2019 Target

2019

Hello !!!

Being a long term Lurker I have decided to start my own MFW Diary. :j

I bought my first house during 2011 all by myself. This was a massive achievement as I have had a very troubled past and now finally feel some what settled.

I bought my house for a massive £112,000 (which to some of you in comparison is peanuts) but to me is a huge amont of money. However, being a life long saver (from as soon as I became aware of money) I've always had the goal of buying my own house and hence the saving began.

So, My deposit was a massive 52,000, and i've managed to 'borrow' the rest at 0%, so 100% repayment.

(Interest is something I have never and hope to never pay as it is not something I believe in - it is something the banks should pay me...not charge me for!) - I feel the same about charges on bank accounts. :rotfl:

I had to have a laugh the other day when the women phoned about the gurantee for the washing machine ran out. Asking me to pay £15 a month for 'insuring' it. I told her I can pay £15 a month into my bank (£180 a year) at get 3% and still buy a new one (ok, bottom of the range) if it goes kaput vs having to call them, with hassle to fix an 'old' machine. So...Nah thanks, if it breaks i'll buy a new one. Rudely she hung up on me...

So this is to be repaid over 15 years, however I have set the goal of around 8 years. (2019 Age 34) Which has several personal reasons for being a 'special' number. (but my innate mind still wants to get rid of it sooner and keeps thinking about how i can be paying it off sooner...even this debt makes me uncomfortable) But I need to squash this and keep to this date and 'live for today' Not going to be easy for me...

I have planned my repayments at £350 a month for the 15 years, and then savings, currently earning 3%. once I have enough in the bank to cover the remaining mortgage I will considar it Mission Accomplished and promptly go for a beer. :beer:

However there will probably be many many set backs that I will want and will probably spend these savings on...I hope to one day get married, Honeymoon, Time off for Children all of which will be robbing my account. So the more I save now, the more I will have to spend when things really do get expensive :j

Wish me Luck !!! :rotfl:

DawnW

Hello :wave:

Welcome to MFW

£112K is not peanuts to all of us though, by any means :eek:

I agree about the washing machine insurance, though I have had them in the past, when applicances were considerably more expensive, in real terms, than they are now (I am guessing I am a lot older than you ). Still, I am currently considering paying £54 for 2 additional years guarantee on a new fridge freezer though....

Good luck on your journey, and I look forward to following your progress

Lois_E

Hi 2019 and welcome. :wave:
Wow you have got off to an amazing start! Well done.

Tilly_MFW_in_6_YRS

Morning 2019, I wish I had been half as sensible as you when I was younger. Good luck, looks like you have a great plan in place. Best wishes Tilly

ammonite

Good luck with your mortgage free mission!

Needhelpsaving

Good Luck - I will be lurking with interest

2019

Hiya all,

Back in May was the end of my first year of my mortgage, which with just official repayments was down to £55,800/£60,000, if I include my savings (ISA) of £4000 I am down to £51,800/£60,000 !!! :j

I have been working hard and after changing jobs a few times I have finally had a promotion and a pay rise. I have not started on my new salery yet so I am not sure 100% what it will be but I am already making plans to increase my savings mortgage pot, which I hope to pay off in 4ish years from now. Hopefully I will be about 32yrs. (If there are no major life changes)

I have also managed to reduce my home insurance by £5.25 a month so will be popping that in also.... Every penny counts...:T

2019

2019

Morning all,

A half year update... I havn't been doing so well lately due a few expensive months. But they were well worth it. A cheapo weeks holiday in the sun as well as my car insurance, a large-ish water bill, and a few basic home improvements all in two months!

However i am going to get back on track this month as my promotion pay will be being paid from this month (late!) as well as some petrol expenses from the last few months. Sadly the promotion is only for 12 months... but I am still applying for permanent jobs on the higer pay... One day i will get there. Although I am excessively bored of applications.

In addidtion my partner will be moving in with me from December (So I am REALLY looking forward to Xmas ) But on a finacial note this means for me, he will be paying me rent money and I will be protecting the house and my interests.

The extra money will come in handy from both the rent and pay rise to help me build my savings up in case the worst happens and my job goes. I tend to always expect these things to happen!

Anyways...I hope you have enjoyed my update and I am not boring you too much!

2019

its_smee

Hi there good luck on your journey & permanent applications! Well done on the (albeit temporary) promotion, is there no chance they will make it permanent after 12 months? I will keep an eye on your diary as I'm also aiming for 2019 (well January 2020) when I turn 35 so seems we are a similar age!