New MFW - Just made my first step

jenny_13

Hi

I have just made my first overpayment to help me become mortgage free. :j

Before we took the mortgage out I was looked at this board and felt inspired to become MF as quick as possible. We have bought our first house and although we admit it won't be the "forever" house we still intend to pay the mortgage off within 8 years.

To start on my path as a MFW I signed up to internet banking so I can check the amount owing. For me it's quite a big motivation as I'll be able to see it come down. I have also made an overpayment and intend to get my OH to up the normal DD so he can help. I was thinking of having a £2 jar and emptying it every 6 months and then using that as overpayments as well.

Any other ideas would be welcomed.

Queen-Bee_2

Hello Jenny, and welcome to the board. I've found my fellow MFWs to be a friendly, supportive lot and it's nice to be part of a community where everyone's going in the same direction.

Like you, one of the first steps I took was to register for internet banking with my mortgage provider. It helps keep me focused, especially when I see the interest figure going up every day!

The other thing I did was read other people's diaries for inspiration... This is how I came to know about Topcashback, focus groups, and learned new ways to reduce my outgoings and budget more effectively.

Good luck with your journey and I look forward to reading your diary!
QB

dimbo61

Take a look at other boards like debt free and use Martins site to get best value
on all your spending frm gas/elec , insurance, shopping etc
Good Luck

Kate_A

Good luck. I just started this month too. It is a bit daunting but exciting at the same time.

setmefree2

Make sure you've read this

http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings


and good luck:D

Little_Mama

Welcome aboard! It's addictive.

I save £2 coins too but once I've got a bagful (£20) I pay it straight off the mortgage. Better it's reducing my interest and amount outstanding than sitting there for a bit! I know it probably only saves me about 5p in the long run but that's MY 5p! :rotfl:

Eager learners guide is great for daily clicks..... I'll be back in a mo with the link!

Here it is..... http://forums.moneysavingexpert.com/showthread.html?t=2132075

every little helps!



LM

someday_soon

Hi Jenny

Setting up more accounts within our current account really helped us. Previously we were a bit boom and bust depending where we were in the month. Then this shower on here got us into spreadsheets.....very addictive.....and its amazing how much money you can squirrel away when you have no life:D

Welcome

Someday Soon

jenny_13

Thank you for all the replies. That's a great point about paying the money in as soon as I've saved to help reduce the interest. I'm going to start looking around for gas and electric suppliers as I believe I'm probably paying too much and I haven't been impressed with the customer service. I think I should also start digging stuff out for ebay!

SmlSave

Just popping in to say hi jenny

I too have a £2 can which is getting really heavy!