Lurking MFW finally posting: Mortgage free in 2025

blocpartyfan · 18 March 2018 at 10:53AM

Blibble wrote: »

Nowt wrong with a bit of Bloc Party. I was 13 when you think they crumbled (yikes that makes me feel old! :rotfl:)

Wow, you are definitely younger than me, I realise just how easy it is to get stuck in your hay day! :eek:

Could you save to become mortgage neutral? Bump up the 1% savings rate (5% is fairly widely available) and see how quick you can save up the £135,000?

Best of luck, sounds like you've made grand progress already

My savings rate is 0.85% :mad: Not sure what I'm doing wrong on this one. But exactly as you point out Blibble, savings is the way to go. I still can't quite believe how quickly this could work out!

blocpartyfan · 18 March 2018 at 11:02AM

As ever, another week has gone by and my frugal though old fashioned phone has meant I've missed out on lovely comments and support from other forumites. Thank you for the positive encouragement!

I've realised, paradoxically, that some of my anxiety about spending less is a result of the free time I now have because I'm not spending! For instance, not ordering things online, not shopping as much and not eating out. The thing I've found hardest is not eating out as much. I'm really enjoying cooking again, though it does take up a fair amount of time but that always feels relatively therapeutic, my 2 year old loves it and the food is always much tastier. But I actually miss the convivial experience of eating out, feeling part of something and the experience? I read a few articles about millennial being more likely to fritter away 25-30% of their salaries on eating out - that old avocado on toast = no mortgage, no future might not be far from the truth! Would love to know what others think about this.

Went to the science museum with DH and a friend and her husband and similarly zany two year old. Paid £7.20 for an exhibition that both DH's took the little ones in to see whilst me and my friend nattered and put the world to rights. Was a worthy investment!

Merchandiser2367 · 18 March 2018 at 9:38PM

blocpartyfan wrote: »

As ever, another week has gone by and my frugal though old fashioned phone has meant I've missed out on lovely comments and support from other forumites. Thank you for the positive encouragement!

I've realised, paradoxically, that some of my anxiety about spending less is a result of the free time I now have because I'm not spending! For instance, not ordering things online, not shopping as much and not eating out. The thing I've found hardest is not eating out as much. I'm really enjoying cooking again, though it does take up a fair amount of time but that always feels relatively therapeutic, my 2 year old loves it and the food is always much tastier. But I actually miss the convivial experience of eating out, feeling part of something and the experience? I read a few articles about millennial being more likely to fritter away 25-30% of their salaries on eating out - that old avocado on toast = no mortgage, no future might not be far from the truth! Would love to know what others think about this.

Went to the science museum with DH and a friend and her husband and similarly zany two year old. Paid £7.20 for an exhibition that both DH's took the little ones in to see whilst me and my friend nattered and put the world to rights. Was a worthy investment!

Great to read your diary

We are also looking to pay off our mortgage in around 3 years. We do sometimes ponder if being frugal now is the best thing, mostly as our daughter is 3 but we remind ourselves that in 3-ish years, we will be able to live mortgage free!! - Security, Fun and financial support for daughter is what we are aiming for and these are the motivations that we remind ourselves of to keep us going...

Was good to read your journey so far and will keep on reading as can see some similarities in our journey's

Merchandiser2367 · 18 March 2018 at 9:45PM

Forgot to mention, kreuzberg is one of my favourite songs ever! A weekend in the city is in my top 3 albums......good times!!!!

:T:j:T

blocpartyfan · 24 March 2018 at 3:00PM

Oh Kruezberg! And with the announcement that they're doing a Silent Alarm tour, clearly nostalgia is an in thing!

Thanks Merchandiser2367 :beer:

blocpartyfan · 24 March 2018 at 3:01PM

Merchandiser2367 wrote: »

Great to read your diary

We are also looking to pay off our mortgage in around 3 years. We do sometimes ponder if being frugal now is the best thing, mostly as our daughter is 3 but we remind ourselves that in 3-ish years, we will be able to live mortgage free!! - Security, Fun and financial support for daughter is what we are aiming for and these are the motivations that we remind ourselves of to keep us going...

Was good to read your journey so far and will keep on reading as can see some similarities in our journey's

Ooh I'm fascinated - we seem to have a fair few things in common!

How are you coping with the shift in attitude towards money? It's something that stills surprised I'm so keen to stick to....:eek:

blocpartyfan · 24 March 2018 at 3:08PM

3 months into the year, and despite the freak snow we've had over the last month Spring is well and truly on it's way. Hurrah for the sunshine! I'm not sure if that will make the savings ambitions more or less difficult. Whilst I don't crave holidays abroad as much as I did before DS was here, I am partial to a good festival and lots of al fresco eating and drinking in London. Will be something less frequent now - perhaps more picnics in the park instead!

Looking at our spending spreadsheet for the week, I thought I'd share it with anyone interested. A nice reminder that the first two days of the week were no spend days. Now, any amount I spend make me instantly cringe. I know that's not healthy so still trying to find a good balance with it all. Hope you're all having good weeks!

19-Mar Groceries Bread £0.80
20-Mar Groceries Crisps £0.39
20-Mar Groceries Milk and butter £2.40
21-Mar Groceries Shower gel, nappies, biscuits, bread, desert £8.80
21-Mar Childcare £33.00
22-Mar Groceries Tesco £11.84
23-Mar Eating Out Lunch £4.50
23-Mar Childcare £125.00
24 Mar Groceries fancy bread and ciabatta roll £6.00
24 Mar Groceries fancy wine and beer £31.00
24 Mar Groceries fancy burgers, chicken bones and sausages £24.00
24 Mar Gifts birthday party and one for DS £13.00

Urbanshyne · 30 March 2018 at 10:25PM

Well hi,

It's great to read that you're paring everything down to help pay the mortgage off in 3 years. I'm doing exactly the same, and our trajectories are almost mirror images - I too want to be mortgage free by December 2020.

So stay motivated and I'll race you to the finish line!

Merchandiser2367 · 6 April 2018 at 9:29PM

blocpartyfan wrote: »

Ooh I'm fascinated - we seem to have a fair few things in common!

How are you coping with the shift in attitude towards money? It's something that stills surprised I'm so keen to stick to....:eek:

Soz for late response, don't get too much time to read on here currently

We have pretty much been on a budget since we met.....firstly we paid off £10,000 ish debts, then saved £40,000 for deposit on our house, then budgeted hard again when wife was on maternity leave (probably hardest of all as wife only got statutory maternity pay and had literally no money spare at all for a year) - so we are used to it......second nature now - we actually feel fairly well off now compared to maternity days so it was a blessing in disguise so we can now chuck loads at the mortgage but have more money to spend.

So, when we do pay the mortgage off, we are going to feel really elated as we won't have to budget for first time in years!!! Can't wait :beer:

wishingthemortgaheaway · 6 April 2018 at 10:41PM

Hi Bloc party fan,
I've just had a read through your diary. You eyewatering high income is to be marvelled at (not far off my personal garanteed income for a year) but then your childcare Bill is about 10times our weekly bill too.

We are aiming to be mortgage neutral in 28 more months (July 2020) and I've devised a 13 step plan of mini targets to help me stay motivated. Some of the steps are for reasonably small amounts , for example £375 the pay for the house we are in now and the one we may buy to be cleaned commercial before we move in/after we move out.
Another step is the stamp duty we're likely to pay on our next property, solicitor & estate agent fees etc. All smaller, more manageable steps that is working towards our ultimate goal.

Good luck on your journey.

Wish.

Lurking MFW finally posting: Mortgage free in 2025

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