Mortgage free mum

longway2go

Thank you leighofmar, yes balance is key and I don't really think I will know what that looks like until I return to work. I want to do enough to make n impact but not too much that it puts my hubby off the idea lol

Good luck to you 2

longway2go

Found a bit more money monthly which I can put towards the mortgage. This is another 37.60 from cb and 35 additional from rental income. Although I will need to reduce this to cover the annual insurance premium 1 month a year.

Happy with that find.

longway2go

Have been reading a bit from some diaries and think I will be on the lookout for a mortgage pig in the charity shops and also going to find my second purse so that I can keep all of my food shopping money in it to separate it out from other spending. I will put all receipts in it so that I can evaluate it at the end of the month.

The other thing I think I need to do is food plan so to save time and money. I have just reached out a lasagne that I previously batch cooked so thats one meal sorted ��

Savingtomove

Good luck mortgagefreemum I am looking forward to hearing how you get on because I am on mat leave to and hoping to do the same when I return to work!

becky170

Hi, to edit your footer you just need to go up and click on User CP and then there is an option on the side to edit your signature. The 904/1615 in my signature is because my aim for this year is to overpay £1615 (1% of my mortgage balance) and so far I've paid off £904 there's a MFW challenge every year where you state how much you aim to pay off that year and then post updates of how much you've paid off each month. You should take a look and join up as everyone is really friendly and it helps keep you on track. Think the thread is 2019 mortgage free wantabees

OhtobeMortgageFree

longway2go wrote: »

OhtobeMortgageFree wrote: »

This is on my to-do list for this week too. Have you seen any templates available anywhere?
I have a two year old and we're looking to expand our family by one more in the near future. I have a concern over getting the balance right too. We've cut back a lot this year and begun overpayments. I'd like to pay the mortgage off while the children are still small enough that we can get away with mainly free activities. I've heard children get more expensive as they get older! :rotfl:[/QUOTE

Thank you for your reply.

I haven't seen templates but the easiest way would be mortgage balance x rate/365. If you do 1000 x rate/365 this will show you how much daily interest will be saved per 1000 you pay off.

We are also potentially looking to add to our family so figure if we can really focus before that happens it will help. I imagine it will be in around 2 years so maybe I can work out what I could get down to for then. At that point I may ask for my monthly payments to be recalculated based on the original term so that my monthly payments reduce while on maternity and then focus again when back to work.... This is all in theory lol

Good point about kids getting more expensive with age... One to add to my list of reasons I want to be mortgage free. Do you have a diary?

Yes, I'm keeping a diary here: https://forums.moneysavingexpert.com/discussion/5910157/mortgage-free-by-my-own-merit It's been a bit sporadic in the past but I've really kicked in with the obsession of overpaying now so it's updated a bit more frequently!

I would love a family of three, although I'm not sure husband is so keen, having come from a family of three himself! Throughout my pregnancy and early maternity leave (as a teacher, so I had a decent maternity package) we just lived off one salary and kept my husband's salary in the bank to use as our emergency fund which worked well for us at the time. If I was to go back to that time now I would use the money for overpayments though! Do you plan on going back to work full time?

longway2go

Savingtomove wrote: »

Good luck mortgagefreemum I am looking forward to hearing how you get on because I am on mat leave to and hoping to do the same when I return to work!

Thank you. I think having kids really made the whole security thing more important for us. Also the thought of not having a mortgage when they get more expensive will be helpful. When do you go back?

I'm back in October but really think by the time we find our feet enough to op it will be next year really although I can maybe start the money we make in rent from November.

longway2go

becky170 wrote: »

Hi, to edit your footer you just need to go up and click on User CP and then there is an option on the side to edit your signature. The 904/1615 in my signature is because my aim for this year is to overpay £1615 (1% of my mortgage balance) and so far I've paid off £904 there's a MFW challenge every year where you state how much you aim to pay off that year and then post updates of how much you've paid off each month. You should take a look and join up as everyone is really friendly and it helps keep you on track. Think the thread is 2019 mortgage free wantabees

Thank you. Signature changed.😁

Ohhh I will definitely have a look at that. Maybe I will aim for 1k this year.

Well done on your payment... We will get there and you are very nearly at 1k gone forever 😁

longway2go

OhtobeMortgageFree wrote: »

longway2go wrote: »

Yes, I'm keeping a diary here: https://forums.moneysavingexpert.com/discussion/5910157/mortgage-free-by-my-own-merit It's been a bit sporadic in the past but I've really kicked in with the obsession of overpaying now so it's updated a bit more frequently!

I would love a family of three, although I'm not sure husband is so keen, having come from a family of three himself! Throughout my pregnancy and early maternity leave (as a teacher, so I had a decent maternity package) we just lived off one salary and kept my husband's salary in the bank to use as our emergency fund which worked well for us at the time. If I was to go back to that time now I would use the money for overpayments though! Do you plan on going back to work full time?

Had a very quick look at your diary and plan to read all later when kids in bed. Do you know how I can subscribe?

I note that you are with tsb, is it easy to make ops with them? That is who we are changing to.

Tbh I always said 2 children as a maximum but we needed ivf to have our boys and have 2 frozen embryos which I feel as we have been through so much want to try them. If they don't work I doubt we will do another fresh cycle (it's so much money, no guarantee and very stressful).

longway2go

Ohhh some good news tonight ��

I am currently in the process of starting my own business as a hypnobirthing teacher and someone contacted me about doing a course. That's the second course I have booked in which will be paying back the teaching course I did but once that's paid back this will be mortgage overpayment money so the more I can do the better.