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  • FIRST POST
    • debtfreeforlife
    • By debtfreeforlife 7th Oct 17, 11:29 AM
    • 152Posts
    • 916Thanks
    debtfreeforlife
    A long journey ahead...
    • #1
    • 7th Oct 17, 11:29 AM
    A long journey ahead... 7th Oct 17 at 11:29 AM
    I am biting the bullet and creating my first journal on this site, dedicated to my goal of becoming mortgage free and retiring at 60 - hoping to record my progress and pick up some tips along the way!

    Both my mortgage free status and retirement status are around 20-30 years away - I am 31, single, living in a mortgaged flat in a relatively expensive part of the country (although thankfully not London prices!). I earn a good salary but am in the civil service so no pay rises any time soon. I want to start overpaying into my pension and have just paid 5k onto my mortgage thanks to a generous family gift. I think I am now hooked on the MFW journey...
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Page 3
    • debtfreeforlife
    • By debtfreeforlife 3rd Mar 18, 7:19 PM
    • 152 Posts
    • 916 Thanks
    debtfreeforlife
    It appears that this will be a monthly entry diary! Been a busy month. On the manager charges, it appears that with this refund I am now more or less even so no money back on that side. Did get a pleasant surprise the other day in that I'll get some money for some work I did a year or so back (never expected to see any money from it), so that should be coming in this month. I don't know know much it is, but it's over 50. That will go against the mortgage.

    Having applied for a new job last month and not got it, I have decided to stay in my current role for a bit longer. I need to apply to overpay the pension by March 16th trying to decide how much to OP. At the moment I am saving 170 a month to OP the mortgage so might just split that in half. Decided not to OP this month though, I am hoping to get some work done in the flat (new kitchen sink with waste disposal, plus new bath taps desperately needed) so need to save towards that instead. But I have managed to OP two months in a row which I'm quite proud of, it would never have been a priority a few years ago.
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    • enthusiasticsaver
    • By enthusiasticsaver 4th Mar 18, 12:48 PM
    • 6,601 Posts
    • 13,820 Thanks
    enthusiasticsaver
    Well done on the OPs and sorry you didn't get anything back from management company. On plus side though at least you don't owe them anything. Do you not get back the 150 retention?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • debtfreeforlife
    • By debtfreeforlife 11th Apr 18, 8:37 PM
    • 152 Posts
    • 916 Thanks
    debtfreeforlife
    Well the journey has just become a little longer

    Good points - I am now paying an extra 100 a month into my pension. Which is before tax, so is about an extra 80 from my salary.

    Also I am actually within the groceries budget this month (although not updated my signature). Also well within the petrol budget for the following reason...

    Bad points - my lovely new car, bought last October, is no more I was in an accident a fortnight ago and my car has been written off. So mortgage overpayment is on hold right now and redirected to the car insurance envelope until I know more about the cost fallout. So annoyed at myself but all I can do is be grateful I have an emergency budget and have been saving for car insurance etc. My parents have very kindly loaned me some money until I get the insurance pay out to buy a new car.

    BUT on the plus side - I and the driver of the other car are safe, which is the most important thing. Just need to make sure I save in other areas to address the car insurance increase so it doesn't derail additional mortgage repayments.
    Last edited by debtfreeforlife; 11-04-2018 at 10:39 PM.
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    • debtfreeforlife
    • By debtfreeforlife 26th May 18, 10:32 PM
    • 152 Posts
    • 916 Thanks
    debtfreeforlife
    It's been a while since I've posted here but think I need to get my butt back in gear again and focused on paying down the mortgage - I've had quite a lot of expenses in the past few months due to various expenses to the flat, plus the cost of replacing my old car. Car insurance almost covered everything but not quite, and it certainly didn't cover the additional 60 of phone calls over two months due to a whole load of faff in making a claim plus who knows how much in public transport while I was minus the car. Thankfully it's all been resolved now and claim paid out, new car purchased, and parents repaid.

    Have also booked a holiday for later on this year - feel a bit bad for doing so, but the money was sat in savings and I feel very strongly about having a sensible balance between enjoying money and saving sensibly. I'd like to go with a reasonable amount of spending money, but I'm determined that won't come from savings - every penny I spend on that holiday will come from money saved from the three paycheques I have until then. I'm also going to set myself a target to put an equal amount away to pay to the mortgage as I am saving for the holiday.

    The main way I'm going to do that is by dropping the groceries bill significantly - mine is higher than the average partly because I try and buy ethically, but also because I get lazy and buy lunch from the supermarket (neither MSE friendly NOR ethical). So that bad habit ends today and I'll be tracking all the savings that come from it! Tactics I'm putting in place are buying 'less healthy' food to take into work - so having a usual sandwich and crudites/hummous etc, but also taking in a packet of crisps and a chocolate bar. I figure if I prepare for the inevitable that is me wanting something less healthy (rather than only taking salads/boring lunches in), I can beat my brain.

    Wish me luck!
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    • JennyP
    • By JennyP 28th May 18, 8:15 AM
    • 931 Posts
    • 654 Thanks
    JennyP
    Really enjoying reading your diary.



    So sensible to take a bit of naughty food to work too. I don't work anymore but when I did, I'd always end up blowing money on an afternoon sugary snack. Far more sensible to bring treats from home.



    Where are you going on holiday to?
    • enthusiasticsaver
    • By enthusiasticsaver 28th May 18, 9:10 AM
    • 6,601 Posts
    • 13,820 Thanks
    enthusiasticsaver
    Nothing wrong with spending money on treats or holidays so long as budgeted for so it sounds like you have a good balance in enjoying the present whilst also taking care of the future by overpaying pension and mortgage.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • debtfreeforlife
    • By debtfreeforlife 30th May 18, 11:32 PM
    • 152 Posts
    • 916 Thanks
    debtfreeforlife
    Thanks both! And glad you are enjoying the diary Jenny, I'm not terribly regular but planning to post more in the leadup to the holiday to keep me on track for savings! We are going on a cruise to the Norwegian Fjords - I am so excited as it is one of the places I would most love to see. Can't wait to start booking trips.



    The tactics with food are going relatively well but I think I need to start keeping the naughty food in the locker at work rather than taking it into work - it's too tempting to have at home! However I cooked a week's worth of lunch at the beginning of the week - quinoa, roasted veg, lentils, which I have hot with some spinach chucked in just before it is microwaved, mixed seeds and nuts and hummous which I am currently keeping at work. Really delicious and super filling. I am going to do the same next week but with tofu and different veg to mix it up.


    Things are going relatively well on the groceries spend but I have promised to bring a trifle to a friend's baby shower this weekend. I am not a confident cook for other people so wanted to try it first in a mini dish - seems to have gone well thankfully, so I will start the main event on Friday morning and cross my fingers...
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