MFW Challenge - Pay Off Your Annual Interest aka Yet Another Diary

THRIFTY_GIRL

Floxxie

Was very impressed with the op posted in the 4th july thread.

I have just realised what SAHM stands for!! Currently the same as DD2 is just 4 months at the mo. I agree that we can make progress even as SAHMs:D. For me paying off early will give mde flexibility to work fewer hours:j

Floxxie

Hi Thrifty Girl,

Welcome to my thread. It took me years to work out what SAHM meant! Even now there are a few acronyms which are used regularly and I have no idea what they mean. Are you due to go back to work or are you looking at working in the future when the little one is older?

I like having my little plan of what the future will hold; it keeps me going whilst I fail at keeping the house clean and tidy:rotfl:

I can see progress as all our overpayments are made through the stuff I do at home. Am now wondering whether I could clear the mortgage through MBing. MQ, what do you think?

Floxxie

TG, just realised the size of your mortgage! Good luck with getting that reduced. It seems to take forever to get rid of the next £10k but suddenly overpayments make a difference!

MoneyQueen

Hi Floxxie,

I do want to "not work at all" when we are MF, but DH is still undecided about that. We also want to move back to somewhere near London as DH will have better job oppertunities there but that would mean getting a mortgage again as house prices in London are much more than in Scotland.

But atleast being MF once will give me the option of SAHM or Part time work if I want to then..

I know I would need a good savings pot before I even think about resigning from my job.. so it is going to be atleast 2-3 years before this happens

We have not started trying for a baby yet but we want to do that soon, which may change our plans...

I am not very organized and deciplined so DH thinks that I will spend my days on MSE and internet in general if I leave my job...

I would need to show him your diary... as you have overpaid circa £23000 in 6 months from your earnings (without a full time job) so effectively you are earning more than me a year from home...

So it is possible if someone tries hard...:rolleyes:

Regarding MBing, I am sure it is possible to pay off your mortgage... Though since the Footie season finished for summer... I have lost all motivation... Haven't earned more than £10 in the last month... I must try harder...

Good Luck and Well Done..

MQ

Floxxie

Hi MQ,

Mmm when you put down how much the mortgage has been reduced by, it makes me wonder how much I could pay off if I applied myself (and had more time)! Although look at your savings - I hope to be able to do that kind of saving in 4 years time. It worries me a little that the savings have gone but I have access to a very large overdraft on my offset mortgage (it's actually larger than your outstanding mortgage and is at the same rate as my mortgage so I'm not that concerned ).

I've always found that I make/save money better when I am expecting and of course there is the added bonus of child benefit and a bit of tax credit once the little one is born. I find having little ones is easy on the money side but I am dreading when they get older.

You can let your DH know that I spend most of my free time on the internet as it is where I make my money so it will be fine if that's what you end up doing! And you don't appear to be lazy and disorganised at all MQ; I think that it is very hard to keep up the pace of saving/making money. I struggle with it regularly.

I would love to live in London but couldn't persuade hubby even when I worked there. We too are planning to take on another mortgage but will ahve to wait until I have the 'new' career. List of requirements: detached, large garden, can keep chickens!

StuartGMC

Floxxie and MQ
Just picking up on a couple of points in your recent discussion.

SAHM or part-time; obviously it is everyone's choice to some degree but decision can be biased by factors such as child care costs outweighing income or need for income to cover mortgage etc. In the absence of either, then I would suggest part-time working can be the optimum. I'm saying that as a guy from two perspectives;

Fristly, my OH has worked part-time for 11yrs since we had our daughter and in that time her career has progressed and she has been promoted to a management post in the Local Authority in which she works.

Secondly, as a manager in a technical organisation I have a £2m target with a team of 9 (Graduates and PhDs) one of whom works part-time, one currently on maternity and likely to return part-time. Whilst this presents some difficulties for overseas client visits at short notice etc, there are benefits to them for their CPD (continuing professional development) and our P&L as they contribute both financially with their technical expertise. My team should be expanding shortly and may also involve recruitment of a previous colleague who has been a SAHM.

I know from our experience it is difficult at times when children are ill, and our DD was bored with out-of-school club since she was 10 due to the wide age range there. But, she accepts that mum working provides the family with the foreign holiday plus OP to clear mortgage and savings towards our needs and plans etc. So I would recommend that the children are involved in the discussions if you've been a SAHM or explanation if you work part-time after maternity so they understand.

I hope you can both reach your own personal goals.

MoneyQueen

Stuart,

I am so unsure about this. My mom worked full time and had a very busy job.. I think thats why I want to give all the time in the world to my kid. My sister also works full time and she has two sons...

I will have to wait till we are MF and till we have a baby and then decide what we do...

Floxxie,

I have a detached 4 bedroom house, a large garden... We will be growing our own veg from next year...:j

No chickens though as we are regularly visited by a fox :sad:

MQ

Floxxie

MQ, I'm not jealous..honestly! Shame you can't keep chickens. At least my house is large so no chance of feeling boxed in but it is actually too much for me to clean which is why I would much rather have a large garden (although I would probably complain about that as well :rotfl:)

Floxxie

Afternoon all,

I am currently in a very bad mood; the type you get when you are feeling poorly and you can't cope with small matters.
I'd already been to the doctors suffering from terrible hayfever but this seems to have developed into a horrible virus. The children are all now drugged up to keep their temps down and I can't do much as my neck is stiff and my head banging. So now I am a bear with a sore head (but minus any alcoholic considerations).
To cheer myself up (having got mad at the number of irrelevant posts on this board :mad:) I went and had a look at the mortgage account. The July payment is still to come out but today the balance is:

£57709
5 years 10 months remaining with no extra payments

It means that at the end of the MFiT II challenge, there would be a little under £23500 outstanding if no overpayments are made. Now that did cheer me up


Off to read some diaries for motivation whilst I plan how to make the money!

taka

Hope you and yours all feel better soon! Now that would be an impressive mortgage reduction!