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  • FIRST POST
    • Part time writer
    • By Part time writer 15th Dec 18, 9:10 PM
    • 14Posts
    • 13Thanks
    Part time writer
    Writing off the mortgage
    • #1
    • 15th Dec 18, 9:10 PM
    Writing off the mortgage 15th Dec 18 at 9:10 PM
    Oh dear, I've already resorted to a punning title, let this be a warning of what is to come...

    I've been reading MFW diaries for months, finding a lot of inspiration and now I've decided to start my own.

    A little about me. I'm a mum of three, the youngest child was born in october so a very busy little household. My husband works full time and I am on maternity leave. We are in the fortunate position of having no debts (although we don't have much in savings) and I would describe us as comfortable, not rich.

    Here's where MFW comes in. We have two mortgages, one on our house at around 68k and one on the sort-of-buy-to-let flat at around 50k. The residential mortgage just ticks along, but I would really love to start overpaying the flat. It's on a consent to let deal, which means we pay almost 5% interest - not so good. So any amount extra going into this would help immensely.

    How am I going to do this? Here's where the username comes in. For the past few years I have been writing and publishing fiction as an independent author/self publisher. This has earned me a few hundred pounds here and there, but nothing substantial. My plan for going forward is to earn a proper wage through my writing, and use this to overpay the mortgage. What could possibly go wrong!

    Anyway, I'll add some more posts with more details as I go, but I wanted to post this to motivate myself to get organised before the end of the year.
Page 1
    • Part time writer
    • By Part time writer 15th Dec 18, 9:20 PM
    • 14 Posts
    • 13 Thanks
    Part time writer
    • #2
    • 15th Dec 18, 9:20 PM
    • #2
    • 15th Dec 18, 9:20 PM
    The money part...

    My (very ambitious) aim for 2019 is to make 10k in ebook sales. This is gross, so crucially before taxes (although I shouldn't have to pay too much, more on that later...)

    My back of the envelope maths for how to scale up my earnings to that level is as follows:
    Month Amount
    jan 250
    feb 250
    mar 500
    apr 500
    may 500
    jun 1000
    jul 1000
    aug 1000
    sep 1000
    oct 1000
    nov 1500
    dec 1500

    See, easy peasy!

    The plan is that all this income will come from the books, but if that is looking unlikely I will try and supplement with survey sites and possibly content writing eg. Upwork. To get this sort of money from the books I will probably have to publish a book every second month. Pretty sure that wont happen, but as Ive said, Im nothing if not ambitious.

    Now, as I said, that 10k will not be take home pay. I want to put 25% aside for tax (this will increase as the profits hopefully increase too) and 25% to reinvest in business (advertising, covers etc). This leaves 50% as lovely take home money. Of this I would like to put at least 50% to overpay the mortgage.

    Which leaves my overpayment total for 2019 at 2500.

    I've got more details on this, but my eyes are getting sleepy and I've warbled on enough, will post more tomorrow.
    • Betterthanever
    • By Betterthanever 15th Dec 18, 9:49 PM
    • 582 Posts
    • 3,835 Thanks
    Betterthanever
    • #3
    • 15th Dec 18, 9:49 PM
    • #3
    • 15th Dec 18, 9:49 PM
    I look forward to reading more!!

    Current balance 219,990.00. Offset 0. 219,990.00 needed to be mortgage neutral!
    End date - 12/28 but aiming for 12/23 - 2019 Overpay & Offset 0
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • erin_transport
    • By erin_transport 16th Dec 18, 1:42 AM
    • 744 Posts
    • 3,061 Thanks
    erin_transport
    • #4
    • 16th Dec 18, 1:42 AM
    • #4
    • 16th Dec 18, 1:42 AM
    Sounds fascinating
    Good luck to you. Great goal.
    On a mission!

    2018 MFW #138
    • Part time writer
    • By Part time writer 16th Dec 18, 10:21 AM
    • 14 Posts
    • 13 Thanks
    Part time writer
    • #5
    • 16th Dec 18, 10:21 AM
    • #5
    • 16th Dec 18, 10:21 AM
    Thanks betterthanever and erin_transport, I'm hoping it'll be a fun ride!

    Today I'm off to a cafe to do some writing, leaving hubs with the three kiddies, hahaha!
    • beanielou
    • By beanielou 16th Dec 18, 7:25 PM
    • 60,049 Posts
    • 251,980 Thanks
    beanielou
    • #6
    • 16th Dec 18, 7:25 PM
    • #6
    • 16th Dec 18, 7:25 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 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. ***Be the difference.***
    • Part time writer
    • By Part time writer 16th Dec 18, 9:46 PM
    • 14 Posts
    • 13 Thanks
    Part time writer
    • #7
    • 16th Dec 18, 9:46 PM
    • #7
    • 16th Dec 18, 9:46 PM
    Thanks beanielou!

    Not much done today, a little writing, more procrastinating...
    • Begsey
    • By Begsey 16th Dec 18, 11:26 PM
    • 85 Posts
    • 44 Thanks
    Begsey
    • #8
    • 16th Dec 18, 11:26 PM
    • #8
    • 16th Dec 18, 11:26 PM

    Today I'm off to a cafe to do some writing, leaving hubs with the three kiddies, hahaha!
    Originally posted by Part time writer
    Sign the cafe up to a future profits deal. Once you make it, they will come. Just ask JK.
    • Part time writer
    • By Part time writer 17th Dec 18, 6:50 PM
    • 14 Posts
    • 13 Thanks
    Part time writer
    • #9
    • 17th Dec 18, 6:50 PM
    • #9
    • 17th Dec 18, 6:50 PM
    Begsey - the elephant cafe in edinburgh basically trades off the fact that some of harry potter was written there. Not sure Cafe Nero will ever do the same for me!
    • Part time writer
    • By Part time writer 17th Dec 18, 6:54 PM
    • 14 Posts
    • 13 Thanks
    Part time writer
    A little money update while it's on my mind. My target for January and February is 250 each month, luckily I'm pretty much there already. The reason is that amazon pays 60 days after you earn the money. So my November earnings are my January paycheck, and my December earnings will be paid in February. November I know I earned over 250, and I should do more than that easily in December as I have a bookbub advert for one of my books (these tend to pay nicely).

    That's the good news. The scary news is that my March target of 500 will actually have to be earned in January. I'll have to get my thinking cap on for that one!
    • Part time writer
    • By Part time writer 23rd Dec 18, 6:57 PM
    • 14 Posts
    • 13 Thanks
    Part time writer
    Well, not much writing done in the last few days as hubs got a rather spectacular bout of food poisoning. All better now, thankfully, but christmas will take over for the next few days so won't get much done then either. We've not been very MSE, but the kiddies will have a fab time (and so will I, big child at heart!).

    Next big deadline is to finish a book by the 10th January. Hoping I don't leave it until the last minute, but past experience suggests otherwise!
    Writing earnings goals 2019. jan: 52/250, feb: 0/250, mar: 0/500, apr: 0/500, may 0/500, jun: 0/1000, jul: 0/1000, aug 0/1000, sep: 0/1000, oct: 0/1000, nov: 0/1500, dec: 0/1500
    • Part time writer
    • By Part time writer 27th Dec 18, 10:24 AM
    • 14 Posts
    • 13 Thanks
    Part time writer
    Merry Christmas all MSE folk!

    A very lovely and very busy few days with the family. Not very MSE at all (I blame the M&S nibbles!) but all paid for out of joint account suplus so no big deal.

    I did manage one MSE thing, I have opened a LISA. This is basically because I have no pension provision. I don't even have that many years paid into the state pension, due to years of being a student. Until I actually start earning a regular income, I'm going to try to bung a few quid in the LISA whenever I get a chance. So LISA total is now 250. I would like to manage 1000 in it by the end of the tax year, but let's see.

    Really need to make some sort of plan for getting everything done in terms of writing, will have a think.
    Writing earnings goals 2019. jan: 52/250, feb: 0/250, mar: 0/500, apr: 0/500, may 0/500, jun: 0/1000, jul: 0/1000, aug 0/1000, sep: 0/1000, oct: 0/1000, nov: 0/1500, dec: 0/1500
    • julicorn
    • By julicorn 27th Dec 18, 10:31 AM
    • 558 Posts
    • 2,266 Thanks
    julicorn
    Is it too late to say happy new dairy? I'm looking forward to seeing how you get on, especially with your writing! All the best for 2019
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 182,300
    • Part time writer
    • By Part time writer 27th Dec 18, 6:37 PM
    • 14 Posts
    • 13 Thanks
    Part time writer
    Thanks Juliecorn, I hope 2019 is an excellent money saving year for all of us!

    Actually managed to get a little writing done today, have a book to finish in the next week or so, so best get to it! My aim is for 2000 words a day, but half the time I don't manage it. Hoping to be more consistent next year.
    Writing earnings goals 2019. jan: 52/250, feb: 0/250, mar: 0/500, apr: 0/500, may 0/500, jun: 0/1000, jul: 0/1000, aug 0/1000, sep: 0/1000, oct: 0/1000, nov: 0/1500, dec: 0/1500
    • Part time writer
    • By Part time writer 1st Jan 19, 5:25 PM
    • 14 Posts
    • 13 Thanks
    Part time writer
    Had a lovely quiet new year and a nice walk with the family today to get some fresh air.

    I've been thinking about my writing goals for this year, which are sort of seperate from the money making, although of course one influences the other. I'd like to aim for 60,000 words a month. This works out around 2k words a day, which should be doable. My problem is consistency - some days I'll do 5000 words but then I won't write for a week. Am going to try and improve on that.

    More writing means more books means more profit, or so I hope!
    Writing earnings goals 2019. jan: 52/250, feb: 0/250, mar: 0/500, apr: 0/500, may 0/500, jun: 0/1000, jul: 0/1000, aug 0/1000, sep: 0/1000, oct: 0/1000, nov: 0/1500, dec: 0/1500
    • Part time writer
    • By Part time writer 12th Jan 19, 10:27 PM
    • 14 Posts
    • 13 Thanks
    Part time writer
    Well, I'm already thinking the 60,000 words a month was wildly optimistic. I might have to aim for more like half that. Having a tiny baby, plus the other two kids, is really limiting my time. Not very surprising really!

    I'm trying to get my head around advertising a bit more. It's pretty complex and involves lots of spreadsheets, which are not my favourite things in the world. Needs must though!
    Writing earnings goals 2019. jan: 52/250, feb: 0/250, mar: 0/500, apr: 0/500, may 0/500, jun: 0/1000, jul: 0/1000, aug 0/1000, sep: 0/1000, oct: 0/1000, nov: 0/1500, dec: 0/1500
    • Petronisoup
    • By Petronisoup 13th Jan 19, 8:51 PM
    • 17 Posts
    • 38 Thanks
    Petronisoup
    Hey part time writer,

    Great to read your diary, it sounds like you have your hands full and I commend you for being able to write so much!
    I'm in marketing so regarding your advertising, I'd say your social media profile and content is a good place to start, especially for an author! It's free for the most part and if you did want to look at paid advertising you can try social media ads for a set budget of your choice (you even get to geo-target or narrow down your audience by age range /hobbies and interests and so on). Another way could be doing local readings in libraries and book shops or talks for local groups such as W.I's or business networking groups who are always on the lookout for female entrepreneurs! Hope this is helpful!

    All the best,
    Petroni x
    • Part time writer
    • By Part time writer 16th Jan 19, 1:52 PM
    • 14 Posts
    • 13 Thanks
    Part time writer
    Hi Petronisoup, thanks for popping by!

    Great advice on speaking to groups like the WI, I'll definitely look into it. I'm using advertising right now, but in a bit of a haphazard way. The problem with ebooks is the margins are tight - it's hard to find cost effective advertising for something that only costs a couple of quid. I'm doing a bit of amaz0n ads right now, seems to be doing ok.

    Exciting news today - 30 came in from one of the smaller ebook vendors so I get to update my signature. Most of my earnings come in at the end of the month so it's nice to have something to update before then.
    Writing earnings goals 2019. jan: 52/250, feb: 0/250, mar: 0/500, apr: 0/500, may 0/500, jun: 0/1000, jul: 0/1000, aug 0/1000, sep: 0/1000, oct: 0/1000, nov: 0/1500, dec: 0/1500
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