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jmf's MFW diary
jmf76
Posts: 363 Forumite
Happy New Year everyone!!!
Well I managed to ditch my debt in 2009 so 2010 is my start for MFW-freedom!
At the moment I've no MF day, but have signed up for the MFW 2010 challenge and am aiming to get my mortgage under £100,000 by the end of the year which I reckon is achievable. I've got one of those annoying mortgages where you can only overpay once a year in Jan, so I shall be putting my overpayments into a savings account ready for the next pay window.
Right time to go read some diaries and get some ideas... Oh and I'll post an SoA asap as I could do with some suggestions on that one aswell (this is just like my early DFW days!!) !!
Well I managed to ditch my debt in 2009 so 2010 is my start for MFW-freedom!
At the moment I've no MF day, but have signed up for the MFW 2010 challenge and am aiming to get my mortgage under £100,000 by the end of the year which I reckon is achievable. I've got one of those annoying mortgages where you can only overpay once a year in Jan, so I shall be putting my overpayments into a savings account ready for the next pay window.
Right time to go read some diaries and get some ideas... Oh and I'll post an SoA asap as I could do with some suggestions on that one aswell (this is just like my early DFW days!!) !!
DFW Lightbulb moment Sept 2006, Debt-free Dec 2009 :j:j:j
£2015 in 2015: £0
Comping: No wins yet :think:
MFW 2015 0/1200
0
Comments
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If you are with HSBC you can put upto £500 a month into a regular saver and get 8%0
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just wishing you good luck with your challenge!Mortgage free:beer:
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Hi jmf76
Well done on being DF and Good Luck with the MF Challenge.
This forum is very inspirational
MQ0 -
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good luck with your challenges!Mortgage free I: 8th December 2009!
Mortgage free II: New Year's Eve 2013!
Mortgage free III: Est. Dec 2021...0 -
Very well done on becoming debt free.
A shame you can only overpay in Jan, thats a bit hard!
Good Luck with your challenge
MPs left feb '08 276- Dec 13 36 :T MB Jan 10 ~ £82,377 Dec 13 ~ £29987
EMFD was Feb 32 :eek: NOW Dec 2013 its Dec 2016
MF new target Dec 16 REACHED!! :j0 -
MoneyQueen wrote: »Hi Dimbo61
Is this some new product? I can't see it on the website
only thing I can see is the £250 every month for 4% or 8% if you have one of the accounts where you have to pay a monthly fee
MQ
That's right.
I'm with HSBC and they had 8% on the free current accounts last year. Haven't times changed?0 -
WOW! Thank you so much for the supporting words so far!
dimbo61 - thanks for the info on HSBC Reg Svr, shall have a look into that. I've just got an A&L current account so get 6% for the first 12 months, so may leave my money in there otherwise.
I've done my SoA and can definitely improve on the Groceries, Entertainment, Clothing asap and look into getting the mobile phone & Sky costs down.
Statement of Affairs and Personal Balance Sheet
Monthly Income Details
Total monthly income.................... 2616
Monthly Expense Details
Mortgage................................ 531
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 75
Council tax............................. 122
Electricity............................. 68
Gas..................................... 0
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 11
Mobile phone............................ 85
TV Licence.............................. 12
Satellite/Cable TV...................... 55.25
Internet Services....................... 6
Groceries etc. ......................... 350
Clothing................................ 200
Petrol/diesel........................... 80
Road tax................................ 10
Car Insurance........................... 27
Car maintenance (including MOT)......... 50
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 100
Haircuts................................ 40
Entertainment........................... 400
Holiday................................. 50
Emergency fund.......................... 100
Total monthly expenses.................. 2450.25
Monthly Budget Summary
Total monthly income.................... 2,616
Expenses (including HP & secured debts). 2,450.25
Available for debt repayments........... 165.75
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 165.75
Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using IE browser.
DFW Lightbulb moment Sept 2006, Debt-free Dec 2009 :j:j:j
£2015 in 2015: £0
Comping: No wins yet :think:
MFW 2015 0/1200
0 -
Hi, welcome to the board and good luck.
I read your SOA and your mobile looks really expensive. Is this a contract? You've already identified loads of quick simple ways to cut your bills but take a look at the utilities board as that has lots of suggestions for cutting back.
Your insurance seems really low. I noticed you have no buildings insurance, is this covered in the lease hold? Your contents insurances also seems very low, do you have enough cover or a very special offer?0 -
chirpchirp wrote: »Hi, welcome to the board and good luck.
I read your SOA and your mobile looks really expensive. Is this a contract? You've already identified loads of quick simple ways to cut your bills but take a look at the utilities board as that has lots of suggestions for cutting back.
Your insurance seems really low. I noticed you have no buildings insurance, is this covered in the lease hold? Your contents insurances also seems very low, do you have enough cover or a very special offer?
Cheers chirpchirp - It's 2 mobile phone contracts. DH is coming to an end soon so we can review and I can reduce mine in a couple of months.
Building Ins is indeed covered by the leasehold and I did manage to get a special offer on the contents ins for this year.
I've joined the Grocery Challenge to see if I can get the food bill down. Clothing-wise I'm fortunate that the company I work for has it's own cashback site so can get 5-10% discount on most major retailers, so shall be using that more often. Also DH works for a well-known supermarket and gets discount so will start having a look at their clothes too.
Entertainment - we're starting a spending diary as I have NO idea where all that money has been going!
DFW Lightbulb moment Sept 2006, Debt-free Dec 2009 :j:j:j
£2015 in 2015: £0
Comping: No wins yet :think:
MFW 2015 0/1200
0
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