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Getting back on the MFW Wagon

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
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NeedhelpsavingNeedhelpsaving Forumite
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edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Hi :o

I have attempted this MFW wannabe journey before, with little success and after reading so many threads on the forum, would like to try again.

Looking back, trying to start a MFW challenge with a newborn was possibly not the best time for me as I had made grand plans, just when our income was decreasing.

A little bit about us, I am 29, have an OH 34 and a LO aged 3. We bought our home 8 years ago and have a mortgage of £80,000, a family loan of £7,000 and £0 in savings :eek:

Our first goal is to save a £1500 Emergency Fund by the end of February, whilst staying on track to pay off family loan (on target to pay off in June 2017).

I have finished all my Christmas shopping, except 1 gift, so should be on track to save a decent chunk of my salary next month (I work part-time).

I need to stay accountable in this journey and what better way than to publish it on the internet?!
2020 Target - Pay Mortgage Down Mortgage Starting: £51,737.26 Currently: £43,922.03 as at 01/06/20
«13456744

Replies

  • MoneyfordreamsMoneyfordreams Forumite
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    Good luck with your plans. Amazing to have xmas sorted so soon
    Mortgage restart June 2018 £119950
    Re mortgage August 19 £110470, HSBC £1500cc, Hfx £0, NW £1750 M&S £850, MBNA £9050
    … Mortgage £104900
    plus car £6000 :eek: , it's coming down :D
  • hildosaverhildosaver Forumite
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    Good luck!
    Mortgage 1 balance September 2012: £121,086 (First ever OP)
    Mortgage balance June 2020: £68750 :j

    Mortgage 2 was £126000 (2013) now £99678 (June 2020)
  • SueP19SueP19 Forumite
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    Welcome

    Remember it's not how you get there, it's getting there that matters :D:D
    Mort Oct 15 [STRIKE]£70,353[/STRIKE] [STRIKE]£66,422[/STRIKE] £58,804 MF [STRIKE]Dec 31[/STRIKE] Jun 31([STRIKE]191[/STRIKE] 176 mnths)
    EF 2016 £700/£1,000 Debt [STRIKE]May 09 £30,217[/STRIKE][STRIKE]Oct 17 £14,093[/STRIKE]Nov 18 £6,336.12[/B]
  • edited 15 November 2016 at 8:01PM
    NeedhelpsavingNeedhelpsaving Forumite
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    edited 15 November 2016 at 8:01PM
    Thanks for the encouragement MoneyfoDreams, Hildosaver and SueP19!

    I have been super organised with xmas this year - shame I haven't been as organised with my money.
    2020 Target - Pay Mortgage Down Mortgage Starting: £51,737.26 Currently: £43,922.03 as at 01/06/20
  • NeedhelpsavingNeedhelpsaving Forumite
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    Last night I sat and went through our bills. To be honest, we are quite good at reviewing our deals. The internet banking shows that the problem is our lack of control when it comes to personal spends and groceries. Thinking about it, we do seem to have the mindset of ‘Its ok, because we are on top of our bills’.

    This is something we need to work on in December. We have 1 family day out planned, this had been booked and paid for a couple of months ago, but the rest of our outings are likely to be visiting family which has no real cost attached.

    Things to do this week;
    - Cancel contact lens subscription (one off £36 charge to pay off outstanding direct debits), saving £18 per month. This will be diverted to the family loan initially.
    - Add layers instead of cranking up the heating.
    - Plan free activities at home to save money.
    - Submit gas and electricity meter readings.
    - Bake treats from store cupboard food instead of picking things up on the way home.
    2020 Target - Pay Mortgage Down Mortgage Starting: £51,737.26 Currently: £43,922.03 as at 01/06/20
  • edited 20 November 2016 at 10:28PM
    NeedhelpsavingNeedhelpsaving Forumite
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    edited 20 November 2016 at 10:28PM
    Last night I sat and went through our bills. To be honest, we are quite good at reviewing our deals. The internet banking shows that the problem is our lack of control when it comes to personal spends and groceries. Thinking about it, we do seem to have the mindset of ‘Its ok, because we are on top of our bills’.

    This is something we need to work on in December. We have 1 family day out planned, this had been booked and paid for a couple of months ago, but the rest of our outings are likely to be visiting family which has no real cost attached.

    Things to do this week;

    - Cancel contact lens subscription (one off £36 charge to pay off outstanding direct debits), saving £18 per month. This will be diverted to the family loan initially.
    - [STRIKE]Add layers instead of cranking up the heating.[/STRIKE]
    - Plan free activities at home to save money.
    - [STRIKE]Submit gas and electricity meter readings. [/STRIKE]
    - Bake treats from store cupboard food instead of picking things up on the way home.
    2020 Target - Pay Mortgage Down Mortgage Starting: £51,737.26 Currently: £43,922.03 as at 01/06/20
  • gallygirlgallygirl Forumite
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    Is your OH on board? Would it help to tie up your disposable income so there was none left to spend on 'stuff'? If you put money into savings at the start of the month then the spare money would already be 'spent' and I expect it would be hard to take it out of savings?
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • michelle09michelle09 Forumite
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    Good luck! I'm sure this time will be more successful - and every little bit is helpful. :)
  • NeedhelpsavingNeedhelpsaving Forumite
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    gallygirl wrote: »
    Is your OH on board? Would it help to tie up your disposable income so there was none left to spend on 'stuff'? If you put money into savings at the start of the month then the spare money would already be 'spent' and I expect it would be hard to take it out of savings?

    Hi Gallygirl, thanks for your reply.

    I am lucky that OH is on board - perhaps not to the extent that I am. The priority for OH is family loan as we don't like the fact that we owe family members money. I agree with him on this, but also feel that having savings would give us some balance to not to have to be in that situation again.

    We are agreed that the loan and mortgage need to go, but still need to agree the level of sacrifice we are willing to make to reach this goal.

    Hope that makes sense?

    In terms of the savings, I will definitely separate the savings at the start of the month, instead of trying to save whatever is left at the end of the month.
    2020 Target - Pay Mortgage Down Mortgage Starting: £51,737.26 Currently: £43,922.03 as at 01/06/20
  • beanieloubeanielou Forumite
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    Happy shiny new diary :)
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
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    MFW. 9 months to go. B)
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    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
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