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

Superfast_Gran

taxi73 wrote: »

Have decided to back out of this challenge and take it at my own pace when ready.

Have just seen this post of yours. I would suggest that you don't back out of the challenge but still go at your own pace anyway: it's what we spent the last 2 years doing after I lost my very lucrative job and then had to go to hospital for a major operation in the original challenge. Our goal there was to pay off the whole mortgage of just over £46K but only managed around £12K or so. While we are setting a seemingly more realistic figure this time we still paid off more than we would have without the challenge what with people posting, thanking & pm-ing.

If I learnt anything from the previous challenge, it's that it doesn't matter how big or small your overpayments, if any most months, you will feel better knowing that you made the effort and that others are in the same boat. Yes I did get upset when I saw some of the figures being paid off - they were astronomical compared to mine I thought! - but I just kept plugging away £50 on month, nothing for several months, the odd fiver here and there. Because at the end of the day it DOES make a difference and can seriously shorten the length of time before you'll be mortgage free.

I'm rambling a bit and am jumping around too, but this challenge we'll be concentrating on CC debt for probably the whole of the first year and then hopefully make bigger inroads to the mortgage balance. I guess what I'm saying, again, is don't give up on the challenge. We'll be going at our own pace and if we meet our goal then great, but if we don't we will probably still have made a bigger dent that just our normal payments - which are actually ridiculously low. Good luck whatever you decide to do but I do hope you'll stick with us posting-wise.

PS Sorry everyone if this seems a rehash of what I've posted elsewhere but I thought taxi73 needed a bit of individual support here xx

Kipper

Wise words indeed :T Every little amount counts and soon adds up. Good luck, just hang on in there!

loopy-juice

I'm well behind the target I set myself but don't feel I am failing. If I can get back on track then alls well and good. If I don't then so what, at least I'm paying a lot less than I was...

black_taxi_2

great thread--encouragement when u hit hard times

SmileyG_2

loopy-juice wrote: »

I'm well behind the target I set myself but don't feel I am failing. If I can get back on track then alls well and good. If I don't then so what, at least I'm paying a lot less than I was...

Spot on.

It wouldn't be a challenge if the only outcome was success!

Keep trying everybody!

SmileyG

Louba

Yay - after a slow start we're finally making progress. I just set up a dd for our maximum overpayment of £500 a month. Based on the mortgage company projections that will take the mortgage term down to 8 years, by mine which have it continuing at the same rubbich rate after the three year fix ends it will be 9 - IF we keep up the regular OP. if we keep it up we will also be n track to hit just under our £170k target at the end of challenge.

Good luck everyone, every little bit makes a difference and the support here is amazing!

black_taxi_2

things ive learnt since starting MF challenge

1.its tougher than i thought

2.bills and unknown expenses hit you when least expected

3.you learn fast how you manage money monthly(good or bad)

4.im juggling payments left/right/center to avoid o/d payments

5.seeing your mortage/debt balance lower every month(or not go higher)makes it all worthwhile.

6.the encouragement from thread

7.when the day comes im mortgage/debt free

:beer:

shangaijimmy

Another month, another pay day, another substantial overpayment!! Just £21 off coluring in another brick on our fridge house. Hopefully we can shave that off next weeks food and petrol shop and colour a 3rd brick in as many months!!

That'll be 8k since October, whcih astounds me and just shows what can be achieved with planning, commitment and encouragement!!

Keep working away all!!

Kipper

£207 OP this month, would have been more but work has messed up our hours this month and none of us have received our overtime payments. Feelng very cross as this is not the first time and I'm about £500 short this month. Trying to be philosophical about it and consoling myself with a large glass of wine! Hope everyone is enjoying the sunshine.

abouttimetoo

Hi all

I've made another OP of £500 so I'm pleased with that. You are all doing so well and some great support advice is being provided on here :T