Countdown to 40 from a new MFW

LilacViolet

newgirly wrote: »

Wow, you are really lucky to have an OH who is so on board with the oping, all you need to do now is beat him and enjoy your dinner :beer:

I read through alot of the diaries and it does appear that we are quite lucky that both of us are commited to OPing. DH does work in finance so I suppose that gives him the sensible approach. The problem I am going to have is that his accounts have more money flowing through them than mine, but that will make me more determined to squeeze the food budgets and survey/Ebay like mad

£1.00 OP this morning. Wanted to do more but our elec DD is due today. My Northern Rock bond is up and running so have set up a monthly standing order.

LilacViolet

Having spoken to DH this morning we have decided that we are going to move to repayment rather than IO, and we have spoken to our lender to organise the change over. It will cost us £625 a month but it will be worth it because our MFD will keep shrinking.

Played around with the Egg Calculator this morning and if we can OP by £500 a month (which is our target) we could be free in 10 years 6 months. Obviously interest rates will rise but we hope to combat that with harder saving.

Feeling very positive that it could only be another 126 mortgage payments to go :j

LilacViolet

Stole this from Tiniker's thread but putting it here so I dont lose it.

To work out your daily interest you need to take your outstanding mortgage (ie) £103335, divide this by 100 and then multiply by your interest rate (eg) 5%. This gives the yearly interest and you need to divide this amount by 365 (days)

I have worked this out for your, assuming your interest rate is 5%, but obviously you can change this to your actual rate

103335/100 = £1033.35 x 5 = £5166.75 (yearly interest)

£5166.76/365 = £14.16 (daily interest)

That means at the moment we are paying £9.88 interest a day :eek:

LilacViolet

Morning all,

Had a weird dream last night about daily interest, probably because I went to bed thinking about it.

The weather is beautiful here so am going to clean the house this morning and wash the bedding - should dry on the line quickly. Then we are off to the country park this afternoon.

My ISA with IF is now open, so put £1 into it this morning and set up a standing order for £75 a month.

Was in a bit of dispair last night as the Microsoft trial is ending on my laptop (which I got for Christmas), but have since found google docs and calm has been restored. (I could have got a package from Software for students but as google docs is free I know which I would prefer). If I really need Excel I can use DS1's computer.

Just looked at Quidco and I am up again to £15.46 for my next payment.

Put £1 coin in my Mortgage Cow (she is called Phillipa)

Hope you all have a great day.

Onecoincloser

wow!!! well done you :T:T:T you have done really well and are so motivated....I am sure that you will win your lunch!!:D:D

Me and my dh are going to have No Spend Day competitions.....whoever loses makes the morning coffee for the month the idea of having to provide morning coffee is killing me:eek: must win...must win...must win:rotfl::rotfl:

LilacViolet

My Ebay sales finished and I made £55 which is a nice figure.

Been looking at my savings account which looks nice and healthy but most of the money in there is ear-marked for the balance on our summer holiday, so its got to come out soon and I think I might cry when it does . Still once the balance is paid off it means that all the savings I have been putting towards it can go to the mortgage.

Have been having a bit of a wobble over the weekend. I find it difficult because I want to pay off the mortgage quickly but I also want to do nice things with the children. I know what our aims are and where we would like to be in 10 years time but I dont want to wish the time away as the childrern are so small.

Put £7.60 into my savings jar - I put the change into the coin machine at HSBC in town which goes straight into my bank account.

Did another YouGov survey. I really like doing surveys there because I feel its an opinion that matters. I have hit £15 now so only another £35 to go until cash out.

Onecoincloser

don't worry about the wobbles....you need to look at the big picture....:D honestly, if i worried about all the times i have had huge nosedives into financial despair, I would be a nervous wreck by now!!!:rotfl::rotfl::rotfl: you need to remember that you didn't intend to get rid of this debt that quickly and that babies are young for a very short period of time....if i had had my mf head on when babies were young, i would have finished my mortgage already....however, things like days out, holidays, movies, parties and all sorts of other things seemed so much more important at the time and hindsight tells me that they were!!!!

honestly, I am paying the mortgage off now....i had a great time being totally stupid with money while my kids were young (now both in early twenties, still at home and move in their partners on occasions!!!!) but i don't regret a second of it....yes, i could have been debt free by now, but the feeling of that will never be as good as the feeling of shooting my son at laserquest!!!! :rotfl::rotfl::rotfl:

adwat

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