Our attempt at being MF!!

CathT
CathT Posts: 7,115 Forumite
First Anniversary Name Dropper First Post
edited 20 February 2020 at 11:35AM in Mortgage-free wannabe
Hi all,

Originally came across this forum and had the idea of OP in the short term while interest rates so low but have been so inspired to make being MF a realistic goal.
Initially was inspired by Financial Bliss's diary and then read many others taking in lots of tips and posting the occasional comment.

So, a bit about me. Live with DH and DD (aged 2) with outstanding mortgage of just over 119,000 with about 19.5 years left on the term. We are young ish! and would hope to be MF by time i'm 40 (DH 45) so pretty much a 10 year ish plan.

We have a fair income (about 40k joint) but have been used to living on a lot less so am hoping to direct disposable income at mortgage)

Thanks for reading so far and I hope you will join me on my journey to keep me motivated!!
Apr 2024 - part 1 - £30,337 part 2 - £24,811 Total - £55,148 43 months to go!
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Comments

  • CathT
    CathT Posts: 7,115 Forumite
    First Anniversary Name Dropper First Post
    Ok, so some figures. Mortgage is on a 2 yr tracker ending March 2012 on 2.69% above base rate. Have been using the spreadsheet kindly sent to me by FB and have set myself a couple of targets.
    1) Mortgage <118,000 by end of 2010 (well on target so may revise)
    2) MOrtgage <100,000 by end of 2012 (not sure how achieveable this is but psychologically would love to get down to 5 figures!!)

    Generally we are not big spenders, 2 cars both more than 7 years old, not big on holidays (days out suit better with a toddler), no flash spending, no big nights out but do like a treat now and then!

    Unfortunately don't have much in the way of savings and I know the advice is to have 3 months worth behind us but seem to have concentrated my efforts on the mortgage as well as saving for home improvements. (will try and achieve this tho)

    So far have been ebaying, music magpie, and throwing spare cash at OP but ideas are more than welcome!
    Apr 2024 - part 1 - £30,337 part 2 - £24,811 Total - £55,148 43 months to go!
  • Hello CathT - welcome to the board and congratulations on starting your diary. There seem to have been explosion of diaries recently (a sign of the times perhaps?), but I've found great inspiration from them!
    QB
  • wynnvegas
    wynnvegas Posts: 1,377 Forumite
    Mortgage-free Glee!
    edited 2 September 2010 at 2:52PM
    Hi CathT,

    Glad you've finally hopped on board and started a diary. Please make sure to keep it updated regularly - my own has fallen into disrepair quite some time ago!! I'll be following your progress and I wish you the best of luck.

    My one constant tip is to do an SOA as detailed in the debt free boards. It gets right down to the penny what you've got coming in and what's due to go out and will allow you to plan any discretionary spending and give you an exact figure of what you can throw at the mortgage every month should you choose to do so. We were doing ok before we applied a bit of science to the process and our SOA has helped us knuckle down and shave an extra 8 months off the mortgage.

    Cheers,

    Billy
    Mortgage Free: 28/10/2010
    Time / Interest Saved: 18.5 years / £61,866.50
  • CathT
    CathT Posts: 7,115 Forumite
    First Anniversary Name Dropper First Post
    Thank you QB and Billy. Have been following your diary QB, Billy I'm not sure you still need your diary! Your OP are fantastic - almost there!
    I do need to do a SOA and am off this weekend so will hopefully get chance! Not so sure with a 2 year old to entertain!

    Cheque arrived yesterday for about 8.50 so rounded that up to 10 and have sent that to the mortgage. I originally set up SO of £50 a month so try to add to that. Last couple of months have managed £200 (with overtime etc) so now feel guilty if i don't overpay that much! This addiction soon reels you in!!
    Apr 2024 - part 1 - £30,337 part 2 - £24,811 Total - £55,148 43 months to go!
  • wynnvegas
    wynnvegas Posts: 1,377 Forumite
    Mortgage-free Glee!
    If you need a template, I'm more than happy to pop my spreadsheets over to you for you to play about with.

    Cheers,

    Billy
    Mortgage Free: 28/10/2010
    Time / Interest Saved: 18.5 years / £61,866.50
  • CathT
    CathT Posts: 7,115 Forumite
    First Anniversary Name Dropper First Post
    That would be fab thank you. Have found spreadsheets to the best motivator! Will PM you my email address, thanks! :-)

    I just can't wait to turn to DH and say 'by the way, the mortgage is paid off!'
    Apr 2024 - part 1 - £30,337 part 2 - £24,811 Total - £55,148 43 months to go!
  • Hi Cath, intersting diary. Subscribed to your threat cos I'd love to see your progress! I have not started me MFW quest yet as I have just started to attack the debt!

    Looking forward to keeping up with your journey!!!
    2011/12: Wii & mario cart £200 lego bundle Samsung Galaxy S3, 2 nights in London with flights, £200 spending money £1000 cash! Spongebob joke teller!

    2013: Wii U & spongebob game
  • CathT
    CathT Posts: 7,115 Forumite
    First Anniversary Name Dropper First Post
    Thanks for jumping on board '3yearstogo' Have found this forum fab and such a brilliant motivator! Good luck with tackling the debt. Noticed on your signature your competition win! Will 'look' out for you! (where do you access these comps?)

    Have just returned from shopping for a few things and went WAY over budget! Argh! Should send some money across to the mortgage before i buy any more
    wine
    grocery essentials!
    Apr 2024 - part 1 - £30,337 part 2 - £24,811 Total - £55,148 43 months to go!
  • I cant go sadly! I gave them to a friend who lives in London so she will make good use of my first win! I use the competition page on this forum. I wouldn't want to even count how many new comps are posted every day! I love the "I won" thread too.. keeps me movitaved to enter the comps. At least 4 people on MSE have won Ipads this week! I plan to win things then sell them to pay off my debt quicker then start on my MFW diary!

    Enjoy your "essential" groceries!
    2011/12: Wii & mario cart £200 lego bundle Samsung Galaxy S3, 2 nights in London with flights, £200 spending money £1000 cash! Spongebob joke teller!

    2013: Wii U & spongebob game
  • CathT
    CathT Posts: 7,115 Forumite
    First Anniversary Name Dropper First Post
    I think I might check out the comps page!
    Well, haven't been very MSE last few days! Ridicolous overspend on food and still need bits and pieces in the next few days. Had a family day out today and spent quite a bit but did manage to buy a couple of Christmas presents from the trade stands and got plants for the garden so that looks better now they are planted.

    Have been shopping for home insurance last few days, found a good deal with sainsbury's, cheaper than my provider's quote but not the cheapest I found today but they are offering £50 voucher for new applications and double nectar points and as it's my main supermarket could be beneficial. Will also see what quidco has to offer.

    Hoping for quite a few NSD this week as payday is still 2 weeks away!

    Hope everyone has had a good weekend.
    Apr 2024 - part 1 - £30,337 part 2 - £24,811 Total - £55,148 43 months to go!
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