2008 MFW newbies

Squiggly_Diddly

Well done Louise & FrugalFreda too (and everyone else!). Isn't it weird how the people you would expect to understand the logic behind it (ie the bank staff) don't seem to have a clue....?!? I know they may not WANT us to do it as they (the bank) lose out, but you'd think as individuals they would understand the WHY....

We'll be the ones having the last laugh though!

And thanks BB - will PM you when I want more added - my target is to ensure I make a regular monthly overpayment!

thriftyget

bellsbells wrote: »

FAO the 2008 MFW Newbies

One of the things I am loving about this thread is the chat and discussion about how much we are paying off and when.....up till now I have been updating as we go along when people leave comments. I know I said that I would do it on the 5th of each month but I quite enjoy sharing the excitement of people as they pay so I tend to update there and then!

However.... my poor old brain is getting confused as sometimes the post chats about money paid in, money about to be paid in, money that will be paid in etc so it is not always 100% clear what you want on the list in the first post as your total.

So...... from now on if you would like your total updated in the list on post 1 please PM me and I will change it for you. That way I won't worry about missing a total amongst all the lovely chat that goes on.


You are more than welcome to PM me whenever you want over the month to update your total or indeed join our challenge!


BB

Hi Bells Bells,

I am aiming to make a good overpayment in early april so I won't update figures until then. Will hopefully contribute to the forum in the mean time :money:

SPL

hi bellsbells and all - yes will definitely send you a pm when want the first post to be updated - but like you and elantan say i really enjoy seeing the chat and interim updates from others

one, cause i think it feels great when you post it and i am always pleased to 'hear' others satisfaction and when they make that little bit extra contribution, and two because by sharing the ways we are saving and then paying we can give each other new ideas that may otherwise get missed

enjoy your sunday everyone :beer:

LouiseJ

Morning everyone

My OH will get his annual inflationary payrise this month so we have decided to up our mortgage direct debit for that amount it should be about £40 a month but as you dont miss what you dont have we wont feel it in our budget. Also I will be using the 2 no council tax and water rates months to overpay by a further £120 in Feb & March.

torbrex

I got notice yesterday of the latest reduction in my interest rate so immedietly phoned my lender to increase my monthly payments by £35, this combined with the rate reduction has knocked another 10 months off the length of my mortgage, even though I intend to pay it off before that it just shows what a little extra each month can do.

I use my free council tax months to top off my ISA deposit in April.
Yes I am trying to pay off my mortgage as much as I can each month but I am also thinking long term savings as well and if I can put my full allowance into my ISA I will get the benefit of a full years interest.

LouiseJ

torbrex wrote: »

I got notice yesterday of the latest reduction in my interest rate so immedietly phoned my lender to increase my monthly payments by £35, this combined with the rate reduction has knocked another 10 months off the length of my mortgage, even though I intend to pay it off before that it just shows what a little extra each month can do.

I use my free council tax months to top off my ISA deposit in April.
Yes I am trying to pay off my mortgage as much as I can each month but I am also thinking long term savings as well and if I can put my full allowance into my ISA I will get the benefit of a full years interest.

I am also taking the stance of overpayments on mortgage and savings. I recently paid off my credit cards and was sending £500 a month to clear those I now have set up a stocks & shares Isa and put £300 a month into that and want to make overpayments on the mortgage of £310 a month, this is only £110 more than I was sending to the credit card companies but now I am using the money to give us an early and hopefully fulfilling retirement.

I also use my cash isa allowance up.

torbrex

LouiseJ wrote: »

I am also taking the stance of overpayments on mortgage and savings. I recently paid off my credit cards and was sending £500 a month to clear those I now have set up a stocks & shares Isa and put £300 a month into that and want to make overpayments on the mortgage of £310 a month, this is only £110 more than I was sending to the credit card companies but now I am using the money to give us an early and hopefully fulfulling retirement.

I also use my cash isa allowance up.

I dont have any credit card debt now but I did 20 years ago and I still remember how good it felt to clear it.
I used to have a S&S isa but cashed it in after it had lost almost 35% in value over a 6 year period, I will just stick to my cash isa meantime.

LouiseJ

torbrex wrote: »

I dont have any credit card debt now but I did 20 years ago and I still remember how good it felt to clear it.
I used to have a S&S isa but cashed it in after it had lost almost 35% in value over a 6 year period, I will just stick to my cash isa meantime.

:eek: Don't tell me that I've just started mine:eek:

I have gone with the Halifax and have picked a good spread of investments I am looking for a long term investment of 20 years so I hope I will be OK.

torbrex

LouiseJ wrote: »

:eek: Don't tell me that I've just started mine:eek:

I have gone with the Halifax and have picked a good spread of investments I am looking for a long term investment of 20 years so I hope I will be OK.

I had mine with Nationwide fund managers and was unlucky enough to have it at the time of the stockmarket fall after 9/11, all profits that my fund had disappeared overnight and it just kept on sliding.
I have just not got the nerve to put my toe back in the water again yet.

zavarony

Hi,
hope you can all put up with another newbie, I have been lurking around for a while and am a definate MFW!! I am remortgaging tomorrow (120,000) to consolidate a loan and cc's with my mortgage, with the aim of overpaying the mortgage by £200 per month to reduce the term quicker, I will post figures tomorrow and see if I can work out a realistic overpayment amount for the year.... for now anything more than the basic payment will be a bonus. This is the last time I am doing this, I have had my LBM last week and am trying to take some positive steps to sort it all out!!!