Mortgage Free in Three Yrs

Little_Mama

That's my plan too. We don't have to pay Council Tax in Feb or March, also the water rates so that gives me £400 towards the mortgage pig....whoohoo
:j

amazamum

Hi everyone,I actually use my child benifit money(paid monthly)to pay the council tax every month,so mine was paid off by october,
Saying that the money was used to finance a christmas without debts or going overdrawn(for the first time in 5 years) + I had money left on payday.
I have already started putting away the child beneft,so when we have to start paying again in april I should have about 350 pounds then will do the same again the next year.

Lexxi

Dithering_Dad wrote: »

Hi Lexxi, sorry about the delay - I did see your message but for some reason I can't post when at work, though I can log on and read them. This is the first chance I've had to really sit down at home and read my PM's and do my admin.

Setmefree2 - can you PM me with your challenge details?

taka - I've changed your start amount.

Thanks for letting me know, I figured that you probably hadn't been on which is why I didn't want to PM you again and thought I'd ask on here first.

taka

Thank-you for changing that DD and TallGirl!

Right time to report in then... :rotfl:

Mortgage plus loan as at 02/01/08 is... £53,576.51 :eek: So this means I have paid off... £2423.49 (thanks to the more accurate starting amount!!) :j :j

I've also got £166.65 set aside to overpay the loan too! (max £100/month already done this month!):T

minimoocow

amazamum wrote: »

Hi everyone,I actually use my child benifit money(paid monthly)to pay the council tax every month,so mine was paid off by october,
Saying that the money was used to finance a christmas without debts or going overdrawn(for the first time in 5 years) + I had money left on payday.
I have already started putting away the child beneft,so when we have to start paying again in april I should have about 350 pounds then will do the same again the next year.

Damit - I need to have some kids!!!! :eek:

minimoocow

Hello all!

Hope everyone had a good Christmas and new year.

I've not posted for a bit although have been lurking! Just done my figures for last year and its about £600 from where I wanted to be but as I am owed £1,500 from some tenants, £45 from my sister and £125 expenses it's actually not that bad!

We set ourselves the challenge to pay £12k off the mortgage in 2007 (so started in January 3 months early!) and managed the grand total of £11,312.99 :j :j :j

Considering our combined take home salaries were approx £2400 pm I don't think that's too bad! (It also doesn't include the £1,770 we paid into pensions or £1,200 into savings to pay off our student loans if they hike up the interest rates any more!)

So currently feeling very happy! We also now have a full year of spending analysed on a spreadsheet and it's been really easy to decide what to cut back on this year! (Mobile and Gym easy hits - going PAYG for both!!!)

I'll update sig and send TG a PM

Happy and properous 2008 to all MFiT'ers

MMC

comping_cat

Hello all,

Slips in quietly and admits - Ive already beaten my challenge!!!:j

Just found my new balance, and ive paid off £8,713.42 (originally trying to pay off £7.5K in the 3 years) since it started, so im amazed with how well ive done. Not sure i can keep this rate up tho, as i decided to pay all my savings into my mortgage (i can get them back within 48 hours if any disaster happens) so that helped - do i need to set a new goal now? or should i just see how much i can beat my original target by?

ecoelle

That's amazing! haven't been following this from the start as am still quite new but that's a fantastic result! i think you should set a new target as it's easy to fall back into old habits if you don't have a goal in mind. Well done again your an inspiration!

AnW'sMum

Hi Cat

Well done on hitting your target already If I were you I would do both leave the original target but also set yourself a revised target. If you revised your target then you would bring down the overall percentage of the group plus I think it's such a morale booster for everyone else to see people achieving their targets.

ecoelle

apologies for the bad grammer...sorry!