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  • FIRST POST
    • Makethedayscount
    • By Makethedayscount 29th Apr 19, 9:54 AM
    • 114Posts
    • 501Thanks
    Makethedayscount
    Can I do it? Mortgage-Free in 5?
    • #1
    • 29th Apr 19, 9:54 AM
    Can I do it? Mortgage-Free in 5? 29th Apr 19 at 9:54 AM
    Have been a lurker for a long time, enjoying the mortgage-free journeys of fellow MSE forumites (who have massively inspired me), so have decided it is time to chart my own journey to mortgage-free heaven, in the hope it will keep me going and give me the will to succeed. In January our mortgage was 170,000 with 14.5 years to go at a fixed interest rate of 1.84% with 4.5 years remaining on that deal. Fortunately we are able to make unlimited OPs. Since January I have been trying to overpay as much as I can. I have taken a second job, tried to cut down on unnecessary spending, and started to sell stuff that we no longer need. As a result, my mortgage now stands at roughly 160,000.
    However it has not been easy, BUT here's the thing: the more we achieve the more I am determined to push towards the goal of being mortgage-free. So...I am planning to set myself a target of being mortgage-free in 5 years. There! I've written it down - so no going back! Am I mad? Can I do it? I'll keep you posted...

Page 4
    • Working Mum
    • By Working Mum 17th Jul 19, 2:52 PM
    • 427 Posts
    • 1,648 Thanks
    Working Mum
    I once made a traditional tee-pee with bamboo sticks and a very large dustsheet - the kids made it (I think they were around 10 & 8) with directions I'd downloaded from Mr G00gle - they decorated it with spray paint cans and it lasted for years - it was stolen from the garden one day whilst we were out at work and the kids were gutted.

    They both still talk about it!
    Last edited by Working Mum; 18-07-2019 at 7:33 AM.
    • Makethedayscount
    • By Makethedayscount 18th Jul 19, 6:47 AM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    Great idea, Working mum! I've got some bamboo sticks and a dust sheet so will give it a try

    • Makethedayscount
    • By Makethedayscount 20th Jul 19, 10:29 PM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    No way am I going to keep to my MFW target this month. Oh dear! May have to just pay off a fraction of what I would like to and try to be more creative in future months. Bit frustrating really but suppose the whole point is we can't do fun extras like go on holiday without having an effect on mortgage paying off. It's a difficult balance but need to remind ourselves that as much as we want to pay off the mortgage early, life is for living.

    • Makethedayscount
    • By Makethedayscount 23rd Jul 19, 8:56 AM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    Paid 150 off the mortgage today, so getting closer to the next 1000 below. My impatience to see the total reduce is getting the better of me, ridiculously so. Anyway, taking kids to the beach today with picnic, frisbees, football and kit

    • savingholmes
    • By savingholmes 24th Jul 19, 8:36 PM
    • 9,472 Posts
    • 18,279 Thanks
    savingholmes
    Hope you enjoyed the beach. I factor holidays into the budget - create memories now - but agree a pot of money and try not to go over.
    Target DFD Mar 21 Nov 20 38840 @ 13/7/19 29,366 @0%
    Target MFD July 2031 April 28 owe 145551 @13/7/19 145,362 @1.7%
    • Makethedayscount
    • By Makethedayscount 25th Jul 19, 8:08 AM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    Such a sensible suggestion, savingHolmes! The holiday budget I set was too low this year for the plans we had. Next year I need to plan and factor in everything. Am going to make a start on that tonight. Beach was fantastic. Kids had such fun playing cricket and swimming in the sea. I even got to read for a while as they skimmed pebbles. Was working yesterday in the afternoon but managed a bike ride in the morning with them. Only spent a bit of money on ice creams and petrol over last few days, so don't feel too bad. Off to try to fly the kites on the common today as there is usually a bit of wind even on the calmest of days. Picnic and water bottles at hand with lashings of sun tan cream. Working all day tomorrow but got DH primed and ready to keep the kids busy. At least his path is looking good and all's right with the world (well at least in my square footage)

    • Makethedayscount
    • By Makethedayscount 2nd Aug 19, 6:58 AM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    Paid 350 off mortgage this week. Been busy keeping the kids occupied over the holidays. Had some great fun using avios points to have fun days out. Warwick castle was a really interesting day, though hadn't budgeted for the 6 parking charge!!! Took picnic and flasks and apart from parking (!!!) just paid petrol. As DH flies a lot for work and can keep air miles, it has really been a godsend to breaking up the holidays. Working today so DH got the kids. This month I know I haven't got anywhere near my monthly overpayment target, but hoping to be back on track for September. Have some money in my PayPal account from eBay and shopmium which I need to transfer soon. Meal plan to do for week ahead, though all school purchases except shoes have been made. Hurray! Can't face the dreaded shoe queues yet. Going to spend this weekend making lists for September and beyond to try to maximise my effectiveness in sorting out and making a bit extra. Happy weekend everyone!

    • Makethedayscount
    • By Makethedayscount 6th Aug 19, 7:24 AM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    Beginning of a new month and mortgage is at 152,553.89. That is almost 20,000 lower than at the beginning of the year. It is still a huge way to go. Weather been good this week so it's been easy keeping the kids occupied. Another cracking day today, so packed lunches and equipment put in boot of car and we are off to investigate. Working later in the week so will pass on the baton to DH then. Found I can save money at lots of different retailers through work scheme and so have preloaded supermarket spend on card. Should help me to keep to budget and also gives me excuse to tell DH that he can't make top-up shops. Win win!

    • Makethedayscount
    • By Makethedayscount 7th Aug 19, 6:11 PM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    Daily interest down to 7.83, quite a jump from last month. That is an extra 40p a day in my pocket. Had relatives visit today. Kids were so nice to my elderly aunt, I almost thought that some of our hard work at trying to get them to be nice, thoughtful, decent people had paid off, but then sibling squabbles and teenage strops returned once they had left. Ho hum!

    • Makethedayscount
    • By Makethedayscount 8th Aug 19, 3:30 PM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    Had payout from shopmium so put it towards mortgage. Another 30 off. Am keeping going on those steps

    • Makethedayscount
    • By Makethedayscount 15th Aug 19, 6:53 AM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    Paid today so have taken another 400 off mortgage. Nearly down to next 1000. Holidaying has taken my eye off the MFW ball, but am recharging the batteries to come back raring to go again once I'm home and back to routine. Jotting down all the things I need to do to maximise overpayments come September.

    • Makethedayscount
    • By Makethedayscount 17th Aug 19, 1:49 PM
    • 114 Posts
    • 501 Thanks
    Makethedayscount
    eBay sales mean I can pay another 50 off mortgage. Enjoying the summer holiday, relaxing and getting time to breathe. It is giving me the opportunity to take stock of how far we have come this year already and although there is always further to go, what a good job we have done so far. Batteries are recharging

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