Pammy's 5 Year MF Challenge - New Year New Target

pammyj74

New Year New Target

Hi all that know me and welcome those that don’t know me yet! This is my second diary, first one can be found here - 1st Diary started in June 2009.

Thought I would start a new diary to start things fresh in my head and to take a look back on how far I have come since I started this 2 and half years ago.

Thanks to all that have helped and given me support, without that I don’t think I would have been able to carry on as there is no one in the 'real' world that supports me being on my own. Friends and family don’t seem to understand the purpose of OPing as you all do so it’s good to reflect on here and share with like minded people. As with my other diary I am sure there will be highs and lows so please forgive the rants from time to time.


So far in my MFW journey -

Overpayments 2009 - £3500 ............. 2010 - £6288 ............. 2011 - £8400
Total Ops so far £18,188


Feb 2008 - Start of my mortgage was £90,000 - MFD - Feb 2032 - with a term of 24 years @ 5.89 %
June 2009 - £86818 and the start of my 1st MFW diary - MFED - Dec 2030 (21.5 yrs)
Dec 2009 - £83,088 EMFD July 2023 (reduced term by 7 years by upping standard MPs by £100)
April 2010 -£79,999 - EMFD - Dec 2021 (reduced the term again in Feb. when went down to SVR 3.5%)
Dec 2010 - £72997 - EMFD - April 2021
May 2011 - £67181 - EMFD - Sept 2020
Sept 2011 - £61400 – EMFD - March 2020
Dec 2011 - £58352 – EMFD - Dec 2019 - 96 (8 yrs) payments left

So far I have reduced term by 12 years and 2 months! (not inc the 3 years 10 months normal MPs)

Without any OPs or changes my MB would have been £75,287 (according to my SS) and my MFED would be 20 yrs 2 months – and still Feb 2032!

I am still on SVR 3.5%. Have been looking around to see if there is a fixed rate close enough to it but am sticking with this for the moment.


So my new diary is to start a new challenge. My first challenge was to be MF by the time the kids finish school in July 2019.
As of today my MFED is Nov 2019* (after my first MP/OP of 2012) so only 4 months off my first target so thought would start afresh with a new target that will be a new and harder challenge.
*My first OP for 2012 has gone out - £500 taking a month off the term.

New Target date is to be mortgage free by Dec 2016 **5 Years** (if nothing else happens before then).
Monthly payments left is 94 (after Jans MP has come out)
This means I need to shave 35 months to finish Dec 2016 Not sure if its achievable but will give it a good go. The only thing that’s good is that I know I will thrash my first target for sure!

Below is my progress chart and my Brick house, a brick filled in for every £1k off the balance You can see the difference from my avatar already


Other Challenges
And of course I normally join in all the challenges that are on here such as VSP, Sealed Pot, Grocery, £2 savers,
I am only joining the MFW 2012 challenge (no 53.) but I will still do the other challenges on my own as I don’t really use the threads anyway and still do them in the background and keep a note in my sig.

Other Incomes/Challenges
I do sell things on ebay and this takes up most of my time. I also do BP which subsidises a few birthday and xmas presents. I tend to do surveys when I have the time, mostly OneP, MyS and sometimes VO and GTM but they are so time consuming. I tend to enter cash competitions when I am in the mood, my best was £200 M&S giftcard for naming a new veg lol

Things I do to try and save money
I try and buy things on offer in bulk that haven’t got a short life, I sometimes time my shop to get whoopsies. I sometimes cook in bulk (when I can be bothered!) I always search for the cheapest price for presents if I can’t buy them with vouchers earned. I walk whenever possible, which the kids hate but are getting used to. I buy clothes from charity shops (don’t mock it!) I make sure all unused plugs are turned off (inc microwave, kettle etc) I am sure there are many other little things that I do that make a bigger difference put all together.

Anything Extra that may stop my progress
I have been considering possibly doing a loft extension but this is not very likely as it would cost about £20k approx. And I would have to get all my OPs back to do it and that would just be demoralising to me.
The thing is my DD (10) is in a box room and constantly whines about it. My DS2 (8) is in the bigger room but is the youngest, this is only because he used to share with DS1 who has moved out.
I think my only solution is to let them swap rooms, DD is overjoyed at this suggestion and has already done the interior design for her new room! DS2 doesn’t really play in his room anyway apart from on the wii which he will still be allowed to do.
There may also be the possibility (STILL) of moving back near my home town. This decision changes frequently by the hour every day! Usually after I have visited family or have had a run in with my ex (a weekly occurrence just lately!)
My other option is to be MF in 5 years and then save until 2019/20 for a big deposit on a great house near family then, which would also mean the kids would have done senior school. (you never know what may happen before then tho)

Anyway sorry for the introductory essay, more for my benefit to look back over and have a quick reference :~)
Also for any newbies that may have questions about MF lifestyles lol

I must also admit that I haven’t been a great poster lately as other things take up my time so I apologise if I don’t look in on your diaries as often as I should :~)

pammyj74

As stated first OP of the year has gone out of £500 taking my MFED down to Nov 2019. Once Jan MP has come out I will give update on the balance.
This also saved me £161.77 in interest (according to SS)
My OP total for the year then starts at £500/£6000 and on target. Need to OP on average £500 a month. Not sure it will be possible this year as no 'extra help' that I have had in 2011 ie from PPI claim etc.

yukkibear

Yay new diary. I have no doubt you will meet your targets. Have subscribed

pavlovs_dog

happy new diary :j

pink_poppy

Good luck with it all pammy & well done on your first OP of 2012 :T

Secret_Saving_Squirrel

Very good luck for 2012,

Squirrel:j

CathT

Great start to 2012 Pammy, we are all confident you will reach your target. I wish I had half your mortgage slaying power.

[Deleted User]

Yay another new diary!
good luck with your targets- you have done so well already I have no doubt you will smash right through them!

pammyj74

Thank you guys, Happy New Year all xx

Hurdler

as ever I bow to your graphical genius!

newgirly

Hi pammy, happy new year and happy new diary

You seem to be having the loft/move dilema like me, if they have a room each though I would stick with it and swap them over, could you bribe your youngest with something to swap rooms, like a flatscreen tv on the wall or a new console. Not mse but cheaper than getting the loft done

Best of luck for 2012 x