5 years on and I am nearly there!

alex_p

goobergirl wrote: »

Well done you have really set yourself up well for the future.:T

I am no use with spreadsheets etc can anyone share a template with me so I can start really knowing my budgeting / spending?

I am really inspired to start a radical MF quest after reading this thread.:)

Thanks! It doesn't have to be a spreadsheet if you are not good with them! It can be a piece of paper! The key is to list your income and expenditure and work out how much you are able to save each month and work towards that target.

The benefit of a spreadsheet is that you can play with the numbers, change something and see what effect it has.

Good luck!

goobergirl

Thanks Alex

I have literally sepnt the last hour writing everything down and I now know what we have to OP (whilst still having funds left to enjoy life). A friend has shown me how to set up a basic spread sheet so i'm nearly there.

I am going to speak with OH this evening to see if he will be on board for a radical OP schedule. We are just in process of re-mortgaging to a much lower rate. Application has been approved by bank and just waiting for surveyor to come, this will free up over half of what we are currently paying in interest. If we are dedicated I think it could be possible in 6 yrs 6 months:eek:

foundationsmcr

alex_p wrote: »

Thanks for your message. Your estimates look good and I must admit I didn't really consider it from that angle before. To be honest my salary has fluctuated a lot in the time I had my mortgage especially in the financial crisis time. So you are looking at the average view. The key principle I used was to analyse income versus expenditure and be clear about my budgets. Then by sticking to my budget, money would naturally accumulate and when it did I would overpay!

Apologies if this sounds blunt, I can't think of another way of saying it.....that doesn't really answer my question.

Disposable Income aside, you would definitely need an income of £55K or more and live an extremley frugal lifestyle to OP by £2500-£3000 per month.

To break this down further £175,000 over 60 months interest free is £2916 per month. Factoring in your comments about being on a fixed rate for 2 years then variable tracker for the remainder, you'd still need to repay £181,000. To do this in 60 months is incredible. That would definitely require overpayments of £2500, plus approx £700 at your fixed rate.

That would require a DI of £3200 during the first couple of years at least, yet you say you were on a low income and it "fluctuated" during the past 6 years. Christ, I wish my income fluctuated to that level!!

Tell me you had some help, a repayment mechanism, lump sum or something?! Based on what you've said so far, I'm finding this hard to believe!

atush

Congrats on being so sensible and being MF so young!

alex_p

foundationsmcr wrote: »

Apologies if this sounds blunt, I can't think of another way of saying it.....that doesn't really answer my question.

Disposable Income aside, you would definitely need an income of £55K or more and live an extremley frugal lifestyle to OP by £2500-£3000 per month.

To break this down further £175,000 over 60 months interest free is £2916 per month. Factoring in your comments about being on a fixed rate for 2 years then variable tracker for the remainder, you'd still need to repay £181,000. To do this in 60 months is incredible. That would definitely require overpayments of £2500, plus approx £700 at your fixed rate.

That would require a DI of £3200 during the first couple of years at least, yet you say you were on a low income and it "fluctuated" during the past 6 years. Christ, I wish my income fluctuated to that level!!

Tell me you had some help, a repayment mechanism, lump sum or something?! Based on what you've said so far, I'm finding this hard to believe!

Hehe - that's fair enough! To be honest I haven't disclosed my income on purpose as that is private. This thread is more about sharing the experience with the forum members and keeping me motivated through the last phase of repaying the mortgage nothing more.

foundationsmcr

alex_p wrote: »

Hehe - that's fair enough! To be honest I haven't disclosed my income on purpose as that is private but yes it is > 55K . This thread is more about sharing the experience with the forum members and keeping me motivated through the last phase of repaying the mortgage nothing more. That's fine if you want to work out the details of the sums but that side of things is pretty much between me and the bank manager! :rotfl:

I'm only scrutinising it because my circumstances are very similar, and I'd like to do the same, but simply cannot for the life of me figure out a realistic way of doing this without outside help.

atush

Hehe - that's fair enough! To be honest I haven't disclosed my income on purpose as that is private but yes it is > 55K . This thread is more about sharing the experience with the forum members and keeping me motivated through the last phase of repaying the mortgage nothing more. That's fine if you want to work out the details of the sums but that side of things is pretty much between me and the bank manager!

Why are people stressing on this? Why be so jealous? Pitiable to use envy in this way.

It doens't matter what people earn, as they may have spent more on the education and pay higher tax, and have a higher mtg?

Some live in London and higher cost areas and earn more, but it gives you the same situation as others earning less in a less expensive area.

Plus, the OP's partner might be paying for major things like the bills etc. Leaving more to OP.

Would you rather they were earning high amts and !!!!ing it away?

Your $10 debt might be someones elses $100 and vice versa.

goobergirl

I couldn't agree more Atush. I find these type of comments inhibiting when I may want to share my MF journey but perhaps don't want, or need my circumstances scrutinised to the nth degree.

I admire everyone's efforts to reduce their mortgage debt, however small or large. It is all relative I think. I just like reading about what other's have done or are doing and knowing that I am not alone in wanting to rid myself of this financial burden.

Well done to Alex again.:beer:

foundationsmcr

atush wrote: »

Why are people stressing on this? Why be so jealous? Pitiable to use envy in this way.

It doens't matter what people earn, as they may have spent more on the education and pay higher tax, and have a higher mtg?

Some live in London and higher cost areas and earn more, but it gives you the same situation as others earning less in a less expensive area.

Plus, the OP's partner might be paying for major things like the bills etc. Leaving more to OP.

Would you rather they were earning high amts and !!!!ing it away?

Your $10 debt might be someones elses $100 and vice versa.

No stress here.

Maybe as my post suggests, I'd like to be able to emulate the OPs strategy. Or maybe, as the OP's posts suggest (due to lack of detail or figures) the post may not seem credible. Either way, I'm entitled to input on this thread am I not?

People forget that forums give people an opportunity to comment regardless of their stance on an issue. Healthy debate should be welcome.

alex_p

foundationsmcr wrote: »

No stress here.

Maybe as my post suggests, I'd like to be able to emulate the OPs strategy. Or maybe, as the OP's posts suggest (due to lack of detail or figures) the post may not seem credible. Either way, I'm entitled to input on this thread am I not?

People forget that forums give people an opportunity to comment regardless of their stance on an issue. Healthy debate should be welcome.

Thanks for your message. I can assure you the post is credible although I do not have to prove anything to anyone. It would be pretty much a waste of time to do this otherwise! Lack of figures should be understandable as it is a public forum...