Seen the light - Our quest to be MF starts here

lulabelle1

Thanks Daryl, will wait to hear more....
I do the Aldi thing too but can't get everything in there so finish off at Mr T.
I'm sure we could make some more saves on the food if we put our mind to it.
It's just trying to get a balance for me, I like money saving but don't want to live like I'm poor. If I don't have treats etc then I find it more difficult to motivate myself to work every day...... MF just seems to far off to be my only motivator.
I respect your focus!!

Daryl_S_2

lulabelle1 wrote: »

I respect your focus!!

Don't get me wrong, i have only just started this. We do have treats etc, but no more than we did before. And they are just that, occasional treats rather than routine purchases.
I used to be on a lot lower salary and when i switched jobs, it would have been easy to say great we can now have this that and t'other, but we are happy as we are.
We have two young kids and its a very special and precious time, so we are still going to enjoy that and make the most of life, we aren't going to go over board, but we do want to make a significant impact in the capital before our current deal ends so we have a bit more of a comfort zone in the future, when the kids grow up and become more expensive!

Twiddy

Hi Daryl

Welcome to the boards and good luck in your quest.

We too have 2 young kids, and although we haven't made any real commitment to overpay the mortgage as yet, its on the cards for next year, so similarly we want to have a neglible or no mortgage by the time we need to shell out for cars/uni etc.....

In the meantime we will enjoy them while they are young, but bear the mortgage in mind as time goes on.....

Also another great move in this society where Pensions will probably count for nothing(!) is the sense you had turning your old home into LTB. Nice little nest-egg to fall back on if needs be......

Have subscribed and will be keeping tabs on your progress, with the odd word of encouragement thrown in for good measure.......

All the best
T

Daryl_S_2

Twiddy wrote: »

Hi Daryl


Also another great move in this society where Pensions will probably count for nothing(!) is the sense you had turning your old home into LTB. Nice little nest-egg to fall back on if needs be......



All the best
T

Thank you.
Although i won't take any credit for the let to buy scenario, as this was done as a last resort rather than through strategic planning!
At the moment, we are achieving a rent of £450pcm, less fees and mortgage payments (interest only) which provides £100 per month of income.
Therefore, not a very high level of income, it generally contributes towards the maintenance and upkeep of the property but any profit could easily be wiped out by a repair.
It was an enabling move really, to get us out of a cramped two bed and into a family home.
I guess once we've made a dent in the resi mortgage, if we haven't sold the LTB we will reassess what to do with it.

lulabelle1

I have a lot for anyone who wants to be mf, I wish you all the best....

sweetdaisy

Twiddy wrote: »

Hi Daryl

Welcome to the boards and good luck in your quest.

We too have 2 young kids, and although we haven't made any real commitment to overpay the mortgage as yet, its on the cards for next year, so similarly we want to have a neglible or no mortgage by the time we need to shell out for cars/uni etc.....

In the meantime we will enjoy them while they are young, but bear the mortgage in mind as time goes on.....

We are in the same situation. Mortgage is due to be paid in 2026 and our eldest Son will then be 18 years old and our youngest Son will be 15 years old. So if our two Sons would like to go to University/College etc, I need to be mortgage-free way before 2026!

But, even though I want to pay the mortgage off early, I still want to have money to spend on the children so that we can enjoy different activities etc, so I am overpaying, but not sacrificing everything. If I pay mortgage off 4-5 years early I'll be very happy .

Tilly_MFW_in_6_YRS

Hi Daryl, good luck with your journey. The meal planning really helps and certainly makes you focus on your spending. I would never recommend over paying and not enjoying your life. Striking a balance between the two is not easy but well worth finding. After that you get to have fun, turn some of the MSE things into a bit of a game, and overpay the mortgage.

Look forward to watching your progress.

Daryl_S_2

Completely agree.
We are using our finances more effectively and cutting out wasteage rather than making swathing cuts.
Wonder if Dave and George are listening

Daryl_S_2

Well its pay day the end of next week, and so far all is going well budget wise this month.
Making my own lunch for work, no more handing hard earned to the over priced sandwich shops in Leeds, that saves £10-15 a week!!
I have a car repair bill this weekend though Car needs a new timing belt. I normally do all my own car maintenance and repairs but the bigger jobs I do with the help of my dad. Dad is recovering from a broken back at the moment though so is out of action.
I have managed to get a very good price of £286.11 for the repair and the new MOT, from a reputable local garage, and the price includes a 2year guarantee so i'm not too disheartened about shelling out and saving me the effort.
Plus, if i don't have to spend a weekend in the cold and dark under the bonnet, i get to spend the time with the kids having fun in the park or going swimming and that is worth a fortune

Tilly_MFW_in_6_YRS

Plus, although it will take a whle circa 20 weeks of taking your own lunch, the car fixing money will be paid back. I can't recall whether you have a savings account for car maintenance but it may be worth saving a set amount to cover insurance, MOT, tax, etc.

Good luck