MFW starting young.

edinburgher

It's the opposite of a vicious circle, it kept making life better.

I believe that's called a virtuous circle

All the young 'uns in this thread are doing fantastic, Mrs E and I didn't buy until I was 29 (last year)

Without meaning to be a pessimist, I can only see the world of work and financial security getting harder (and less secure). Starting off on the right foot is a great plan.

Sdav

edinburgher wrote: »

I believe that's called a virtuous circle

All the young 'uns in this thread are doing fantastic, Mrs E and I didn't buy until I was 29 (last year)

Without meaning to be a pessimist, I can only see the world of work and financial security getting harder (and less secure). Starting off on the right foot is a great plan.

I feel the same about the future I want to start now, purely because you never know what is around the corner and not having a massive mortgage hanging over your head would be a brilliant feeling. A feeling I can not wait to feel :dance:

Sdav

Can I just ask, and I feel a little silly asking, do any of you kind people pay off small amounts.

For example I OP £500 one month and the following week I notice I have £50 say spare would you pay that as well? Or just save it and pay £550 next month or would it not matter as long as its getting paid off? Feel a little silly paying just £50 off lol.

edinburgher

Can I just ask, and I feel a little silly asking, do any of you kind people pay off small amounts.

Lots of people do.

Find Tilly's thread - I've heard of that woman paying *3p*!

Every penny overpaid on your mortgage reduces the amount you owe and the amount you pay in interest. Also, most mortgages have interest calculated daily, so there's nothing to lose

Keep back some for emergencies, but otherwise you're usually better off repaying than having it sitting around in cash savings...

sKiTz-0

Depends if your interest is calculated daily or monthly or even yearly. You should be able to check on your mortgage documents.

Mine is calculated daily so it would make sense for me to pay off the £50 straight away rather than waiting, but may be different for you.

Muser1

A 'Tilly tidy' lol. Definitely find her diary and read it all. Fab tips in there. Good luck. :money:

Tilly_MFW_in_6_YRS

edinburgher wrote: »

Lots of people do.

Find Tilly's thread - I've heard of that woman paying *3p*!

Every penny overpaid on your mortgage reduces the amount you owe and the amount you pay in interest. Also, most mortgages have interest calculated daily, so there's nothing to lose

Keep back some for emergencies, but otherwise you're usually better off repaying than having it sitting around in cash savings...

Hi Mr E, I'll have you know I've TT OPd 1p before now :rotfl::rotfl::rotfl:

Tilly x x

Sdav

WOW guys thanks for the replies I've never been on such a helpful forum, ill have to have a read and see how my Intrest is calculated.

Another must do is find Tilly's thread I like the sound of it, time to have a good read

Tilly_MFW_in_6_YRS

I think my diary would be good if you suffer with insomnia - lots of waffle from me, plus visitors but all keeping us on the straight and narrow in a positive way :T

I can highly recommend Unhappy Shopper's diary as she is one of the most savvy shoppers I've come across.

Good luck, Tilly x

gallygirl

Sdav wrote: »

Can I just ask, and I feel a little silly asking, do any of you kind people pay off small amounts.

For example I OP £500 one month and the following week I notice I have £50 say spare would you pay that as well? Or just save it and pay £550 next month or would it not matter as long as its getting paid off? Feel a little silly paying just £50 off lol.

Another small OP'er here :wave:, though usually it's going into savings as my mortgage rate is very low :T. £50 is pretty massive around here :rotfl:. Obviously tiny amounts have a very small impact - but they do add up surprisingly quickly - the main thing is they keep you motivated :j.

How are you with spreadsheets :cool:.