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  • FIRST POST
    • Poppycat1
    • By Poppycat1 31st Oct 18, 1:30 PM
    • 135Posts
    • 525Thanks
    Poppycat1
    Mortgage freedom/FIRE diary
    • #1
    • 31st Oct 18, 1:30 PM
    Mortgage freedom/FIRE diary 31st Oct 18 at 1:30 PM
    After several years of reading diaries on here I have decided to write my own.

    I bought my forever home in January this year. I got a fixed rate mortgage at 1.99% for 5 years. I am allowed to overpay by 10% each year in this period. It was £124,499 at the start.

    I am a single Mum to two lovely boys aged 16 and 11. I have a great boyfriend of two years but we don't live together. I also have five gorgeous cats.

    I do bank shifts for the NHS which I enjoy but would also love to retire a bit earlier. I have nearly 20 years until normal retirement age.

    I would like to invest a bit and have opened a Stock and Shares ISA, I have paid a few £££ in but haven't actually invested it yet.

    That's the basics, I will do another post on what I have achieved so far.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    £3,000 - Jan, £1,449.90 - Feb, £350 - March, £650 - April, £2,500 - Oct, £1250 - Nov
    Total = £9,199.90/£12,449.90 £3,250 left to overpay
Page 1
    • Poppycat1
    • By Poppycat1 31st Oct 18, 1:48 PM
    • 135 Posts
    • 525 Thanks
    Poppycat1
    • #2
    • 31st Oct 18, 1:48 PM
    • #2
    • 31st Oct 18, 1:48 PM
    So 10% overpayment target is £12,449.90 this year. I have so far paid off £7,949.90 which is 64% of my target. To be honest I didn't think I would get anywhere near this amount but thought I would aim high. It's not a certainty but I will be very close.

    I took the mortgage out in January this year for 20 years, because of the overpayments and my normal payments I only have 17 years and 9 months left. I decided to keep my payments the same so I could overpay as much as possible.

    I have been living frugally for a long time. It is the reason I managed to overpay my mortgage whilst only on benefits when the children where small. I eat a vegan diet and so do the boys at home. DS1 eats anything out and DS2 is mainly vegan with the occasional non vegan sweet, pizza or macaroni cheese whilst out or staying with family or friends.

    I have an allotment which is a bit neglected and a large garden with green house, veg patch and apple tree. Despite that we spend a lot of money on food and drink.

    I'm not sure why but I find frugal living much easier during autumn/winter/spring than Summer. So you may not see many posts in the Summer. As you can see in my signature, overpayments dropped off May - September.

    I hope I haven't bored you, I will try and post my little achievements when I have them. 2 for 1 cinema date with boyfriend tonight, he's paying.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    £3,000 - Jan, £1,449.90 - Feb, £350 - March, £650 - April, £2,500 - Oct, £1250 - Nov
    Total = £9,199.90/£12,449.90 £3,250 left to overpay
    • bexster1975
    • By bexster1975 31st Oct 18, 2:17 PM
    • 1,313 Posts
    • 6,225 Thanks
    bexster1975
    • #3
    • 31st Oct 18, 2:17 PM
    • #3
    • 31st Oct 18, 2:17 PM
    Happy new diary.

    Looks like a great plan. So what causes payments to " drop off" in summer? ( I would say they appear to vanish!)

    Two for one cinema is a fave of mine too. A certain furry animal website perchance? Even better when OH pays for the only ticket needed!

    I look forward to following your journey.

    Bexster
    • Poppycat1
    • By Poppycat1 31st Oct 18, 3:48 PM
    • 135 Posts
    • 525 Thanks
    Poppycat1
    • #4
    • 31st Oct 18, 3:48 PM
    • #4
    • 31st Oct 18, 3:48 PM
    Thank you Bexster. Yes, re the cinema. BF got new insurance a couple of weeks ago and it's the first time we have used the offer. Going to see Bohemian Rhapsody.

    I think overpayments are much better during the colder months because I am happy to sit at home going online, reading and pottering about. When it warms up I like to be in the garden (and buying things for it) and going out much more. I need to find a place in between.

    DS2 has just come home from school and has gone out to a friends house for tea and trick or treating so one less to feed tonight. I will have to take his sweets from him and ration them over some time. Otherwise he will eat them all in a night.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    £3,000 - Jan, £1,449.90 - Feb, £350 - March, £650 - April, £2,500 - Oct, £1250 - Nov
    Total = £9,199.90/£12,449.90 £3,250 left to overpay
    • bexster1975
    • By bexster1975 31st Oct 18, 5:00 PM
    • 1,313 Posts
    • 6,225 Thanks
    bexster1975
    • #5
    • 31st Oct 18, 5:00 PM
    • #5
    • 31st Oct 18, 5:00 PM
    Enjoy the film. I'm hoping to go on the same deal to see it next week!

    It may be a little late this year, but I can recommend buying seeds, compost etc at the end of summer. Got loads of seeds for next year for 10 or 30 p a pack at wilkos about 6 weeks ago. Also, if you can grow stuff you will all eat, it's potentially money/health saving.

    Bexster
    • pinknsparkly
    • By pinknsparkly 31st Oct 18, 5:31 PM
    • 123 Posts
    • 301 Thanks
    pinknsparkly
    • #6
    • 31st Oct 18, 5:31 PM
    • #6
    • 31st Oct 18, 5:31 PM
    Hi PoppyCat, I've subscribed to your diary as I'd also love to aim for F.I.R.E. and would like to follow your story.

    However, I'm several steps behind you as I'm not even a mortgage-free wannabe yet - we're currently mortgagee-wannabes instead We're in the process of getting our first mortgage and once that is up and running, I'm intending to start splitting our excess money between mortgage overpayments (OPing just enough to shorten our mortgage term to be paid off by my 50th birthday) and start investing.

    Edited to add: I would also strongly suggest that even if you reduce your OPs significantly in the summer months, still try and OP *something* at the start of the month/on payday. Personally, I find that just the act of OPing (or in my case - adding something to my house deposit savings) seems to help make me a little more thoughtful about my money that month, if for no other reason than I'm a little more conscious about possibly running out of money by the end of the month!
    Last edited by pinknsparkly; 31-10-2018 at 5:34 PM.
    Plan: buy a house in summer 2018 | spring 2019 | winter 2018

    Realistic savings goal: 10% house deposit. DONE
    Super ambitious savings goal: 15% house deposit. DONE
    Currently on 13.2% (2nd Apr '18) | 14.1% (2nd Jul '18) | 15.6% (31st Jul '18) | 16.9% (1st Sep '18) | 18.0% (6th Oct '18) | 18.4% (31st Oct '18) 23.9% (2nd Nov '18)
    • Poppycat1
    • By Poppycat1 1st Nov 18, 7:46 PM
    • 135 Posts
    • 525 Thanks
    Poppycat1
    • #7
    • 1st Nov 18, 7:46 PM
    • #7
    • 1st Nov 18, 7:46 PM
    I've read several people saying they go to Wilko's for gardening things, I never think of going there. I did get about 20 packets of 50p seeds from Wyvale sale. I've dried some runner beans seeds to either eat of plant next year.

    Didn't get to see the film, went to bf's and decided to watch Strictly. I haven't had a TV licence for several years now. He records Strictly and Gardeners World for me. So going to see film next week.

    Exciting Pink, when do you think you will move in? I agree, I should overpay even small amounts during the summer. Will you start a diary?

    I think I am lucky that I am weekly paid and I also have several other pay days throughout the month, maintenance for boys, child benefit and tax credits. So I can make several overpayments during the month. My mortgage company say that I can't make overpayments in the week up to my normal payment date. So have to wait until 6th November.

    I had to go to work for some training today and will be paid for an hour. Unfortunately I went to Sainsbugs and spent about £30 on groceries and £35 on petrol.

    I have a lot of food in and have decided only to spend £20 on groceries for the rest of November.
    Last edited by Poppycat1; 01-11-2018 at 7:50 PM.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    £3,000 - Jan, £1,449.90 - Feb, £350 - March, £650 - April, £2,500 - Oct, £1250 - Nov
    Total = £9,199.90/£12,449.90 £3,250 left to overpay
    • pinknsparkly
    • By pinknsparkly 2nd Nov 18, 11:00 PM
    • 123 Posts
    • 301 Thanks
    pinknsparkly
    • #8
    • 2nd Nov 18, 11:00 PM
    • #8
    • 2nd Nov 18, 11:00 PM
    I know exactly what you mean about not thinking about Wilkos - whenever I go there I end up buying lots of stuff but never actually think about going there in advance (though with the amount of stuff I end up buying from there, that's probably not a bad thing!!)

    I have a diary on the "How Much Have You Saved" section of the forum and haven't really thought about what I'll do with it when we complete on the sale. I'll probably either move it over here (if that's possible?) or start a new one. We're in an odd situation in that we're already living in the house we're buying - we're buying it from my parents who currently own it as a BTL and we rent from them. So no packing and moving for us which is always a bonus. The last time I completed a DBS check for the NHS I had to provide 9 addresses to cover the previous 5 years of my life - I'd happily never move again if I could avoid it!
    Plan: buy a house in summer 2018 | spring 2019 | winter 2018

    Realistic savings goal: 10% house deposit. DONE
    Super ambitious savings goal: 15% house deposit. DONE
    Currently on 13.2% (2nd Apr '18) | 14.1% (2nd Jul '18) | 15.6% (31st Jul '18) | 16.9% (1st Sep '18) | 18.0% (6th Oct '18) | 18.4% (31st Oct '18) 23.9% (2nd Nov '18)
    • squirrelgirl
    • By squirrelgirl 3rd Nov 18, 6:17 PM
    • 314 Posts
    • 1,665 Thanks
    squirrelgirl
    • #9
    • 3rd Nov 18, 6:17 PM
    • #9
    • 3rd Nov 18, 6:17 PM
    Good luck on your journey poppycat!!

    Got to ask....what does FIRE stand for??
    15 Month Challenge: House - £13585.85/£25300; Mortgage - £1160/£17000 ;
    MFW No. 167
    • beanielou
    • By beanielou 3rd Nov 18, 7:20 PM
    • 58,039 Posts
    • 238,954 Thanks
    beanielou
    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 12 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
    • greent
    • By greent 3rd Nov 18, 8:46 PM
    • 7,522 Posts
    • 76,376 Thanks
    greent
    Good luck on your journey poppycat!!

    Got to ask....what does FIRE stand for??
    Originally posted by squirrelgirl


    Financial Independence/ Retire Early

    Hello and welcome
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £7127.06/£7500
    Net sales 2018 £721.53/£1000 PAYDOX18 (#15) Done £18918.90
    • squirrelgirl
    • By squirrelgirl 4th Nov 18, 8:43 AM
    • 314 Posts
    • 1,665 Thanks
    squirrelgirl
    Thanks greent!
    15 Month Challenge: House - £13585.85/£25300; Mortgage - £1160/£17000 ;
    MFW No. 167
    • Poppycat1
    • By Poppycat1 5th Nov 18, 10:32 AM
    • 135 Posts
    • 525 Thanks
    Poppycat1
    Mortgage payment day
    £112,206.15 left to pay
    17 years and 8 months left to pay it off
    £6.09 daily interest

    To reach my 10% target for first year (ends 04/02/19) I need to pay off £4,500. I will achieve it but I also want enough money in my savings to pay off 0% credit card in that time. I wont pay it because I have it in an account earning more interest. I am short by £464.68. So I have about 3 months to find £464.68 so extra shifts at work and the usual surveys/supermarket points etc.

    I have used Microsoft money for ages, the one I'm using now I downloaded for free. I love it. It alows me to predict my spending/earnings.

    FIRE - I think I discovered this on these forums several years ago. Someone had mentioned Mr Money Mustache and Early Retirement Extreme. To me it made sense, spend as little as possible and then I wont have to work, if I don't want to. The other part of the concept is to invest, which is the part I'm trying to get my head around at the moment. I understand how to get money from banks paying interest but still trying to get my head around investing.

    I worked 11 hours yesterday and in tomorrow for 12 so going to have a fairly lazy day. Although I would like to make a tea loaf and maybe some scones for pack up this week. I like the scones at work but they cost £1.20 which is a lot out of my £20 for groceries in November. I spent £1.86 of that in Ald! on Saturday so £18.14 left. Most of that was on soya milk so may need to start making oat milk at home again.

    Thank you to everyone for commenting and welcoming me, I wasn't sure if anyone would read.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    £3,000 - Jan, £1,449.90 - Feb, £350 - March, £650 - April, £2,500 - Oct, £1250 - Nov
    Total = £9,199.90/£12,449.90 £3,250 left to overpay
    • bexster1975
    • By bexster1975 5th Nov 18, 10:52 AM
    • 1,313 Posts
    • 6,225 Thanks
    bexster1975
    Hello

    Numbers looking good.

    I agree re:FIRE. I'm not really looking to retire early ( I'm 43) but I am enjoying working pretty much as much as I like - and certainly not full time. I like the idea of the freedom to choose, that's why I wanted the mortgage gone. You never know what's around the corner so you only have today to enjoy. I'm not suggesting people shouldn't invest in the future, but living in the present and mid-term has to come with a better guarantee than working until 68 ( maybe later now) and squirrelling all your money away to live a couple of healthy years.

    I like that now I can work lots, or a little and still pay all the bills. I save a bit when I'm working lots, to support the times I'm working little.

    Have a great week. I love baking scones too. £1.20 each at work us a scandal. Can make a dozen for less than that!

    Bexster
    • Poppycat1
    • By Poppycat1 6th Nov 18, 9:23 PM
    • 135 Posts
    • 525 Thanks
    Poppycat1
    £500 overpaid today
    £111,706.15 left to pay
    17 years and 6? months left to pay it off
    £6.07 daily interest

    Regular mortgage payment has cleared so paid off £500, leaving £4,000 to pay off before 04/02/18.

    I haven't spent anything for a couple of days. My mini challenge of only spending £20 on groceries for the month is going well but I do have a lot in stores. To make it more fun, a don't get out much, I will try and earn that £20 on a survey site. £8.43 earned so far.

    Booked a couple of short shifts at work so I now only need to find £349.83 to pay off 10% and to offset my 0% CC.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    £3,000 - Jan, £1,449.90 - Feb, £350 - March, £650 - April, £2,500 - Oct, £1250 - Nov
    Total = £9,199.90/£12,449.90 £3,250 left to overpay
    • Poppycat1
    • By Poppycat1 7th Nov 18, 1:35 PM
    • 135 Posts
    • 525 Thanks
    Poppycat1
    Another £500 overpaid
    £111,206.15 left to pay
    17 years and 5 months left to pay it off
    £6.03 daily interest

    I made another £500 overpayment today. When I was making the overpayment it lets you input an amount that you want to overpay and it then tells you how much that amount will effect your mortgage. You can choose either to reduce the term or reduce payments. It looks like when I have made the 10% overpayment this year I will have 16 years and 6 months left to pay. It should be 19 years. Two and half years extra off!

    Not at work so checking out other diaries for motivation. Earned some more on survey site, now £12.18 out of the £20 I would like for the grocery challenge I set myself. I have taken some bean chilli out of the freezer and I will put it in some wraps, make a sauce to go over it and serve with rice tonight. Freezer really needs defrosting so I hope that after this challenge it will be empty.

    We eat quite a lot bread so to make sure I don't spend all of my budget on it I will have to make some of my own. I have plenty of what I need but will need to get some more yeast.

    Date night with boyfriend tonight so going to see the film that we should of seen last week.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    £3,000 - Jan, £1,449.90 - Feb, £350 - March, £650 - April, £2,500 - Oct, £1250 - Nov
    Total = £9,199.90/£12,449.90 £3,250 left to overpay
    • Poppycat1
    • By Poppycat1 8th Nov 18, 2:10 PM
    • 135 Posts
    • 525 Thanks
    Poppycat1
    Went to see the Queen film last night, postponed from last week, it was fantastic. Used a 2-4-1 voucher and the boyfriend paid. He paid £4.99 for both of us. We looked at the prices at Vu and they were over £13! We have decided that we should go to the cinema more now he can get 2-4-1. I will look into getting insurance that way next year and then will be able to take the kids occasionally. Bexster, did you see the film?

    £15.73 earned on Prolific so very close to my £20 target. No money spent on groceries since Saturday.

    Pay day tomorrow but think I will resist the urge to overpay until next Wednesday when more money arrives.

    I started planning my budget for next year yesterday. I think 10% of my mortgage will be around £10,680. I will pay the odd off in February and then aim for £1,000 per month until December, including the pesky Summer months! It will be very close although the amount has reduced from this year, this year I had around £2,500 left over after the sale went through so overpaid it soon after receiving it. So about the same amount to find. Year after will be better.

    Edit: Just booked another shift so only need to find £235.38 before 04/02/19.
    Last edited by Poppycat1; 08-11-2018 at 3:55 PM.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    £3,000 - Jan, £1,449.90 - Feb, £350 - March, £650 - April, £2,500 - Oct, £1250 - Nov
    Total = £9,199.90/£12,449.90 £3,250 left to overpay
    • squirrelgirl
    • By squirrelgirl 9th Nov 18, 7:47 PM
    • 314 Posts
    • 1,665 Thanks
    squirrelgirl
    Well done on the op's!!
    15 Month Challenge: House - £13585.85/£25300; Mortgage - £1160/£17000 ;
    MFW No. 167
    • greent
    • By greent 9th Nov 18, 11:04 PM
    • 7,522 Posts
    • 76,376 Thanks
    greent
    We eat quite a lot bread so to make sure I don't spend all of my budget on it I will have to make some of my own. I have plenty of what I need but will need to get some more yeast.
    .
    Originally posted by Poppycat1
    I get my fresh yeast for free from the bakery counter at Tesc0
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £7127.06/£7500
    Net sales 2018 £721.53/£1000 PAYDOX18 (#15) Done £18918.90
    • Poppycat1
    • By Poppycat1 12th Nov 18, 2:49 PM
    • 135 Posts
    • 525 Thanks
    Poppycat1
    £250 overpaid
    £110,956.15 left to pay
    17 years and 5 months left to pay it off
    £6.03 daily interest

    Another payment to the mortgage yesterday leaving £3,250. left to find between now and 4th Feb 2018. Having the amount left to pay beginning with £110 seems a big deal. Planning on another £250 this Friday and £500 next Wednesday and maybe £250 close to the end of the month.

    Prolific stands at £17.05 so just £2.95 to earn to reach my target of £20. I have done a small shop at Ald! which came to £5.02. With the £1.86 already spent that is £6.88 for far. We are out of margarine so need to pop out later to get some.

    Back to baking my own bread which the boys love. Thanks Greent re the fresh yeast I will ask next time I go to Tesco.

    As well as shopping at the supermarket I also order from Suma, so I have huge bags of bread floor, beans, herbs and spices, sausage and burger mixes etc. Just wish I had my cooking mojo back.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    £3,000 - Jan, £1,449.90 - Feb, £350 - March, £650 - April, £2,500 - Oct, £1250 - Nov
    Total = £9,199.90/£12,449.90 £3,250 left to overpay
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