Hurrah, my MFW quest has started

abouttimetoo

Well, my fancy spreadsheet is taking shape now although I’ve still got a bit to do in order to work out just how much I’m going to over pay per month.

I noticed that Financial Bliss and a couple of others had worked out how much interest they were paying per day and I thought this was a great idea so set about doing it (besides, I have a fondness for numbers and excel;) ).

I’ve just finished it and…:eek: what a shocker, I knew it was a lot but not quite how much! I’ve only been able to work it out for last year as I haven't got this years statement but I can’t see it being much different for this year to date

My mortgage is split into two parts, 50% on repayment and 50% interest only. The daily interest is
· Repayment part = £14.21 interest per day
· Interest only part = £14.46
· Total = £28.67

£28.67, hmm, very sobering and just makes me want to do this even more.

Will post more when I’m a bit further forward. Can wait to get my payslip this months as it will include my latest pay rise for the first time. I think I’ve worked out what my monthly salary will be after tax, ni, etc but will be happier when I see it in black and white

Best wishes all

abouttimetoo

Hi Mountainlioness

I know what you mean, there is always something isn't there. I'm not a handbag or shoe kinda gal myself (actually, I get told I'm a strange sort of woman as don't like chocolate or shopping). I had a bit of a watch thing for some years - I have 35 now!

Now off to make an attempt at a siggy accompanied of course by a ciggy ;-)

abouttimetoo

Just testing my signature; sorry about the gaps, I will fill them in when I have the information available, I just couldn't wait to get something on here - bet you all know what I mean lol

LouiseJ

Hiya Hun and welcome to the MFW thread.:hello:

Its always great to see a new diary and makes you feel more inclined to keep on track.

It is a great feeling when the balance really starts to come down.

And don't be shy to post on others diarys a new face and point of view is always welcomed.

Good luck on your MFW journey

LouiseJ xx

abouttimetoo

Hi LouiseJ

Thanks for the lovely welcome. I've just started to 'put my head around the door' on a couple of others' threads and I've been lurking about on yours too lol. Funny how much satisfaction you get from writing things down and working the numbers out isn't it, or... do I just need to get a life:rolleyes:

Doing this has started to make me think a bit differently about the overpayments too; at first I just decided to use my spare monthly money but I'm now also thinking about ways to reduce outgoings to add to the OP pot, (or should that say pig, I've been reading about mortgage pig's on here, does a two foot bells whiskey bottle count?)

I always do shop around for car/house etc insurance but I'll be looking at other areas of my finances closely now

Good luck with your own MFW journey

Nessa56

Hi,

I am soooo envious, I really want to be able to overpay, but I had to get an interest free mortgage just to be sure I could afford the payments, that is fixed for 2 years, finishes in August 2009 and then I am definitely going to try to get a repayment and overpay.

What I am trying to do now is save as much as I can so when I come to re-mortgage I can try to reduce it that way, cos I would really like to be mortgate free in about 8 years maximum

Good luck with your efforts

WHOOPS MAKE THAT AN INTEREST ONLY MORTGAGE

v
x

LouiseJ

abouttimetoo wrote: »

Hi LouiseJ

Thanks for the lovely welcome. I've just started to 'put my head around the door' on a couple of others' threads and I've been lurking about on yours too lol. Funny how much satisfaction you get from writing things down and working the numbers out isn't it, or... do I just need to get a life:rolleyes:

Doing this has started to make me think a bit differently about the overpayments too; at first I just decided to use my spare monthly money but I'm now also thinking about ways to reduce outgoings to add to the OP pot, (or should that say pig, I've been reading about mortgage pig's on here, does a two foot bells whiskey bottle count?)

I always do shop around for car/house etc insurance but I'll be looking at other areas of my finances closely now

Good luck with your own MFW journey

Way to go:T I am a bit obsessive about it all at the moment and have started to do matched betting and have done mystery shopping for over a year now. Any extra goes to the mortgage.

I try to budget too but as you have read my thread you will have seen that usually goes pearshaped:rotfl:

mrs_binsky

Hello abouttimetoo, I'm a fellow lurker who has recently made the decision to beat my mortgage into submission. Haven't done any number-crunching yet (6 month old baby!) but will be reading your thread with interest until I am ready to start my own. Good luck!!

abouttimetoo

Hi Mrs Binsky

Good luck with the numbers:D Just love the idea of beating our mortgages into submission - makes a great mental picture doesn't it.

Ahh, 6 months, my nephew is not that much older, if your baby is as well behaved as my him then you might be able to squeeze a little one on one time with your excel spreadsheet

Good luck with your plans (and the big stick needed for the beating:rotfl: )

abouttimetoo

Nessa56 wrote: »

Hi,

I am soooo envious, I really want to be able to overpay, but I had to get an interest free mortgage just to be sure I could afford the payments, that is fixed for 2 years, finishes in August 2009 and then I am definitely going to try to get a repayment and overpay.

WHOOPS MAKE THAT AN INTEREST ONLY MORTGAGE

LOL an interest free mortgage, wouldn't that be good now. Mind you, it would seem some people on here have managed just that via offset accounts and credit cards but I'm certainly not brave enough to do the latter and nor does my o/s Mtg balance exactly lend itself to going onto a CC - oops no pun intended.

Good luck with your saving, think how great it will be when you can pay a lump sum off (sorry, I'm assuming there)

PS feeling very pleased with myself as just done my first attempt at including a quote and it seems to have worked :T