MFW - My addiction starts now :)

route2b_debtfree

Ok, here we go...

Register with MSE........ Check
Start a thread.............. Check
Mortgage debt to pay off........ Check..... DOH !

My current mortgage debt is £97,500. I have about 21 years left on the term and want to get this out of the way as a route to early retirement (only 33 but I can always dream).

Current mortgage payment is £530 on 2.5% SVR so I can overpay as much as I can. I've used this site and forums to sort my bills to be insanely low compared to 3 years ago. My thanks go to all the advice and motivation from reading the forums to help get focused. I now just have a single goal, albeit challenging, to get the mortgage cleared in 5 years. So here I go:

Nov 2012: debt = £97.5k

Let my mfw addiction begin.....

Matt

Matt_The_Chippy

Best of luck with your journey, I'll keep checking in to see progress. Similar figures to my situation.

Top name as well!

Mortgagefreeby50

Best of luck! Keep posting to stay motivated!

sweetdaisy

Good luck on your quest to become mortgage free .

newgirly

hi, welcome to the mfw boards and good luck with your new diary.

icontinuetodream

good luck and welcome aboard!!:wave:

lulabelle1

Welcome and good luck!

lilyp

I am the same age as you and have nearly exactly the same amount of mortgage although my repayments are higher because I have 2 mortgages of around £50k. I shall follow your progress with interest

route2b_debtfree

First of all I offer my apologies for the late update....

The last few months have been hard, largely to meet my intended targets but things always seem to crop up that have unaccounted for costs. Anyway to summarise what I've been up to, at the end of November I drained my savings account and put it on the mortgage (£5k Op) as the bank interest rate was poor to say the least. I had a great Xmas made even cheaper by planning for it early allowing me to save more time to shop for deals. This year I've been saving hard, improved my cooking skills so I can eat for less and cancelled my gym membership (and invested in some running kit). I've been keeping tabs on the forum and have been impressed by everyone's energy, it can be hard to stay motivated! Anyway here's the latest:

Nov 2012: debt = £97.5k
May 2013: debt = £79k

Matt

route2b_debtfree

I'm looking at creating a spreadsheet to monitor my spend. It sounds as though many other people are doing this as well. Can anyone recommend what else it could be worth tracking in it?

Matt

originalmiscellany

17k in 6 months is great going!

My spreadsheet (far from perfect) has all standing orders/DD at the top right, then on the left I copy and paste them in monthly.
I then simply have any "income" and "outgoings" and a formula that works out what I have/will have on any day. It's really not fancy, I'll see if I can give an anonymous version on here, but really it's not worth getting too enthusiastic about.