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

Kaz2904

Please count me in.
I've always known that I had no chance of being MFi3 (the original 3!) and knew it was more like debt free in 6.
My mortgage is set to end on 22/11/2012 according to snowball. At present I'm unsure if I will even hit my initial £43000 target.
I will start out with a mortgage of £43,253.10 (will change subject to further overpayments) and a debt of £11210. My current snowball suggests figures of £0 mortgage and £9921.98 debt for December 2012. So I will set my target as £9000 debt for 12/12/12.

My mortgage is 5.29% fixed until July 2010. Minimum payment is £649.75 but we allocate £1330 monthly to debt repayment. £1320 to mortgage and £10 to Mum loan.

Tips heh? Each February and March we pay the council tax to the mortgage. Each March and April we pay the water rates to the mortgage. Any quidco cashback goes to the mortgage. The yearly cash back from my egg card goes to the mortgage. If I seem to have come under budget for food (hah when does that happen?!) I may pay in some money then. Initially I used to come home from shopping and get my reciept out, check how much I'd saved from coupons and pay them straight of the mortgage.
Any interest we earn on our savings accounts or current account goes towards repaying what we owe to our savings. These are my DH's inheritance but have been heavily pilfered for a new (to us) car and major renovation which is ongoing to our house.
We have been here 4 years at the end of May and will still not have finished it by then! We have had our downstairs liveable and nice since 20/11/2008.
We need a new bed but are coping with our old one at present. TBH, the more nights I work, the easier it is to cope with cause then DH & I sleep alone and in the middle so it doesn't wreck our backs too badly.

I suspect I may have rambled (surely not Kaz?) for a while but thought I'd paint a picture for those who don't know me/ have forgotten the details!
I will add this challenge to my sig only when it starts because I am easily confused. TTFN, Kaz.

Floxxie

Kaz, if it's a new mattress or bed you need, then get one! I spent so many years having a miserable sleep so go and treat yourself.

P.S. you are doing so well on getting the mortgage down. Can't wait until we are at that amount

cazmanian_minx

OK, had a think - my target will be to reduce the interest-bearing amount (i.e. balance minus offset) by £30,000.

Floxxie

Thanks FB/Maz123,

Just had a look at the first page and pleased to see that I shall be reaching my target this year of reducing it to £65,500 :rotfl:

Had better go and do something to make sure it happens!

Floxxie

Kaz2904

The trouble with getting a new bed is that we can't actually fit it into the room until it's been emptied and sorted out. When our room is done it will need the walls pulling down and rebuilding and possibly the ceiling too (can't tell yet as it's got polystyrene tiles at the moment- mmm yummy!).
That kind of work is likely to wreck the new bed and a kingsize will be a complete sod to shift in and out to get the work done. The plan will be for DD to go into DS's room on his top bunk and we'll have the floor in her room until it's done. Then they (and the bunk bed) can shift into her room so we can do his. I'm hoping his walls aren't going to fall down!) Then it's hall stairs and landing (again, new walls, ceiling etc).

I'm just remembering the black dust! At least we have the fireplace up and running now so I can just chuck the lathes on the fire instead of having to bag them up and dragging to the tip! Just leaves tonnes of plaster to do.

Lunar_Eclipse

financialbliss wrote: »

Hi everyone!

Thanks FB.:)

Just a quick note to say I'll finalise my goal towards the end of the year, since I have one running until March 2011, which will need extrapolating to fit. Additionally, it may need to be modified anyhow. You know how things change and life gets in the way!

I have just spent about an hour and a half doing our '2009 budget' and setting up the Excel spreadsheet which keeps us on the straight on narrow throughout the year. I find the digital side of this activity very boring since despite how much I try, I am very much a pen and paper girl. However it is very motivating to see that I have tweaked the numbers to get us where we want to go, despite having no money allocated for overseas travel this year!

We have just come back from nearly 4 weeks in New Zealand, so I really mustn't grumble, but somehow those post holiday blues and sub zero temperatures that we have experienced since our return make this reality seem a lot worse than it would otherwise be.

Maybe a trip to M&S for some urgently needed school uniform (tights!) in the rain will help!:D

maz123_2

Hello Lunar glad to see i'm not the only one spending time making spread sheets, but i did mine on Saturday night, how sad is that! Chardonnay came to help as well though:beer:
I've also not got any allowance for overseas travel, its camping for us this year, but we do enjoy it and yes i do still meal plan for camping!and it is alot cheaper
maz123

StuartGMC

Lunar_Eclipse wrote: »

Maybe a trip to M&S for some urgently needed school uniform (tights!) in the rain will help!:D

....I assume these are for your daughter rather than you, but, who knows with weather like this keeping us house "bound"?

Seriously though, best wishes in your endeavours.

Floxxie

Kaz2904 wrote: »

The trouble with getting a new bed is that we can't actually fit it into the room until it's been emptied and sorted out. When our room is done it will need the walls pulling down and rebuilding and possibly the ceiling too (can't tell yet as it's got polystyrene tiles at the moment- mmm yummy!).
That kind of work is likely to wreck the new bed and a kingsize will be a complete sod to shift in and out to get the work done. The plan will be for DD to go into DS's room on his top bunk and we'll have the floor in her room until it's done. Then they (and the bunk bed) can shift into her room so we can do his. I'm hoping his walls aren't going to fall down!) Then it's hall stairs and landing (again, new walls, ceiling etc).

I'm just remembering the black dust! At least we have the fireplace up and running now so I can just chuck the lathes on the fire instead of having to bag them up and dragging to the tip! Just leaves tonnes of plaster to do.

:eek::eek::eek::eek::eek::eek::eek:

Ummm, ok, you might want to leave it for a while for a new bed but could you replace the mattress?

Floxxie

financialbliss

We're currently got 14 challenge members. I've now PM'd everyone with their number, the majority of which were already reflected on post #1.

Post #1 and chart update to follow.

We're already committing to reduce our mortgages by a collective 375,000

Best regards,

FB / Maz123.