BudgetQueen14 MFW by April 2018?

BudgetQueen14

Hi, My name is BudgetQueen14 and I WANT TO BE MORTGAGE FREE!!! It feels like I've been wanting to say that out loud for ages, but when you're with friends and work colleagues no one EVER talks about it. That's why I came here to ask you all what you think and is it possible that I could be mortgage free by April 2018 - my 50th birthday?
Here are the facts:
Offset Mortgage
Mortgage balance 8/11/14 £82,708
Mortgage is supposed to finish Nov 2024 - 10 YEARS from NOW!
Emergency fund £4780
Currently save £280 per month and overpay around £40-50 per month

Can we do this is 41 months?
Thanks in advance - I'm new to this and haven't found the thank you button (is there one)

newgirly

Hi budget queen and welcome the thanks button is to thank other peoples posts that's why there is not one one the post you just wrote.;) have you had a go on the overpayment calculators to see how much of a difference your overpaying will make? Are you going to op the money you are currently saving as that would make a huge difference?

Anyway all the best, there are so many helpful people on this board you will get all the support you need and plenty of tips too

BudgetQueen14

Hi Newgirly, thanks for your post, I've just checked out the overpayment calculator and doing my usually overpayment (£40-£50)plus overpaying what we usually save (£280) would mean we would pay the mortgage off 3 years and 3 month sooner, which would be nice so that would be summer 2021 instead of autumn 2024 but it's not spring 2018!
Don't know if this 50th birthday date is unrealistic? I will be able to go full time at work when the lady I work with retires but I'm not sure when that will be - she's 68 now. My DH, DS and I do have a good quality of life, we're not really materialistic, I don't really enjoy shopping and would rather go for a long walk, I love the food we have at home more than a meal out, so it's not like we can cut loads more from our budget.
Maybe I should just overpay as mentioned and then see what happens and how that effects us and the maths?

newgirly

Sounds like you should just go for it there still may be small ways to make a bit or save a bit more even if you are pretty careful. Make a start and see where it takes you, it can be very addictive

BudgetQueen14

Thanks newgirly for the advice! Can you explain your info as you know I'm new to all this!!

MFW 21 MFI3T3 82

2014- £15,000...... £21,036.11/ £15,000 over target
I understood the weight loss bit

tootallulah

Hi BQ14 welcome and good luck, you are already doing so well I lok forward to following your progress. Newgirly's amazing signature means that she aimed to pay off £14,000 in 2014 and she has smashed that target and has paid off £21,036.11 so far this year.

icontinuetodream

hello and welcome BQ!! :hello:

We are in a similar position - I want my mortgage and all of my other debts gone by my 50th in 2018 too!!

I have been really hitting the mortgage over the past couple of years and have seen a huge reduction (for me) as a result of my efforts...it is really addictive and the support you get on these boards is second to none

Good luck on your journey - I will follow with interest!!

BudgetQueen14

Thanks icontinuetodream and tootallulah for your welcome and encouragement, it's really made me think just maybe I can do this. So I'm going to go over the budget in a minute to see what I can do, even if we don't pay all the mortgage off by Spring 2018 I'm sure we could pay off a massive amount if we focus on our goal. We did go down to one car last year and that has allowed us to now save £280 per month. Maybe I could do half of that to our emergency fund which currently stands at £4780 and over pay £140 plus the usual £40-£50 to overpayments on the mortgage? And then see what else we can do?
Would put a smilie face, but don't think I can yet because I'm so new!

newgirly

Hi budget queen, the mfw 21 is my allocated number for the 2014 overpayment challenge (it's a thread on this board) join and set yourself a target for the year, pop in monthly to update and a spreadsheet on the first page shows the running total. It can also include savings/ debt repayments etc. if it suits better.

Ditto the other number, it's just a three year challenge instead of a yearly one. well worth thinking about joining one for 2015