£161,044.25 reasons to be mortgage free

CathT

I might have a look at those you tube videos. I like the idea of 'envelopes' or separate pots but my budget needs a general overhaul first as things like school lunches I withdraw the cash as when I need to.

Not long until your holiday now?

wantabetterlife

Time for an update I think!
HI Cath, the Envelopes are working fairly well, you just need to be organised at the start of the month with the cash but its great knowing where you are financially.
Holiday isn't till august, we are all really looking forward to it although when I think about it now it seems like an awful lot of money for four days! I need to pay the last three hundred pound this month and can then focus on the spending money.


The mortgage now stands at £123193 so next month will see us in the 122's
As I am part time now things are definitely tighter so I have been doing a bit of ebaying this weekend and made £40, £6 from the clothes recycler and £10 from selling via FB. I am not paying this off the mortgage I am just using it to give us a bit of breathing space as car MOT is at the end of the month! Managed to get the part for the car second hand at £70 instead of £140 new so cant complain. Also I phoned up BT about our phone and broadband and have managed to save £6 on our monthly bill.
Away to catch up on a few diaries

wantabetterlife

Alchemilla wrote: »

I really like Dave Ramsey (but not his politics).

I know what you mean Alchemilla, I just ignore all the nonsense and concentrate on the money saving. I find his attitude really motivating...he definitely gives me the kick up the behind that I need at times!

wantabetterlife

Oh dear....where does the time go? Its over three months since I last updated! I am actually on this site every day reading other peoples diaries but for some reason cant bring myself to update my own .
I think its because when I read other peoples progress mine seems to really pale in comparison.
So where are we in September?
The mortgage has literally just dipped into the 121's and is sitting at £121999! We are way off target for the MFI three challenge but I did set the bar high so am not overly surprised.

We have finally been offered a two year fix on our BTL and are saving around £55 a month in interest :j:j. We are keeping the payment the same so hopefully the amount coming off the capital should start to snowball nicely

The cash envelope system has fell by the wayside a bit recently but I really want to try and get back on track with it in October. We have just had so many one off expenses recently, there just seems to be a constant flow of bills to be paid :mad:

CathT

Hi WABL, good to see you posting. I had a bit of a break but am a regular reader/poster again now and it definitely keeps me on track with MFW ways.
You will soon be under 120k so that's a fab milestone! :j

I feel your pain with bills, every unexpected expense seems to be for 100's rather than 10's. I plan to get back on track with finances in October too; we can get there together!

wantabetterlife

Aw thanks cath for the lovely post..its good to know I an not the only one who feels like this. Goodluck in your news job and congratulations

wantabetterlife

Just wanted to update to say we are now in the 120's !! The balance is now £120780, really looking forward to getting into the 119's. Hope everyone is enjoying getting ready for Xmas ��

wantabetterlife

Had a bit of a windfall recently and we have managed to knock over 3000 off the mortgage :j :j. This balance is now 117279. When the mortgage payment goes out this month we will be in 116's :T. We are hoping to move house in the next year so we really want to try and knock as much off this mortgage as possible!!

wantabetterlife

The wantabetterlife family are Officially in the 116's with balance at £116855 :j :j
Have just this month started doing Tilly tidies...I cannot believe I never done these before...they are so good for keeping the motivation up without really noticing the money out of the bank. So far I have paid off over £18 doing this alone
Am really going to try and stick to my envelopes this month so I am more organised. Savings have tipped over the 5k mark too so that is the rainy day fund sorted. Now I need to start thinking about longer term savings and investments but it truly fries my brain and I can make no sense of it all

wantabetterlife

Tax rebate of £397 and rates rebate of £12 received in the post and have now been paid off the mortgage so when this months payment clears we will be in the 115's :j:j
OH has also got a promotion at work...not sure exactly how much of a pay rise it will be yet but anything is better than nothing
WABL