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The Mortgage Free in Three - Take 4 challenge (MFiT-T4)
Comments
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Hi i have just sent off my join in form. I've asked for 69 which I had last time. I've been involved in all of the last 3 challenges so thought it would be a shame to miss out this time. We've made significant progress from where we started and hoping to find £20,000 in the next 3 years.
Our first 2 years OP's will be paid into a reg saver though as Santander have said I can't arrange for a regular OP to be taken off the balance - which is a pain. I would have to phone them after each OP to tell them what to do with it, therefore I have opened a 6% reg saver and will pay the OP's into that and lump it off when it matures. We'd be better off doing it this way anyway as the mortgage rate is 1.99% fixed for 2 years. This will give us £6,200 in the first 2 years so need to find another £14,000 in the final year.
In reality we will find additional OP's which I will lump off, probably quarterly to tie in with these updates, hopefully. BRING IT ON!0 -
Hi,
I was in my normal London train station, with a bit of time before the commute home. Having been made redundant last year, I don't spend as much as I used to, but with 30 min to kill I would normally have spent a pound or three (paper, book, snack).
But I thought of MFiT4, and kept myself to buying some milk. Which we need. Now all I have to do is stay with that "every little helps" mindset throughout MFiT4...
FG
P.S. Don't worry, I won't post daily about my "mini-saves"MFiT-T4 Number 68
MFiT 4 Goal - Build up savings (SIPP, ISA etc.) to £250k . Current balance £174748 (1/8/16).
Crazy goal - £500k by Jan 2026.0 -
FreedomGirl wrote: »Hi,
I was in my normal London train station, with a bit of time before the commute home. Having been made redundant last year, I don't spend as much as I used to, but with 30 min to kill I would normally have spent a pound or three (paper, book, snack).
But I thought of MFiT4, and kept myself to buying some milk. Which we need. Now all I have to do is stay with that "every little helps" mindset throughout MFiT4...
FG
P.S. Don't worry, I won't post daily about my "mini-saves"
You are so right. It's the mindset that will get us all through this. I am doing Tilly Tidies every day now...every little helps indeedMFiT-T4 Member No. 96 - 2022 is my MF goal
Winter 17/18 Savings Rate Goal: 25% [October 30%] :T
Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 £25/£500 NSDs Target 10 for March 02/10 Trying to be a Frugalista:rotfl::T0 -
I hope I am not too late to join in! I have filled out the update/joining form and am full of hope. Would love to clear our mortgage in 3 years and it feels just about possibly doable! Some accountability can only helpOn a mission.0
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Welcome aboard.MFW: Was: £136,000.......Now: £47,736.58......0
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Hurrah - I am #61! Hoping to clear £56kish mortgage.
Quick question - I am in a fixed rate at the mo which only allows £500 OP a month without penalty. So I'm sticking other OP monies into a special savings account ready to do a big happy payment in November. So, until then, so I knock this extra savings account off my balance when I update, or do I strictly account for the actual mortgage only?On a mission.0 -
Quick question - I am in a fixed rate at the mo which only allows £500 OP a month without penalty. So I'm sticking other OP monies into a special savings account ready to do a big happy payment in November. So, until then, so I knock this extra savings account off my balance when I update, or do I strictly account for the actual mortgage only?
I would count it, otherwise it looks like you're making no progress until you can make your bigger OPs.If it's earmarked for the mortgage payoff, it should count (IMO).
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Hope I can join this challenge as well, have filled out the registration form
My aim is to build up savings from $0 to $100k off to a good start with $3k saved in January :j
MFiT-T7 #17 (Jan 2025) £193k (Apr) £177k (July) £159k (Oct) £
SPC 18 #6 £336.10 (01/09/2025)
Regular Saver (24/25) £2800 (25/26) £
SPC’s (1)£27.19 (2)£728 (3)£1471 (4)£357 (5)£435.18 (6)£1114.92 (7)£1492 (8)£392 (9)£1952 (10)£1866.65 (11)£1177.74 (12)£1445.39 (13)£1608 (14)£603.30 (15)£672 (16)£2563 (17)£1300 (18)£0 -
Time to start the challenge, first salary in the bank and appropriate amounts siphoned off!! Whoop whoop!
Good luck everyone, and thank you Trix for managing this challenge.* * * Catriona's Credit Card Countdown * * * from -£16k to debt neutraldom - for my debt diary click here
Barclaycard -£5,867.52;
mbna1 - 3,009.22
mbna2 - 1,755.70
Savings £5,017 MFiT #25 £2,627/£10k; daily interest £5.040 -
Hi Trix-a-belle and everyone,
Hope I'm not too late :eek: - I only spotted the challenge today. I have filled in my registration form and will wait to hear about my number.
I would love to join in and I'm all ready to get going having spent yesterday evening playing around with the Locosblade spreadsheet - thanks again to Petal88 and A Frayed Knot for help with that.
Thank you Trix-a-belle and the others who are helping to run the challenge. :A
HollysanMFiT-T4 #63
Mortgage £78,000/£67,690.730
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