The Mortgage Free in Three - Take 3 challenge (MFiT-T3)

gallygirl

black_taxi wrote: »

Before I made the decision 2009 to become debt/mortgage free I was the bankers BEST FRIEND.

All my life I've taken out loans(1k to 5k)forever in debt

My capital debt NEVER reduced because I always topped up

I finally became debt free June/2011

Not taking on debt meant I could begin MF journey

I make my o/p on the 2nd of each month for the next month

So my jan o/p will be good but feb/march will be low to cover Xmas ect.

Xmas past I would of taken out a 1k loan now I just stop o/p

when I started MF journey I thought I could do it in 3 years

What I've learnt is---my out goings are more than I thought plus unknowns--bills/sickness ect. My loans hid this.

I still need my holiday abroad---but 1 week instead of 2 with no loan to pay for it.

I think many give up MF journey because progress can be slower than you hope,especialy if your single.

ive had many low moments but when you reach the beginning of a new year and see your closer to your goal and read threads on here you know one day you will make it.

:T Well said BT, as always you talk good sense :T

Kwaker_Knacker

RosieTiger wrote: »

I would say that the best thing then is to set up a standing order for the OP and leave it running in the background

Almost like cheating by pretending you have a monthly bill figure that's higher than it really is.

Most of our efforts were done this way with it just running in the background taking care of itself.

This is exactly what I did in February this year. I did tell Mrs K_K that I was doing it, and to be honest, if I had left it to myself to go in branch to OP every month, I'd have fell by the wayside long ago. Now it just gets factored into the monthly bills. Basically I OP what I used to pay for my loan once I'd cleared that off, so it's never been a miss.

I remember reading something by Alan Sugar a few years back in one of the newspapers where he said once a payment comes to an end the best thing to do is use that money to hit another bill, don't think you can just use it for going out etc (probably not his exact words :rotfl: but that's my understanding of what he was saying), So that's how I started the OP'ing at the start of this year. I took January's OP into the branch, asked for details on setting up a standing order, and now I've OP'd £2200 this year and never missed a penny of it. No doubt if I wasn't OP'ing, that £2200 would have been wasted.

So good luck to all you MFiT 3'ers and Happy Christmas

K_K.

*Jellie*

Oh no- I've missed the start of this challenge! Please could I get a number and join in?

black_taxi_2

courgette/jellie still two to be listed

as its holiday period FB might give a little leeway

im not sure thou

theres a yearly one also

*Jellie*

I really hope so as I've been waiting a couple of years to join in....can't believe I assumed it would start at end of year!!
I can provide data for the last month if it helps!!

black_taxi_2

its quarterly so no need to worry about this month--next update is march

FB will reply when he sees thread--im sure you will be ok 140 total looks better than 138

trix-a-belle

FB did say he'd keep it open for new challengers for abit after the actual start http://forums.moneysavingexpert.com/showpost.php?p=57874601&postcount=262 so pop your objectives in the form jellie & welcome to the challenge, as blacktaxi says i'm sure FB will reply/update when he sees this once hes got the chaos of christmas & new year over with

*Jellie*

I've filled out the form- thanks for the info black taxi and trix-a-belle

Southernman

I feel so excited and motivated already!

I do feel a bit n00bish saying this but it's true!!!!!

I'm going to put my work bonuses to good use in 2013! The last one got spent on Christmas presents and reindeer rugs and God knows what else (although £300 went on the mortgage I plan for more in future!) Next one is February!

financialbliss

trix-a-belle wrote: »

FB did say he'd keep it open for new challengers for abit after the actual start...

Thanks trix-a-belle. Had just logged in to MSE last night and was about to reply when we got some company at home!

Hoping to grab some computer time this evening and get up to date with registrations and challenge updates.

Thanks,
FB.