2013 mfw

Dot_Common

Hi there - having lurked for a while on MFW, and having been inspired by this thread and the diaries, I've finally signed up to MSE specifically to join in and try to reduce our newly acquired mortgage. This may be tricky to start with as we have just moved in and have no curtains or wardrobes yet!

Target OP for this year is £10,000. I am hoping my slightly competitive tendencies will spur me on!

Lois_E

Hi Dot and welcome to MFW :wave:

The first 6 months in a new place always involve spending on the house and things for it, so while it's good to get started on the MFW journey straight away, don't beat yourself up if you have to start slowly and pick up speed as you go along.

Do tell us a bit about yourself (unless you'd rather not, of course). How big is your mortgage? How long is your term? Have you got a partner and/or some kids? If you've got a partner, are they on board with the MFW idea or likely to sabotage your efforts by spending on crazy stuff?

Good luck for the journey

Dot_Common

Hi Lois, thanks for the welcome!

Mortgage is £240,000 (yikes), on a term of 16 years - it's not our first mortgage, but we've upsized and hopefully won't need to move again for a very long time! I have husband and two young children - husband isn't particularly spendy, and is supportive of setting budgets and tracking, but doesn't want to overdo the frugality. With a 2 year old and a 5 year old, our childcare costs are significant, so I'm looking forward to those reducing a lot in a couple of years.

Medium term objective is to reduce the mortgage enough for it to be covered with my husband's salary alone, so I can go freelance with a safety cushion once the children are both at school.

First step is sit down and do a budget, and if necessary revise my OP estimate. We have a first direct offset mortgage, so we're all set up to get the most from overpaying.

MoneyMission

Just popping in to say that here at MM towers we have had a bit of a shocker of a January and will not be able to make any OP's until March (at earliest). After March, we'll be able to catch up to where we should be and even, dare I suggest, up the total we'll be op'ing in 2013.

I may pop in again in February just to let you know that I'm still on board with the challenge.

Can't wait to report that first OP in March!

Barny1979

OP of £21.80 made from an ebay sale.

fluffysox

After playing with mortgage OP calculators I am feeling even more determined to make a big dent in our mortgage this year. So another OP today of £440 :-)
One way I've boosted OPs for some time is our Halifax Rewards accounts. £5 a month for each and we have 5 current accounts and a credit card. So £30 a month. Got letters this weekend saying Terms are changing so as well as paying monry in each month (i just transfer through the accounts) each account has to have two monthly direct debits too or no £5. So my current goal is to spread out all the bills by April.

LavenderBees

fluffysox wrote: »

One way I've boosted OPs for some time is our Halifax Rewards accounts. £5 a month for each and we have 5 current accounts and a credit card. So £30 a month. Got letters this weekend saying Terms are changing so as well as paying monry in each month (i just transfer through the accounts) each account has to have two monthly direct debits too or no £5. So my current goal is to spread out all the bills by April.

Yes, I got my letter, too. I'm thinking of setting up direct debits to savings accounts rather than changing my bills. Hoping that will work as a direct debit is a direct debit....its all just a faff though , but a fiver is a fiver....:p

fluffysox

LavenderBees wrote: »

Yes, I got my letter, too. I'm thinking of setting up direct debits to savings accounts rather than changing my bills. Hoping that will work as a direct debit is a direct debit....its all just a faff though , but a fiver is a fiver....:p

Wouldn't this be a standing order rather than a direct debit?

LavenderBees

fluffysox wrote: »

Wouldn't this be a standing order rather than a direct debit?

I don't honestly know...I've just been looking at my direct debits and there are a couple there set up as direct debits for savings accounts but these are more of the "linked account" types, iykwim. So, I'm just not sure.

I do have a couple of small direct debits for things where the world won't fall apart if anything got muddled up for a month, so I'll probably change those instead to be sure...

Mint1955

No 108
£500 paid to highest % rate mortgage for January.