2016 Savings challenge- MFW in training :)

Hello and welcome to anyone who stumbles across this thread. I've been meaning to start a diary for a long time now with regard to being a huge MFW but I feel a bit of a fraud in that we're currently only looking to save a chunk of money to move and hopefully then take on the challenge of overpaying our (hopefully not as big as it could have been without the saving) mortgage.

I'm sure all that makes huge sense :rotfl::rotfl::rotfl:

A bit about our family and finances..... At some point I hope to upload an SOA to see if any clever MSE'ers can see where we can cut back. I am setting us a fairly mammoth initial challenge of having £25k in savings by the end of 2016, currently sitting at about £8k and some of that is ear-marked for some home improvements happening in the next few weeks so I hope to take stock again in the New Year and sort out exactly now much we'll need to save in the course of 2016.

So there's me and DH, 30- something Mummy and Daddy to our two fantastic children, a beautiful, sensitive, hippy of a girl of 11 and a hilarious, mischivous, daredevil of a boy who'll be 3 in February. We also have an absolute baby of a cat. (She genuinely would just be happy for you to carry her round like a baby all day long!)

We bought our house almost 8 years ago for £118,000 with a mortgage that wasn't near £118000 and somewhat stupidly, in a young and silly way I suppose, we ended up borrowing more against the mortgage to do some major work to the house. To be honest we got a very good deal on the house at a time when prices were going crazy and it's a great size, 3 big double bedrooms and lots of living space so it was definitely an investment to borrow the extra. The fact the mortgage is interest only though means we now owe the grand total of£118000. I'd hope it would sell for around £200k (current estimate so fingers crossed for a bit more when we come to sell) and we'd be looking at spending £250-£270k on our forever home so taking on a bigger mortgage but for the shortest time possible. :cool:

DH works FT earning approx £33k and I work PT earning approx £12k. So that works out to about £37k-ish net (with CB too) We are very lucky in that my work largely fits round DH and that my folks do a bit of childcare for us too so we've never had to rely on any formal childcare- a huge saving as I know what other families have to pay out!!

That pretty much works out at to having to save an absolute !!!!-load of our net pay to hit the target and that's the main motivation for this diary. :eek:

I know it can be done, I've been such an admirer of these boards for years but the thought of committing to saving so seriously leaves me feeling a bit like we won't manage, I feel like we already do loads of money saving things but I'm sure there are still places to cut back. Even if we're able to start the year with £8k in savings that's a massive £18k to find :eek::eek::eek::money:

I'm hoping to treat it like a bit of a game. I've become a bit anti-consumer/environmentally conscious/generally philosophical about the bigger things in life in the last few years so it's great if I can incorporate some of these reduce/reuse/recycle/eat less meat/help others/presence over presents kind of principles into things too.:T

I hope to do a few things in the next few weeks so 2016 can start with a definite plan in place, just these renovations and Christmas to get through first !!!!!

*The SOA so I (and you clever lot if you so desire) can pick at anything non-essential/question whether we really need/want an expense.

*Discuss a re-mortgage so that we can hopefully start paying circa the same amount we do now but on a repayment so we actually make a bit of a start paying it off. Hopefully securing a bit of a fixed rate too.

*Using the rest of November and December as months where I gradually introduce tighter grocery budgets and start properly (as opposed to half-heartedly) meal planning. Quite lucky too in that we aren't "doing" Christmas food-wise so no big budget needed there but we are hosting a Hogmanay party so need to factor that in.

Not much more to say, huge points to anyone awake after that! The big goal is to be fully MF by DH turning 45 but I'd secretly hope to do it before then ;)

Anyone is welcome along for the ride and all advice will be gratefully received. :)



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