My 5 year MFW plan (starting Jan 2011)

roscork

Greetings all you lovely smart people!

As per signature I'm due our first baby since last Tuesday. My husband is in the 40% tax bracket and I'm in the basic. I'm currently on maternity leave.

We have £115K on our UK mortgage. Our aim is to pay if off by December 2015.

We do have an Irish mortgage too but will concentrate on this if and when exchange rates improve etc. We're paying interest only at the moment on that.

I have been lurking on alot of the forums on this fab website for the last few weeks and I thought I'd start my own diary to "name" and shame myself into making progress.

DH is delighted to have me research and set guidelines for this venture. Our agreement is basically, he will use most of his disposable income to pay down UK mortgage whilst I'll save save save as much as possible. He's calling me Frugal Franny - anyway I can change my login name?

So as I imagine we will be very busy from anyday onwards, I may not be online too much until the New Year. But I will endeavour to post every few weeks.

Please note that for November/December we are aiming to cut down on food shopping and I will endeavour to make a list of Frugal challenges for myself for Jan 2011. I will post these as soon as I've set them.
I will of course need your advise as we ponder on.

Best Wishes - thanks for reading.

Frugal Franny

dimbo61

With 2 mortgages and your baby due anyday very soon! I would first build up a good savings pot of £16K in cash ISA,s
You dont give the interest rate on either mortgage but I hope you have a long term fix on the irish one as the economy in eire is rather unstable at the moment and rates will rise.
Good luck with the baby and the mortgages!

roscork

oh thank you very much for the reply.

we're on a tracker here in UK.

4.75 in Eire. I know!!! I'm worried about this - don't even know if it is fixed at that for much longer - really need to think about this one don't we.

Thank you for the ISA tips - again I just learned about these from the boards here. I'm hoping hubby and I can both fill our ISA allowances before and after April 2011 asap if you get what I mean - so we'll have £20k in savings. As DH - we're all just one bad decision away from losing our jobs - well slight exagerration but obviously we don't go around thinking "our jobs are secure", never did but especially now.

dimbo61

As a quick guide to clear the £115K mortgage in 5 years will require you to pay off £23K a year plus interest so thats some going as well as the irish mortgage and the new family GOOD LUCK.
We have managed £15K a year for the last 5 years.