096 Posts
    • 6,323 Thanks
    • #7
    • 20th Aug 13, 12:14 PM
    • #7
    • 20th Aug 13, 12:14 PM
    Welcome! I just recently started the journey too, and holidays are my one big (ok, HUGE) extravagance! But Im a firm believer that you have to have something other than the prospect of MF to get you through it and make work "worthwhile". And what's another year or so when you're very close anyway?

    Good luck!
    MFW 2017 #123 2018: £1,852.64/£39,200 (4.7%)
  • Tahlullahs Cat
    • #8
    • 20th Aug 13, 1:22 PM
    • #8
    • 20th Aug 13, 1:22 PM
    I am going to take small steps. I shall begin by trying to xbay or Gumtree anything that is not tied down, including the cat if anyone will pay me for him.

    Wait, what??!? Bit harsh of me to find out on a money saving message board that I am up for sale?!?

    I think you will find that I help a lot with the money saving actually...

    1) That half of a bird I brought back the other Sunday? Sunday is roast day after all

    2) All the fur I leave around? You could knit yourself a cardigan, free of charge. You are welcome

    3) Those whiskers I leave scattered around? Excellent for rudimentary cocktail sticks.

    4) I am a free hot water bottle at night when I steal 90% of the bed.

    Don't sell me!

    I mean, meow meow meow...
    • Tahlullah
    • By Tahlullah 20th Aug 13, 7:13 PM
    • 978 Posts
    • 5,129 Thanks
    • #9
    • 20th Aug 13, 7:13 PM
    • #9
    • 20th Aug 13, 7:13 PM
    Dear Rufus,

    Thank you for taking to the tinterweb to let me know that you have skills that I was obviously unaware of! Truly, had I known that you could type and read, I would have rented you out to the local solicitors practice as an audio typist long before now.

    I appreciate that you make an effort to contribute to the household – that half dead bird really was the best, I hadn’t tried House Martin before – but really, I am certain that I would get far more for you if I sell you as seen, especially now that everyone knows you are no mere cat, but a super talented and rare cat!

    I know that others on MSE will understand that the opportunity to raise a large lump sum to pay off the mortgage should not be sniffed at. And to be truthful, I could replace you with a dog! A dog would bring home a chicken for Sunday dinner! And more importantly, would not need a litter tray!

    So, any offers for the multi-talented Rufus accepted. No reasonable offer refused!

    To everyone else, I would like to thank you for taking the time out of your busy day to read my diary. It is so kind of you, after all, I don’t really have anything interesting to say – but the cat does!

    I have no spare room, but if I did, I am not sure I would be able to easily give up my privacy and space to a stranger. Thank you for considering it though but I do like my privacy.

    Numbers: I currently owe £36,200. I overpay by £600 per month in addition to the interest per month and the interest rate is 3.49%, set for a further 1.5 years.

    Today, I went to the dentist and now need some work doing with the hygienist. So, my no spend has gone out the window for a short while. Luckily, no fillings or anything expensive to do, but will sting me for around £150 for the treatment over a few visits including xrays.

    Tried staring at the spreadsheet today to see if it would make a difference. I am convinced that the power of my xray vision will make a difference to the numbers and I will magically lose a couple of thousand off the total owed.

    Looked at the local jobs to see if there was anything I could do to increase my income, but couldn't think of anything I could do where someone would wish to pay me to be in their presence. What I need is a nice gentle telephone type job that I can do it from the comfort of my own home. Perhaps someone would like to hire me to stare at their spreadsheets for hours on end, in the hope it changes the figures on the page?
    • racing blue
    • By racing blue 20th Aug 13, 10:16 PM
    • 945 Posts
    • 971 Thanks
    racing blue
    Aiming to reduce balance by £500 by end of financial year / yet overpaying by £600 per month?
    • Tahlullah
    • By Tahlullah 21st Aug 13, 7:29 AM
    • 978 Posts
    • 5,129 Thanks
    Hello Racing Blue

    Yes, is this strange? Because of the type of mortgage I have, my £600 overpayment per month is the equivalent of a what I would pay if it was a repayment mortgage. It happens automatically every month. I do not class it as an overpayment, purely my mortgage payment that I have to make. This leaves me with little money like most, but I still wish to clear the mortgage early, so I have set myself the target of £500 by the end of the year. Money that I have to find from somewhere.

  • Linda farnandis
    Good luck and best wishes for your success.
    • Tahlullah
    • By Tahlullah 23rd Aug 13, 7:19 AM
    • 978 Posts
    • 5,129 Thanks
    Bad week for money saving. The suspension broke on my car, so had to pay for that. Along with my dental appointment, my wage came in and my disposable income was immediately swallowed by my overdraft. Hopefully, next month this will balance as I have lots of travel expenses to claim and it will put me back in the black. Luckily my bank gives me a £500 free overdraft facility.

    Plus, I went out with a very old friend last night and ended spending a load of money. I only see him once very 2 months or so, so am happy to do this, but just not the best of times financially, with my cunning plan and all.

    Started looking for part time jobs to see of there is anything I can do in my down time that would pay me money. Found one that I am going to apply for. Will keep you posted as to my job hunting exploits. Haven't done this for a while, so it should be an experience. Lets see of I even want to complete the application form when it arrives shall we?

    This week, had 3 no spend days but the others have more than compensated for whatever progress I may have made towards my Mortgage Free dream.

    Time to move to cunning plan number 2...
    • Tahlullah
    • By Tahlullah 24th Aug 13, 8:02 AM
    • 978 Posts
    • 5,129 Thanks
    Already, today has been a good day and a bad day for my MF dream. This is why I haven't achieved!

    So far, I have made another £200 overpayment. So that will be it for the month, no more lump sums into the mortgage until this time in September. The great news is that I could do it because I had just been paid and so with a bit of sweep and a Tilly Tidy, I have now located and squirreled this away.

    The bad news is that I won’t be able to do anything else again this month (I think). And to make matters worse, I went on a spending spree! Well, as I said, I don’t want to stop living, so I booked tickets to the Fright Night at Thorpe Park in London for Halloween! Got my ticket at a reduced price for booking early. I managed to book a hotel for £28 (Travellog***) so I have somewhere to sleep that night as well. Total £60 for the night. Will have to buy food, petrol etc., but will save for that!

    Went to the York Maise Hallow Scream last year and it was absolutely fantastic, so thought would give this one a go. They are basing it on horror films!

    Although I know this money really should have been put into the Mortgage pot, I feel positive that this once a year event has been purchased as economically as possible, so not deviating too much from the cunning plan.

    Stared at my spread sheet again this morning, happy that I am due to be MF in October 2017, but still aiming for August 2016, just before I become 51. I really need to work on Cunning Plan No 2. Need an idea first!
    • Tahlullah
    • By Tahlullah 27th Aug 13, 8:36 PM
    • 978 Posts
    • 5,129 Thanks
    Had a positive day today. Volunteers came in and cooked lunch, fabulous food! Plus there was lots of fresh veg left over so was able to have a no spend day, plus lots of veg for the rest of the week. Just need to decide what to put with it all from my freezer. Hopefully won't need anything else except milk for the rest of the week.

    Lunch covered for rest of week also. Went toTescx and bought a few (ok, 8!) pot noodle thingys for 23p each. Those along with the pot porridges for 50p each, lunch will not be expensive for the rest of the month.

    The cunning plan is getting nowhere, so will have to accept that I cannot afford to overpay more than whatever my sweep and Tilly Tidy allows at the end of the month. But, I had an aim, which was to overpay £500 by the end of the year and I have already done £400 so I shouldn't beat myself up over this.

    Still haven't listed anything on ebuy but have big plans. Hopefully, when I do get around to it, I will be able to have overpaid £1000 by the end of the year. Not promising anything because I am very aware that I have not bought any Christmas presents yet (but I have got cards and stamps!)
    • gallygirl
    • By gallygirl 27th Aug 13, 9:56 PM
    • 16,778 Posts
    • 110,557 Thanks

    Tried staring at the spreadsheet today to see if it would make a difference. I am convinced that the power of my xray vision will make a difference to the numbers and I will magically lose a couple of thousand off the total owed.

    Originally posted by Tahlullah
    Save your energy. Been trying it for years. Doesn't work . Even when you creep up on it unawares .

    OK, if you like spreadsheets........ Oct 17 is the current MF date. How much to bring it down to Sept 17? That can be your next challenge .

    Survey sites? Tons around, every little helps, even if it's only vouchers it helps towards pressies.

    PS How is Rufus .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • Tahlullah
    • By Tahlullah 28th Aug 13, 8:39 PM
    • 978 Posts
    • 5,129 Thanks
    Ooh, ooh, a challenge! Thank you gallygirl! I peered purposefully at my spread sheet, typed in some numbers and hey presto! If I pay in the £1000 that I set myself by the end of the year, I will get to September 2017! Actually, it said I needed to make 3 more payments of £200 and I would be there. But taking Christmas into account (I know, I keep mentioning it!) this is doable. So, my new challenge is to both pay £1k by the end of the year and bring my MFW date 1 month closer! Once the festive season is over, I will set another target.

    I do YouGov surveys and have in the past collected £150 from them, but a bit off from my next milestone. Tried some of the other sites in the past, but was forever being told I wasn’t the right sort of person to be surveyed, so gave up. I will try again, as you ‘say every little helps’.
    I am an avid Tescz clubcard points collector and usually use them to buy my RAC cover, and have been collecting Nector points forever and will perhaps have enough to but a bottle of wine by my next birthday! But it’s getting better since I linked my eboy account and British Gas to it, so taking these points seriously!
    Didn’t apply for the job in the end. The advert said it was an evening job, but it started at 3.00pm. For some strange reason, I do not class ‘teatime’ as evening, so that went no-where. Still looking…
    Rufus is fine, thanks for asking. He has recently taken up playing Houdini, the great escapologist. He is healthy and fun to be around and I could not ask for more from a cat – except perhaps if he had a rich uncle?
    • newgirly
    • By newgirly 29th Aug 13, 5:08 AM
    • 6,750 Posts
    • 46,931 Thanks
    Hi talhulla just spotted your diary and wanted to say hi and best of luck
    MFW 21

    £72,866.48 left target £10k/ £6,133.52 in 2019
    • kirstypark
    • By kirstypark 29th Aug 13, 5:36 AM
    • 768 Posts
    • 3,528 Thanks
    Hi Tahlulla, have you tried nectar adpoints? you get points for sitting watching adverts - bit boring, but usually manage an extra 100 points a week.
    mortgage 1 33,000. paid nov 2012 . mortgage 2 87,000 due 51,686.76 at july 2013, but then:new home and remortgage ... £101065.43 now 74k
    • Tahlullah
    • By Tahlullah 4th Sep 13, 9:28 PM
    • 978 Posts
    • 5,129 Thanks
    Not been very MFW of late. I have been saving coppers here and there, but it's difficult when I have so many no spend days.

    Just paid £113 for a return train ticket to Birmingham! How can anyone afford to travel by rail? Luckily, work will refund the cost but I am shocked at the price. I can honestly say I would never willingly choose to travel this way, purely because of the price.

    Anyway, I spent £5 today on cat litter for Rufus' s bum! Absolute bargain from Home B*rgains. A 10 litre bag of clumping litter by Bom Martin for .99p! So cheap, it was rude not to buy all that were on the shelf. Usually pay £2.50 for an 8 litre bag from Teskos. Now all I have to concern myself with is where to store them.

    On holiday for a week on Friday. Spending money already allocated into my Metrobank account, as they allow free foreign transactions. Looking forward to not having to worry about anything for a week and just spending my money sensibly without too much thought to how much. Luckily, being careful with money is so much a part of me, there is no risk of me spending frivolously.

    Still no further overpayments made, but this is on target. Will make another deposit at the end of the month.

    Looked at my old 'one pole' account. Still receiving surveys, but got rejected again almost immediately, so definately giving it up as a bad job.

    Will be back after my holiday, and report on my excessive spends and more importantly, what I saved that can be recycled towards my next holiday.
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