Mortgage Free ASAP

*Jellie*

Queen-Bee wrote: »

So more interest saved and more importantly, I think that I should decide when I want to move my cash, not an automated system that doesn't seem to work properly!
QB

:rotfl:Too right! It always amazes me that I could often physically move the money far quicker than their systems.....unless of course they are taking money out of my account and they want it!!

Queen-Bee_2

Managed to list eleven items on ebay this evening, mostly on ten day listings so as to capture viewings over two weekends. The challenge for me now is to resist looking at other stuff on there and thinking 'hmm, that looks like a bargain'!!

greent

Queen-Bee wrote: »

Managed to list eleven items on ebay this evening, mostly on ten day listings so as to capture viewings over two weekends.

Oh, well done! :beer: That was my plan for tonight - but the children have done me in. The 14 mth old is wide awake and screaming occasionally and, quite frankly, is being a nightmare!!!

I have sold 20 items this week, though. Have 1 left on (finishes Sunday) - only at £3.50 at the mo - but has 35 watchers, so am expecting it to go a little higher:D

Queen-Bee_2

Hi Greent - 35 watchers? Wow! I've never had more than two :rotfl: I'm intrigued! What is it for? QB

Queen-Bee_2

I’ve just realized that my diary is now a year old!! How I managed to miss this important anniversary is beyond my comprehension… maybe it just goes to show the extent to which the MFW lifestyle, writing my diary entries and commenting on other peoples’ is now second nature.

Anyway, rolling back to August 2009, my mortgage stood at around £67,000. I’d already managed to pay off nearly £20k since January 2009, and was looking for extra motivation to reduce it as much as possible in advance of my return to university in September 2010.

Mortgage reduction apart, it had been a difficult year. I’d been made redundant in acrimonious circumstances (never disclose your family aspirations at work) and my self-confidence was in tatters.

Until that point, I’d never budgeted or shopped around for the best deals when it came to insurance, major purchases or utilities. Likewise, apart from ensuring I’d gotten the best possible mortgage deal when I bought my house, I’d never actively managed my finances.

Well… what a difference a year makes.

Having been accepted on two university courses – one which would have involved a complete career change and one which built upon my existing skills set, I plumped for the latter, a part time Masters degree to extend my knowledge in a different but allied industry sector. I started last September, and whilst it’s proved a challenge, I’ve not merely passed, but done well, which has restored my self-esteem.

I’ve taken charge of my finances, discovered TopCashBack and revolutionized my approach to spending!
- I now examine all the options and deals before making a financial decision or buying something new
- I’ve set up a series of bank accounts through which my cash is circulated each month to maximize the return on my money and earn financial rewards (three clicks a month has so far earned me £180 from my Halifax Reward accounts)
- By cooking from scratch, using my secondhand bread-maker and learning about rubber chicken, I’ve cut my grocery bills in half
- All my clothes come from E-bay and I’ve never been better dressed!!
- Rather than get people in from outside to do my DIY, I’ve Googled and learned how to do things myself (OK, there was a plumbing disaster yesterday, which required some outside assistance, but that’s an exception rather than the rule…).

All this, coupled with the tips and support from my fellow MFWs, has enabled me to live on a fraction of my former income and make vast inroads into the mortgage.

As I write, my new mortgage balance is just under £20k and my interest charges are around £2.85 a day. That is a whopping reduction from a daily interest charge of £8.60 a year ago.

Despite the upbeat tone of this post, I have not written it as a means of blowing my own trumpet, but to remind myself of my achievements against what could have been seen as a very unpromising backdrop. I’ve also noticed a lot of new diaries on the Board recently and thought it might be motivating for people to see the art of the possible in just 12 months.

I’ll publish a progress graph over the next day or so, when I’ve worked out how I managed to do it last time!!
QB

SmlSave

Happy birthday diary!!!!! :bdaycake:its been a busy year

greent

Queen-Bee wrote: »

Hi Greent - 35 watchers? Wow! I've never had more than two :rotfl: I'm intrigued! What is it for? QB

LOL! Nothing particularly exciting - a pair of Converse - it went up to 42 watchers!! Quite bizarre!:rotfl:

Queen-Bee wrote: »

I’ve just realized that my diary is now a year old!! How I managed to miss this important anniversary is beyond my comprehension… maybe it just goes to show the extent to which the MFW lifestyle, writing my diary entries and commenting on other peoples’ is now second nature.

Anyway, rolling back to August 2009, my mortgage stood at around £67,000. I’d already managed to pay off nearly £20k since January 2009, and was looking for extra motivation to reduce it as much as possible in advance of my return to university in September 2010.

Mortgage reduction apart, it had been a difficult year. I’d been made redundant in acrimonious circumstances (never disclose your family aspirations at work) and my self-confidence was in tatters.

Until that point, I’d never budgeted or shopped around for the best deals when it came to insurance, major purchases or utilities. Likewise, apart from ensuring I’d gotten the best possible mortgage deal when I bought my house, I’d never actively managed my finances.

Well… what a difference a year makes.

Having been accepted on two university courses – one which would have involved a complete career change and one which built upon my existing skills set, I plumped for the latter, a part time Masters degree to extend my knowledge in a different but allied industry sector. I started last September, and whilst it’s proved a challenge, I’ve not merely passed, but done well, which has restored my self-esteem.

I’ve taken charge of my finances, discovered TopCashBack and revolutionized my approach to spending!
- I now examine all the options and deals before making a financial decision or buying something new
- I’ve set up a series of bank accounts through which my cash is circulated each month to maximize the return on my money and earn financial rewards (three clicks a month has so far earned me £180 from my Halifax Reward accounts)
- By cooking from scratch, using my secondhand bread-maker and learning about rubber chicken, I’ve cut my grocery bills in half
- All my clothes come from E-bay and I’ve never been better dressed!!
- Rather than get people in from outside to do my DIY, I’ve Googled and learned how to do things myself (OK, there was a plumbing disaster yesterday, which required some outside assistance, but that’s an exception rather than the rule…).

All this, coupled with the tips and support from my fellow MFWs, has enabled me to live on a fraction of my former income and make vast inroads into the mortgage.

As I write, my new mortgage balance is just under £20k and my interest charges are around £2.85 a day. That is a whopping reduction from a daily interest charge of £8.60 a year ago.

Despite the upbeat tone of this post, I have not written it as a means of blowing my own trumpet, but to remind myself of my achievements against what could have been seen as a very unpromising backdrop. I’ve also noticed a lot of new diaries on the Board recently and thought it might be motivating for people to see the art of the possible in just 12 months.

I’ll publish a progress graph over the next day or so, when I’ve worked out how I managed to do it last time!!
QB

What a difference a year makes!!:beer::beer::beer: I think that's one of the best bits of these diaries - seeing how far you've come

uzubairu

Well done on your achievements.

Nothing wrong with giving yourself a pat on the back, because you've well and truly earned it. :beer:

Queen-Bee_2

I have been trying to see whether it's possible to upload a copy of my mortgage progress chart... If it appears below then it's a success...



Success!! The blue line shows the path of my original mortgage balance, and the green and red lines plot the paths of two mortgage repayment scenarios I formulated at the start of my mortgage free journey from June 2006 (three months after the mortgage was originally taken out). The purple line shows my actual mortgage balance.

As can be seen, so far I am bang on the nail with my Scenario 2 mortgage balance, which has an anticipated end date of March 2015.

However, now I have the bit between my teeth, it's my intention to go all out with my current repayments for as long as possible... This means that moving forward, the purple line will start to dip sharply below the green one...

I will see what happens in the coming months and whether I can afford to maintain the momentum!
QB

*Jellie*

Great progress QB- it is good to see what can be achieved!