Mortgage Free by 40 Challenge!

miss_corerupted

haha your welcome. u better start paying it off!

i'm really going to be nagging you now

pencekeeper

miss_corerupted wrote: »

haha your welcome. u better start paying it off!

i'm really going to be nagging you now

Fair enough More motivation if any is needed

MarieAAP

Why is it there are so many demands for our money???

Got a wedding to pay for in May

Replace car as ours is getting old, but we will need a bigger one as OH has agreed to learn and we need something that he can sit behind the wheel :P

And also we want to have kids relatively soon after we marry in May. We would love in an ideal world, for 1 of us to be a p/t stay at home parent, as mum has agreed to look after them... But that is a long term ideal plan.

And not only those above, but also I would love us to move, as we shall (hopefully) be getting some £ of mum, when she downsizes and moves closer to us.......

So as soon as the wedding has been paid for (we are only £500 short in savings), any savings we have left will be split 50/50 between honeymoon and back into the emergency fund.

Does it seem like its all never ending? And my once 2-3 mths MS, doesn't seem to make much of a dent

M

AND OFC we want to be mortgage free when we move :P

shangaijimmy

Main thing is that your always trying and aware of MS. Therefore you'll always be (relatively) careful and when situation is ok you'll inadvertantly be taking steps to pay things off sooner rather than later.

More aware and money understanding is crucial for a stress free life i find!!

cherylypop

Hi all. I'd like to join in too please. It's really interesting reading other peoples' posts and nice to see these challenges working, and that other people are in the same boat (with seemingly giant mortgages etc). At the moment I owe £133, 854.13 and will be 40 in January 2022.

Like many of you I'm not sure being mortgage free by 40 is actually doable-by my crude calculations I would have to pay a total of approx £1500 per month at the moment to do this-with my take home pay being between £1700 and £1850 a month I'm not able (or prepared) to do that! Have just phoned up Northern Rock and upped my monthly payments by about £70. I calculate this will have my mortgage paid off by me being 56 (instead od 60) but I figure it's a step in the right direction-plus with using better mortgage deals once my fixed rate is finished in 2012 plus hopefully future payrises etc etc I can knock some more years from it (I choose optimism here!)

As well as making this overpayment I am going to pledge to start selling some of the stuff in my loft and cramping out my spare room which I haven't used or even seen for a couple of years and use that money to knock some more money from my mortgage. I have also vowed to either use the gym twice a week or cancel it-if I cancel that £30 can be added onto my overpayment. Has anyone come up with any ingenius ideas for saving/making money to overpay on their mortgage?!

skaps

Budgeting use the mse budget calculator has helped me plus joining various challenges esp the grocery one and the NSD which has made me think more about spending. Ebaying is good too and renting out a room if you can.

My 40 birthday is in October 2021 so i'll still be here then too.

pencekeeper

NSDs are great. They make me plan my spending and shopping. Less money, and less time standing in checkout queues in supermarkets.

I just had 3 in a row bringing my total to the year so far to 26 NSDs.

Norman_Bean

For me meal planning and keeping a spending diary really keep costs down.

We now also have a budget which we never really had before

Had a great week this week - I have started tutoring and have my first client so will be earning €30 :j and H 'found' €400 in an account he 'didn't know about' :eek: so that's €430 into the MFb40 fund - VERY excited about it, has been a real boost!!!

Keep up the good work everyone

Norman x

miss_corerupted

omg that's brilliant!

i've had a bit off good luck as well i've had my ppi back from northern rock (£2600ish) only had to send 1 letter so dead chuffed.

that will come off my cc but that brings my plans forward by about 9 months so woohoo!!

Welshlassie

Hi guys
Just a really quick post to say I haven't forgotten about you but I'm up to my eyes in work and will be until the end of the month when it will finally calm down, so I'll be back properly then when I'll update all the Q&A's and fiddle with the spreadsheets.