MF by age 40! Then I am buying a Mercedes SLK

PrincessLou

diamondsonly wrote: »

So today DH wil be paying £800 into our current account so I will be using this to OP this evening. The cash comes from about a decade worth of birthday money I have been saving to buy myself a piece of jewellery. Definitely want to be MF than own more jewellery so it will be going into the OP pot for this month.

I think this statement really proves that you have had your 'lightbulb moment' when it comes to money and the mortgage. You should be really proud of yourself :j Although, I must admit it made me sad reading it because you've been saving for a decade. Paying off the mortgage is important but don't forget to give yourself some treats along the way :T

diamondsonly

Thanks PrincessLou. DH has not done the transfer yet but I can't wait to knock £800 off. Don't be sad for me...I will be having a holiday at the end of August for a week. I have been making bad choices and its time I re-prioritized.
Although we were planning a safari holiday next year as some friends have moved to Kenya for work so we were going to stay at theirs to keep costs down but I convinced DH that the kids are too young to enjoy it and we should focus on the mortgage for now,
Looks like this will be our last holiday for a few years.

diamondsonly

Evening all, £800 OP has gone in and signature updated.
DH suggested going to the cinema tonight as we are home alone as the little people are with their grandparents tonight. I have suggested we stay in soI will put £20 towards the OP pot instead.

So DH has said he doesn't understand how OP of £10000 or £800 can make us MF earlier. I tried using the example of 100k mortgage where the repayment is £1000 a month. So in the beginning £750 of that would be interest and the rest repaying capital borrowed. As time goes the £1000 each month will be made up of more repayment and less interest. However this has confused him and he can't see how it would mean MF sooner. Any advise how I can explain it to him? I know he is trying to understand but I don't know how to explain it better. Maths is not his strongest point

Luckyinlife

well done on OP thats a great amount

With Dh i would show him the online calculator and type in what youd like to put into it every year and see the results hell soon come round
just say look more we save more fun things in life we get :]

diamondsonly

Thanks Luckyinlife. I will try that this evening and hope that helps. No more OP until payday next week when it's payday. So excited to have the first pay since starting our quest.

I did spend £2000 today on hearing aids though :eek: Used my Amex but will pay it off with savings. From next week are doing debit card spending only from current account so we only spend what we have left for the month and put rest in OP and various savings accounts until we get used to having a budget.

Any online spending will still go on CC but we will transfer money the same day to CC to ensure we don't overspend nd get back into the robbing peter to pay Paul scenario

gaffel

I highly recommend the over payment calculator on here, using it spurned me on.

Well done on OP, fab job!

Luckyinlife

Great job the Op will work for sure when you can see how much you save and time saved it helps :] let us know hehe

diamondsonly

So after explaining how the OP will pay the off quickly to DH and going through our monthly expenses he finally sees what I and all of you lovely on MFW do. So I suggested we aim to be MF 6months earlier than planned by DH 40th birthday. June 2022

BUT DH thinks we can do it in 5 years!! So new MF target July 2020! 2.5years earlier than orginally planned ( Dec 2022). Hopefully being MF 15 years early.

Things are going to get very interesting but I love a challenge. OP of £1800 a month needed :eek:

PrincessLou

Wow - that will certainly be a fantastic challenge! :j

Be warned though, you may have just created a monster! A couple of years ago my husband was all spend, spend, spend, but I got him into money saving and now he's Mr Money Saver himself (and definitely worse than me!)

gaffel

That's some challenge but can be done with both of you on board! I look forward to seeing you to do