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

financialbliss

medic1978 wrote: »

What will you do if people don't send their targets and/or don't send their updates as the challenge progresses?

I was considering scratching people off the challenge if they didn't provide updates, say after 2 or 3 missed updates, but rather than that negative approach, I've got a positive approach plan, which I need to discuss with Maz first to get her opinion

FB.

gallygirl

financialbliss wrote: »

I was considering scratching people off the challenge if they didn't provide updates, say after 2 or 3 missed updates, but rather than that negative approach, I've got a positive approach plan, which I need to discuss with Maz first to get her opinion

FB.

So first a stern reminder then and if that doesn't work

someday_soon

Hi All

My strategy?? has been to set up a really harsh standing order to the mortgage account. Then what is left when we get paid(not much) is divided up into pots of weeks. The plan, to live like students!! Overcome, adapt, get by. Sounding and thinking like my Nan now so will leave you all in peace.

Someday (I have a date now) Soon

black_taxi_2

ive done set o/p payment of £600 a month---gives exactly 4 years

on the 27th of each month i will know if i can pay more than that.so im looking at 3 1/2 years or 3 if i get lucky

gallygirl

Floxxie wrote: »

I use paidtoshop to find the Tesco (and other) points.

uzubairu wrote: »

PaidToShop is where I get my info from.

_pale_ a money saving site I didn't know about _pale_.

Off to explore

someday_soon wrote: »

The plan, to live like students!!

So, lots of beer & pizza plus Countdown (or is it Deal or No Deal these days ).

Hmmmmm...... think I like your strategy better than mine :rotfl:

Courgette

JonnyBravo wrote: »

Congratulations on the first overpayment of the challenge.

You've set a high benchmark for the rest of us!!!

Thank you Don't think it will be up there every month though, I'd been saving up especially to do that! :j

I need to find an extra £650 per month to complete by 12/12/12. I intend to do this a number of ways: reducing food bills/batch cooking, reducing utility bills, using charity shops more for clothes (and only buying where really needed), forgoing holidays, not buying books unless it's reeeeeally wanted, that kind of thing. I'm lucky because my annual salary isn't that much below what I owe. Oh, I may also do some exam marking in the summer or some tutoring (I'm a teacher).

Good luck everyone!

bungrefurb

well were off the starting block!!!! goodluck to all, and thanks maz and fb xx

cazmanian_minx

LouiseJ wrote: »

Just a thought.............How are we actually going to manage this???:eek:

I am interested to know peoples strategies in attacking the challenge. I have a few tactics.........

I plan to make all spending on gifts including birthday's and Christmas money neutral by doing surveys, scratchcards, matched betting, Mystery shopping and selling.

Holidays in 2011 and 2012 will also be as money neutral as possible as I am collecting Mr T clubcard points and saving the vouchers. Depending on how well I do with that challenge will govern where we end up on holiday (quite exciting really). I am grabbing as many extra points that I can get my hands on.

I shall keep a spending diary and take part in the grocery challenge.

So what type of things will you lot be doing?

Well, if the base rate stays at 0.5% (hah! In my dreams!) then our normal overpayments will take care of £18,000 of the £40,000 target.

I'm self employed (online retailer), so how much I earn over the next 3 years is basically down to me. I've been organising my stock in preparation for a big January sale to clear out all the old stuff kicking around and I should get a pretty healthy refund from the Inland Revenue when I submit my first VAT return in January (might just about offset the tax bill :rolleyes:). Holidays - well, we didn't have one this year and we won't be having one next year, but the year after we're hoping to go to Mauritius courtesy of Mr Tesco

The other string to my MFi3 bow is writing. I've had a few short stories published and I've been saying for years that I'm going to write a Mills & Boon novel - so far I've been all talk and no pen-pushing :rolleyes: So, public statement, I want to have a first draft of an M&B Intrigue novel completed by end of the first six months of the challenge, so 12/6/10. Doesn't matter how bad it is, I can at least edit and redraft it if it's written!

Good luck everyone - really looking forward to this :beer::beer::beer:
Caz

shaz_mum_of__2

Wow a book in the offing ...........thats creative

We are aiming to grow more veg this year, utilise our self sufficiency club membership for meat supplies and trading opportunities , make gifts ,sell books , cut down on impulse buys . I use cashback sites, i stooze (although not worth much at the min) i stockpile, i do free bingo and cash for clicks

Holidays may be few this year due to Uni pressures but we have a caravan and hols are cheap.

I hope to raise some plants for re-sale as well as our own use and EVERY penny going out will be accounted for .

Louba

Can't believe this has started - it seemed ages away when I first signed up!

Our position has changed a bit as we're hoping to move in March and will have a brand new mortgage of around £220,000 and I will still have a mortgage on my own of £150,000 :eek:. The plan is to sell my flat sometime in the next year but given the time of year and the fact that the tennants are great I'll leave it alone for now. Our focus for the moment has been to save manically for the deposit as we aren't selling anything - we're currently about £36000 and will be at about £48000 by March - only a 15% deposit which is less than we would have liked but we got a good deal on the house by moving quickly so hey ho as they say. So techniclally we're not overpaying right now but we are making progress with a further £2200 to the deposit fund this month The current target it under £100k by the end of the challenge.

Caz - good luck on the writing that sounds really interesting

We're doing much the same as everyone else, reducing the groceries budget by meal planning, ebaying, amazon, gumtree and all the usual cash back sites. I've been walking to work to save on fuel!

Sorry for the long post - will make the updates shorter!!

FB I'll pm you with figures once we're settled