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Can I do it? Mortgage-Free in 5?

edited 30 November -1 at 12:00AM in Mortgage-Free Wannabe
330 replies 30K views
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  • MakethedayscountMakethedayscount Forumite
    293 posts
    Third Anniversary 100 Posts
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    Great idea, Working mum! I've got some bamboo sticks and a dust sheet so will give it a try :)
    MFW: January 2020 £141,777.26 November 2020 £114,800.16
    SPC: 2020 £70.71
    Grocery challenge Nov 2020: £117.97/£250
  • MakethedayscountMakethedayscount Forumite
    293 posts
    Third Anniversary 100 Posts
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    No way am I going to keep to my MFW target this month. Oh dear! May have to just pay off a fraction of what I would like to and try to be more creative in future months. Bit frustrating really but suppose the whole point is we can't do fun extras like go on holiday without having an effect on mortgage paying off. It's a difficult balance but need to remind ourselves that as much as we want to pay off the mortgage early, life is for living. :)
    MFW: January 2020 £141,777.26 November 2020 £114,800.16
    SPC: 2020 £70.71
    Grocery challenge Nov 2020: £117.97/£250
  • MakethedayscountMakethedayscount Forumite
    293 posts
    Third Anniversary 100 Posts
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    Paid £150 off the mortgage today, so getting closer to the next £1000 below. My impatience to see the total reduce is getting the better of me, ridiculously so. Anyway, taking kids to the beach today with picnic, frisbees, football and kit
    MFW: January 2020 £141,777.26 November 2020 £114,800.16
    SPC: 2020 £70.71
    Grocery challenge Nov 2020: £117.97/£250
  • savingholmessavingholmes Forumite
    13K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Hope you enjoyed the beach. I factor holidays into the budget - create memories now - but agree a pot of money and try not to go over.
    During 2020: Target 1) Reduce debt from £25.1K @ 0% Now down to £17.129 Target 2) Overpay mortgage - now @ £780 OP Target 3) Improve pensions Target 4) Declutter 52 bags - Done with help of skip & other regular charity collections. 5) Build/maintain EF/Savings pots at £1K or more by 31/12/20
  • MakethedayscountMakethedayscount Forumite
    293 posts
    Third Anniversary 100 Posts
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    Such a sensible suggestion, savingHolmes! The holiday budget I set was too low this year for the plans we had. Next year I need to plan and factor in everything. Am going to make a start on that tonight. Beach was fantastic. Kids had such fun playing cricket and swimming in the sea. I even got to read for a while as they skimmed pebbles. Was working yesterday in the afternoon but managed a bike ride in the morning with them. Only spent a bit of money on ice creams and petrol over last few days, so don't feel too bad. Off to try to fly the kites on the common today as there is usually a bit of wind even on the calmest of days. Picnic and water bottles at hand with lashings of sun tan cream. :) Working all day tomorrow but got DH primed and ready to keep the kids busy. At least his path is looking good and all's right with the world (well at least in my square footage) :)
    MFW: January 2020 £141,777.26 November 2020 £114,800.16
    SPC: 2020 £70.71
    Grocery challenge Nov 2020: £117.97/£250
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • MakethedayscountMakethedayscount Forumite
    293 posts
    Third Anniversary 100 Posts
    ✭✭
    Paid £350 off mortgage this week. Been busy keeping the kids occupied over the holidays. Had some great fun using avios points to have fun days out. Warwick castle was a really interesting day, though hadn't budgeted for the £6 parking charge!!! Took picnic and flasks and apart from parking (!!!) just paid petrol. As DH flies a lot for work and can keep air miles, it has really been a godsend to breaking up the holidays. Working today so DH got the kids. This month I know I haven't got anywhere near my monthly overpayment target, but hoping to be back on track for September. Have some money in my PayPal account from eBay and shopmium which I need to transfer soon. Meal plan to do for week ahead, though all school purchases except shoes have been made. Hurray! Can't face the dreaded shoe queues yet. Going to spend this weekend making lists for September and beyond to try to maximise my effectiveness in sorting out and making a bit extra. Happy weekend everyone! :)
    MFW: January 2020 £141,777.26 November 2020 £114,800.16
    SPC: 2020 £70.71
    Grocery challenge Nov 2020: £117.97/£250
  • MakethedayscountMakethedayscount Forumite
    293 posts
    Third Anniversary 100 Posts
    ✭✭
    Beginning of a new month and mortgage is at £152,553.89. That is almost £20,000 lower than at the beginning of the year. It is still a huge way to go. Weather been good this week so it's been easy keeping the kids occupied. Another cracking day today, so packed lunches and equipment put in boot of car and we are off to investigate. Working later in the week so will pass on the baton to DH then. Found I can save money at lots of different retailers through work scheme and so have preloaded supermarket spend on card. Should help me to keep to budget and also gives me excuse to tell DH that he can't make top-up shops. Win win! :)
    MFW: January 2020 £141,777.26 November 2020 £114,800.16
    SPC: 2020 £70.71
    Grocery challenge Nov 2020: £117.97/£250
  • MakethedayscountMakethedayscount Forumite
    293 posts
    Third Anniversary 100 Posts
    ✭✭
    Daily interest down to £7.83, quite a jump from last month. That is an extra 40p a day in my pocket. Had relatives visit today. Kids were so nice to my elderly aunt, I almost thought that some of our hard work at trying to get them to be nice, thoughtful, decent people had paid off, but then sibling squabbles and teenage strops returned once they had left. Ho hum! :rotfl:
    MFW: January 2020 £141,777.26 November 2020 £114,800.16
    SPC: 2020 £70.71
    Grocery challenge Nov 2020: £117.97/£250
  • MakethedayscountMakethedayscount Forumite
    293 posts
    Third Anniversary 100 Posts
    ✭✭
    Had payout from shopmium so put it towards mortgage. Another £30 off. Am keeping going on those steps :)
    MFW: January 2020 £141,777.26 November 2020 £114,800.16
    SPC: 2020 £70.71
    Grocery challenge Nov 2020: £117.97/£250
  • MakethedayscountMakethedayscount Forumite
    293 posts
    Third Anniversary 100 Posts
    ✭✭
    Paid today so have taken another £400 off mortgage. Nearly down to next £1000. Holidaying has taken my eye off the MFW ball, but am recharging the batteries to come back raring to go again once I'm home and back to routine. Jotting down all the things I need to do to maximise overpayments come September.
    MFW: January 2020 £141,777.26 November 2020 £114,800.16
    SPC: 2020 £70.71
    Grocery challenge Nov 2020: £117.97/£250
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