My MFW diary to reduce mortgage as much as I can

linz

Hello everyone <waves>

I've been dying to join this MFW forum :rotfl: and am now in a position to be able to overpay, although I will be moving areas with work in the next 12-24 months and will need to borrow more as the area I will be moving to is more expensive. My circumstances may well change in the future aswell, and I will have to reduce the overpayments but until then I aim to overpay £500 a month.

So, I rang up my lender today and my current mortgage debt as at this month is £43,502.49. The mortgage will have 17 years left to run this coming November. I am allowed to overpay up to £500 a month, which I should be able to do for most months, unless the car insurance is due or something else like a holiday.

For a bit of extra pocket money I do daily clicks and have made over £500 this year so far I also do online surveys, free scratchcards etc, all things I have heard about on this wonderful site.

I buy mostly basic range food, shop in the evenings to get reduced food, take packed lunch to work, eat 'something' on toast once a week, cook in bulk and freeze extra portions, buy work clothes from charity shops and other clothes in the sales. I have also recently discovered budget airlines and hostels which are ace for cheap city breaks so I can still have holidays, just on a shoestring and get to see really cool places :j

I actually feel a bit sad at what a cheapskate I sound! but feel that it will be worth it later on in life when I can look back and be glad I did it while I was in a position to.

I have just registered online to manage my mortgage payments and am waiting for the post to arrive with my log in details, then I can start! I just need to make sure my overpayments reduce the term and don't just reduce the monthly payment amount.

I have read a few diarys on here and they are really motivating. I can see me becoming obsessed with watching the amount fall each month as well :rotfl:

I want to use this diary to record my progress and help keep me motivated.

Thanks for reading, am now off to update my sig :rotfl:

LilacPixie

Welcome Linz

mummyofonechild

Hi and Good Luck with your journey,

Sounds like you have your head screwed on
:T:T:T

romylou_2

Hi Linz

I'll be subscribing to your diary. I plan on tackling my mortgage starting Jan 2011, so I hope to pick up some hints and tips from you.

I hope you don't mind. I have to get rid of the dreaded CC's first and holiday, xmas etc before starting fresh in the New Year.;)

Good Luck with your challenge.:)

linz

Thanks all for your comments, of course I don't mind Romylou, it'll be company and I will certainly try to help you get your debts down. All of the tips i've picked up off this site have been on the DFW board, which is where I spend quite a bit of time still, they are ace at cutting down on there. Worth joining Eagerlearner's daily clicks thread on there if you haven't already. That'll help get your debt down. Also use cashback sites for everything. I found out about them on MSE and have saved loads on stuff i'd have bought anyway.

Good luck with your debt-busting and MFW aspirations

cha97michelle

Yay a new diary. Good luck Linz.:D

CathT

Welcome Linz, you sound really focussed. Look forward to reading your diary

gallygirl

Well done Linz, you sound well organised and focused, not sad!!!!!

Will follow your diary with interest

linz

Woohooo overpaid £500 this morning. Had to go in branch as i'm still waiting for my online details to come through the post so can't see new balance online yet. October's monthly payment hasn't come out yet so I will wait until mid-month, then when I have my details I can log on I can see what the balance has come down to and then update my sig aswell It will definitely be sub £43k which will be a nice psychological boost and I will hopefully be sub £40k not too long into the new year

With this overpayment each month I think I can still live fairly comfortably as I enjoy my life as it is and don't need a lot moneywise. I find I can still enjoy nice breaks away on budget airlines, staying in hostels, or theatre weekends away with £9 travellodge rooms, Travelzoo offers etc.

I'm getting the slow cooker out this weekend and will start making lots of winter meals in it and portion them for the fridge/freezer. Have also started baking more for work lunches instead of buying chocolate biscuits, cereal bars, etc.

Am also carrying on with my daily clicks as I worked it out that I got £71 last month from doing them. It's not always that much but I stick with it, despite it being tedious. My online survey totals are starting to become redeemable aswell. I've chosen Amazon vouchers as there are a few Christmas presents for family and friends I've seen on there that I will get. I will hopefully soon have about £36 in my Amazon gift account to spend on presents. Talking of Christmas presents I bought one whilst I was in town for a friend. It's a piggy money box that you smash open when it's full with a little hammer that comes with it. Got it from Hawkins Bazaar for £2.99 - bargain!

Hope everyone's having a lovely weekend!

newgirly

Hi Linz, welcome!
It sounds like you are doing really well and you've only just started. Do you mind if I ask what daily clicks are, is it like pigsback where you click on the piggy points when they come up?

linz

Hi Newgirl.

I think it's similar, although i'm not a member of Pigsback. It's basically clicking on the 'daily clicks' or 'recurring earners' sections of cashback sites like Fatcheese, Topcashback, Getpoundsback etc. How does Pigsback work and how much does it pay? I might join, lol