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

gallygirl

black_taxi wrote: »

MFW in 3 years has been great because it set a target

you learn valuble lessons along the way---mainly known an unknown expenses/setbacks/acheivements

1.main acheivement so far has been to reduce debt/mortgage from 48k to 33k
2.my first target-clear 8k debt loan was acheived this month
3.my next target will delay my MFW date-lower payments---but i have to do it(o/d facility withdrawn---dont want anymore loans)
4.building my bank balance up to 7k(5k emergency fund--2k upfront monthly payments(will include 580 o/p mortgage)
5.this target should be reached around feb 2012
6.once this target is reached i will be back on track for MFW early 2016
7.you get a reality check when you set targets--feeling slightly depressed i will be 3/4 years late but im still reducing my debt yearly

all the best

Don't be downhearted - life is what gets in the way while you're busy making plans . You're doing really well, well done on clearing the loan, and reducing your mortgage at the same time. Onwards & downwards

RosieTiger

Blacktaxi I can only agree with GG. Everything you have done has been correct, things like the overdraft and loan are also debts, so even if you clear then mortgage slightly later than would have liked, it's all been done for the right reasons. You are doing fine, keep it rolling!

ninky_2

I've just posted my latest update - better late than never! Current balance is 123k (33k above my starting balance at the beginning of the challenge). However I do have an overseas property to show for it. I've been a bit spendthrift this year as well as using our ISA allowances. Some belt tightening may be required. I'd like to at least get back to where I was 3 years ago on the mortgage by the end of this.

curlygirl1971

black_taxi wrote: »

1.main acheivement so far has been to reduce debt/mortgage from 48k to 33k
2.my first target-clear 8k debt loan was acheived this month
3.my next target will delay my MFW date-lower payments---but i have to do it(o/d facility withdrawn---dont want anymore loans)
4.building my bank balance up to 7k(5k emergency fund--2k upfront monthly payments(will include 580 o/p mortgage)
5.this target should be reached around feb 2012
6.once this target is reached i will be back on track for MFW early 2016
7.you get a reality check when you set targets--feeling slightly depressed i will be 3/4 years late but im still reducing my debt yearly

all the best

Well done on getting clear of that Loan BT - think you were going for a steak to celebrate. Did you? Was it good?

I had a FIT steak on Saturday night. It was my BF's diving club who are sadly disbanding - they meet up rarely now and I like him going as they are fab bunch of people. But it was £25 per head fixed price. God I was grumpy about going. But we had great company, lovely meal and then even better when they announced that the club was going to pay for it before they closed down the bank account. Ding Dong - tasted even better :beer:

Anyway BT, your doing really really well - imagine the position you would be in if you had not gone to the effort you. I read your post about he OD facility - and can hardly believe it! As I'm in fairly polite company I shan't say what is on the tip of my tongue.

Onwards and upwards BT - you're doing fantastically. I think it's quite a good feeling to have money in the bank that you know you can fall back on

curlygirl1971

Think I've posted this before but every once in a while I read it again and it gives me a bit of a lift. Yeah it's a bit cheesy but I like the sentiment - whether you're squirreling away savings or saving money on debt, I think all of us that are doing so deserve to walk tall.

Saving for Greatness
by Luke Setzer
A fellow freethinker who works for World Financial Group shared this document with me.

Your savings, believe it or not, affect the way you stand, the way you walk, the tone of your voice - in short, your physical well-being and self-confidence. A man without savings is always running. He must. He must take the first job offered, or nearly so. He sits nervously on life’s chairs because any small emergency throws him into the hands of others.

Without savings, a man must be too grateful. Gratitude is a fine thing in its place. But a constant state of gratitude is a horrible place in which to live. A man with savings can walk tall. He may appraise opportunities in a relaxed way, have time for judicious estimates and not be rushed by economic necessity.

A man with savings can afford to resign from his job if his principles so dictate - and for this reason he will never need to do so. A man who can afford to quit is much more useful to his company and therefore more readily promoted. He can afford to give his company the benefit of his most candid judgments.

A man with savings can afford the wonderful privilege of being generous in family or neighborhood emergencies. He can take the level stare of any man ... friend, stranger or enemy. That ability shapes his personality and character.

The ability to save has nothing to do with the size of income. Many high-income people spend it all. They are on a treadmill, darting through life like minnows.

The dean of American bankers, J.P. Morgan, once advised a young broker: "Take waste out of your spending; you’ll drive the haste out of your life."

If you do not need money for college, a home or retirement, then save for self-confidence. The state of your savings does have a lot to do with how tall you walk.

RosieTiger

That's excellent!

mortgagenomore_2

Over half way there and still we are going whether managed to recuce by a small amount or having paid off the mortgage the fact we are still attempting the challenge says a lot, round of drinks for us all SEP/DEC/MAR/JUN/SEP/DEC 6 more check ins to go :T

clearing_out_my_pockets

Apologies for updating late! I have a very good excuse though - I've been on honeymoon!

gingernutbizkit

Hi all,

Sorry, I have been AWOL for sometime now and will have to pull out of the challenge however it is for good reasons . Our goal was to completely pay off our mortgage and debts so that we could buy a house in an area we love in 8 years time.

We have now become debt free and the amount we have overpaid on our mortgage has meant that we are now in a position to afford our dream house with a mortgage that is affordable. The house requires some work but we are looking at it as a lifelong project and it means we can bring our kids up surrounded by fields and countryside .

This would not have been possible when this challenge started so thank you all for your support.

Ging x

wynnvegas

Hi Curlygirl,

I don't have savings yet but if you replace the words "with savings" with "without a mortgage", the sentiments are equally accurate. I've become so much more confident at work and the benefits to both me and the Company have been massive. I'd never have spoken out or taken the initiative to do half of what I have done this year for fear of someone taking something the wrong way and deciding to bump me. Thankfully, I'm in a job I love in a great Company and I am unable to be criticised (even when I'm wrong!) as everything I do is intended for the good of the Company. It is a great feeling to know that we could survive on one salary comfortably if it came to it and that there wouldn't be a rush to take any job that came along.

Cheers,

Billy