Helen's MFi3 Diary

Hels50

I'm officially part of the MFi3 Challenge! My aim is that by 12/12/12 I'll:

87. Hels50. Completely clear my £56,050 mortgage. :j

I took out a £90,000 mortgage in August 2004 with the Halifax. I made regular capital overpayments then remortgaged with First Direct at the end of last year when I had £63,000 outstanding on the mortgage(1.49% above base rate, lifetime offset tracker).

Between now and December when the official challenge begins, I'm having some double glazing installed so a little juggling will be required but I've calculated there should be around £54,000 outstanding by then.

As long as I can continue to work full time, I should continue to bring home around £2,500 a month (including unsocial hours and bank shifts). This is my budget:

Mortgage interest £95
Mortgage capital £1250
Regular Saver ISA £300
Council tax £110
RCM £19.18
Water rate £21.32
Scottish Power £88
House insurance £16.80
Nuffield Health £44.00 (swim daily)
TV licence £11.95
Telegraph £18.20
Orange mobile £10
Virgin Media £30
car/dentist/clothes/Xmas etc £178
food/groceries/household £160
petrol £70
going out £50
hair/beauty/cosmetics £124

Total £2596.45


I plan to return to this diary with regular updates. Meanwhile, any comments/suggestions welcome. And good luck to all taking part in this challenge!

setmefree2

Courgette

Good luck! :beer:

pammyj74

wow wish i had your income

Good luck in your MFW journey, (glad you have money set aside for some important things )

Hels50

wow wish i had your income

I'll only manage to keep my income at its current level if I continue to work full time including nights, weekends and Bank Holidays plus additional shifts on top. I keep going because I know the time to do it has to be right now, whilst interest rates are low and whilst I'm still fit and able. I get incredibly tired but my big motivation to be mortgage free is so that I have more choices.

Hels50

Since my initial post, prompted by various colleagues and friends who have suffered serious illness, I've had a think about the important things in life. I've decided that the hours I have been working (12.5 hour shifts often without breaks) are not sustainable and I've now made changes which involve working more normal hours but inevitably getting paid less.

I've also decided that I value comfortable, calm, organised surroundings when I come home from work. My house has cost me quite a lot this year. I had to have a new boiler in February and I've gradually had my windows replaced. And now I've had my kitchen and bathroom refitted as well. I had to borrow back some of my capital repayments and so my mortgage now stands at £65,000, which isn't too bad considering the capital outstanding has reduced by £25,000 over the past 5 years.

I know I won't be able to pay it all off in 3 years now but my intention is to aim for when I reach 60 (in 5.5 years' time).

pawlala

Hels50 wrote: »

hair/beauty/cosmetics £124

I'm glad I'm a man! :rotfl:

southantrim3

Hels50 wrote: »

Since my initial post, prompted by various colleagues and friends who have suffered serious illness, I've had a think about the important things in life. I've decided that the hours I have been working (12.5 hour shifts often without breaks) are not sustainable and I've now made changes which involve working more normal hours but inevitably getting paid less.

I've also decided that I value comfortable, calm, organised surroundings when I come home from work. My house has cost me quite a lot this year. I had to have a new boiler in February and I've gradually had my windows replaced. And now I've had my kitchen and bathroom refitted as well. I had to borrow back some of my capital repayments and so my mortgage now stands at £65,000, which isn't too bad considering the capital outstanding has reduced by £25,000 over the past 5 years.

I know I won't be able to pay it all off in 3 years now but my intention is to aim for when I reach 60 (in 5.5 years' time).

That's a good idea. Sounds a bit more sensible. You need some kind of work/life balance otherwise you'd be shattered after a while. All the best.

Hels50

pawlala wrote: »

I'm glad I'm a man! :rotfl:

It's all a case of trying to get a sensible balance. There has to be some pleasure in life!

I don't go on holiday so having a facial once a month, leg waxing and using Clarins beauty products is my way of treating myself. But of course it all adds up! So, from now on, I'll be cutting down on the facials, shaving my legs and downgrading to l'Oreal :j

I already get my hair cut by a girl who comes to my house and charges £15 for a wet cut (I hate it when they fiddle around blow drying at the hairdresser) and I colour it myself with Nice'n'Easy (around £4 a go).

I'm hoping to pay around £900 a month capital off my mortgage each month so, coupled with a reduced income, I'll need to economise some more. So, I'll be abandoning Waitrose in favour of Tesco Value now, too.

Hels50

southantrim3 wrote: »

That's a good idea. Sounds a bit more sensible. You need some kind of work/life balance otherwise you'd be shattered after a while. All the best.

Thanks. I'm a midwife and have been working 12.5 hour shifts on a very busy labour ward. I hadn't realised just how exhausted I was becoming until I recently swapped over to community which involves more normal hours, less night working and a slower pace. Time and health are more important than being able to buy Clarins and have facials.

Hels50

Just wondering ... as I'm not now planning on paying off my entire mortgage by 12/12/12, am I in the right place by updating on this thread (MFi3)? My plan now is to pay off my (currently) £65,000 mortgage by the time I'm 60 (August 2015). I have an offset tracker with First Direct and I'm committed to paying interest only, so by my calculation I'll need to pay around £900 a month capital in addition to the interest (currently 1.99% which works out at around £95-£105 a month depending on how much I have in my current account).