!!My time to be mortgage free!!

MrsLovely

Hi @happymum37, I am going to try for £10k in savings,  try to get to that magic 6 months expenses. Problem is i am so keen on overpaying,  every penny goes to the mortgage! Must try harder next month!

caeler

I agree the calculator is brilliant and it is so good to see the impact you can have! @happymum37
As others have said savings is quite personal but I think 3-6 months of outgoings is not a bad place to start plus factoring in some extra car maintenance (which I plan to do as my car is 8 years old).  I've had some unexpected expenses over the last few months but thankfully I was able to cope without pushing the overpayments off track so I am grateful I have a few little pots tucked away for emergencies.  

beanielou

I am sure that your diary is not as boring as mine!
Good luck on your MFW journey! 

happymum37

Well  all best laid plans and that!!!! The diary with all the intentions in the world fell to the wayside with home educating the 2 kids FULL TIME. 

So .... where we are
Mortgage....

£47,500 remaining.  On the 2 part mortgage we have 9 years  2 months and 9 years 9 month .

As soon as this is all over I'm over paying the mortgage monthly and beginning to over pay my pension.   

We have decided to extend the house, life is for living and we want a big kitchen diner.  That won't be till 2023 but we will need a lot for it. 

This year we are also fully re decorating the youngests room. Needs re wringing and skimming and fitted wardrobes. 

Lockdown has made me want to live as well as save. 

So the plan is this year to over pay mortgage by 100 each month from may and then if we can do a lump at the end of the year.....

MrsLovely

happymum37 said:

Well  all best laid plans and that!!!! The diary with all the intentions in the world fell to the wayside with home educating the 2 kids FULL TIME. 

So .... where we are
Mortgage....

£47,500 remaining.  On the 2 part mortgage we have 9 years  2 months and 9 years 9 month .

As soon as this is all over I'm over paying the mortgage monthly and beginning to over pay my pension.   

We have decided to extend the house, life is for living and we want a big kitchen diner.  That won't be till 2023 but we will need a lot for it. 

This year we are also fully re decorating the youngests room. Needs re wringing and skimming and fitted wardrobes. 

Lockdown has made me want to live as well as save. 

So the plan is this year to over pay mortgage by 100 each month from may and then if we can do a lump at the end of the year.....

We have similar amounts outstanding.  Complete agree that lockdown has focused the mind in what we all want out of life. We too are going to extend kitchen once MF next Feb, stay in our current home, and LIVE LIFE to the full!! 😁

Chiglepig

What a lovely 50th birthday present being MF will be for your husband, not to mention 47th for you!

happymum37

@MrsLovely
I totally agree. We are now almost close to being MF as our savings are getting nice and close to that 47k.... But after soul searching we are sticking with the over pay per month out of our wages... and using savings to guarantee a holiday every year

Xx

LeighofMar

"We have decided to extend the house, life is for living and we want a big kitchen diner.  That won't be till 2023 but we will need a lot for it."

"Complete agree that lockdown has focused the mind in what we all want out of life. We too are going to extend kitchen once MF next Feb, stay in our current home, and LIVE LIFE to the full!! 😁"

Agree with you and MrsLovely. We want paid-off houses, but we also want to enjoy our houses along the way. We want to add a sunroom onto ours. I figure mostly DIY except for some trades like roofing and the fireplace, we hope to spend $7500.00 or less. But the enjoyment we would get out of a sunroom with a fireplace would be priceless. 

happymum37

@LeighofMar my grandparents had a sunroom and it was just fabulous.  They thoroughly enjoyed it, as I hope you do too xx

happymum37

Eeeek so long time no post. I have finally gone back to work and although my first pay cheque was teeny as it was for 3 days work I was sook good and invested £100 premium bonds in our savings and £25 each in the kids 

So we are at:

£46200k on mortgage remaining . 9 years 3 months left. 
£33000 in savings . 

£2000 rubbish shares.  I darent sell them till after covid 

£12k in not very accessible jewelry.  Its in a safe in a bank. 

My wage will be a real one next so I'm going to bung some in savings for us and the kids. And I'm putting the child benefit in an account to use for the running of my car.  I can't over pay my pension as they only let you do it april-april at my place so until then I'm just bunging it in premium bonds.  
Not over paying on the mortgage until we get the savings a bit higher . Aim to over pay on a month by month basis so that's OK but not until after the summer hols I think. But if I'm putting all spare cash into the savings we can decide what to do once it's up.  And with a mortgage rate of 0.85% I'm happy to do that. 

Nice to have a plan and money coming in to actually pay into those plans xx