2011 diary - MFW - Can't quite believe it!

Caroline73_2

I have had debt for at least 15 years and today I finally paid it off!!!:j:j:j:j:j

So MFW is the next step. Married with two school aged children. hubby has a job with a good basic wage and bonus structure, I have two jobs but no guaranteed wages as one is party plan and the other is agency work. It suits me though as I can earn without the need for child care.

We live in a very tiny terrace which we hope to move from next year into our 'proper family home'. I'm not sure on exact figures of mortgage and house value but we probably have a little equity. We do overpay the (repayment) mortgage by £25 a month as I like to round it up! I need to look at exact figures, with having debt it hasn't been worth focussing onas we have chucked every penny at debt.

I'm just rambling here...OH wages currently cover all bills including clothes, petrol and groceries. My plan is to save everything I earn so that we can use it next year when we move.

I'm going to try and save the loose change from the housekeeping too. I take out a fixed sum from the bank each Thursday which has to last to the next Thursday, and this works well for us. I will put the change (anything less than £1) aside at the end of each day.

Wish us luck!

nikki1520

Well done you on being debt free. Theres some fantastic advice on this forum - I'm just thinking about some of the tips myself. What party plan do you do? I do Vie at Home and all that goes towards saving up to pay a chunk off the mortgage.

Good luck!

PS- am considering pinching the housekeeping once a week idea - I always overspend and end up doing little "top up" shops all week, so I might have to pinch that one - thank you!

Caroline73_2

I've been with Usborne Books for 4 years now. I think party plan is amazing if you do it properly!

XSpender

Congratulations on becoming debt free. I became debt free in May and it is an amazing feeling isn't it?

I too am now a MFW and wish you good luck on your journey. There is some great tips to pick up from reading other peoples diaries.

cha97michelle

Congratulations on becoming debt free, and good luck on your new journey.

sparklystar_2

congrats on being debt free :beer:

Caroline73_2

Thank you!

I am going to spend the next few days reading other journeys to give me some inspiration!

It's like once you decide to start paying off your debt properly after your LBM. I'm going to bag up the penny jar tonight and take it to the building society tomorrow and start the official MFW savings pot.

*Jellie*

Well done on becoming debt free. It's a great feeling isn't it!
We swapped from DFW to MFW in earlier this year- big mortgage so this will be a much longer journey. Good luck with your journey!

Caroline73_2

Morning all.

MFW plans for the day -

[STRIKE]Count up change jar[/STRIKE] - £19 bagged up and various bits of shrapnel. It's a start!
Find a savings account. I need one where I can pay in little bits at a time. My current account is with IF so I can't pay cash in easily even though I have linked savings account. That savings account has one months bills money in.
Cancel gym membership - £15 a month and I never go. I've started running so that's free. I'll move that £15 into savings on the days payments were due.
Chase up owed money - mum owes me £20 and a friend £12 as I made her some brooches.
Check the Pokemon Cards - DS2 (5) loves Pokemon and I give him a card as a reward for trying new food and vegetables. I'm going to check the packs he hasn't had yet for valuable ones

ztan

Congrats and good luck on your MFW journey!

LilacPixie

Halifax do some instant access savers with little cash cards if you need money out. http://www.halifax.co.uk/savings/accounts/easy-access/variable-rate-web-saver/ interest rate is poop though.

Silly question but have you considered opening a halifax reward account? you need to pay in 1k a month but if you do they pay you a fiver each month. you can have a single and joint account I believe so 3 accounts between the 2 of you with the possibility of £180 'free' cash a year