Evs' MFW diary

evab_2

The situation: We became debt free a couple of months ago and after reading these forums for quite a while now we decided that we what to reduce the mortgage as much as we can. We moved into a new home in September 2006 and there are a lot of jobs to do over the next few years, whilst a lot can wait and we can over pay as much as possible there are two rooms that need new windows, heating and sockets put in (daughters and any future little sprogs!).

Therefore we have decided to save for the jobs as well as over pay the mortgage, every little bit we throw at the mortgage will help but we need to be realistic about our living environment too.

The plan: To over pay the mortgage by at least £100 per month, plus any extra money from surveys and my savings pots (I empty my purse at night and save 20ps, 2ps, 1ps, 5ps and 10ps - I hate change) this will also go on to the mortgage once a month.

Current Mortgage:

(Figures correct at 31st Jan - just waiting for a new statement)

Mortgage: 102,049.53
Unsecured Loan: 11,455.08 (we are going to pay this part off first)

So that's the plan, let's see how it goes!

Ev

Shineyhappy

Hiya!

I think keep a diary is a fab idea! I have been tempted to do one of my own as the challenge thread is great but with so many people it is very hard to keep track of all the little things.

I really hope you can manage to beat the banks and pay off a large chunk off the loan and the mortgage.

I have a few debts to pay off first then I will be in your position to pay off a loan I had to get to buy my ex out.

Are you doing anything else like ebaying to help towards the overpayments?

Best of luck at let us know how you are getting on! :T

David_B_2

Welcome a board, I too wish you well and good luck in your challenge.

I'm sure you don't need me to tell you that's it hard work to keep it up for the duration and you may have lapses but we all do (well most anyway).

I've been a MFW for the last 18 months and still going strong but then I do have a lovely wife you wants the same thing and this forum picks me up when needed.

You'll be in the right frame of mind if you have already cleared your debts and my advise would be keep reading this forum and get involued on a regular basis.

Lets all beat the banks!

evab_2

Hi, thanks for the posts.

I think a regular diary will keep me on track, I think if I write it down it makes it clearer and gives me a look at what I will have paid off and what's left.

We still have loads of boxes to go through from the move and I know that there are some things to sell at car boot or ebay. I was also thinking about putting any left over shopping money from the week i.e. our weekly budget is £60 to cover food, cleaning materials, nappies and toiletries (we already do a menu, I use natural cleaning products whenever possible, and make a lot of my own toiletries). I also get vouchers from sites such as pigsback.

I have spent £23 on the weekly shop today, so only need to get milk if we run out during the week.

Will make my first overpayment on the mortgage next week when my hubbie gets paid.

Ev

sarmia

Hi,

I have started to make small payments off ours, we just had a £200 refund from B Gas which is a good start for the month.

I save 1s,2s,5s,10s,20s and £2.00 and everyting that we dont spend under £60.00 on our food shopping. We've just had our first baby so know we arent going to be making radical payments but its a start......

Good luck..

evab_2

Evening All!

I have just written my first cheque to make an overpayment on the mortgage, total today was £138.

£100 budgeted overpayment and £38 from my 1,2,5,10 & 20p savings pots.

Money saved over teh month from food budget will be added next time, I have also listed some items on ebay and have 3 boxes ready for a car boot sale with 5 more boxes still to go through first.

Not a bad start at all. :T

Mortgage statement should arrive in next couple of weeks so can update the figures then. Having a brainstorm as to how else to save money to throw at the balance.

Tesco_points_addict

:T What a fantastic idea, writing things down often makes me more focused so I may join you (have to get holiday over with first!)
I'm sure you will see a big differnce of the next year and it will encourage the rest of us to keep focused.
Go for it OP:T

evab_2

I agree TPA, I like seeing where I started and how far I get it keeps me inspired and also seems more real.

ThankYouAndEnjoy!

hello evab

what are your % rates on your mortgage and loans?

Are there better savings rates out there than your mortgage/loan rates that would make it cost effective to save instead of overpay?

BTW , I personally think what you are doing is a fantastic way of marking your progress; im doing the exact same thing with similar debt to you ... and i've already paid off 3% of my starting debt (in 1 month) I never would have thought it b4 i came onto these boards!!

You will see it too.....if you've got any questions/queries, keep posting and others will provide assistance ... Good Luck!!

evab_2

HI thankyouandenjoy (gorgeous baby btw),

Our mortgage and loan has same % rate of 6.49% fixed for 2 or 3 years (can't remember shall have to dig out full paperwork). We had to get 100% mortgage as no savings and in debt at the time, and stupid and impatient didn't want to rent anymore.

We also have a savings account and an ISA so spreading around the pennies into different pots.

evab_2

HI I hope everyone is well.

I'm on track to making a nice overpayment mid-June, I have the following money coming in:

* £135.00 - from selling on ebay

* £3.20 - from Amazon

* £10 owed from petty cash at work

* £36.94 from Quidco

Added to the monthly budgeted over payment this will bring the sub-total to £285.14! A great start and I still haven't done a car boot sale or added my pennies. Hopefully I'll make a nice dent in the balance. :T