2008 MFW newbies

kezza12

well i put in my july overpayment today (it just feels like a rush at the end of the month if i try to do it then and i upset myself if i miss it and it goes into the month after,messes up my system) up until now i've overpayed £1870. i just told the OH and he was quite impressed as he just hands over the money (or i pinch it out of his pockets in the morning) and doesn't really add up the pound coins he also got a cheque from his fishing magazine articles and has agreed to put it into the holiday savings which is great so i possibly won't have to take a overpayment break:j i also transfered the money left in current account into the savings as my new car doesn't arrive till the 18th and that will be the monthly payment so i didnt want it to just get frittered away.

*jobags*

kezza12 wrote: »

or i pinch it out of his pockets in the morning

I thought I was the only one who did this:D

I sling it in overpayment fund - I get around £100 per month this way

I also once took his cashpoint card and lifted £200 from his bank account for the overpayment pot - he never noticed;)

How does he do this - lives his life completely oblivious to his financial situation?

He doesn't deserve me

Jo

bellsbells

2latenow wrote: »

I found this thread a while ago and have lurked a little bit, but want to join the 'challenge'. I'm not sure about being "mortage free", so I'll start with a smaller goal and see where we are after 1 year.

Data:
Mortgage : 238k
OP year to date : 1k (with another 1k ready to go soon, hopefully)
Goal : Reduce to less than 200k in 3 years, without increasing any other net debt

Just to make the challenge even tougher, my wife has just stopped work due to the arrival of our new little twinnies (several months early)... which already chops several thousand off my target for this year :-( [not to mention increasing our outgoings early].

congratulations on your new arrivals!

2latenow

bellsbells wrote: »

congratulations on your new arrivals!

Thanks for kind comments from various people.
Now the shock of the early arrivals is wearing off, the early arrival of our reduced income is looming nearby also, so we're trying to do this and next months "as if" OHs wage was already down to SMP.

On the financial plus side, what with the OH now visiting the little-uns in hospital most days I'm back away with work a bit (saving my Pat leave till the little'uns eventually come home). Was away 2 nights this week and another 4 next week, doing long hours but the job covering my hotel/food/transport (and no time for anything else) - which means neither of us are spending much "pocket money" just now (except OH spending £60/m on travel to the hospital).

As a result, I've just mailed off another 1k overpayment. Woohooo...!. Repeating that next month will be next to impossible but I'm gonna target at least £200. somehow.

Actually it was £1015 rather than £1000 ... we were so worn out tonight after the week that coming back from the hospital we ordered a take away, costing £15... Yeah, I know... another meal of beans-on-dry-bread would have saved £14.50! Anyway, as I wrote the overpayment cheque I "fined" myself the same amount as the take away, making the o/p £1015.

I love all the suggestions on this thread & forum. Here's another really minor one for incremental saving.... Learn to love drinking tap water. It's good for you, delivered right to your kitchen on demand and is cheap as .. er.. water (far cheaper than fizzy pop, tea, coffee etc). Especially in hot weather when you just guzzle drinks down. Obviously I'm not condoning replacing sensible alcohol consumption with water though :beer:.

shirlgirl2004

I thought I'd update our figures. On the 9th May we owed £59,300 we now owe approx £52,600 so I'm pleased with that. I feel the need to write it down as I've not been as good in the last week. I started off having loads of NSDs and they have been getting fewer and fewer. Hopefully seeing it written down will inspire me to carry on and not get lost. As it stands we're on target for clearing our mortgage by April 2010 when I'm 40 :j

zekepes

123. Zekepes

I have calculated more accurate figures for our overpayments (I pay a fixed amount so the overpayment changes with interest rates), which is pleasingly more than my estimation of £500/month

Feb £529
Mar £529
Apr £567
May £575
Jun £592
Jul £592 + £5000 (£5592)

Total, so far: £3384 + £5000 (major part of annual bonus) = £8384

DH was fortunate enough to get a good pay rise last month which nets a further £300/month and now I have made an effort to really analyse our budget and make savings on wasteful things I think I can eek another £200 a month. So the plan is to increase the overpayment by another £500/month from september (I want to build up a better buffer in our account first and check we really can afford to do that).

Very pleased at the half-way point anyway, not so much by the figures themselves but the fact that we are actually doing this and enjoying it. I am loving seeing the mortgage go down and not spending on a superfluous stuff.

Our total Mortgage (original + extension) is now down to £107,594.32. Very motivated towards getting sub 100K!

moominyak

Hello everybody on the MFW quest :hello:

Please may I be added to the list?

I've just (this morning) started my own thread / diary, my mortgage currently stands at about £122k (or at least it will by 31st July) so I'd like to set my target at op'ing £2k by the 31st Dec... :rolleyes:

Nothing to report for July as I'm just sorting out a new remortgage/consolidation deal which will kick off on the 1st Aug (although I did ask for more than I needed so I immediately paid £500 back! )

Not really expecting Aug OP to be great either as my 1st payment on the remortgage will be higher than usual... but I'll try and bung something at it to make myself feel better!

Bye for now

nellis10

Hiya I have totalled up all our outstanding owings including the mortgage and I would like to join this challenge!!

Our current mortgage with everything added in is £197,000 paying it interest only temporarily. We have the facility for overpayments without penalty up to 10% with the Shabby!

I would like to end the year owing only £194000, so would like to add to my signature an overpayment of £3000.

Many thanks indeed!!

Shineyhappy

Good luck Nathalie in reaching your target.

I paid off another 200 pounds over the weekend to my mum, so that makes it 1000/5000 leaving 4k to go. In future the payments will be 500 or a thousand pounds to make it easier to keep track so I doubt there will be any further payments for July.

I am trying to raise some extra cash and to keep my spending very low, so that I can save some cash towards repayments. Things would get too complicated if I gave small sums like I did with my old cc debt.

I have a few items on Ebay and those are still at about 25 pounds but finish on Friday so more bids should hopefully come in!

belfastgirl23

Popping by to declare my July total since I can't see me getting any more cash out of anywhere by end month I got £55 from Quidco this month which i've added to the pot. I also got a rate of inflation type raise and have upped my regular monthly amount by £30 to £280. So this makes a total july overpayment of £335, overall total £1835.

I don't know about anyone else but I'm uncomfortably aware that I've only got a year to run on my fixed rate deal (5.47%) and on a mortgage of around £225k, a rates hike will affect me pretty heavily. At least the good thing about overpaying is that I could absorb a rise within my overpayments but it is a really good incentive to keep going!