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    • sofarbehind
    • By sofarbehind 2nd Jan 18, 6:49 PM
    • 330Posts
    • 1,386Thanks
    sofarbehind
    All the single ladies vs 145k
    • #1
    • 2nd Jan 18, 6:49 PM
    All the single ladies vs 145k 2nd Jan 18 at 6:49 PM
    Put your hands up! Hello everyone!

    As a long term lurker on this section I'm very excited to finally be in a position to join you MFWs. I finally managed to buy a house by myself last year I am in my late 30s and had very poor wages and worse money management skills in my 20s that mean I am financially very behind a lot of people my age. I am indeed sofarbehind and have a lot of catching up to do.

    There is only me, newly single and I don't even have a cat. Wasn't financially involved with the ex so that is simple at least. My mortgage is for 145k over 24 years, 5 year fix at 2.29%. That is a LOT of money I owe the Halifax. Last year I didn't do a lot of saving, I spent a lot on household items..I had NO furniture / basic kitchen stuff thanks to house shares. So I cut myself some slack and have made the house a home. Now it's time to knuckle back down and tackle that 145K.

    There are a lot of positives to my situation. I am lucky enough to have a good job these days, have no other debts, am in a great pension scheme and I am quite MSE.


    My master plan is to get the balance down to £100k before I remortgage. That means I need to overpay by 25k in the next four and a half years. This is an ambitious goal but it's achievable if I am sensible. For the coming year I plan to save an emergency fund of 10k before I really start on the mortgage. I miss having a good safety net and want this in place by August. My current emergency fund is at 3k. I think I am going to round up my mortgage payments by £347/month to £1000 until this is done, just so that I am chipping away at it. I have prioritised the emergency fund this month so my first OP will be on 01.02.18.

    Phew, well done if you have read this far...I will come back and post a SOA later to help me budget.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
Page 7
    • sofarbehind
    • By sofarbehind 29th Jul 19, 8:59 PM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind
    Like you I want to change tack, and it's into yet another very competitive field. Like you I also come from a poorer background and so find it hard to spend money on things like this - especially when I finally recently paid off my debt from my BSc and MSc I did all those years ago. How is your course going?
    Originally posted by Runders
    Hello Runders

    Lovely of you to pop by. I'm sorry that I have taken so long to reply, I've only just seen your comment.

    Have you made a decision about your course? I feel for you because I completely agonised over this last year. It's been hard work but I am glad I went for it in the end. I wish I had been more confident about it. investing in education isn't the same as buying consumer goods. It shouldn't be that hard to invest in yourself but taking the plunge is tricky when you are risk adverse. Investing some money in your earning potential is one of the smartest things you could do in our circumstances.

    I completely get what you mean about being reluctant to take on the cost of it after finally paying off student loans. When I look back I wish I had been more willing to take sensible risks - e.g. not be afraid of taking out a slightly bigger mortgage to live near friends and to get qualifications. I think it's a hang over of the poor mindset and I have to remind myself that some debt is needed to move forward. Let me know what you decide and PM me if you want to chat. I haven't met many people in this position so I think we need to stick together. Good luck whatever you decide.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • sofarbehind
    • By sofarbehind 3rd Sep 19, 12:16 PM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind
    Hello everyone!

    I have been reviewing my finances and having a long think about the future. I've been overpaying by £647/pm for seven months now. I have managed this fine but not been great about other additional savings, which have felt like quite a struggle to be honest. I've had a look over the past year's spending and realised that I am not being as strict with myself as I could be.

    When I started this diary I was aiming for a balance between Oping and enjoying myself. The fact that even at current rate of Oping I have another 9 years to go has always bothered me. Plus I'm not even living in my ideal area! It's a bit disheartening. I have had a horrible health scare (all is ok, thankfully) and it's really made me think about security. I worked out that if I was absolutely ruthless with frugality I could pay this off in five years...

    It's probably an unrealistic goal but if I adopt it the worst that can happen is that I will end up having paid more off in 2024 than currently planned. I don't know if I should try this or just get on and move to my preferred area in the new year. I will continue to mull it over. The deciding factor will be work I think. I want to change career - there is no way I can physically do my current role at 60 plus- and I'm very burnt out. So I'm applying for a training post in 2020 to do something else. If I'm successful in getting this I will have a bit of a pay cut and will probably stay here. If I am in my current career I will probably move and aim for a two bed.

    The new career has a 3-6 year training contract with no guarantee of a job at the end in an insecure area facing cuts. My current role is relatively safe but I am miserable. If I push myself to get rid of the mortgage millstone now it's going to give me a lot more flexibility to change careers. Part of me thinks I will be crazy for considering trying to find insecure work in a new area in my mid 40s but I need to leave my current post. Having no mortgage would free me up to take the risk.

    Gosh I really am rambling here. It's so helpful to set my thoughts out in my diary. I've just increased my overpayments to £747pm from September and am going to tighten my budget a lot until the end of the year. Then I can just see what happens work wise in the new year.

    Still running and the friends I've made through this have become very close. I think they are the only reason I keep it up. Definitely become a good habit. I'm chipping away at the studying too...hopefully in another five years future me will be very happy I did all these things
    Last edited by sofarbehind; 03-09-2019 at 1:45 PM.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • Runders
    • By Runders 19th Sep 19, 3:25 PM
    • 272 Posts
    • 845 Thanks
    Runders
    Hey Sofarbehind,

    Sorry delayed response from me, I've been mega busy since I moved at the beginning of July.

    You last post above could have literally been written by me! I just took a big pay cut to come back onto land after 11 years at sea. The pay at sea was fab, I loved the people and I loved being at sea. But my body is tired, and I was physically and mentally exhausted after a tough couple of years. I have taken a big pay cut, got a bigger mortgage and I am struggling a little on financial side after being so used to being comfortable, but...my mental health has improved ten fold and I am hoping that now I can start to work on my physical health too.

    All the questions you had above were ones I had, if I'd stayed in my last house and at sea and thrown everything at the mortgage I could have paid it off, or at least down to a level where it was insignificant in about 4-5 years and done what ever wanted work wise after. But, my neighbours were huge part in the decline of my mental health and if I'd stayed there who knows what gibbering wreck I'd have been in 5 years! I could have moved and stayed at sea, making like easier on the money front, but then again, my back is ruined and I struggle just walking some days. So I moved house and moved into the office.

    You've highlighted your career is your biggest thing you want to change so go for it! We only live once, and we need to do what is right for us. Me personally, I wish I'd moved years ago, but the past is done and the future is to look forward too!
    MFW Start: Sep 2014 - £110,844, July 2019 New Home £190,995
    Current: £82,999.69 £190,972.18 £188,091.57
    2020MFW #97 OP Goal £172.14/£3000
    2019MFW #109 OP Goal £1024.99/£1000
    • Moneyfordreams
    • By Moneyfordreams 22nd Sep 19, 2:28 PM
    • 1,631 Posts
    • 7,554 Thanks
    Moneyfordreams
    Follow your heart that's a bit ambiguous as it can go either way. Don't let age be a barrier.. the government keep moving the goal posts so we should too ( at least mentally) I'm 50 next year and aiming to start and MSc 3 year training course. Thankfully supported in my current role, however I will then have to be interviewed moved sideways, then hopefully after qualifying start the higher pay ladder again. I might be 56 before I see any decent return. We moved last year too. I'm spending a fortune on doing the place up, I like it but I wish I'd chosen somewhere more finished for a few k more
    Mortgage restart June 2018 £119950
    Re mortgage August 19 £110470, HSBC £3000cc, Hfx £6500, NW £5150 M&S £1100,
    CC 16150 Ö Mortgage £107900
    plus car £6000 , it's coming down
    • sofarbehind
    • By sofarbehind 22nd Sep 19, 4:42 PM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind
    All the questions you had above were ones I had, if I'd stayed in my last house and at sea and thrown everything at the mortgage I could have paid it off, or at least down to a level where it was insignificant in about 4-5 years and done what ever wanted work wise after. But, my neighbours were huge part in the decline of my mental health and if I'd stayed there who knows what gibbering wreck I'd have been in 5 years!

    Me personally, I wish I'd moved years ago, but the past is done and the future is to look forward too!
    Originally posted by Runders
    Hi Runders,

    Thanks very much for your story. We are really in very, very similar situations and it's nice to hear from someone who had the guts to make the scary changes. I'm really glad that it's working out so well for you, it's very encouraging. Sorry that you went through so much with your neighbours, it must have been incredibly stressful. I have wonderful neighbours at the moment and losing them makes me scared to move..

    I'm 100% in for this career change, like you I think it's now an essential mental health issue It might take me a few years but I'm going for it. Perhaps I'll feel like you and wonder why I didn't do it years ago..

    Thanks again, you have been really inspirational for me.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • sofarbehind
    • By sofarbehind 22nd Sep 19, 4:45 PM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind
    I'm 50 next year and aiming to start and MSc 3 year training course. Thankfully supported in my current role, however I will then have to be interviewed moved sideways, then hopefully after qualifying start the higher pay ladder again. I might be 56 before I see any decent return. We moved last year too. I'm spending a fortune on doing the place up, I like it but I wish I'd chosen somewhere more finished for a few k more
    Originally posted by Moneyfordreams
    This is lovely, congratulations on getting on your course. It's good to be reminded that I need to keep developing my career and that there are so many more years left to work Sometimes I fall into the trap of thinking I'm past it and wondering if it's time to accept my lot...
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • sofarbehind
    • By sofarbehind 1st Oct 19, 8:52 AM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind
    Hello

    I have increased my OPs again to £747 and just made the first payment. Yay! I'm now Oping more than the actual payment. A few people warned me that it becomes addictive and they were right - it's almost a game to see how much I can manage. I'm being more strict with myself and budgeting better after a slack few months. I'm getting there but need to look at my food budget and planning again - this has always been a weak area of mine. I'm amazed by how much better than me people with families budget meals.

    In a funny way my expensive course has helped with budgeting - it's keeping away from shops and expensive nights out and trips away. I really want a good grade and between study and work I'm kept very busy. I'm still running, which surprises me! It's a very cheap hobby and I've made a fantastic group of friends so I think it's here to stay.

    I think it's time to get my lovely woodburner back on...
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • beanielou
    • By beanielou 1st Oct 19, 11:45 AM
    • 68,439 Posts
    • 312,659 Thanks
    beanielou
    All sounds good
    Lou~ Debt free Wanabe No 55 DF 03/03/14. MFW. 14 months to mortgage freedom.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • sofarbehind
    • By sofarbehind 1st Nov 19, 11:06 AM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind
    Another £747 OP made. I am really excited because next month I will just scrape the mortgage under £120k and that feels like a significant mini milestone. I probably need to get out more
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • paddyz
    • By paddyz 1st Nov 19, 3:20 PM
    • 141 Posts
    • 596 Thanks
    paddyz
    Well done op, your overpayments are massive!

    I’m a singleton too and going alone with my journey too, loads of smiles reading this as it reminds me of myself

    Keep it up x
    Mortgage start Oct 12 £104,500
    current Nov 19 £56,290
    term 9 years aiming on being mortgage free by 7
    Weight Up & down 14st 7lb
    • sofarbehind
    • By sofarbehind 1st Nov 19, 8:30 PM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind
    Well done op, your overpayments are massive!

    Iím a singleton too and going alone with my journey too, loads of smiles reading this as it reminds me of myself

    Keep it up x
    Originally posted by paddyz
    Ah thanks paddyz, that has made my day The overpayments have slowly crept up - fingers crossed I can keep them that way because I have a lot of work to do. You have done really well and I'm looking forward to halving my original mortgage one day too.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • sofarbehind
    • By sofarbehind 3rd Dec 19, 7:25 PM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind
    The final mortgage payment of 2019 has been made and I'm really pleased to have finally scraped the outstanding balance to under 120k. It's a long slog so the little milestones are important. I am really pleased with the progress I have made this year. Here is to paying off the next 10k ! Only 120k to go
    Last edited by sofarbehind; 05-12-2019 at 11:28 AM.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • beanielou
    • By beanielou 3rd Dec 19, 8:40 PM
    • 68,439 Posts
    • 312,659 Thanks
    beanielou
    Excellent
    Lou~ Debt free Wanabe No 55 DF 03/03/14. MFW. 14 months to mortgage freedom.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • blossomandbloom
    • By blossomandbloom 15th Dec 19, 9:32 AM
    • 4 Posts
    • 19 Thanks
    blossomandbloom
    Oh wow sofarbehind!

    I too am single and in late 30s, and should be completing on my apartment tomorrow - and moving Wednesday! I have lofty goals to pay it off in 17 years (and not the 29 the term currently is...the thought alone is terrifying) and also Sept 2020 to start a 3 year part time MSc to retrain!! I follow your journey with great interest and much positivity.
    • killerpeaty
    • By killerpeaty 15th Dec 19, 7:49 PM
    • 1,407 Posts
    • 4,954 Thanks
    killerpeaty
    Hi there, I have lurked in your diary for a little while and you've done amazingly.

    Congrats on getting under £120k!
    • sofarbehind
    • By sofarbehind 16th Dec 19, 12:40 PM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind

    I too am single and in late 30s, and should be completing on my apartment tomorrow - and moving Wednesday! I have lofty goals to pay it off in 17 years (and not the 29 the term currently is...the thought alone is terrifying) and also Sept 2020 to start a 3 year part time MSc to retrain!! I follow your journey with great interest and much positivity.
    Originally posted by blossomandbloom
    Ah congratulations Blossom, buying your own place is a great achievement. You are already planning to over-pay, you will be done long before 29 years. I found it an incredibly expensive first year and didn't overpay at all for the first ten months. So cut yourself some slack for a but and enjoy the new place. It's been tough with the course too but that has definitely kept me out of the shops I don't know if I will always be able to keep up this level of repayment but I will do my best. Let me know how you get on - we're in a very similar position and I'd like to hear about your progress. Are you going to start a diary?

    Hi there, I have lurked in your diary for a little while and you've done amazingly.

    Congrats on getting under £120k!
    Originally posted by killerpeaty
    Thanks very much KP. I feel like I'm slowly starting to see some progress and it feels good. Still a long, long way to go so the little milestones are important.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • blossomandbloom
    • By blossomandbloom 21st Dec 19, 5:00 PM
    • 4 Posts
    • 19 Thanks
    blossomandbloom
    Thanks Sofarbehind (however, I really don't think you are that far behind at all, and ahead in many many ways!)

    I think I will start a diary, reading yours and others is so motivating and it may help keep me accountable! After a hectic week, I am moved! I am currently ensconsed under a blanket on the sofa, and will just enjoy it for a day or two before looking at 2020 with fresh eyes.
    MFW: 2020 Challenge #102 - Target £1400 / YTD £47
    • sofarbehind
    • By sofarbehind 14th Jan 20, 10:31 AM
    • 330 Posts
    • 1,386 Thanks
    sofarbehind
    Happy new year everyone! I'm a bit late I know..

    2019 was a difficult year personally and I have mixed feelings about it. I am really pleased with what I achieved financially. I managed to increase my overpayments a lot and couldn't realistically have done any better. I hope to manage nearly 9k in 2020! Very ambitious but I will try my best.

    I still want to move but I am feeling unhappy at work so I not intending to rush into anything. I'm not far off having the costs saved so it's a realistic option but I will see how I feel and if I end up taking a paycut. Hopefully that will become clearer but I'll probably sit tight for a while. The work issues have made me glad I didn't max out the mortgage - at least I have the financial freedom to take a paycut if I need to. I am getting very attached to my little house too.

    Despite a lot of terrifying health issues I somehow kept with the running. Really proud and surprised at myself My running friends have been wonderful and mentally it has been sooooo good for me. Like OPing, I think running is here to stay.

    I've also kept with my course, though I had to suspend it for a sickly six months. Hopefully, hopefully I should have a masters in another 18 months..The new job has so far eluded me but to be honest I have only applied for two - I really need to address the work situation in 2020. I'm looking at short internal courses and contemplating if moving up is a possible long term alternative..

    The first £747 overpayment of 2020 has been made, I'm healthy and getting ready to finally sort that work situation
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £747
    mortgage 2017 £145K, Jan 2020 £118.66k
    • ktinbrum
    • By ktinbrum 14th Jan 20, 2:56 PM
    • 16 Posts
    • 13 Thanks
    ktinbrum
    Hi (not)sofarbehind!

    Just popping a note here after binge reading your diary & I'm so chuffed for you on all the progress you've made- you should be mega proud of yourself.

    I'm another single buyer too *cue Beyonce*, slow cooker enthusiast & although I will only run from danger ( I hate running) I am a keen gym goer

    Will be cheering you on this year- you'll soon be over taking me I feel

    X
    • HotDog2020
    • By HotDog2020 14th Jan 20, 9:23 PM
    • 8 Posts
    • 14 Thanks
    HotDog2020
    Hi SFB, I also have just binged read your diary, congratulations on your OPS very impressive figures, I am also a single female MFW! I look forward to reading more, good luck.
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