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  • FIRST POST
    • Autumn Sun
    • By Autumn Sun 13th Jul 18, 7:10 PM
    • 22Posts
    • 65Thanks
    Autumn Sun
    The six month challenge
    • #1
    • 13th Jul 18, 7:10 PM
    The six month challenge 13th Jul 18 at 7:10 PM
    Long time lurker (and I mean years!) which has stood me in good stead. I am now getting close to paying off a small mortgage which give me the ability to move on to pastures new in terms of my working life.

    A bit about me. Mid 50ís, I have a reasonably well paid job which I have fallen out of love with. Along side this I have recently started baking for customers which is going down extremely well. Itís a passion that I would love to be a main source of income.

    Back to the mortgage. By Xmas 2018 I estimate I will owe approximately £14k. I have £8k saved specifically towards this and my challenge for the rest of the year is to Ďaccumulateí the remaining £6k. The simple plan is then to give in my notice and build my business - thereís more detail than that but Iím working on it. I would have access to my pension but the plan is defer this as long as possible.

    The next 5 1/2 months will give me the assurance, or not, that I can live on a reduced income as I intend to live on a smaller budget. I have a substantial emergency fund (£30k) which will stay as just that.

    Join me for the journey. Itís going to be fun and there may even be cake at the end of it!

    AS
Page 1
    • bexster1975
    • By bexster1975 13th Jul 18, 7:59 PM
    • 1,276 Posts
    • 6,070 Thanks
    bexster1975
    • #2
    • 13th Jul 18, 7:59 PM
    • #2
    • 13th Jul 18, 7:59 PM
    Hello and welcome!

    I am about 12 months ahead of you on a very similar journey.

    You will certainly be able to survive on a reduced income, especially with no mortgage.

    I will follow with interest. Very good luck, you won't ever look back!

    Bexster
    • beanielou
    • By beanielou 13th Jul 18, 9:40 PM
    • 57,444 Posts
    • 235,255 Thanks
    beanielou
    • #3
    • 13th Jul 18, 9:40 PM
    • #3
    • 13th Jul 18, 9:40 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. MFW 2018. No 144
    • Autumn Sun
    • By Autumn Sun 14th Jul 18, 9:08 AM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    • #4
    • 14th Jul 18, 9:08 AM
    • #4
    • 14th Jul 18, 9:08 AM
    Thanks Bexter, thatís exactly the encouragement I need

    I love making plans so I think itís worth making one for the remainder of July. I have been fairly frugal this month so far so Iím going to aim to save £1k by the end of the month. This will made up of £600 salary savings, £200 share income (approx) that I know Iím due this month and £200 baking income. The baking income may be a tall order but if I donít try I wonít know!

    Have just attempted to make macarons which look great but are a devil to make. Letís just say theyíre work in progress and I still have to practice. I hate wasting anything so I may be taking a large sugar hit today!
    • julicorn
    • By julicorn 14th Jul 18, 9:12 AM
    • 363 Posts
    • 1,283 Thanks
    julicorn
    • #5
    • 14th Jul 18, 9:12 AM
    • #5
    • 14th Jul 18, 9:12 AM
    Happy new diary!

    Ooh, so you're building up a bakery business? That's so awesome!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £189,600
    • bexster1975
    • By bexster1975 14th Jul 18, 11:27 AM
    • 1,276 Posts
    • 6,070 Thanks
    bexster1975
    • #6
    • 14th Jul 18, 11:27 AM
    • #6
    • 14th Jul 18, 11:27 AM
    Nom re:macarons

    Be a shame to throw them away.

    £200 a month from your side job would be an awesome start. Shame it's still really hot and you're baking though!

    Bexster
    • Autumn Sun
    • By Autumn Sun 15th Jul 18, 7:06 AM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    • #7
    • 15th Jul 18, 7:06 AM
    • #7
    • 15th Jul 18, 7:06 AM
    The macarons definitely won!!!8217;t get thrown away : too many willing testers. And there may be more as I need to practice. They!!!8217;re not good enough for customers yet. One of the reasons I want to be able to have more time to concentrate on this. At the moment I!!!8217;m doing well with the things I can bake but there are other things that I!!!8217;m not so good at.

    Not a NSD day yesterday as I was at the hairdressers. This isn!!!8217;t something I will not compromise on so the budget takes account of this. Small spend on food £11.70 which will see me through the next few days.

    Small baking order to do today which as the weather continues to be hot I!!!8217;m happy with. However teacher gifts are the main focus over the next 10 days

    If someone can remind me how to add a signature I!!!8217;d be eternally grateful. I want to see this £6k fund growing!
    Last edited by Autumn Sun; 15-07-2018 at 6:43 PM.
    • Autumn Sun
    • By Autumn Sun 4th Aug 18, 2:30 PM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    • #8
    • 4th Aug 18, 2:30 PM
    • #8
    • 4th Aug 18, 2:30 PM
    Oops, havenít posted in a while but here goes. July was very productive. Share dividend came in at twice what I was expecting and I was able to save a bit more of my salary than anticipated. Baking went well too despite the heat. All in all I was able to save £1,500 of my £6k target on July so am well chuffed. Itís amazing what you can do when you put your mind to it.

    August wonít be as high but Iíd like to aim for £750. Baking orders are coming in thick and fast which is great. I will get this done by Xmas !!!128512;
    • A Frayed Knot
    • By A Frayed Knot 4th Aug 18, 4:31 PM
    • 2,485 Posts
    • 11,146 Thanks
    A Frayed Knot
    • #9
    • 4th Aug 18, 4:31 PM
    • #9
    • 4th Aug 18, 4:31 PM
    Hello, just came across your diary and read your 1st post and thought you need to "speak" to Bexster, and there it was - 2nd post - a reply from Bexster

    Are you still in a deal, which means you cannot o/p anymore? I only ask as I had - loose term - savings, sitting there doing - a big fat, zero, zilch, nothing. So decided to press the button and Hey presto - moved a large sum over to my mortgage, which meant a lot less interest to pay on my mortgage

    I am now building that fund back up to pay the 0% c/c in January, next year, by o/p to the bank balance instead of o/p the mortgage, (well actually, I do that as well - but don't tell anyone ) just can't help myself, rounding down my mortgage figure to 00.00 but believe me it has certainly helped my mortgage reduce in the last few years.

    Oh, Baking, I love baking, of any kind and so do just about everyone, so your side line should do very well, and I wish you Good Luck with it. It is amazing, what you can achieve when focusing on it, I'm sure you will manage just fine.

    Start looking at the Christmas cakes, Scotch Dumplings, Hand made chocolates, and confectionery - oh tablet, and tablet in nice little bags , yum, always everyone willing to buy tablet.

    Sorry getting carried away. Yum, yum.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • Autumn Sun
    • By Autumn Sun 4th Aug 18, 5:43 PM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    Thank You A Frayed Knot (love that name). Iíve already o/p the 10% Iím allowed to this year so since Iíve had my lightbulb moment Iíve been saving to make a final lump sum payment to clear the mortgage. I need to speak to the provider but my thinking is that itís best for me to do this on 2nd Jan (donít suppose theyíll be open on the 1st!) to reduce the early repayment penalty.

    It will make such a difference to get out of the rat race and do something I really enjoy, and possibly free up a bit of time. Donít need loads of money to live so itís very doable.

    Although normally I love the hot weather itís a nightmare to bake in this heat. Donít lynch me but I shall welcome cooler days !!!128512;
    • beanielou
    • By beanielou 4th Aug 18, 5:53 PM
    • 57,444 Posts
    • 235,255 Thanks
    beanielou
    The early repayment fee is tied in with when you took your mortgage out.
    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. MFW 2018. No 144
    • Autumn Sun
    • By Autumn Sun 4th Aug 18, 6:58 PM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    Best thing about today? Home grown potatoes !!!128512;. Very much a fluke as they must have been in the compost I put on the veg bed earlier on the year. They were great and Iíve got a few more plants to dig up. Letís hope I can grow more next year!
    • beanielou
    • By beanielou 4th Aug 18, 7:06 PM
    • 57,444 Posts
    • 235,255 Thanks
    beanielou
    Home grown potatoes are just
    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. MFW 2018. No 144
    • Viking_mfw
    • By Viking_mfw 4th Aug 18, 8:07 PM
    • 127 Posts
    • 548 Thanks
    Viking_mfw
    Good luck! A great start to your final push.
    Save12kin2018 #100
    • Autumn Sun
    • By Autumn Sun 5th Aug 18, 8:57 AM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    Thank you Viking

    2 cakes going out today. One done and one to finish. The one Iíbe completed is a gender reveal but they donít find out til later so itís pink and blue. Looks so pretty. And itís more money in the pot

    Was hoping for a NSD but I need fuel and Iíve ordered some new bedding. The last lot lasted 8 years so I canít complain!
    • Autumn Sun
    • By Autumn Sun 6th Aug 18, 8:18 AM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    £27.00 spent on new bedding and £35 spent on fuel yesterday. Both were essentials!

    Iíve got a day off today so feeling very relaxed. Itís this feeling that Iím looking forward to next year. Now there's some motivation. Iíve got a practice cake to make, some gardening and a food shop to do. Oh, and maybe some ironing but thatís not desperate.

    My baking Ďprofití is slowly accumulating this month. Iíve got to stop wishing the month away though - I keep anticipating how much Iíll have by the end of it!!
    • juliejim
    • By juliejim 6th Aug 18, 9:25 AM
    • 7,574 Posts
    • 151,579 Thanks
    juliejim
    You're doing brilliantly - we all like cake!

    To set your signature:
    Click on your profile, click on your settings, down the left hand side is edit your signature.

    Jue
    NST #10 Steps 7K 2/30 10K 2/12 5 a day 3/30 NSD 0/20
    MBNA £5500
    • Autumn Sun
    • By Autumn Sun 6th Aug 18, 1:24 PM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    Thanks Jue, it worked! Huge practice cake is cooling. Fingers crossed that it!!!8217;s going to be ok as it took forever to bake. The proof is in the cutting!

    I transferred this month!!!8217;s salary savings and some baking profit over to the mortgage savings. Looks healthier !!!55357;!!!56832;
    Last edited by Autumn Sun; 06-08-2018 at 1:26 PM.
    Savings target to clear mortgage by 31/12/18 £6,000/£2,600
    • Autumn Sun
    • By Autumn Sun 12th Aug 18, 9:15 AM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    Things are ticking along quite nicely. The baking orders are bringing in the additional savings so I am very hopeful that the target set for this month should easily be reached and maybe surpassed. Luckily there seems to be a lot of people with birthdays in August!
    This is all giving me confidence that doing this on a more full time basis is the right thing to do. I am in blissful ignorance of the exact figure I will need to pay off the mortgage in early January which will include a small ERC. I will, however, contact the mortgage company soon to find out. Exciting
    Last edited by Autumn Sun; 12-08-2018 at 9:35 AM.
    Savings target to clear mortgage by 31/12/18 £6,000/£2,600
    • Autumn Sun
    • By Autumn Sun 31st Aug 18, 8:10 AM
    • 22 Posts
    • 65 Thanks
    Autumn Sun
    Little while since I have posted but have been able to update my signature to show a whole £1100 saved in August.Go me! August was busy on the baking front which has helped massively. September bookings are quieter at the moment but I have every confidence they will pick up.
    I am still finding it amazing what you can do when you put your mind to it. I have always been fairly frugal but this challenge has really given me a goal and I have the bit between my teeth
    So the challenge in September is to increase the savings by another £1,000. Anyone want cake? ����
    Savings target to clear mortgage by 31/12/18 £6,000/£2,600
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