Setmefree's Diary: MFi5 journey

wantabetterlife

That is unbelievable SMF2, and all in the space of 4 years, a massive well done to you :j:j

cha97michelle

Ouch to the first figure per day. That is a horrendous amount.

When i started checking it daily it was round £7.50, and now it is £1.93, so i am not far behind you. I'm glad mine was never the first figure.

Well done on all your hard work.

Sunnyday

setmefree2 wrote: »

Just checked the interest charged on our mortgage for Jan and it was the grand total of £1.81 per day :T:T (or £56 for the month). The most we ever paid was £28.30 per day in Nov 2007 which in a similar Jan would have been £877 per month. A big fat saving of £821 per month!!!!! Times 12 that is £9,852 !!!!!!

WOOHOO!!! fantastic :j

Thats quite a saving and a great achievement :beer:

Do you find that when you see it written down in black and white it seems more real? It does to me, i would be running around grinning like an idiot

Good luck with the rest!

SD

setmefree2

Sunnyday wrote: »

WOOHOO!!! fantastic :j

Thats quite a saving and a great achievement :beer:

Do you find that when you see it written down in black and white it seems more real? It does to me, i would be running around grinning like an idiot

Good luck with the rest!

SD

I must admit I couldn't quite believe it!!!! It's like having an extra person working for us.:D:D:D:D (That's me grinning like an idiot)

dollarsense

congrats, setmefree!

RosieTiger

Those figures just make it all the more enjoyable - less dosh for greedy banks!!!

setmefree2

RosieTiger wrote: »

Those figures just make it all the more enjoyable - less dosh for greedy banks!!!

Amen to that :j:j:j

TallGirl

Well done Seefree2 its so nice to see those figures come down and the low interest rates do help a lot. Do wish they would go up a bit now that I am MF but long may it last love reading on how well my fellow MFW are doing.

golfiematt

well done on the figures. Very inspirational stuff!

roger_ramjet

setmefree2 wrote: »

Thanks!

My mind is still wrapped up with the student fees stuff but I have given up posting on the student money saving board. There are 4 hostile posters on there who are spoiling it for everyone else. So it's a wasteland, they get about 5 new threads started a day. Which is a great shame, as I had lots of nice PMs and I think it could be a great board,full off interesting ideas.

I've become convinced (as has mr smf2) that the new student loans could potentially be a massive burden on our kids. They will have to borrow about £50k plus each - for us though, what is worse is the interest rates (varied from RPI + 1% to RPI + 3%). RPI is currently 5%.

At the beginning of these loans, students pay off a miniscule amount ( it's a bit like paying the minimum balance on a credit card). So quite quickly the interest will pile up. There is also talk of preventing students from paying the loans back and penalties for over paying.

So, we think that these student loans should be avoided and that we can do it all cheaper ourselves - but we are talking about £90k to £100k to get 2 kids through college!!!!! :eek: :eek:

We could have done without that:cool: Flippin credit crunch has well and truly crunched us

Just a thought (and a suggestion) - if you are thinking of doing this, maybe have your kids pay back in a similar fashion to a student loan? But I'm sure you've already considered this.

Great mortgage overpaying by the way. My forecast mortgage free date is March 2017 at the moment - but I'd like to bring that forward by to around 2015.