Ambitious MFW

yukkibear

We spend what we bring in as well each month. I have a spreadsheet (when I remember to fill it in) to see what we spent where, what came in etc and if we spent less or more than came in.

AnnaBeth

Thanks LilacPixie definitely have a look at £15 a day idea.
Mortgages are horrible! but at least have lovely home!

AnnaBeth

I also set up a spreadsheet Yukki bear I wonder if it doesn't matter how much you earn you end up reaching it in outgoings anyway?!?

[Deleted User]

I would imagine lots of us are in similar situations- I know from an almost £600 p/m payment only £200 (max) comes off the capital and thats almost 4 yrs into the mortgage...
then again if you dont OP anything, nothing changes- so try and see the positives in it if you can! At the end of the day there isnt another way (other than winning the lottery) for most people to own thier own house (eventually) so although it can be really frustrating to feel the banks are taking all that money , OPing is probably the best revenge we can have!

definitely spend what we earn , but starting now to tighten our belts so we can put the excess into savings/OPing I have been keeping a spending diary too which helps me see where the money goes! (mostly on rubbish like sweets, parking, drinks while at work etc..) might be helpful as a way of setting yourself some spending money each month then the rest you can allocate to OPs?

LilacPixie

I remember I did an 'ideal' budget a few months ago and surplus was something like 1k. shocking wastage TBH

AnnaBeth

Managed to buy some christmas presents this year, keeping a record of what spending as can help budget for next year.
Only really buy family presents now and try to keep them sensible. Sometimes buy for small cousins, cousins children but not every year trying not to set up any habits of buying for them esp when too young to notice!!
Friends now having lots of children so may buy for some of them this year. It's hard as would like to buy for friends I know struggle more financially than we do but when I look at their outgoings I can see why which sadly leaves me with little sympathy. money can get nasty if start finding out what friends are spending on and in same breath saying they have no money!
We are all so different glad to have found like minded people on here!

AnnaBeth

Have had another one of those days of endless calculations without much progress.
Looking forward to doing them when have made a real OP!

Decided to help motivate self need to stick to goal of smaller targets.
Aiming for £4,800 OP a year to be MF by 40yrs.
MFW2010 goal is £4,000 a year would be pleased with that also but gonna see how I get on aiming that bit higher.

So first 6 months of OP quest (surely the toughest!)
Have £480 already set aside need a further £1,920 to reach goal so if include CTax savings need an additional £410 a month to reach target.

Bring it on mortgage company I'm putting up a fight!

brizzledfw

Just popped into your diary. Looking good- you are doing so well! We are overpaying a lot at the moment.. Working hard 2 incomes but you never know what 2011 will bring work wise so we are tracking every penny and making overpayments when we can. Our bank allows OPs of £100 which is good up to max of 10% so sounds similar. Also am on a low tracker..fluked out on .99% above BOER 2 years ago..don't think I will get that lucky again.

A thread I have found really supportive..although most MFW and DFWrs are..:D is the small DFW things..a new thread each day and it really has helped me to cut out the nonsense spends..unnecessary spends and the stuff I don't need and now I try and do more NSDs..

Anyway will be subscribing and shouting support from the stands..as you say..bring it on!

AnnaBeth

Thanks brizzledfw
Found the small DFW things really like it subscribed already.
Thanks for support also!

Have realised today made poor calculations earlier in the month which is in my favour showing October overspend of only £921.75, so less than originally thought.
Managed to end November with £178.01 up which is good. Am moving any saved money at end end of month back into wedding present money pot that we ashamedly had to dip into last month.
Once that's sorted any extra will be added straight to Mortgage OP pot.

Not getting anywhere fast at the moment but this is a long term game and one that I have only just begun!

Hope everyone is staying safe and warm form the snow outside!

katsu

We spend less than we earn through using different bank a/cs. Our mortgage and joint expenses come fro our joint a/c. We transfer more money in there than these bills each month, then all we have left to spend is what is left in our personal a/cs. This results in instant savings