2009 MF Wannabe's

Welshlassie

deefadog wrote: »

Wow, just been reading some of these threads, very inspiring! well done all.

I bet this has been asked a thousand times, but how do you start? Is there a spread sheet to total up your outgoings available?

Start with Martins Budgeting article it includes a downloadable spreadsheet that helps you think about everything you shoudl consdier before deciding how much disposal income you have.

cake21

deefadog wrote: »

Wow, just been reading some of these threads, very inspiring! well done all.

I bet this has been asked a thousand times, but how do you start? Is there a spread sheet to total up your outgoings available?

Hi deefadog and welcome!

For me it wasn't really a case of reducing my outgoings, more the light bulb moment of using the money left over at the end of the month overpaying rather than on cr*p

(However the budget planner and the debt free wannabe board are both really helpful for reducing your outgoings, if there isn't anything left at the end of the month, or you want to save)

ETA: Beaten to it by Welshlassie, shouldn't wander off :rotfl:

deefadog

Thanks for the info. I used to keep a very tight reign on things, but as i have moved jobs and have more income, i have kinda left things slip the last year So it's time i got back on.

Mortgage - 98k (house worth 220k) - Over paying around £120 per month
Credit cards all paid off
2 x 0% car loans
I have around £500 disposable each month, but i will soon have second baby and wife will be on half pay for the majority of the end of this year/beginning of next year.

Also Next January I will have around £500 (worst case scenario) extra on our overseas properties if we can't rent them out or sell them. We have around 45k invested in 2 properties, which was great at the time, but as the the economy has nose dived (Typical) does not look like a huge profit as expected, which would have left us with 30k left on Mortgage!

Well that's our mad plan, i'll maybe start my own thread like so many have.

uzubairu

MFW #157 update

May Stats:-
Overpayment in blue, Year To Date Overpayment in red and Balance in green.

Month / Overpay / YTD Overpay / Balance.
May / 660.00 / 3,465.29 / 91,587.01

ferguwat

Mortgage fell below £40k for the first time today!! We never reduced our monthly payments when int rates fell so we have already exceeded our annual overpayment target £500/£585. PMing Zavarony full details today.

AuntieH

No 165 checking in:
£172.81 OP for May, cheque going off today. That's £502.87 for my YDT, half way to my target now :j:j:j.
Good luck everyone for June, keep up the good work.:D

Little_Mama

No 241 reporting in.

Don't think I'll be able to squeeze any more out of anywhere for May so the total overpayment for the month is £471.97 :j

Booked the FD 2.99% fix for 2 years last week so, once all paperwork back, we'll be overpaying by a fraction more ........but we are contemplating going away over the school hols so the offset may take a bit of a knock

Keep up the good work everyone!

LM

wantabetterlife

No 290 checking in. Made £100 o/p to halifax today. Would have liked it to be more but had a wedding and two birthdays this month and have also managed to clear the overdraft. yeah:j

belfastgirl23

Paddy last as always declaring my OP for May to be my normal £305 bringing my total to date to £1625. I'm pretty sure I should be able to get to my goal of having the mortgage below £200k by end of year.

I don't seem to have any spare money at all at the minute, but at least I'm keeping up with the regular OPs. We also come to the end of our fixed rate in two months and will be able to start OPing more then hopefully if the rates stay the same.

jackiegibbo

Another £90 went off to the halifax today:D

Ive decided to change my weekly amount to £100 and see how i get on