New MFW Journey/Hello

Jonbvn

OP,

Given that you have quite a low mortgage rate (currently 4.68%) you really should open cash ISA's for you & your wife. You can put in £3.6k per year in each, and at present the interest rates are about 1% better than your mortgage.

wabbits

WOW, thanks so much. I'm typing tonight with a real smile on my face. Restores your faith in human nature.

I find myself reading many threads and being further motivated.

Started my 'Piggy bank' tonight (an old whisky bottle gift tube). My wife and I have agreed to put in all change from our pockets 50p or less.

We have discussed that the goal of £500/mth OP is achievable having looked at our 'holiday/xmas/birthday/Misc fund.
So we will be looking at this. Our wages both go into a joint account, but then immediately 'bounces' out (if that's the right word) to different accounts. It's all psychological really......our joint account looks poor....so it just makes me think twice before buying that takeway!!

So........reducing our 'funds' (not at the expense of living our lives) we are confident of our £500 OP starting Dec 08.

Have reduced our weekly shopping budget from £70 to £50 and test drove this on Sun....mission accomplished.

Made a load of Broccoli soup and carrot soup.....froze the rest.....what a gr8 idea from another thread. My wife nearly collapsed with laughter when the lid shot off the food processor!!!!!!......broccoli EVERYWHERE.....OMG!! I will work my way through the Soup Book...looking forward to it.....may skip the lobster brisque though!!!!

you really should open cash ISA's for you & your wife

....thanks Jonbvn, will definitely look into this. Something new for us. We do have some premium bonds........our little bit of hope!

Thanks again for your warm welcomes.

Cheers

setmefree2

Welcome & good luck:T:T:T

SmlSave

Hello :wave:

Its lovely to hear that you and your OH are in this together.

Started my 'Piggy bank' tonight (an old whisky bottle gift tube). My wife and I have agreed to put in all change from our pockets 50p or less.

I do this too! :j Any one else out there do the same? I know there's Le Cochon and a cow milk jug too.

Have you been on the Grocery Challange on Money Saving Old Style? They are really helpful on cutting your bill and yummy receipes.

Your soup explosion made me smile I think we've all done this too.

Look forward to reading your MF journey.

P.S. is it wabbits as in rabbits?

wabbits

Hi SmlSave,

A long story, but the short version is yes Wabbits as in rabbits. We have 3 house rabbits. They are awesome!!!!

Will have a look at the Grocery Challenge....thanks.

I recommend that house builders now consider Brocolli as an alternative to cement!!! Chisel for my kitchen tiles anyone.

To add to Nov overpay:-

£50 Premium bond win from Nov draw.
£70 from my wifes small business.
£250 left to me by the sad departure of my Great Uncle, (thankyou).

trudypretty

hey wabbits...congrats on the 50.00 premium bond win...i won 50.00 too ...1st win since having the bonds for a couple of years!!!! the broccoli soup story made me laugh ...i did the same thing a couple of years ago with a banana smoothie i was making for my son!!!

Kaz2904

Hello there.
When we started out I ran my numbers through www.whatsthecost.com to find out my MFD. Then I jiggled around with what I felt I could pay each month and set up a snowball. Last December I set up a snowball which would show me exactly how much I was knocking off in a time term each month. For so long now I have had my snowball date in my head as my end date yet when I try to figure out when the mortgage will be paid off if I revert to my original payment.

I get satisfaction every month when I update the snowball. (It's very sad really!)

Good luck with working out your end date and good luck with your new challenge.

SmlSave

We have 3 house rabbits.

Awww - you'll have to post a picture so I can drool over them.

Congrats on the premium bond win.

wabbits

Things are moving forward:-

Interest rate drop.....our mtg rate now 3.18%....THAT'S Fanstastic, will more than help the OPs.

We just need to work out what that equates to, to allow the OP to increase.

Have logged our details with the 2009 Goal thread that Zavrony is running.....that will help with our motivation aswell.

Rabbit photos to follow.

Cheers

wabbits

Update :-
Won £200 on the Premium Bonds for Nov, all going to the OP:j :j :j
£180 (so far) from my wifes v small home business (she does work full time aswell).

We are now saving over £100 on the Mtg thanks to the 2 recent BoE Base rate cuts. My OH is pleased that she took out the Life time tracker......I am inclined to agree.

Our grocery challenge is going great guns. My OH went last week and only spent £40 (we set ourselves a £50 target)......she was really chuffed......that put a smile on my face!

We will be paying off our two personal loans early next month, which will free up £276 per month.

We have reduced our holiday fund now by £100 per month, (not at the expense of our fun).

So far so good.



Would you judge me hard if I said we went out for Sunday lunch two weeks on the trot.....it was delicious though......with a pint of guiness!