2013 mfw

pammyj74

Hi all,

OP'd £300 to start off 2013

Good luck all with your challenges

Kaz2904

I must be crackers, I have just booked myself in for 7 extra night shifts before 7th February. That's 87.5 hours overtime (80.5 paid and approx £1050 cash!).
DH and I need to sit down and decide if we are going to clear our mortgage RIGHT NOW (which I want to do!) or whether we continue as planned and clear it in April. This would mean that we would be using the time in between to build up savings.
DH has £6k from his Mum (he's looking after it in case she becomes unwell and needs us to buy her stuff or pay her bills- his Brother has the same). He also inherited £15k from his Aunt a few years back which his Mum told him to invest. We have talked about a BTL and I was explaining the other day that we would need £25000 deposit but that would be fine as we had his £15k so would only need another £10k. He spluttered that "That's to invest though, you can't use that!" OK dear .
Anyway, having been looking at trips to LA over the last couple of days, I decided to check the banks to see what needed shuffling where. We have in savings: £1460.17 (+ whatever interest we get on our ISAs this year). Only £6600 is in ISAs. We do therefore have enough cash in current accounts to clear the mortgage. This would give us a clean slate and mean we would know that what was in savings after the mortgage payment was however short we are of the £21k.
Don't know though. it'll save £100 or so but he's reluctant.
For now, I'm just packing in extra shifts to try and build up a bit more of a pot but any extra I earn will go on the mortgage regardless.
Phew, wordy huh?!

LauraJo

VoucherMan wrote: »

Two more joining us

93. everach

94. LauraJo

Thanks VoucherMan. Can you add £700 for Jan so far please!!

hildosaver

#85 overpayment of £1250!! Turns out my grandmother had a secret savings account for all her grandchildren that she had been paying into for years...! She gave us all access to it at Christmas Straight onto the mortgage!

fluffysox

First OP of the year £500. Also started working out a budget. Been lackimg discipline lately. Need to cut down on the spending

fluffysox

I have written down our combined income and all the bills and it leaves 2/3 for fuel, spending and saving. So we have decided to try and OP £1000 each month.

LavenderBees

:j

Yay! No 36 off the mark here! £600 from a maturing savings account I haven't put any money in for 20 years! Gosh....20 years...

But it's a welcome boost to my op fund, especially as this has been an expensive month and likely to get more expensive .

I've been watching all your ops with great jealousy, and am so glad to be able to join in :T

Have a good day, Everyone!

LB xx

VoucherMan

Quite a few more overpayments to add.

icklehelen, pammyj74, LauraJo, hildosaver, fluffysox , LavenderBees

and from the Googledoc

UnionGirl

Your ops have all been added.


fluffysox would you like your target amending? (£2000 now)


Also one new starter to welcome

95. rd07

NellieB

Hello everyone.
Please may I join in again too. I was number 118 last year. Only managed half of last year's target, but the missing money went on some double glazing and carpets, so am still pleased with the end result. We have the other half of the windows to do this year, so am setting a more realistic target of 4200 for 2013.
A big thank you to Voucherman for doing all the work, and to everyone for all the inspiration on this thread. I did reach one big target this year - our mortgage is finally under 100k:)
NellieB

kansaskitty

Hello MFW challengers!

I am normally quite a lurker but we have been saving around £500 p/m and thought this would be much better put towards the mortgage, so scheduled a review meeting...
We found that by overpaying by £300 p/m we can cut our mortgage from 33 years to 15 years! Our mortgage is currently around 98,800 not sure of the exact figure and can't be bothered to walk to the cupboard to get the files out! I'd love to join this challenge and I will try to update with the overpayments each month, we have a target of overpaying £300 p/m.

You guys are really inspirational with your huge OPs and targets, we're only in our early twenties so still want to make home improvements and have holidays so we are still hoping to put £200 in savings p/m, but I'm hoping this thread will keep me going on the MFW mission!

Thank you!