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

Kaz2904

Well at the half way point we are behind target. Only just though and hope it'll be caught up by January.
We are really struggling with the cost of living increases. At the moment I am seeing our savings wiped out by day to day living. DH is not being frugal any more and just buys what he wants, when he wants it. That's not so bad because we could cover it but I have cut my hours, I have had 6pay cuts in a year, I now have to pay for parking at work and DD is having music lessons at school costing £75 per term. DD has Brownies £30/term, DS has beavers £35/term and food and fuel prices are sky rocketing.
Our mortgage rate hasn't dropped very much at all since we came off our fixed rate and tbh, I can't wait to see the back of it. Then we can start trying to get something sorted out so that we might retire one day :eek:.

Despite the tone of the post, I'm pleased we are doing this but it is just the way of the world at the moment.
Start of challenge: £52856.59
Current : £30126.32
Repaid : £22730.27
49.41% of £46000 target.

Hope everyone else is doing ok despite the financial dire straights we are in.

black_taxi_2

first time ever ive REALLY noticed cost of living----fuel/gas/elect/food prices

bank of england are saying inflation isnt a problem

---

pigs fly

cha97michelle

I'm noticing the costs are going up, but we have been lucky to get a good fix with the gas and electric, and had new boiler and insulation last year, so we are currently paying £60 a month with about £180 in credit ready for winter.

I also buy food when i can at a local discount shop like approved food only it is frozen food, but when i purchase food at normal shops the costs seem to spiral when i don't even have that much in the trolley.

And as for fuel - we went away down south for the weekend and DH put nearly £200 of diesel in his car. Luckily this was combined with a work meeting so he could claim mileage allowance which covered it, but it is certainly grim.

We are only ahead as we have had a good year so far with DH getting a work bonus, DHs great aunt went into a care home, so she sold her car and divided the proceeds between her 6 great nieces and nephews, and we have had a rebate from the tax man. But we are not ahead by as much as it could have been.

I'm torn between trying to let us have a few treats now and paying off as much as i can because i am pretty sure there won't be much room for treats when rates go up too. One thing for sure is at 0.5% base rate, this is the best it gets, so i will push on as it can't stay this low.

SparkleBlack

#15 checking in! Hubby and I are now fully offset - wahoo, wahey :j

We probably won't be in this position for long as we're in a flat and are beginning to need more space and I'm lusting after a garden! For now we're saving like mad and slowly getting the flat ready to go on the market so at some point in the future we'll be back with a mortgage. We're loving the MF feeling though!

Big thanks to FB for organising this challenge. It was just the kick up the backside I needed to really push for being fully offset. Good luck to everyone else on MFiT2. Everyone's doing such a great job!

Kaz2904

When I started the first pay your mortgage off in 3 years challenge, my budget was £200 per month for food, cleaning products and nappies/ wipes. Petrol budget was £80/month. Now 4 1/4 years on, my little ford Fusion costs £50 to fill up (thankfully only need to do once per month usually, rarely twice). DH's picasso costs £70ish to fill up and he's filling it at least twice per month.
Food prices may not have gone up that much but the food which is being sold is carp. I had to put out an absolutely rammed food bin the other day because the carrots and pears I bought turned to liquid mush. The pears in 2 days and the carrots in 5 days. In turn, these spoiled all the other fruit and veg they were being stored with. I went and complained to Asda and they gave me a £2 gift card. That in no way covers what I lost. I bought 1 lettuce and 2 Cucumbers from Mr M's on the Saturday and went to use them on the Tuesday. The lettuce had turned to mush and was unusable and the cucumber was clear all the way through and ready to explode.
I shop regularly and store my fruit and veg well but even I can't stop things from going off and dying so what chance do others have.
Asdas view was that I should keep everything in the fridge. How big do they think my fridge is?
Thankfully, my DS will be going to the same school as my DD next September so I will be able to walk them to school. They were off for Whitsun holidays and I filled my car up on the Monday. Come to take them to school on the following Monday and I have 6 miles on the clock. Now, a week later and with only 1 trip to work, I'm above 70 miles. It's ridiculous. That's all school runs and having to run them around to clubs and things. In the holidays, I leave the car at home and we walk.

I do wonder just how long this recession is going to last, we are in a very comfortable financial position compared to colleagues of ours and we're struggling. I honestly don't see how people in debt can actually afford to survive. It's a case of living beyond their means now by just paying bills and eating. Frightening times really, truly frightening.

maz123_2

Morning
I cannot believe its time to checkin already, where is the time going. I'm very pleased to say that my current balance is £28678.80 and so i've broke the £30000 barrier. :j
I'm making plans now as i'm told my job is at risk and will probably lose it in 2013, but if i've no mortgage or a very small one, it'll make life alot easier. I'm going to need a new car but have got some money for that, but would love the cari'm in to last till i'm mortgage free, i can but live in hope.
I think were all going to be in for a rough time with prices seeming to be constantly going up but at least were going to be in a better position to ride it out :T
maz x

Daisy_Duck

Hello everyone

Halfway already, goodness!

Have updated with a figure of 127,757.64 which means we're in the green which is wonderful.

We are looking to move over the next year though and that will involve borrowing more but we will only be in a position to move because of the overpayments we're making so it's all worth it.
Well done to everybody :beer: am looking forward to seeing the new chart

teapot2

Have updated via Google docs - think we're ahead at the halfway point but am very unconfident about my maths so will wait to see the figures .

Seems to have flown by quickly to midway through the challenge, well done everyone on overpayments and getting the mortgage down. Looking forward to seeing the chart when FB gets time to do it [thanks FB]

tattycath

Oops, haven't rung the bank yet-will ring up first thing monday morning and update then.

mummyofonechild

Am still exited to look at the chart tomorrow even though I know what mine will say