twinparents07's joint diary 'doing it together'!!

runninglea

Hi Happy

Just keep counting down the months - it will soon be there. Not that you want to wish time away.

I've got 6 more monthly payments on my biggest loan, been counting down the last two years - cant wait until i've got that extra £308 per month

Happytogetdebtfree

It's a nice feeling to know the end is near ) xx

twinmum07

6 monthly payments away sounds like heaven! 19 more months until we get rid of the Virgin card but after that they should just fly away but just a very long, slow slog over the next year and a half - grr!
I am having a very dull morning writing out all the twin's Christmas cards for school 2 x 24 cards is a real drag but at least next year I can try to make them do it themselves!
This afternoon is their nativity play so looking forward to hiding in the back row and having a good blub through that

Happytogetdebtfree

Awww have a wonderful time you may do better than 19 months payrises unexpected income you never just know :-) I look at it like this worst case scenario I will be debt free before I am 30 and aim to be mortgage free by 50 :-) xx I don't fancy posting here when I'm 65 lol xxx

twinmum07

We are aiming to be mortgage free by 40 I think (I am sure DH will correct me if i am totally wrong there), which sounds a bit optimistic as we are already 31 and have a ton of debt but we currently pay out £850 ish per month on debt so once that has gone and is shifted to our massive mortgage it should shrink quite quickly. I am also only part-time but in September 2015 Adam will start full time school so I could go up to full time and would only have to pay tiny childcare for them all to be taken to and from school so our income can dramatically increase from then. Also once I am full time i can think about taking promotions and get a little extra that way. We will also suffer from having 3 kids so close in age again when it comes to the Uni years so need to have rid of the mortgage to be able to put money away for them then.
It is all irrelevant really as we will have won the lottery by then anyway!
I hope I am still posting here at 65 but in a very sad i have been debt free for 30 years now kind of way!!!

twindad07

Mortgage free by 40 is definitely the plan, I wouldn't be too upset if it was 45 though, just as long as its before the kids are old enough to go to you university.
It does seem so far away though

Happytogetdebtfree

That is a nice plan be nice for us all to get there in the end just keep passing the ball back and fourth and we will get there haha x

DancerSupreme

That sounds like a great plan. You will still be young enough to enjoy your lives too with no mortgage and the children in their teens. Plenty of family time before they all fly the nest.

twindad07

evening all,

We recently applied to increase the term of our mortgage in order to reduce our monthly payments and therefore increase our debt repayments. We have got confirmation of this, so we now have an extra £400 a month to throw at our debt and then once we are debt free we can increase our mortgage payments to get us back on track with our mortgage. I put the new figure into the snowball and it reduces our debt free date to under 3 years from now rather than the previous 5 years.

The reduction in mortgage payment also gives us a little bit of wiggle room when interest rates increase.

Happytogetdebtfree

yay thats good news hope it gives you the boost you need :)xx