How much of our income can you devote to MFW?

michaelsmichaels Forumite
25.8K Posts
Part of the Furniture 10,000 Posts Name Dropper
Of our net (before cash back, interest income etc) we aim to put 50% into being mortgage free.

What proportions are other people managing?
I think....


  • I dont ever think of it that way - i just put in what i can afford each month as an OP.

    I think its much better to have a decent quality of life and make sure there is enough money to do the fun things, and then put any spares into extra OPs.
    £2 Savers Club #156! :)
    Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j
  • edited 29 December 2013 at 8:36PM
    sweetdaisysweetdaisy Forumite
    1.2K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    edited 29 December 2013 at 8:36PM
    I agree with LisaLou1982. I usually have a 50/50 approach, where 50% of extra/spare money goes into Savings and 50% towards mortgage overpayments. At the moment I am building-up my Emergency Fund (as we have had to dip into it a few times) and when I am happy with what I have in there, I will increase my mortgage overpayments.

    However, balance is the key. We have two young children and make sure that we still have fun as a family, so my MFW plans work around our family spends.
  • I am in agreement with sweetdaisy and Lisa wholeheartedly - I only want to do MFW if I can still have a life too! :)

    At the moment we have around £1100 'disposable income' a month (meaning money left after bills and food are paid for) of which £400 goes to emergency fund savings, £385 goes to the mortgage OP and £300 is for spending on whatever we like (usually takeaways/meals out, family day out, the odd night out with friends and new clothes/toys for DS!) That gives us enough to enjoy life as well. I wouldn't want to put it all into the mortgage or savings, that wouldn't be fair on us or DS!

    Attempting to pay off our debts! Balances Jan 2018 -
    Family member £3,700 - Virgin CC £1,000 - MBNA £1,700 - Barclaycard £2,500 (was £2,700) - Halifax CC £1,280
  • sleepygirl126sleepygirl126 Forumite
    279 Posts
    Eighth Anniversary Combo Breaker
    yes I'm in still need to have a life too!

    I have a household income of £2050 per month....bills and debts come to £1157....I save about another £100 or so...the rest goes on food, petrol, childcare and general living and I make OPs out of that...sometimes its only £70 but I normally aim for a bit more...DS needs to live and so do I!:D
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15:beer:

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
  • For me, I worked out how much I needed for bills, food , necessities and spends a month. I try and stick with that. I'm left with 1k of free money. So I just use that for extra mortgage payments.
    Starting mortgage 08 was 118K. Paid 18k deposit
    Saved 10k and paid off mrg in July 2013 ( 1st OP)
    Remortgaged Aug 13 to an offset. Balance 75K
    20K saved in offset account :j
    Save 12k challenge 2014. Member 146. £4808/12k
    Aim to be MF 2016 at age 33 :j
  • michaelsmichaels Forumite
    25.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Thanks for the comments, I'm interested in the 'we live now and put any spare into the mortgage' . Isn't part of MFW about delayed satisfaction - making do with less now in order to have a much better qualityof life once the mortgage has been cleared?
    I think....
  • CalfurayCalfuray Forumite
    1K Posts
    Uniform Washer
    I don't think so, no. If you plan to get rid of the mortgage in a short time frame, say 2-3 years, then it may be possible to deny yourself any fun work to get rid of it.

    For most of us, it's about awareness that this is a debt, it should be reduced, but in the end it's long term. There's no point living life to a point where you are miserable, have no luxuries or enjoyment, especially when even with overpayments, a 25 year term can still end up being a 16 year term etc.
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