Mortgage Free in Three Yrs

Dithering_Dad

We've just had a new patio fitted and rear garden landscaped (it was pretty much destroyed when we had the extension put on the back of the house) and it looks great. The trouble is that it now makes the side and front of the house look crappy :rolleyes: so we'll end up having that done as well soon.

It's put a dent in my MFiT plans but if it means that it takes MFiT + 3 months to get rid of the mortgage it'll be worth it because we'will have had a nicer garden, patio and driveway to enjoy for 3 years and it will make our house that much easier to sell if we need to.

pink_fairy_7

Hi TG

I recently read the American book 'Your money or your Life' which can be a bit 'new agey' but it does has some brilliant bits and has helped me come to more of an understanding about money. Below is the books checklist about spending money which bf and myself now have printed on our fridge.

Think before you spend:

Don't shop.
Live within your means.
Take care of what you have.
Wear it out.
Do it yourself.
Research value, quality, durability, and multiple use.
Get it for less
Buy used.


By following all the above I'm sure that we are going to achieve our dream of mortgage free living.

pf

Desperate_Housewife_2-2

Hi Crockpot,

I too have an offset account and I keep spare emergency money in there just in case.. The beauty of this is that the money saved is still paying off your mortgage in a sense as it is not acruing interest. I also put my stooze pot money in there too

Hi Pink fairy,

I love that book! I have it in the house somewhere and must dig it out for another read, I love Alvin Hall, he is so inspirational and kind to all the overspenders!
Another of my fave books is 'Tightwad Gazette' by Amy Dacyzyn which is an American book and some MSErs say that a lot of things are not relevant to us Brits but I beg to differ. If I take account of only a handful of the ideas I have put into practice then I have saved a small fortune over the years. My favourite one is making a price book. I got an old address book and listed regularly bought items in alphabetcal order then wrote down the cheapest price for that item (eg. olive oil at 44p. per litre). Then when shopping if I spot a potential bargain, I check my price book and if it beats it, I fill me boots! Some people worry that a store assistant will stop them but mine is so small and tatty it looks like a shopping list so no one will ever know

I have quinoa on my mind today, according to Gillian McKeith it is nutritious and tasty but according to my mate it tastes like wallpaper paste! I got caught out with yukky carob last week and stuck with a horrible cake I made so a bit reluctant. I thought I could disguise it in rice and take advantage of the nutritional benefit and cheap price, depends how successful I am at disguising it....;)

taka

Quinoa has not really got a strong taste at all, slightly nutty but fairly bland so needs something with a bit of flavour to go with it. I just use it as I would rice/couscous etc. Just make sure you cook it through (till the grain goes clearish and not white (apart from the wierd curly bit) yummy... think I might have some for lunch... hth

sarmia

TallGirl wrote: »

Just out of interest has any of you guys found it easier or more difficult to spend money on things larger things such as home improments, holidays cars etc since trying to be MF.

We recently had a little boy and found our car too small (car seat wouldnt fit, pram would only fit in boot with parcel shelf etc, so we decided we had to buy a new car. We had/have savings before becoming a MFW and knew we would have to spend money on a car in the future. We went to our local VW dealership but bought privately. The car cost £7k (3yrs old) but at the dealership was £10,500. I feel we have saved a bit buying it privately save alot more on fuel as it is a diesel and the tax is only £110 per year instead of £200. The car is paid for and not on loans or finance, if we were unable to pay for it our selfs we wouldnt of bought!

I do want to MF but also want nice things in life too and provide my son with the best that I can give.

sallyb17

Thanks TallGirl for the updated table - it's very encouraging to see the figures going down, and so many new people joining!

Although I'm not at the end of my introductory period, I have switched mortgage with my current lender to a product with a lower interest rate, reducing my payments by around £30 a month. I did this without having to pay any exit, admin or set-up fees, so I'm rather pleased with myself :-)

When I get the paperwork through I'll update my sig with the new amount, which I think is around £112,300.

However, my new mortgage interest rate (6.03%) is now lower than the rate I am getting for my cash ISA (6.21%) so, for now, I will increase my payments to the ISA instead, with a view to maybe transferring it across to the mortgage at a later date.

Desperate_Housewife_2-2

Thanks for the quinoa help Taka, I've got some so will try tonight.

While I was out I paid my capital one bill (£15000 BT) at my RBS branch as I am a virginone account holder. It crossed my mind that the counter assistant must think I'm up to my eyeballs in debt as the minimum payment was £450 which I paid out of my stoozepot and the balance on my account was minus thousands as the balance appears as an overdraft! I've never been so well off as we only owe on the mortgage even though it looks like I owe a fortune! lol

mountainlioness

Afternoon all!

TG, good question... we haven't come across any major things that need doing (touches wood) yet but at the mo I do still divide up the pie between overpayments, our internet savings and a 'float', which I try to have at about £500 for emergencies (currently £100 as we've just bought a grogeous solid oak table and chairs :rolleyes: ) If there's anything left at the end of the month then that can go straight off the mortgage...

It's def tempting to put everything into our MFW ambitions but I feel a lot more secure with a little safety blanket (or 2) as well... We're saving for our pre-first-cub holiday of a lifetime next year too :j Difficult to call priorities so am trying to be even-handed with all our pots.

Quinoa - apparently it's the grain with the most protein so is a bit of a super-food. Maybe adding a veggie stock cube while cooking would make it a bit more tasty??

jobbingmusician

Just a reminder to everyone, and a rap over the knuckles for myself.

I had a letter from Powergen today, telling me that they were reducing my monthly electricity payments by £25 as I have accumulated £375 overpayment. I KNEW I was paying too much, and even rang them to tell them this, but they wouldn't reduce the payments. :mad:

Anyway, I logged on to their site to tell them I wanted my £375 and they couldn't have it as an interest free loan :rotfl:and got through, by mistake, to my gas account with them. Which also has just over £100 sitting in it.

I have never heard so much incorrect misleading flannel as I've just had from the chap on the other end of their phone. Him: "We always notify you when your balance goes over £100" Me "But I've been paying £71 a month and it's now £350. It's obviously been over £100 for at least 4 months". Him "But we can only tell you after we have issued a bill". Me "How often are bills issued then?" Him "Every quarter". Me " So you are telling me that my balance has increased from under £100 to £375 in less than a quarter?"

Anyway, the long of the short of it is that I will have an estimated refund of just under £500 coming my way. Guess where that is going?

Check your bills! You may have money sitting around giving an interest free loan to your utility suppliers, which should be saving you mortgage interest....... :beer:

TallGirl

Thanks for all your thoughts I feel less obsessed now and I agree with you all as long as it is something you are going to use and it is the right price you can't really go wrong.

Had a business meeting 2 miles from IKEA this afternoon and being Danish I am a big fan of their sweets and food. 1 hour later and £60 lighter I left the store. It is just such a tempting place but I did get some lovely things. Pot plats at £1.69, shelf for storage unit in garage £5 and 12 cards for £4 to mention a few of my items.

Glad to hear everyone is doing so well and Jobbingmusician I had the same with Powergen they refunded me the money on the day I called them strange that without telling me.