The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

taxi73

Hi Moneybag....
You are certainly not on your own with struggling for the first year etc....I too was going to back out of this challenge because I'm clearing all CC debt and 2 loans before getting really stuck into this challenge...so I will be behind my target all year.
When I posted on here people talked me into staying as after all it's a 3 year challenge.
I will catch up with myself eventually as every spare penny going to CCS/loans etc will be diverted to the mortgage then.
There are others that have had hours cut,lost jobs etc,circumstances changed and I think as long as we are thinking about the challenge and it'son our mind then we will make some progress in 3 years...and any progress is good.
You have even thought of a plan which is good.

black_taxi_2

moneybag---EF is diff for everyone £500 to £10000

ive set up a £100 direct debit every month into a savings account

also have £500 cash(car/boiler/dental)

taxi73--just add your debt onto this challenge---i have---you then see total mortgage/debt go down each month.snowball it

Moneybag

Thank you to taxi73 and black taxi for your encouragement - exactly what I need at the moment.

Going to put a little by each week to build up my emergency fund, but gonna treat myself each week too if I can, even if it's just a fruit or veg plant for the garden, to cheer me up. I think we all need to look after ourselves and have little rewards now and again for being good with our money !!

taxi73

Absolutely true moneybag....

macgirl

Hello Taxi and moneybag :hello:

I'll be in the same position for the first year too. Our current deal ended in January, so in October we fixed for 7 years - we were on 10 - so increasing our monthly payments by £200.

However, when I checked this month, we had been put on the SVR as they "hadn't received my signed paperwork". It's all been resolved now, so at least we are paying off £200 a month more than before.

That's all I can commit to until my other debts are paid - but it's a step in the right direction. Well done everyone!

TheBees

HI everyone - I've not been on for a couple of weeks but it's good to check in every now and again to keep myself motivated. Well done everyone on all the overpayments, however large or small, every little helps.

financialbliss

financialbliss wrote: »

The 'Who's updated...?' chart.
In an attempt to motivate you all to have a clean 100% chart update score, I've compiled a who's updated chart. Provide 12 updates for all 12 charts and you'll get 100% for updates against your name. Provide less and you get scored accordingly.

It's a quick chart to see who's still in the challenge and providing regular updates. It also serves as a reminder for yourself as to if you have provided an update for a particular chart.

Link to 'Who's updated...?' chart: Who's updated...?

I've just updated post #4 with a new 'Who's updated...? chart.

As per the above, it's a little chart to show who has provided an update for a particular chart.

As LouiseJ has provided her March update and FreedomGirl being mortgage free, I've marked them down as providing an update, so currently we have just 2 challengers who have provided an update for the March chart, but it's early days.

I'll update this myself as I get updates in for each chart.

Financial Bliss.

Little_Mama

Jan & Feb are horrid months for making overpayments, seems to be most of our 'big' bills come out between then and April, plus having some much needed building work done....but the place will be sooooo much better for it.

Still, to stay on track for the challenge the mortgage should've reduced by £2500 and we've actually reduced it by £3260, which is a pleasant surprise.

Keep up the good work everyone and remember we're in this for 36 months, so don't worry if some months aren't as good as others.

LM

unhappy_shopper

#77 reporting for Feb.

Outstanding mortgage as on 19/02/2010 £ 44346

abouttimetoo

Hi all

Just to report that I've made an OP today of £500, I had wanted to do more but have just paid the balance off on my holiday so didn't want to stretch myself too far.

Also.. my car has developed a problem, I've taken it to the garage today so hope it's not going to be too expensive

So, total OP's so far this year of £1300 which is 13% of my target for this year and 3% of the MFiT T2 target