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

cha97michelle

I'd be pretty high too on what had been spent on home repairs too this year. About £14k at last count with a few finishing touches to go.

Most mince pies eaten over the next few weeks?

Most times you've redecorated the tree because the cat/dog/kids have stripped it again?

Most snow?

gallygirl

cha97michelle wrote: »

Most mince pies eaten over the next few weeks?

Most times you've redecorated the tree because the cat/dog/kids have stripped it again?

Most snow?

No, wouldn't get on any of those either :rotfl:

FlowerPower

Woah, just had a look at those charts, took me a while to cotton on to what they actually meant. Is that how much people are paying off???

Wow, how do you guys/gals do it?? Well done!!!! I don't think I'll ever make it onto those charts, but well done to those who have!

p.s. mince pie eating league table sounds good to me!

curlygirl1971

Like FB said - it depends on what was pledged in the first place. I didn't pledge much (£10k off balance by end of 3 years) and have so-far been able to do a bit better than I thought so hence my appearance on a 'Top something' list for the first time ever

My outstanding bal is only £39k. Am on SVR so I have a low rate of 3.5%. My standard payment is £265 which is only 15% of my outgoings. My budgeted OP is only 8% although I do try and eek out more. I know every penny counts but I can't help feeling like a bit of a fraud at times on this thread when I see some of you do much better in harder situations. I'm in awe of some of the bigger payments. Am not sure if it's 1) Personal Sacrifice 2) Great Incomes or a bit of both. I get the feeling some people work very hard and work very hard at cost management.

Am single - so sometimes that has been difficult but there again I've not had the 'expense' of Children and I've only had myself to manage and account for. I do watch my outgoings. I budget everything. I try to get the best deal. I've saved up for things and saved up an emergency fund and then a bit more. In the past I've done without things and experiences. I'm lucky in that I've always been able to afford a roof, some food and some heat.

4 years ago the heel came off a pair of boots that at the time were 7/8 years old and had only cost me £12 in the first place and I'd got loads of use out of them......I actually burst into tears because I couldn't afford to replace them. And then I cried all the more at the realisation that my life had reached such pathetic lows (relative to my peers). I currently earn more than I did and if the same thing happened now I'd be really naffed off because it meant I wouldn't be OP'ing as much and it would launch me on to an epic mission to find the best bargain for what I wanted :rotfl:But at least I would be able to buy new boots.

I analyse my figures. I stare at my budget but as much as I would like to see those OP's go up I just can't bring myself to trim costs down. I feel like I'm going to break out in hives at the thought of stopping or cutting back all those things that I can now do if I want to. So I guess I'll have to live with my relatively small OP's...................

Well done everyone who has achieved more or tried harder than I this year :T

curlygirl1971

Sorry for long post. I really like to go on with myself

black_taxi_2

long post is ok---i enjoyed the read

your balance not increasing is great---your balance reducing slowly but surely will one day be life changing

all the best

Trying_to_be_good

When I started the original Mortgage Free in Three challenge I was single and earning pretty good money.

Now, I'm married with four step-children, we both have good salaries, but I balance many more demands on our money, so for me (us) it's about good salaries plus careful money management and "acceptable" sacrifice. The latter is a constant debate, and between us we establish the balance between living life for now and preparing for the future. Let's just say we have very different ideas about budgets!

golfiematt

curly1971, its not how much you o.p. its the fact you o.p. that counts, in a few years most of your friends will still be paying their mortgage while you will have the luxury of being able to buy an extra pair of shoes or something!!!

gallygirl

golfiematt wrote: »

curly1971, its not how much you o.p. its the fact you o.p. that counts, in a few years most of your friends will still be paying their mortgage while you will have the luxury of being able to buy an extra pair of shoes or something!!!

You mean pay extra into her pension surely

curlygirl1971

Absa-flipping-lutely Gallygirl!

Do I 'fess up to the new pair of boots (To replace a pair with holes in) and a pair of shoes I bought at the weekend? They did have 50% off!

I am indeed excited about paying off mortgage and frequently gaze lovingly at my forecast spreadsheet. If I can keep up what I'm doing, if I'm lucky to keep in employment then I am forecasted to finish the mortgage in April 2016 and not August 2025 (and that's with interest rate rises factored in)

Black Taxi is right - it will be life changing - I think I will take out another mortgage though - I don't live in a great house in a great area but at least I know what I'm capable of and I will have more equity to put against next house than I would have done.

When I listen to colleagues at work talk about how they manage their finances.........:eek: