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

mummyofonechild

black_taxi wrote: »

stages of a MFW

1.at the beginning before MFW challenge your eager for it to start
2.it starts your excited make first payment prob a decent one to get going
3.you find out monthly you have expected/unexpected bills
4.you have to revise target as you were over/confident or under/confident
5.you find you cant make payment one month--feel down(thats ok--as long as you dont take on new loan/debt)
6.one year is reached and you feel it has passed quickly
7.on to 2nd year and time seems slower for end of each month
8.a dangerous stage ---you become bored/impatient/ seems never ending-possiblity you will give up or take on new debt
9.solutions--read other threads who hav become MF(they over-came same problems--but reached the end)
10.hav a month break--treat yourself to a nice restaurant/weekend away
11.look back at highest point of mortgage/debt at start--see where you are now(being lower is a huge acheivement)
12.access yourself daily---today im thinking what i hav acheived so far---well im 25 days from sticking with MFW till half way stage.
13.if you are struggling put it up on thread--your not alone
14.you can break it down--many targets---£100/£500/1k/5k/10k barrier
15.take encouragement for the few that will reach 12/12/12 MF
16.think 12/12/12 ---for me i wont be MF but effort will make sure i am not far away 12/12/15

stick with it everyone

Very True, Thanks Black Taxi.

I am at stage 8. The very impatient stage. So near but yet soooooo far away.

black_taxi_2

im at 8. also :j

twinklie

I'm at 8 as well. Trying to decide whether to up the mortgage and buy a bigger house.

gerbiljo

I'm on 7 hurry up payday

RosieTiger

Another one for stage 8 !!!!

I think it's having a spreadsheet which allows you to know in advance how your doing, so no matter how far We get, the next line of the spreadsheet seems a bit away.

Frustrating, I'm sure my spreadsheet is running slow!

mummyofonechild

gerbiljo wrote: »

I'm on 7 hurry up payday

For me its hurry up 28th when next mortgage payment comes out.

Good Luck

curlygirl1971

Brilliant post BT - just what I needed


I'm a 7.5 I think

I get frustrated that silly little things keep costing me money. I'm fortunate that I've go no big bills (yet) that I've not saved up for but money just seems to leak through my fingers at present. I'm only managing my budgeted OP rather than anything extra which is naffing me off as my budgeted OP is quite low and so the small payments are making the months seem long

My spreadsheet (keep gazing at that lovely £33k instead of £43k) and other people on the forum do provide huge motivation however. I've got a big holiday later in the year which I'm really looking forward to so I don't feel like life is just one big sacrifice (I've got over my earlier guilt ). So I know I could do better by not spending on things like holidays but I guess I'm finding the increased cost of living quite difficult despite being in a relatively good position....and that scares me a bit 'cause I'm on what I think is a decent salary and no kids - I've no idea how families manage and I know there are quite a few on here.....hat's off to you all.

If my circumstances don't change, if I keep focused and keep OP'ing, if interest rates go up no further or faster than that which I've predicted on my spreadsheet then on 12/12/12 I will have a mortgage of £26.2k and not £39.6k. And if I continue beyond that I will be mortgage free in May 2019 when I'm 47 and not in August 2027 when I'm 56. (Actually that's not going to happen 'cause I don't want to spend the rest of my life in this house!). But anyway - I love those facts!

black_taxi_2

yeah food prices an fuel added an extra 2 years onto my MFW

forgot to add

nothing is in stone when your MFW

ie---loose job/less hours/home improvements/larger property/holidays/newcar/super injunctions:D50k a time

mortgagenomore_2

I agree and can relate to number 8 it is hard sometimes, i only have 23ish to clear but like others lately i am struggling although one tip i always do if i see the total staying the same for too long is i make a 'token' payment ie £5 just to psychologically see the total change and makes me think i am trying!

black_taxi_2

my june payment will be a bit of a milestone

as well as halfway thru 12/12/12 MFW

it will be last payment of a 8/9k bank loan in MFW

you know how banks make it difficult for you to work out debt interest charges on loans--i could never work exact figure

bank actualy phoned me up today--telling me i could another have 5k loan in my account by noon--i declined

now with mortgage only---i can look on-line daily and see interest charge figures to the penny and see progress

dec 2009 (180.96) may 2011(106.79)

so another target---get below £100 in interest