Setmefree's Diary: MFi5 journey

setmefree2

We capped our electricity and gas tarrif in April 2005 until April 2010. BG have kindly (I think this is called relationship marketing;)) calculated that we will have saved £923 plus £15 dual fuel discount and £68 DD discount. A grand total of £1006 :T:T:T.

But what will we do next April Think we are in for a shock:eek:

setmefree2

Gas
Still not using the CH. Don't remember the last time it was on:D. Water comes on twice a day. That's all the gas we use.

Electricity.
The kids are finally back at school after nearly 2 months off:eek: so we should to see a massive reduction in electricty usage. I am still line drying and finishing the clothes off in TD. We are still living without a freezer. Still using my DW but now that the kids are back at school should be able to reduce the use of this...That's about it I think!

setmefree2

I have updated Page 1

The montly overpayment of £1,000 and the normal payment of £1,415 means that our mortgage has gone sub £105k - £104,819 to be exact

One more. Our savings plus our endowment (due to be paid in May 2011) now covers our mortgage so we are technically DEBT FREE!

However, on a day-to-day basis I am finding things a bit tough at the moment. Usually October and November are quite good months for me but eldest son has just informed me he needs a new coat as his zipper has broken (he doen't have cheap tastes either so it's gonna cost me) and he also wants to go to a couple of concerts plus I have to pay for his guitar exam. So I've just been looking at my spread sheet trying to find areas in which to cut back.....

It's all worth it, however, as it's looking like we will be sub £100k by Christmas:D

Optimisticpair

Technically DF calls for a virtual drink to clink :beer:

The figures call for a round of applause. Where indeed are you going to be able to pare something back. Something has to give somewhere but yes it is all worth it, not just as goal achievement but think how much interest you won't be giving the bank heh heh.

Technically the only debt we have to service is the two mortgages.

Well done.

gallygirl

Well done smf :j:j:j

SmlSave

Our savings plus our endowment (due to be paid in May 2011) now covers our mortgage so we are technically DEBT FREE!

WOW! :T:beer::T That's really impressive!

setmefree2

Optimisticpair wrote: »

Technically DF calls for a virtual drink to clink :beer:.

It's going to have to be a "virtual" drink. Looking at my spreadsheet one area I can cut back on is....... *look away now TPA * ..........wine. I don't drink that much so this isn't going to bring in tons of money, so I must try and reduce our shopping bill also. I'm going to do a store cupboard challenge and see what meals I can russle up "for free". Maybe I'll lose some weight!

Other than that its going to have to be lots of "no spending" on books, clothes, etc but I do most of this anyway - just have to be extra extra strict. I need to reduce my spending each month for a short while to get my "day to day emergency savings" account back on track....

Looking forward to getting sub £100K however - what a great day that's going to be:D

sarah_26_2

Hi SMF2, I've been lurking on your thread for a while, very impressed with your achievements!
Maybe you could consider taking the coat with the broken zip to be repaired, dry cleaners often offer minor repairs as a service and if it is a good coat this may be worthwhile and ease the pain of all those expensive things you need to get this month.
Sarah

setmefree2

Sarah- thx for the tip - obvious - but I hadn't thought about that!

Well another blow to bank a/c:o. Eldest son wants to go to Reading Festival next August. Being a bit MSE :rolleyes: him and his friends have decided to get "Early Bird" tickets in advance (before the bands are announced). £175 for 3 nights camping - seems like quite a good deal (when you think of the cost of school trips these days). It might work out quite useful, as the ticket will be delivered to me - so I can hold it over him for the next year I will be expecting tip-top results or else;) Oh to be young and think that sleeping in a muddy field for 3 nights is the height of fun

Now where's the wine.......:D

StuartGMC

SMF2
Well done on the financial position and rebuilding the additional savings funds. However, don't ruin things by being too ambitious why not review and see what is the minimum you could allow above £100k position then if you improve on that but don't hit the £100k you will still feel (quite rightly) positive in the achievement. If £100k isn't hit and is your only target then you may react too negatively.

Remember we are always rebalancing and as you know, I'm still not certain I can clear mortgage end of Oct but if it slips then it's not the end of the world especially as we are pay 0% interest on the mortgage now.