Wednesday, 27 June 2012

My Long Term Dream


I've reached double figures with my blogging  friends, welcome Anglesey Allsorts! 

 We all have a dream/aspiration/reason for living frugally/becoming debt/mortgage free.

My long term dream is to foster.

I turn 40 this year! 
My job is in the public sector and we are all under constant pressure to work harder, for less whilst contributing more to our pension. I'm certain that I don't want to continue until I'm 60 in the same job and I want to pursue my dream to foster, luckily Mr M is supportive as otherwise it would be a non-starter!!

So, here's the plan!

We  have been blessed with one son, he's bright, funny, charming, inquisitive and loving, I couldn't be any prouder. He wants to go university ( like his father) and has his sights on Cambridge,he's only 9 !!
It goes without saying we will fully support him to university and beyond,I wouldn't want to do anything prior to university ( or after)  that might jeopardise his future, he is the priority.

However once he has gone then I can look to  Foster!  : - )

Ideally I would like us to be mortgage free, fostering can be erratic and being mortgage free would mean we wouldn't have to worry if we had a few months without anyone. I went on a mortgage calculator (thank you Martin Lewis) and it told me this:

 Overpaying would save you
£61,296 in interest alone,
and mean you pay it off in full
11 years and 1 month earlier.  

To be mortgage free in 10 years  I would need to find another £700 a month! My first thought was that it couldn't be done so that would be that! However, following advice on other blogs I've snowballed my debts. I started looking at the numbers and I realised that once I have cleared the debt that would be the extra £700 and this could actually happen.
At the start of June my snowball predictor thingy said I would clear the debt in 73 months, I've followed Mrs SFT's advice and started to see it as a game that I'm going to WIN! By making extra this month through eBay sales and overtime I have managed to take 3 months off that time and I fully intend to do more next month.I'm saving in a sealed pot as well as my £2 coins.

So at the moment it will still take me 6 years to pay off the debts before I can start on the mortgage.
 I'm determined to get this down, the sooner it's down the sooner I can pay off the millstone around our neck and look to my new career.
I'm conscious of still living in the moment and budgeting for treats including a cheeky little girls trip to Dublin in October ; - ) and not forgetting the lovely Betty ( who will also help my losing weight/fitness regime!)

Right now I'm going  back to my snowball spreadsheet to see how much more I would need to make to bring it down quicker ( obsessive? Moi?!)

What are your hopes and dreams for your future? x


  1. What a truly inspirational reason to want to be debt and mortgage free. I'll be watching your progress with interest as we both seem to be following the same path!


  2. That is great - it sounds like you are heading in the right direction and Sft is such an inspiration when it comes to planning to be mortgage free. We are adapting our lives to do the same, but are still at the starting post. I am still teaching full-time but don't want to do this for ever. Mr Thrifty has been unemployed for some time and so we made the decision to go down the fostering route last year. Ours children are 24, 23, 19 and 17 and only the 17 year old is still at home and he will be in year 13 in September. #3 is at uni so just home at holidays. After extensive research we choose a private organisation called Nexus and have been very pleased with their service. We made an initial application in November and have just reached the end of the assessment process and we are waiting for a panel date which could be at the end of July or August - then we will be ready to foster. Do feel free to ask any questions if it would be helpful xx

    1. Wow, I'm so pleased for you and I'm sure you'll be excellent at it. I'm just off to Google Nexus and find out about them. Good Luck with the panel x

  3. Sounds like a wonderful plan and a great reason to want to be debt free. I'm looking forward to following along as you acheive your dream :)

    1. Thank you, I follow your blog and have adopted some of your money saving ways ;-) I hope I can get as organised as you!


I love to read any comments, thanks for stopping by x