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

curlygirl1971

black_taxi wrote: »

.....but there are so many unknows which i didnt know about

now im two months away from paying off 9k bank loan saving £370 a month(ya beauty)

I think that's what concerns me. For the past 3 years I've been earning a much better wage (due to luck and being in the right place at the right time) - but its not going to go on forever. Sooner or later, the bubble will burst - so I guess I'm trying to make hay whilst the sun shines.

You've done really well BT and that loan coming to end must be such a great feeling. What an achievement.


I've checked my balance this morning - OP now gone through. It's a very sexy looking £33060 (So yes now I'm hunting around for that £60).

Without OP's, my balance today would be £42853ish. I'm saving roughly £1 interest per day. 4.6 years have been knocked off my mortgage life.

My original challenge to myself on Mfit-T2 was to reduce my mortgage balance by £10k and I've achieved that. As we are half way through I'm going to try and double this. Don't know how possible it is, as 65% of my OP's so far have been made up of Bonus payments and Savings. Future Bonus unlikely and Savings now reduced. Ah well - I can but try

23.5% of my net income goes to mortgage. Real % is probably higher as I find other bits to OP.

I would imagine that most peoples %'s are much higher? Given that my income is higher than national average and my mortgage payments are small I feel like I should be paying more off. But that would involve some serious sacrifice (in my opinion) and cause issues with my BF, who would want to pay for everything. He's already MF and naturally wants to do and enjoy certain things.

Holiday savings 9% of income, Social budget 8%.

I do however manage the budget I have tightly, and always try and get the best deal for my money. I don't go wild, I rarely drink, I don't fritter on magazines and coffee.

Clearly I like words and %'s. Not everyone can type for Britain, but care to share some of your %'s fellow MFW's?

someday_soon

Hi Curlygirl

Percentage of our combined monthly nett pay on mortgage is 62.44%
This leaves us about £750 for all the other bills, food etc for the 4 of us.
Still managed a holiday last year, and don't really feel as if we are missing out on too much....most of the time. It suits my mindset to sprint rather than jog , and this way we have halved our 60,000 mortgage in less than 18 months with the help of some savings that were doing nowt. We have not done anything extravagant for such a long time, but there is plenty of planning going on for when the moment comes, thats for sure;).

Someday Soon

curlygirl1971

someday_soon wrote: »

Hi Curlygirl

Percentage of our combined monthly nett pay on mortgage is 62.44%
This leaves us about £750 for all the other bills, food etc for the 4 of us.
Still managed a holiday last year, and don't really feel as if we are missing out on too much....most of the time. It suits my mindset to sprint rather than jog , and this way we have halved our 60,000 mortgage in less than 18 months with the help of some savings that were doing nowt. We have not done anything extravagant for such a long time, but there is plenty of planning going on for when the moment comes, thats for sure;).

Someday Soon

Many thanks for sharing. But GULP, 62.44%! Am embarrassed. My bills incl food and petrol are £723 (for one person), thats 40%, plus mortgage 23.5%, means that I spend 1/3 of my salary on stuff like....Clothes, going out, saving up for replacement car, saving up for holiday.....1/3 sounds like a fortune. Am driving myself nuts with this, and probably everyone else :rotfl:

62.44% is impressive Somedaysoon - well done. I'd never be able to get my hair cut or moisturise my scaley skin :eek:, or go to the pictures if I met this!

Okay I'm stepping away from the %'s for a while....will continue trying to squeeze the budgets & being frugal in my own way

gerbiljo

56.25% is our overpayment money hmmm it feels like were doing more than that

curlygirl1971

I'm a failure! :rotfl:

Superfast_Gran

curlygirl1971 wrote: »

I'm a failure! :rotfl:

I'm not 'avin that! None of us are failures - we just don't always reach what we THOUGHT were our goals. Bottom line is we're making inroads - however small. We've just practically doubled our mortgage this week as we move into our new house (after a complete saga of screw ups by banks and lawyers - although not our lawyer who's been absolutely brilliant) and haven't made any overpayments for months. Do I see myself as a failure as we will no way no how complete the challenge we set ourselves? No, I will continue to strive towards that goal and will make it eventually!! So come on darling, keep on keeping on xxx

teapot2

financialbliss wrote: »

The half way mark...
Half way into the challenge and you should have an idea if you're going fail, match or exceed your objective.

Looks like teapot2 has the smallest shortfall at just £269 being already at 49.04% of an ideal of 50%

Financial Bliss / Maz123.

Ooer how exciting - hadn't thought but of course we are halfway through the challenge and am really pleased we've been able to keep to it and almost get to the 50%. How nice to get a mention in dispatches as well :T:T. Am pleased we're on track as both of us work part-time and I'm self employed so its a bit tricky sometimes but we plug away at it. Thanks as always for the charts FB

curlygirl1971

Bless you Superfast, I was only joking. I know some OP's are better than none. It's just that's it quite obvious some are prepared to sacrifice things and work harder at it than I. I like the effect of the OP's but I also like my holidays just as much.....;)

curlygirl1971

And many congrats on moving into your new home. Hope you will happy there and start reaping the benefits you were after

Superfast_Gran

curlygirl1971 wrote: »

And many congrats on moving into your new home. Hope you will happy there and start reaping the benefits you were after

Thanks xx We're actually going to be setting off for the house in around half an hour and then will have no internet until Friday and, worse, no furniture until Thursday lunch time!!!!!!!! Still, it will be worth it. Now just the jobs to sort out!!! Will update signature to show new figures after the weekend. Until then people xx