My 100 month MFW challenge

SkintGypsy

So, the time has come for me to tackle this beast.

My/our past successes have included paying off nearly £30k of debt, making it through paying for two children through nursery and into school, and saving £10k for a campervan. Not too shabby, but there is more to be done.

Added to that the fact that I've just gone part time at work for a better work/family balance, and this one might be a bit hairy!

Mortgage statement in today tells me I've got 17.5 years left to pay back £147,247.14.

I may be being a touch ambitious, but my goal is to get this lot paid off by my husband's 50th birthday in 8.5 years. That's approximately 100 months, paying off just short of £1500 per month, on top of the interest only payment that we pay.

To be honest, anything short of the natural term would be a bonus, but I can't wait for us to be mortgage free and to have the freedom to do jobs that make us happy, not just to pay the bills.

Not sure whether to let husband in on my plan (he's really not concerned about money cos he knows I've got it covered) or whether to surprise him on his 50th with a trip to the bank to get our deeds.

There is the small matter of building up our emergency fund, so that will be a couple more months and then I'll be away!

So wish me luck campers!

elantan

Oooooo I'm nearly half way through my 100 month challenge ... Will be good to watch someone else on one

Good luck

SkintGypsy

Great stuff! Are you on target? Has it been a slog so far?

elantan

Its been a very interesting journey tbh, I have never stuck to a challenge before but this one seems to keep pulling at me, my challenge though was not just to clear the mortgage but to turn my money situation around, I want savings as well as to be debt free, I am finding now that its changing again to become more of a journey to F.I.R.E ( financial independence retire early)

Its taught me a lot and I am really enjoying it

SkintGypsy

I hope I'm as enthusiastic as you are when I'm half way through!

I feel that when I don't have a reason to save money, I spend it! This should be doable, and I'm really excited to be on this path towards mortgage freedom.:D

chocoholic_chick

Good luck with your journey! I love the idea of setting a challenge in this way

SkintGypsy

Thanks Chocaholic!

tattycath

Ooh, good luck SkintGypsy!

newgirly

Hi, I just wanted to wish you good luck with the new diary.We have a similar amount owing and are trying to clear it when my dh is 50 in 2022, so I shall follow with interest.

SkintGypsy

Thanks tattycath and newgirly!

Looks like I've got a few people to spur me on along this loooong road!

Payday tomorrow to get my house in order. Already had to tell husband he has a spending limit on my birthday pressie this month. Have given him a couple of ideas, so hopefully he won't overspend in a blind panic!

This weather is stopping me from going out spending, so a few pennies saved there too.:)

elantan

Have you started with Tilly tidies or anything yet?