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  • FIRST POST
    • Busy Mee1
    • By Busy Mee1 2nd Apr 18, 12:22 PM
    • 598Posts
    • 2,702Thanks
    Busy Mee1
    Busy Mee's Last Leg
    • #1
    • 2nd Apr 18, 12:22 PM
    Busy Mee's Last Leg 2nd Apr 18 at 12:22 PM
    Our Story
    We are me, Mr Mee and two grown up children ( one daughter living at home and one son who moved out last year). Mr Mee and I have been married for around a hundred years

    On the whole we have been quite good with money, having periods of our marriage when we have been very poor. We started with nothing and a mortgage interest rate of 13%, we then had little Mee's and had expensive child care costs ( no family nearby) and then supported them both through 7 years of university.

    We have also had very good years financially, Mr Mee and I both work in the public sector and over the years have both worked our way up to senior positions. We have always stretched ourselves to buy the most expensive house we could afford and added value where we could.

    However aound 9 years ago we decided to build our own house...cue the most stressful and scary financial period of our lives You have all watched the programmes on the TV and know how this goes, the plans get bigger, the bills get bigger, we mortgaged up to the hilt and borrowed as much money as we could on 0% credit cards and a bank loan. We even borrowed the kids savings.

    Thankfully we managed to get all the debt paid off and we now just have our mortgage which currently stands at a still eye watering 238,491.35.

    We are lucky in that we have a great mortgage product and pay just 1.19% (0.69% lifetime tracker). We have been therefore saving hard in higher interest savings accounts to offset the mortgage. We currently have 65k saved ( I love round numbers

    We feel very fortunate in that we have a house we love, built to our specification and our children are both doing well and financially independent.

    Mr Mee will retire in 2 years time ( he will be 60) and I would like the choice to retire too ( I will be 56).

    This diary will hopefully help me to focus over the next 2 years, and save as much as we can to offset the mortgage, along with some of our pension lump sums. We would like to keep the house, although downsizing is an option.

    We also love to travel ( we couldn't afford to when we were young) and don't want to wait until we retire. We therefore live very frugally on a day to day basis to be able to afford trips away, in addition to saving

    So......24 months until retirement.......that is a scary, yet exciting prospect so better better get started
Page 1
    • bexster1975
    • By bexster1975 2nd Apr 18, 12:33 PM
    • 1,178 Posts
    • 5,608 Thanks
    bexster1975
    • #2
    • 2nd Apr 18, 12:33 PM
    • #2
    • 2nd Apr 18, 12:33 PM
    That is exciting! Very good luck. Offsetting is an excellent way to go as it means you can be flexible. Don't blame you for wanting to stay when you built it yourself. I'd be gutted to leave it!

    Bexster
    • shangaijimmy
    • By shangaijimmy 2nd Apr 18, 12:55 PM
    • 2,705 Posts
    • 13,349 Thanks
    shangaijimmy
    • #3
    • 2nd Apr 18, 12:55 PM
    • #3
    • 2nd Apr 18, 12:55 PM
    Shiny new dairy... 24 months to retirement, now that is worthy of a countdown!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • pinknsparkly
    • By pinknsparkly 2nd Apr 18, 2:28 PM
    • 74 Posts
    • 230 Thanks
    pinknsparkly
    • #4
    • 2nd Apr 18, 2:28 PM
    • #4
    • 2nd Apr 18, 2:28 PM
    Wow, that's quite a life story! I have a dream of building my own house, or completely gutting and redoing a wreck but that's almost certainly going to remain a pipedream for life I think!! You have an incredible goal, I'd love to come along for the ride We're in the process of saving all our possible pennies in order to buy our first house, but living down in Surrey makes for some rather expensive property!!!
    Plan: buy a house in summer 2018
    Realistic savings goal: 10% house deposit. DONE
    Super ambitious savings goal: 15% house deposit. Currently on 13.2% (2nd Apr)





    • try harder
    • By try harder 2nd Apr 18, 6:02 PM
    • 784 Posts
    • 3,013 Thanks
    try harder
    • #5
    • 2nd Apr 18, 6:02 PM
    • #5
    • 2nd Apr 18, 6:02 PM
    Im so excited to tag along with you Busy Mee1 , i know you will do brilliant things over the next 24 months and i shall love being here to watch you do them . Heres to retirement
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 2nd Apr 18, 7:22 PM
    • 1,320 Posts
    • 6,147 Thanks
    wishingthemortgaheaway
    • #6
    • 2nd Apr 18, 7:22 PM
    • #6
    • 2nd Apr 18, 7:22 PM
    I'm going to tag along too, I'm on a similar timescale (I want to be mortgage neutral in 28 more months) but in a very different stage of life with a significantly different target. But that doesn't mean our outlooks and approaches are different, you've just got an extra 0 or two on your amounts.

    All the very best.
    Wish.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1600ish/2,500
    • GoingOn30
    • By GoingOn30 2nd Apr 18, 7:47 PM
    • 50 Posts
    • 39 Thanks
    GoingOn30
    • #7
    • 2nd Apr 18, 7:47 PM
    • #7
    • 2nd Apr 18, 7:47 PM
    I can't even begin to imagine being able to retire at 56! Will you continue to work a reduced number of hours afterwards? This could enable some more fabulous travel plans!
    Good luck with your journey to mortgage freedom.
    • Busy Mee1
    • By Busy Mee1 2nd Apr 18, 8:33 PM
    • 598 Posts
    • 2,702 Thanks
    Busy Mee1
    • #8
    • 2nd Apr 18, 8:33 PM
    The Financial Stuff
    • #8
    • 2nd Apr 18, 8:33 PM
    Gosh so many visitors already welcome everyone. It is lovely to see some new friends and old friends

    I just thought I would set out the financial stuff to give you the context of what we are aiming for:

    We currently have a mortgage in two parts:

    A repayment mortgage 69,402.35 that has 6 years 1 month to run ( my 60th Birthday )

    An interest only mortgage of 169,000 ( what were we thinking !) This runs for the same term.

    The interest on both parts of the mortgage is 1.19%

    We currently have 65k in 11 accounts (ahem) gaining interest ranging from 1.85%-5%. We are limited to earning 1000 per year in interest ( both high rate tax payers )in ordinary savings accounts and the excess capital is either in S&S ISAs, fixed rate cash ISAs or the offset pot of the mortgage.

    The plan is to have built up savings of at least 100k over the next 24 months, which along with some of our pensions lump sum will cover the interest only part of the mortgage.

    Unless the mortgage base rate changes we do not intend to pay off the mortgage until the end of the term as we can earn more in interest on the capital. Unusually we will continue to pay our mortgage for the first four years of retirement.

    Pinknsparkly - don't give up your dream of building your own house. We started life in a two up two down house with no central heating and no one would have predicted that we would one day build our own house (least if all us)

    GoingOn30- I always imagined I would work until I was 60 but I am now starting to imagine a life that doesn't involve a stressful full time job. There is definitely more to life than work. I do have an option for partial retirement but I am not sure my job would lend itself to that. This is all about giving myself choices though and I will see how I feel nearer the time.
    • beanielou
    • By beanielou 2nd Apr 18, 9:05 PM
    • 53,942 Posts
    • 213,735 Thanks
    beanielou
    • #9
    • 2nd Apr 18, 9:05 PM
    • #9
    • 2nd Apr 18, 9:05 PM
    Happy shiny new diary
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **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.
    • pinkypig
    • By pinkypig 2nd Apr 18, 10:10 PM
    • 1,202 Posts
    • 9,909 Thanks
    pinkypig
    Hellooooo . Your journey sounds terribly exciting so I'll invite myself along if I may?
    I'm aiming for FI by 55 so 72 months to be mortgage neutral (mine is offset) and boost my pension with avc contributions so I'll be jogging a long a bit behind you

    Living frugally to indulge a love of travelling sounds perfect to me - love me holibobs

    The very best of luck to you

    PP xx
    • themadvix
    • By themadvix 3rd Apr 18, 10:31 AM
    • 1,650 Posts
    • 9,633 Thanks
    themadvix
    Found you! Looking forward to the next instalment (I think I've just said pretty much the same on the previous thread... hmm.... it's true though!
    OPs 2017 = 3103
    S&S ISA 2017 = 626
    OPs 2016 = 6142.12
    Starting balance 2012: 132000; balance Dec 2017: 96,822
    MFW2017 no. 38
    • Busy Mee1
    • By Busy Mee1 4th Apr 18, 7:31 AM
    • 598 Posts
    • 2,702 Thanks
    Busy Mee1
    Month 1/24 - April
    Hello Beanie, Pinky and MadVix Thank you for popping in.

    So we are off and running on the 24 month challenge. My mission is to have saved 100k towards paying our mortgage off ( more if we can manage it)

    We currently have 65k saved and therefore need to save another 35k in 24 months. This equates to savings of 1458.33 a month. However my earnings are due to drop by 300 a month from July when my current role finishes, so I am going to try and save more during the period up to the June.

    I am setting myself a target of savings of 70k by the end of June ( I told you I like round numbers) which equates to saving 1666.66 a month.

    This is going to be tight, as we are going on one of our "proper travel" trips in May and need to find some spending money (emergency pot and holiday fund are a bit depleted at the moment).

    On the plus side we have a three regular savers that will mature over the next few weeks, so there is some additional interest due. I am currently working through a big list of financial actions to shuffle money around my accounts and set up regular savers for next year.

    I have also downloaded an app to track our spending I figure that if we are going to retire and live on a much reduced income we need to understand our spending. It has been very enlightening already
    • shangaijimmy
    • By shangaijimmy 4th Apr 18, 7:43 AM
    • 2,705 Posts
    • 13,349 Thanks
    shangaijimmy
    A challenging but exciting time ahead. Have you got any spare kidneys going
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • try harder
    • By try harder 4th Apr 18, 11:00 AM
    • 784 Posts
    • 3,013 Thanks
    try harder
    Huge monthly targets but i have no doubt you will make them and easily .

    Great to see you on here more often
    • michelle09
    • By michelle09 7th Apr 18, 6:21 PM
    • 777 Posts
    • 4,277 Thanks
    michelle09
    Shiny new diary. Good luck Busy Mee, I'm sure you can manage it. You certainly know how to get the best interest in the market.

    Where is May's trip taking you?
    • newgirly
    • By newgirly 8th Apr 18, 8:35 AM
    • 6,269 Posts
    • 43,312 Thanks
    newgirly
    Hi busy mee, just spotted your new diary and wanted to wish you luck
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • Busy Mee1
    • By Busy Mee1 8th Apr 18, 12:00 PM
    • 598 Posts
    • 2,702 Thanks
    Busy Mee1
    Sunday
    Thank you everyone for popping in.

    Jimmy - I am hoping to achieve this without selling any body parts. I might need them in retirement

    Blimey life seems to have really stepped up a gear this week. Work has been really busy this week, there has been lots of financial stuff to do at home and the elderly step-parent has been admitted to hospital again. Cue much tearing around.....anyway I am hoping for a bit of breathing space this afternoon. Mr Mee and our son have gone to visit the out-laws ( I got a pass ) and our daughter isn't back from a weekend away.

    I need to set up the new HSBC accounts, set up standing orders and open regular savers. I have already set up new NW and S@ntander regular savers this week and opened a new fixed rate ISA with V!rgin for Mr Mee. He was quite pleased that I was giving him 20k in his name, until I pointed out he doesn't know any of the passcodes ( cackles to herself ). He does really, I just used all his usual ones so if I get run over by a bus he will be fine

    We have been shopping this morning and I avoided M&S and just shoppied in H@mebargains and @ldi. I must just mention H@mebargains. I normally shop in there for toiletries, cleaning products and dry goods, but their fruit and veg selection is getting better and better and is actually cheaper than @ldi ( unless on super 6). I started off tentatively buying carrots and potatoes and am now buying fruit too. Everything we have had so far has been great. I also bagged some more 50% off bargains in @ldi, including a whole spatchcock chicken for 1.90.

    We have spent 76.28 so far in April on groceries ( two weekends) which I am pleased with. It really helps that we didn't do a "big shop" last weekend.

    I have one bad MS confession to make, I have just got a new IPhone 7. I have gone from a SIM only deal of 10 a month to paying 33 a month for 2 years
    This was the best deal I could get and my old phone was quietly dying ( an IPhone 5 which was one of the kid's cast offs) I desperately wanted a better camera, as I use my phone for taking pictures all the time.

    It is great and I had a very happy walk yesterday morning taking photos in the spring sunshine . I know some people say that you shouldnt live your life behind a camera, but I find I see such a lot more and take more notice of things when I am taking photos .

    Enjoy your Sunday
    Last edited by Busy Mee1; 08-04-2018 at 4:52 PM.
    • beanielou
    • By beanielou 8th Apr 18, 8:21 PM
    • 53,942 Posts
    • 213,735 Thanks
    beanielou
    Enjoy your new phone
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **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.
    • shangaijimmy
    • By shangaijimmy 8th Apr 18, 9:20 PM
    • 2,705 Posts
    • 13,349 Thanks
    shangaijimmy
    Being a MFW allows you to have the luxuries of a new phone! So enjoy. Busy busy account times ahead!!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • Busy Mee1
    • By Busy Mee1 13th Apr 18, 6:51 AM
    • 598 Posts
    • 2,702 Thanks
    Busy Mee1
    TFI Friday
    I am very thankful that it is Friday this week - it has been a really busy week. I am working from home today and hoping for an early finish, but we will see....

    In financial news I have spent quite a lot of time (more than I would like) setting up my online banking for the 2 new HSBC accounts.

    I think HSBC could beat the C@@P For the title of "worse online banking 2018". Talk about complicated, so many different passcodes and a very wobbly service too. I had to spend 40 minutes talking to a very nice girl in the Philippines to get my account set up. Luckily Mr Mee's went a bit smoother, and luckily he didn't have to do it or it just wouldn't have happened.

    I now understand why HSBC offer you an extra 50 bonus if you stay with them for a year, in addition to the 150 initial bonus. Anyway I will stop moaning because I will have 2 x 150 coming to me shortly and then 2 x 50 in 12 months time and 2 regular savers @ 5%

    The other good news is that N@t West have just paid their switching bonus of 125 ....thanks N@t West and sorry I am now on my way to FD....account opened with them this week, so just need to activate the switch and another 125 switching bonus and another 5% regular saver

    That is probably the end of all the switching now, I could set up another dummy account for Mr Mee to switch to FD but I think I have run out of steam for now...

    We will be keeping all the accounts we have now as they all have regular savers attached to them.

    In other news I have resurrected my "odds and sods" account, so that I can keep a running tally of all the "free money" I earn. So far since the 1 April this has totalled 201.02. This includes rewards, interest from the the T@sco accounts, 22 from TCB and the N@tWest switching bonus. I will also include any Tilly Tidies, which is not strictly free money but feels like it. It is really motivating to see how all these small wins add up

    It has generally been a low spend week this week, only a couple of days car parking for Mr Mee and a 4.75 in B&M for me.

    I did used my JL free 5 gift card this week as I was in the city. I just used it to buy some birthday cards I needed, so another win.

    I think that is all my financial news. The weather is absolutely dire here, it is foggy and pouring with rain, I just hope it brightens up for the weekend.

    I am shopping with DD tomorrow for a dress for a wedding she is going to Wish me luck
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