Want to be MF in 10 years

in Mortgage-free wannabe
28 replies 2.4K views
After reading a few diaries on here and how well you are all doing reducing your mortgages, I thought i`d start my own dairy.
I`m hoping that i`ll keep motivated this way and reduce that pesky mortgage right down. OH is on board with this:j, but also says that we need to have a balance and have some fun as well. I agree with this totally as we have kids and it just wouldn`t be fair to save towards paying this off and not have some family fun at the same time.

I`ve been having a quick look and we have 16 years and 11 months left to pay, so I want to get the mortgage paid off in 10 years, which I think can be doable for us with small amounts here and there. Our mortgage is not as huge as quite a few of you, with £50,000 left to pay. Not too sure of correct amount so will check this out later, but I know it`s no more than this. I`m a SAHM at the moment, so money is a little tight, but i`m trying my best to reduce what I can. I do have a problem with trying to keep my grocery budget down, but with the kids having bottomless legs, this is a bit of a challenge. I`m on the grocery challenge for that, so want to carry on and reduce that, if I can.
Grocery Challenge 2013: July week 1 £90/£87.41 :D
week 2 £90.00/£118.38:eek: week 3 £90/£60.54:jweek4 £90/£79.90 week5 £45/£00
End of mortgage april 2030
Mortgage overpayment from june 2013 aiming for £400 a month: £451
Emergency fund 2013 from june £70
«13

Replies

  • Well i`ve checked out the balance on the mortgage and it`s £49,647.28p, so pretty happy with that:).
    I also closed an account with £206 in it, which was earning next to nothing interest, so this has been paid into the mortgage yeah:j, so not a bad start really. I want to open an ISA in the next week or two for any emergancy funds. It`s something that really needs doing, as we`ve really got nothing put by for the big things that might go wrong.
    Grocery Challenge 2013: July week 1 £90/£87.41 :D
    week 2 £90.00/£118.38:eek: week 3 £90/£60.54:jweek4 £90/£79.90 week5 £45/£00
    End of mortgage april 2030
    Mortgage overpayment from june 2013 aiming for £400 a month: £451
    Emergency fund 2013 from june £70
  • Lois_ELois_E Forumite
    2.2K Posts
    Ninth Anniversary Combo Breaker
    Forumite
    Hello Savvymummy and welcome to MFW :wave:

    It's great that your OH is on board. :) Tell us a bit more about yourself. How many kids have you got, and how old are they? I'm guessing teenagers if they've got bottomless legs.
    Starting again 13/4/19
    Home loan 1: £21,102.50 Home loan 2: £7,698.99
    Total owed: £28,801.49
  • SAVVYMUMMY_2SAVVYMUMMY_2 Forumite
    362 Posts
    Hi Lois_E, thanks for the welcome. We`ve 2 kids and no they`re not teenagers yet, 11 & 12, but eat for england. Both very different, 1 very sporty and the other quiet and loves reading. As for me, I`ve been looking for a part time job for sometime, just so I can get myself back into the job market, but no success yet:(. I`m lucky that OH is earning enough to just keep us floating above the water, but would be great to earn a little more to help with the house.


    I won £6 from the thunderball last weekend, but haven`t cashed the ticket in yet, just incase it gets spent on the kids this week. I`ll cash it in next week and top it up to £10, then open an ISA, which will give me a start for the emergancy funds.
    Grocery Challenge 2013: July week 1 £90/£87.41 :D
    week 2 £90.00/£118.38:eek: week 3 £90/£60.54:jweek4 £90/£79.90 week5 £45/£00
    End of mortgage april 2030
    Mortgage overpayment from june 2013 aiming for £400 a month: £451
    Emergency fund 2013 from june £70
  • SAVVYMUMMY_2SAVVYMUMMY_2 Forumite
    362 Posts
    Good morning all:hello:

    Update so far, I managed to open my ISA yesterday, without spending the money on the kids:D, so that`s £10 towards the emergency fund, yeah:j. Not alot I know, but it`s a start and hopefully motivate me to try to save harder. I`m also going to give the £1+ a day mortgage challenge another go this month, as my pot was raided, with all that was going on with half term. So with the kids back to school this should be easier.

    I`ve had a good sort out of my outgoings in more detail and now have a ledger which has all the outgoings I can think of, which includes things like school uniforms, car tax, insurance, that sort of thing. Hopefully with putting these little bits of money away each month, i`ll be more in control with the money side of things. I think i`ve now got a pot for everything that I can think of and although I won`t be able to put money away each month for everything, it`s a start for me to becoming more organised.
    Grocery Challenge 2013: July week 1 £90/£87.41 :D
    week 2 £90.00/£118.38:eek: week 3 £90/£60.54:jweek4 £90/£79.90 week5 £45/£00
    End of mortgage april 2030
    Mortgage overpayment from june 2013 aiming for £400 a month: £451
    Emergency fund 2013 from june £70
  • ixiaixia Forumite
    1.3K Posts
    :) Hi Savvymummy

    I'm just starting out too. Good Luck you have made a good start already.

    I try to put money away too for all the yearly expenses. I have it in the one account but have a a note of what is in each pot. It is a good feeling when you have to pay for something but know you've budgeted for it and the money is there.

    I too struggle with grocery spends I am trying to cut it down but my family would eat you out of house and home.

    Good news on opening the ISA!!
  • SAVVYMUMMY_2SAVVYMUMMY_2 Forumite
    362 Posts
    Good evening all:hello:.
    I`m carrying on with the £1+ a day mortgage challenge again this month and hoping it`ll be a bit more successful this month. I`ve managed a win of £6 on the thunderball so far this month, so this will be going into my ISA pot for my emergancy funds. No other savings at the moment, but I think i`ll need to cut back with the groceries as i`ve a funny feeling that thats going to be my downfall this month:mad:
    Grocery Challenge 2013: July week 1 £90/£87.41 :D
    week 2 £90.00/£118.38:eek: week 3 £90/£60.54:jweek4 £90/£79.90 week5 £45/£00
    End of mortgage april 2030
    Mortgage overpayment from june 2013 aiming for £400 a month: £451
    Emergency fund 2013 from june £70
  • CrumpetsCrumpets Forumite
    1K Posts
    Hi Savvymummy,

    I just wanted to pop in and say hi and good luck. I've just started my mf journey too and am also a stay at home mummy:)

    Well done on your thunderball win and opening you ISA

    Best of luck

    Crumpets x
    Mortgage March 2011 £143,927.6
    Mortgage Feb 2019 £78,323.18
  • SAVVYMUMMY_2SAVVYMUMMY_2 Forumite
    362 Posts
    Good morning all:hello:.
    I`ve added another £1 to my £1 a day challenge and I`m going to try and sort through some bits for @bay this weekend. My ISA is up and running and I can now view this online, so this hopefully will keep me motivated so I can add some more into that pot.
    Grocery Challenge 2013: July week 1 £90/£87.41 :D
    week 2 £90.00/£118.38:eek: week 3 £90/£60.54:jweek4 £90/£79.90 week5 £45/£00
    End of mortgage april 2030
    Mortgage overpayment from june 2013 aiming for £400 a month: £451
    Emergency fund 2013 from june £70
  • Good evening all and hope you`re all o.k.

    Update so far, i`ve now got £10 in my £1+ a day mortgage challenge pot. I`ve also decided to have another pot, where I will put any lottery winnings, money saved from shopping etc in. Then at the end of the month, i`ll divide this money between my mortgage over payment and ISA pot.
    So far I`ve put £5 from a thunderball win on saturday.
    £2 saved from school dinner today as Ds took in packed lunch.
    I also saved £50, by doubling £25 worth of clubcard vouchers to pay towards a birthday. I`ve already got this saved in my birthday pot, so this money will now be transfered into the new mortgage and ISA pot.

    I`ve also managed a NSD on the shopping today:j. I`ve made a start with [email protected] aswell today, so not a bad start for the week.
    Grocery Challenge 2013: July week 1 £90/£87.41 :D
    week 2 £90.00/£118.38:eek: week 3 £90/£60.54:jweek4 £90/£79.90 week5 £45/£00
    End of mortgage april 2030
    Mortgage overpayment from june 2013 aiming for £400 a month: £451
    Emergency fund 2013 from june £70
  • Muser1Muser1 Forumite
    795 Posts
    Yeah new thread! You sound in a very similar position to me (I do work but only a few hours). So will read with interest. Do you do surveys etc? Also have you looked at Mystery Shopping? It can earn you a bit extra.

    :):)
    Muser. xx
    Mortgage Jan 13 99260.00 87253 April 2017
    Emergency fund 700.00
This discussion has been closed.
Latest MSE News and Guides

Boost your Nectar points

Get up to £25 in bonus points

MSE News

Ask an Expert: Scams

Watch MSE Katie's answers to your questions

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals