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    • armchairexpert
    • By armchairexpert 9th Feb 17, 4:00 AM
    • 799Posts
    • 5,234Thanks
    armchairexpert
    The ups, downs, and occasional sideways bits of trying to be mortgage free
    • #1
    • 9th Feb 17, 4:00 AM
    The ups, downs, and occasional sideways bits of trying to be mortgage free 9th Feb 17 at 4:00 AM
    Hello! I used to loiter around here a few years ago and you were all terribly friendly. Then I was made redundant, started my own business, and it's all been a bit uppy and downy since then.

    We've been meandering along for the past three years, since taking on a new mortgage in 2014, paying things as they come up and failing to notice that we're not making a dent in the mortgage at all. It's set up as a line of credit, so the minimum payment on it is only interest - we'd expected to be paying down the principal as well just as a matter of course, but it hasn't quite worked out that way.

    I'm not going to do a SOA because I'm in Australia, and even the most dedicated MFW'er probably can't tell me if I'm paying the right amount for my electricity! But I have buckled down and done a very comprehensive YNAB budget, and it tells me that I should have about $700/month extra without cancelling the children's extra-curricular and the occasional treat. We shall see if this holds true.


    As an aside, I also have a second mortgage on a buy-to-let, but the tenant is my mother, who can't afford to pay us market rent much less cover the running costs, so that costs us about $5,000 a year or so. As a way of clawing back savings, I don't budget any of the tax reductions that brings us, I just treat it as a normal expense, and then anything we get back at the end of the tax year is like an annual bonus.

    What else? Two DDs, the youngest one started school this year which is a GAME CHANGER I tell you what, some lovely silly chickens who very generously make eggs for us, the beginnings of a fairly pathetic vegetable garden which I'm not convinced even pays its own running costs - and long suffering DH, of course, who keeps the lights on.

    Also I am not the most succinct person in the world.
    Last edited by armchairexpert; 09-02-2017 at 4:10 AM.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    May 2018 $211,274.60 Current MFD 31 June 2035
Page 25
    • Chrystal
    • By Chrystal 26th Jul 18, 12:47 PM
    • 374 Posts
    • 2,420 Thanks
    Chrystal
    Hope you get a positive response from the vacant lot owners soon.
    Agree it's a pain that it will increase the mortgage, but definitely think it will be worth it in the end, plus the extra garden will give you so much pleasure (and opportunities for growing food!)

    Keeping my fingers crossed for you. X
    I Believe.....
    That it isn't always enough, to be forgiven by others.
    Sometimes, you have to learn to forgive yourself.
    • armchairexpert
    • By armchairexpert 10th Aug 18, 2:23 AM
    • 799 Posts
    • 5,234 Thanks
    armchairexpert
    I've heard nothing from them, which is a pain. I can hassle the real estate agent again, but ultimately if they don't want to contact me, they don't. I can chase them up myself by paying a small fee to the Titles Office and finding out their names, which will be the next step, but since I don't really want to spend $18K on getting the pines removed I'm putting it off.

    Other things are chugging along. Mr E finally dragged himself home after almost three weeks away yesterday, which was nice. I was amused, though: later in the evening I mentioned that I'd put an extra blanket on Little Girl's bed because her duvet is almost useless from having gone through the wash too many times, and within 2 minutes he was on eBay looking for a replacement duvet for her. Lordy but that man likes to shop.

    Groceries have been kept low in his absence, but not as low as I'd intended because about two weeks into solo parenting I was drifting into I Deserve A Treat mode and buying myself snacks. We're at $190/1000 and the freezer is pretty empty and I'm out of bread flour.

    It's a three-pay month for Mr E, plus he should be getting some hefty overtime for the two weekends he just worked (12 hour days!) which will make the numbers look better again. And I have to buckle down and get my tax return sorted, there's money due back there too. I originally had a plan of getting the mortgage under $200K by the end of the year, which is now looking impossible unless I give up on the holiday plan.
    Last edited by armchairexpert; 10-08-2018 at 2:26 AM.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    May 2018 $211,274.60 Current MFD 31 June 2035
    • armchairexpert
    • By armchairexpert 19th Aug 18, 8:22 AM
    • 799 Posts
    • 5,234 Thanks
    armchairexpert
    Huge uptick in work enquiries this past week - I've sent out so many estimates and preliminary advices it's crazy. Now if only a couple of them convert into ongoing clients I'll feel a lot more relaxed.
    Mr E's overtime has started trickling in. His company pays several weeks in arrears, and some of it comes in as part of a pay cycle and other parts on different lines of the budget, so I never know what to expect. So far we've been paid enough to pay back all the upfront expenses he pai for these trips, and hopefully there's two more pays in which the same amount will arrive: i.e., we'll end up with 2x what we paid out.

    If I'm right - and I'm wary of being definite about numbers because I've been disappointed before - then the overtime PLUS the extra pay this month (it's a three-pay month and I budget on 2 per month so twice a year we get a 'bonus' pay) takes us up to my holiday goal without dipping into the tax return money.

    I'm still waiting to hear what the potential cost for repairing my Mum's roof is, but if it is less than the tax return, the rest of that can go back into the mortgage and start paying off the solar panels. Depending on how much that is (the tax return will be around $10K, but the roof could literally be anywhere from $500 to the whole lot! I have nooooo idea), I might be able to set a new goal to have the panels paid off by the end of the year.

    Honestly, if we end the year having saved for an international holiday PLUS installed a large solar system that will save us money for 20 years PLUS paid anything at all off the mortgage, I'm going to feel very happy with myself.
    MFW diary here. 1 Feb 2017 $229,371 - MFD Feb 2043 aiming for May 2028
    14 August 2017 - Refinanced: $220,000
    May 2018 $211,274.60 Current MFD 31 June 2035
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