'SAHM to 2 boys' shambles attempt to reduce the mortgage

SAHMto2boys

Hi all

Having read most of the diaries on here and following along with people's process on overpaying their mortgages, I thought it was time to start my own.

As my user name suggests I'm very lucky to be a SAHM of two boys while my DH earns us a very nice wage. I kept a DFW diary for some of last year (until a few personal issues got to me) and found it brilliant for focus to clear our debt. Thanks to being on the BOE base rate plus 1% we had a lot of 'spare' cash last year which we used to clear up our debt and put aside an emergancy fund. Being something of a spolied brat though I'm not that great at saving and do like to spend :mad: so I'm really hoping that by starting this diary it'll motivate me into actually doing the right thing for once. Our mortgage is simply massive and although it will get paid in 22 years, the interest charged on it would buy another house:eek::eek::o:o.

So the aim is while the going is good (for me!) on the interest rate front, plough the 'spare' cash we have into overpayments on the mortgage and fill ISA's, etc. As and when the interest rates start to go up to a scary place, we can then (hopefully) have a nice chunk of cash to re-asses where we go from there. This years target is to save/overpay £14k.

So thats it. I'll record where and how I've saved from here on in, join me if you fancy it or simply ignore and don't read if you don't!:D

SAHMto2boys

Saving post for monthly updates

katsu

Welcome and good luck. Lots of great tips around here to motivate you and help you hit that target.

Froggy-G

Welcome to the mad world of MFW!

Froggy

newgirly

:T well done on clearing the debt, and welcome to the MFW board.

originalmiscellany

Yippee! Welcome too. Have signed up to get updates on how you get on.

Without being rude how "massive" is your mortgage?

Also, get a funky signature to encourage you to keep up the good work.

yukkibear

welcome to the MFW boards, good luck with your journey

Spiggle

Welcome to MFW. Good luck with your journey. Fantastic target you have there.

All the best,
Spigs

SAHMto2boys

Wow! Thanks for all the welcomes and encouragement. Cheers!

[/Without being rude how "massive" is your mortgage?

Erm......massive? Really hope no one minds if I don't actually answer this. only it is huge. IF, sorry when, I ever get it to a level I'm not so embarrassed about I'll share. Hope thats ok with everyone but I just don't feel comfortable saying just yet. However will point out at the minute the LTV is very much in our favour but no way would we get a mortgage like this now, brought 3 years ago at bargain price and still holding its value despite whats going on elsewhere

Fantastic target you have there

Not sure how likely it is that I'll achieve it but I can but try hey!


Boys out with granny today so I'm supposed to be working, forgot to mention I'm an OU student too - working towards a degree so when boys at school full time (and hopefully more jobs out there) I can return to work for a good wage. Got my MSE hat too much I think so it view of the fab thread about what people have achieved towards being MFW, I'll list a few of mine here I've done this week.

1. Spent the morning tackling the mess my study/craft room and have uncovered some real gems of bits - 2 things listed on Ebay
2. Taken delivery of DS2 birthday gift - not for months but ELC had 50% off so purchased on 0% card
3. Paid min my credit card so money can earn interest in account for another 3 months
4. Brought lots of yellow stickered meat so this weeks meals are coming from freezer and created a lovely pasta sauce from not a lot in the stores
5. Found out today I've been accepted to Nice 'n' Easy's foam party so I get free hair colours to use at home (dye my own anyway)
6. I'm sat here with layers of clothing on to stop putting heating on as only me home.
7. £1.50 worth of surveys done (yesterday and today)
8. Working my way through Asda online order so I can pick and choose the best offers
9. Tried to do cheap half term stuff with boys Mon and Tues - been on a walk/scooter ride both days, DS1 has a giant cardboard car so we've been crafting for about 4 hours while DS2 sleeps, went to 2 hour group at local church for £1.50 inc cakes and drinks, had to go to £1shop so let DS1 choose 2 cars that have kept him very entertained, baked with boys to pass time and ease the hit on my GC budget

Thanks again for the welcome aboard everyone

SmlSave

Welcome to MFW SAHM

mintedmatty

Welcome, As many others have said on here before, It can make a HUGE difference to your life overpaying?! Good luck!