Is it just me or....

Gillybean

Do we seem to have a glut of new MFWs just in the last week or so?

Why is that, do you think? Has the credit crunch made you think about your financial stability? Or was this something you've been panning to do and it's just the right time now?

For me, I've been lurking for aaaages, doing my bit of squirelling away on my own. Then DH and I took a look at everything we had moneywise, everything we had left to do with the house and decided now was the time to get going with tackling the mortgage.

Someone on here did say a while back that the current financial climate is as good a reason as any to concentrate on overpaying, battening down the hatches and chipping away at the mortgage.

Treacle_Toes

For me it was a change in circumstances that started me focusing on the finances (having a baby and being on crappy maternity pay) but with the current financial situation it's made me ultra focussed.

Like you, I've lurked for a long time, just putting the odd post here and there, but today I started a diary just to make it 'real'. Isn't it strange that once you've told a load of people online (even if they are actually strangers to you) you really feel you are committed to working towards MF?

abouttimetoo

Hi Gillybean

No, it's not just you - I've noticed a lot of new posters joining the merry band. I think I need to add a few reminder flag thingies to some of the posts as the board is now so busy I have to rummage for ones that used to be pretty easy to find e.g Financial Bliss, MFIT etc. Can't say I know the answer to your question though but no doubt the credit crunch has played it's part, for my part it was a case of I'd wanted to do it for a while but without the money and then it suddenly became possible due to job changes etc

Treacle toes, yes, I know what you mean about how you feel committed to MF once you start communicating your purpose to strangers

Optimisticpair

I think the number of us MFW's is bound to grow because people review their financial position when their personal circumstances change, that's certainly the case with Mr OP and myself also, but I expect quite a few have reviewed their mortgage or wider financial position because they have been prompted to think about it due to 'houses' and 'mortgages' news having been spread so thickly all over the media. I don't know, that's just my theory

Frugal_Moose

I have been overpaying on an interest only offset mortgage since January 2008 and although I am a daily visitor to the grabbit board have only just seen this part of the forum. I hope to be mortgage free in 10 years time.

Current stats are

10.01.08 £70500
01.10.08 £68314 (£2186 reduction)

Aiming for £3000 off by end 2008 then increasing to £4000 per year and due in 2018 is the 1st endowment policy which should clear it and leave some spends.

Am rather in awe of folks reducing by £10000 a year thats some going but good luck to you.

Optimisticpair

Hi FrugalMoose - great name!

Ah, I've done the reverse. I haven't got round to the Grabbit board yet.

Yes it's fantastic. Some people are making huge inroads.

I've also got a lot of respect for those chipping little bits off their mortgage when there is less coming in as well.

The mortgage geeks and nerds here don't think I'm mad to want to be MF, it's such a relief..

financialbliss

Hi,

I posted this on GallyGirl's diary just last night:

"I've noted that a year ago, I could put up a post and that could stay on page 1 of this MFW forum for a good few days. Now, it's much busier in here (which I think is a good thing) - don't know if that's DFWs moving on to this MFW, result of the credit crunch where people are realising they need to try and tackle their personal debt or what?"

Which I think is a good thing - more people - more angles on problems / questions...

Financial Bliss.

Kaz2904

I've noticed it's busier too. It can only be a good thing with more and more people wanting to get the monkey off their backs!

nicholbb

All this activity should please the banks - giving them extra cash and lowering mortgage liabilities. Wonder if they will start agreeing to wave overpayment fees?

Frugal_Moose

Frugal_Moose wrote: »

I have been overpaying on an interest only offset mortgage since January 2008 and although I am a daily visitor to the grabbit board have only just seen this part of the forum. I hope to be mortgage free in 10 years time.

Current stats are

10.01.08 £70500
01.10.08 £68314 (£2186 reduction)

Aiming for £3000 off by end 2008 then increasing to £4000 per year and due in 2018 is the 1st endowment policy which should clear it and leave some spends.

Am rather in awe of folks reducing by £10000 a year thats some going but good luck to you.

Thanks to the mortgage calculators from this site I have had a good look over my finances and if I can stick to my plan (barring any unforeseen problems we should) then we will be free by 2013!!!

I would never have thought it possible and if the interest rates shrink as much as they are slated to then it might be even earlier still.

I'm off now to click the thanks buttons of the calculator posters.:beer:

earthgirl

I agree - everybody is looking at their finances. A few years ago I would be the only person in my group of mates who would even consider what was coming in and going out - now everybody seems to talk about it every 10 minutes!

I have to admit I like the fact that loads of others have diaries I like reading them and it makes me feel more positive.

Goodluck frugalmoose!