2008 MFW newbies

MF2015

Bellsbells,

My aim is to pay off overpayments of £8900, the max I can at the minute.
If you can update the thread that would be great.:T

frugalfreda

I would like to join please as well.

I need to think of a realistic goal. I have two different goals in mind but I don't think they are achievable. We want to start trying for a baby in the summer so purse strings will have to be tightened. However, it would be good to give one of the goals a bash...

Hmmm.

*Gets her thinking cap on*

Di-Dough

would love to try and reduce our mortgage - took out a mortgage in June 2007 for £96,000 on a two year fixed rate - can overpay 10% and would love to have reduced it to under £90,000 by June 2009 - we overpay £75 per month at the moment but would like to pay a little extra:rolleyes: aim this year to knock off £3,000 (hope its doable ) Good luck everbody

hummingbird

Thanks to estomizzy for those lovely pictures! I'd definitely have to get some teccie help to do the same, but strangely enough I'd already been thinking of drawing up a simple grid to colour in as I pay certain amounts off, so I"ll start with that!:j

bellsbells

All up to date on the first post. Di - Dough welcome and a query - do you want me to put you down as having paid off £75 for Jan? Same question for MF2015 - have you done an overpayment yet for Jan???

BB

bellsbells

newmoneysaver wrote: »

I'm new here too! I must admit I'm more of a lurker than a poster (here, OS & DFW). I don't have a target in mind, I just want to pay whatever I can. I have set up a standing for £100 and the first overpayment should be taken tomorrow, then I will move over as much as I can at the end of every month. This month I have a small amount of credit card balance to pay off, but at least I now at least a hundred pounds will be knocked off every month.

Would you like me to put your target down as £1200 then? If you do nothing else all year but the £100 overpayment a month that is still a fantastic achievement! If you then decide to do a bit more you could up your target.

poppyoscar_3

poppyoscar reporting in.......

i think i'm going to try to overpay £2000 this year - might be a bit ambitious, but i have a head start of £405 waiting to be paid.

i plan to overpay by the amount i get in travel expenses a month, which will vary, but at least it means my basic salary stays constant.

i'm going to start logging it asap, but i'm waiting for broadband and it just takes too long like this!!

one day soon........watch this space!

p.o.:D

elantan

ok i think i will give it a go at £2000 this year also ..i think this is very achievable for me but not too much as i need to get some savings behind me as well next year i will be heading for a higher total but this year £2000 will be just right (i think)

transfered another £4.50 through today as hubby goes to ju-jit-su three times a week at a cost of £3 a time so £9 in total well i figured out currently i am not doing any classes (this might change though) so the £9 he spent i could once again half for the mortgage and half for savings ...well once again it seems this half day interest is getting paid ..does anyone know how i can figure out exactly how much interest i am paying a day so i will know what i am aiming for? thanks

torbrex

Can I join?

I have a flexible mortgage and am currently paying about £150 extra each month so I am well on target to overpay by £2000 this year. I have just been taken on permanently at my job so I will get an increase in salary and will be able to increase my monthly payment further with the extra cash.
My payments are 15th of the month so I will update my signature at that time.

I am also trying to build up my savings at the same time and my 2 year regular saver from Lloyds/TSB matures next January so if nothing drastic happens before then I intend to use that money to put towards a final payment and be mortgage free early 2009.

bellsbells

I am in the same position you are elantan, a bit torn between overpaying the mortgage and getting some savings behind me. The compromise I have made is that I will do a regular overpayment of £150 each month. All my other money that was going on debts, plus any other money I save/make will go into my savings account until I get to £1000. As soon as I hit that target all extra will be added to overpayments. If I need to dip into my savings I return to putting all money back into the savings until they hit £1000 again. This way I have a bit of a safety net via the savings but get to overpay and save all that interest!