MFW by 50 years old (2020)

Catslovelycats · 8 January 2011 at 11:17PM

An inspirational and motivating thread Charlie H!
Thanks for posting your diary.
I'm 50 in2018 and might well set that as my target date for my own OPs, though not sure I can afford the amount that would require!
All the best with the journey!

Charlie_H · 5 February 2011 at 6:29PM

Hi All-£499.99 overpayment made this month. Its going to be a tough year and not sure about employment status for next financial year. Must remain positive! :j

Charlie_H · 5 April 2011 at 9:07PM

Hiya-£499.99 overpayment hit mortgage account today. I'm overdrawn already and will be living on credit until pay day. Cooked lunches still going strong and managing to keep my spending down to a minimum.

Lily_The_Legend · 5 April 2011 at 9:27PM

Hi Charlie! :hello:

I'm going to have a read of your thread as we're going to start overpaying by £500 from this month and we'd also love to be mortgage-free in 2020 - which is when I'll be 40!

It looks like you're doing really well so far, well done! :T

misscousinitt · 6 April 2011 at 11:23AM

Hi Charlie H

I'm glad I'm not the only one who wants to be mortgage free before I'm 50 (though mine is 2022) - they all seem to be aiming for 40 round here LOL!

Well done so far and good luck for the future!

Charlie_H · 5 May 2011 at 9:31AM

Hi all- £499.99 overpayment hit account today. I'm overdrawn already again but intend to live of credit until end of month. My credit pot is running at about £400/month but if this increases any further I will need to reduce my mortgage overpayment. Cooked lunches is saving me a lot of money still and I'm working out other ways to reduce spending.
One thing is that keeping me motivated is reaching the <135000 milestone. I originally set this to be achieved by April 2012.
Good luck with your MFW journeys
Charlie :j

Charlie_H · 6 June 2011 at 10:07PM

Hi All- overpayment of £499.99 has hit the account. Getting excited as next month my balance will remain below £135,000. This is the target I set for the end of my 5yr fixed period in April 2012. I will be setting a new target as a consequence. Still finding it hard to meet the overpayment as running a debt of approx £500 each month. When I get paid, the credit card bill of approx £350 gets settled and the approx £200 overdraft (free) I've run up is cleared. Then I run this debt up again through the month. Trying to reduce this debt this month to avoid having to reduce overpayment to cover it.

Cooked lunches still going strong and other spending is running at a minimum. I do need some clothes and shoes. I'm rethinking renting spare room. Maybe easier if didn't have indoor cat. I've also been living alone for 10 years and think I'm most likely to be a very annoying uptight live-in landlord. It would be the easiest way for me to earn some extra dosh if I could chill out.

Well that's all-no exciting news just an update.

All the best :j

Charlie_H · 4 July 2011 at 9:52PM

Hi everyone,
Milestone 4 has been achieved this month. Balance will remain <135,000 before next month's payment. :j:j:j:j:j:j:jThis target was set for April 2012 as a realistic goal. Have just sold our car as proving too expensive to run. This is perfectly timely as MOT and insurance are due soon costing at least £1200. Use the tube for work anyway therefore the car was not a necessity. Hopefully, I can now get back on track with at least remaining in credit in my current account at the end of the month and get my rolling monthly debt down to £200/month on the credit card.

Good luck MFWs
Charlie