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Babystep 6

edited 8 April 2020 at 6:06AM in Mortgage-Free Wannabe
98 replies 5.7K views
BabyStepperBabyStepper Forumite
746 posts
500 Posts Second Anniversary Name Dropper
edited 8 April 2020 at 6:06AM in Mortgage-Free Wannabe
Hiya :)

How's everyone doing? I'm a newbie here and have spent the last 2 years hanging out on the dfw boards, paying off £21,228.07 of debt - here's the link to my diary if you fancy a look. 

I am self-employed and OH has a very stable job. We learned how to budget and live within our means while paying off debt and used a mix of Dave Ramsey, Martin Lewis but mostly the helpful people on this site to get there. I need help with all this, managing money does not come naturally to me, and the support, encouragement and advice from everyone on here has been the single most valuable thing. So here I am for the next step, mortgage freedom.  

It seems to be the worst possible time to be starting a challenge like this - my job has taken a hit because of the virus and the future is uncertain. I had lots of plans for managing the finances once the debt was gone, all of them have had to be shelved for now. My wage has reduced temporarily but we can live on OH's wages, anything I can bring in is helpful, and who knows what I'll get from the government in June, just need to wait and see.

If anyone would like to join me for the journey, I would appreciate the chat. I'm also hoping that my wise friends from my previous thread find their way over here too, I still need your help! I'm planning to have a look around and see how others are getting on with it all - at the minute it seems like an insanely big task but hey, you've got to start somewhere, right?

It's good to be here, finally. :)  
Emergency fund £8,500/£8,500
Mortgage overpayment £260
£21,228.07 paid off in 22 months


  • Sunshine_girl2Sunshine_girl2 Forumite
    1.4K posts
    1,000 Posts First Anniversary Name Dropper Photogenic
    On for the next challenge , look forward to reading your new diary. 

  • DancingInTheRainDancingInTheRain Forumite
    762 posts
    500 Posts Fourth Anniversary Name Dropper Photogenic
    Good luck on your MF journey, will continue to cheer you on 🙂
    01.06.19 Debt £13,636
    Debt Free 25.07.20
  • DrawingalineDrawingaline Forumite
    2K posts
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    Have subscribed. Loved your previous diary (read the whole thing on my holiday last year!) and I am hoping to be able to move to this board at the end of this year too. 
    Debt free Feb 2021 🎉
  • savingholmessavingholmes Forumite
    14.6K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hi - followed you - I'm sure you will knock it out of the park. How much do you need to repay?
    During 2021: Target 1) Clear CC debt £15212 £[email protected] 0% Target 2) Lose weight 3) Write regularly 38113/70000 words Book 2 4) Promote book(s) 5) Develop passive income streams 6) Build 3-6 mths EF 7) Declutter
  • longway2golongway2go Forumite
    804 posts
    Part of the Furniture 500 Posts Name Dropper
    Well done on clearing your debt, that's a fantastic achievement and welcome to the board. I think in these uncertain times it makes it highlights how nice it would be to have no debt and setting an intention of what you want for the future is good. My OPs are being directed to savings until this settle and then hopefully I will have a nice lump sum to OP with which a few of us are doing.
    How much have you got to clear and any targets in mind in the short term?

    Lots of luck 
    Mortgage Aug 2019 161,000 :eek::eek::eek:
    Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675 🙂
    EF 8120/12,000 (68%)

    Our Mortgage is never going to be as high as it is today. :j
    Onwards and downwards to a better life for our family. :j
    Just keep swimming
  • jenni_ferjenni_fer Forumite
    325 posts
    Seventh Anniversary 100 Posts Name Dropper
    Sounds like your dfw experience will help you on your way.
    Good luck!
  • bexster1975bexster1975 Forumite
    1.6K posts
    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
    Hello. Wow re:debt clearing. Fabulous news. I shall take a look at your previous thread.  As for self employed, me too. Also took a serious hit. Also no idea what HMRC might provide in June. As you say, we will see. You say its a bad time to start MF, but actually you probably have more time for planning, meal planning and batch cooking etc which will all stand you in great stead. It sounds as though you have picked up some great skills from DFW, and if you can manage on OHs wage, you don't need to worry about debt repayments whilst your salary is down. I may have not seen this on your DFW diary, but do you have an emergency fund? If not, I think I would start there.

    Good luck

    Bexster  :)
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