Looking to the Future ... My Mortgage Free Dream

yukkibear

Hi everyone,

I have had diaries over on the DFW boards for the last few years, but I have always wanted to start tackling my mortgage and have a diary here.
Life ALWAYS gets in the way, but after tackling a 3k loan last year and saving for a wedding this year, we are (and have been since Nov 09) debt free, and if I keep procrastinating about paying off the mortgage then it will end naturally and I'll wish I did something about it.

I have fallen out of the habit of being as frugal as I can be and let myself slip into buying rubbish from the shop too often now which is something I need to keep track of.

In money making I am fairly educated and focused. I know my way around Ebay, cashback sites, mystery shopping, matched betting etc, but don't do any of them as frequently as I should.

We're saving for our wedding next spring, but that's almost all been budgeted for now.
Over the last few months I have been talking to OH about paying off the mortgage and whilst he agrees in principle, and does see the interest saved etc, he also doesn't want us to be short (and nor do I), so it's about being more disciplined and organised in our lives to get where we want to be earlier than it will natually happen.

I also appreciate the balance of life, knowing that it gets in the way and events can happen beyond our control. It's about having the balance. We haven't had a holiday in two years, but we're definitely having a honeymoon next year and will aim for Disney the year after as DD2 will be four and will LOVE it.

We've just remortgaged as from Dec 1st and starting balance is approx £81,000 with a 2 year fixed rate of 3.79%. We can overpay 10% but this wont realistically happen until after the wedding, but any extra is good.

yukkibear

Goals for 2011

- Have a foreign holiday ( we haven't had one yet in five years as a family so will combine honeymoon and holiday together. I think the majority of the money will come from wedding pressies for this so not too worrying financially.
- Replace two of the following - bathroom, front door, patio doors. I want all three but realistically cannot do it all so it'll be on a needs must basis as the money gets together. If I manage one I WILL be happy.
- Declutter my home and keep it looking nice. I am aiming to work on a one in one out basis with extras on top.
- Have at least 2k in flexi savings which can be dipped in and out of as needs arises (cars, small appliances, general random emergencies, photos etc etc)
- Overpay by at LEAST £50 per month (this will shave 3 years off the term)
- Save for Disney in 2012. I missed out on taking DD1 and I would love to take DD2 as well as a more grown up DD1 (you're never too old for Disney)

wantabetterlife

Hi Yukkibear...i have read your posts over on the DFW and am so glad you have managed to clear all your debt.
It is hard to stay focused all the time so dont be too hard on yourself...cant wait to follow your progress and read your updates.
Goodluck. Xo

yukkibear

Hi wantabetterlife, thanks for popping in.

So plans for today are :-

- finish two mystery shops that need to be submitted by tomorrow
- cook a nice roast dinner
- go to Hobbycraft and buy more card - keep running out and want to get the invites finished.
- Look into Dooyoo again. I used to fo it a long time ago, and should get back into it as I really enjoy writing.


Edit: - Just popped onto Ebay and saw two of my items have sold. That'll be £10 ish to add to one fund or another :T

Queen-Bee_2

Hi Yukkibear :wave: nice to meet you.

Sounds like you've done well so far, and £81k is a very manageable mortgage to be tackling - any inroads you make will be quickly apparent

Look forward to reading about your journey,
QB

pammyj74

:wave: YB, glad you have started your MF journey now your debts are gone and the wedding is almost there too.

That is a good figure to tackle. Mine was £90k 2 years ago and is now £73ish so I am slowly getting there on my own.
With the two of you it should be easy enough.

I havent read your DFW threads as I havent had debt for 5 years and dont want to ever go back down that road so I dont know much about your circumstances. Do you both work? Is DD in nursery?

Also I keep meaning to look at match betting as some people have done fab on that. I sort of know how it works but any tips would be appreciated

Good luck with it (and see if you can catch me up )

yukkibear

Queen-Bee wrote: »

Hi Yukkibear :wave: nice to meet you.

Sounds like you've done well so far, and £81k is a very manageable mortgage to be tackling - any inroads you make will be quickly apparent

Look forward to reading about your journey,
QB

Nice to meet you too Queen Bee. I'll be off to see if you have a diary in a mo.

pammyj74 wrote: »

:wave: YB, glad you have started your MF journey now your debts are gone and the wedding is almost there too.

That is a good figure to tackle. Mine was £90k 2 years ago and is now £73ish so I am slowly getting there on my own.
With the two of you it should be easy enough.

I havent read your DFW threads as I havent had debt for 5 years and dont want to ever go back down that road so I dont know much about your circumstances. Do you both work? Is DD in nursery?

Also I keep meaning to look at match betting as some people have done fab on that. I sort of know how it works but any tips would be appreciated

Good luck with it (and see if you can catch me up )

That's amazong Pammy, and on your own as well. I really admire your discipline. We both work (me part time and DD is in nursery). Whilst she is funded now she is three, she also goes to pre school one morning a week which has to be paid for which is my choice so she can be familiar with the school when she starts next year.

I haven't done matched betting for about eight months but will gladly help any way I can.

Our debt was never a lot, but it always niggled me at having a CC with a couple of hundred on here, and a store card there etc.

cha97michelle

Hi Yukkibear.

You have probably done the hardest thing now setting the mindset in motion. Having the history of debt payment and then saving, i am pretty sure you can do it. If you managed to stay debt free for a year you are obviously in a different place. I can't blame you for then having a small amount of time just maintaining.

Good time to start, ready for a new year challenge. I look forward to hearing your updates.

gratefulforhelp_2

Hi Yukkibear just dropping by to wish you good luck.

yukkibear

Thanks for all the nice welcomes

yukkibear wrote: »

So plans for today are :-

- finish two mystery shops that need to be submitted by tomorrow - done
- cook a nice roast dinner - done
- go to Hobbycraft and buy more card - keep running out and want to get the invites finished. - done
- Look into Dooyoo again. I used to fo it a long time ago, and should get back into it as I really enjoy writing. - going to have a look tonight

I've been really productive today. Been making more wedding invites. I want them finished asap as they are driving me nuts now.
Listed a dress on ebay that I won last week so hoping that sells as it's a party dress ready for xmas.
Also have a pair of dd's outgrown peppa pig wellies to list tonight.

SPENDS TODAY

- £10 top up shop (this is where our money goes)
- £10 hobbycraft on card etc (budgeted for from wedding budget)

MADE TODAY

- £9 ish from Ebay sales

Almost neutral!


I have found out my old mortgage spreadsheet and am going to check the balance online to see how well it compares. There's usually a couple of quid in it.

Also I have devised myself a spending spreadsheet so I can keep track of exactly how much money we spend on rubbish each month, and whether we're spending more than we've got or not.

CathT

Hi Yukkibear,

Welcome and good luck to you. I honestly believe that any OP's no matter how small make a difference and once you have the overpaying bug you soon get addicted!
Not too long till your wedding - enjoy the excitement of the build up.

Cath