Staying on track to be MF and ready to support my daughter at 18

ElmoR
ElmoR Posts: 398 Forumite
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in Mortgage-free wannabe
I've been an occasional lurker here, taking inspiration from everyone's successes against their struggles to pay off debts and mortgages. My circumstances changed for the worst financially in 2014 and it needed a complete overhaul. I decided a long time ago though that I wanted to be MF by the time my daughter became 18 so that I could help her financially in whatever route she decided to take after school. For me, loans etc have always been the 'never never' and I would not have gone to university if it involved loans or fees, luckily I snuck through before the grant system was dismantled. I don't want my daughter to feel weighed down by those debts should she decide to go to uni. I want to be able to help her.


My mortgage was £110k originally in 2010, I was able to pay a big chunk off after divorce bringing it down considerably but, at the same time, the dual incomes towards the household bills obviously dropped dramatically too. I still made overpayments every month by living carefully, but not as frugally, as I could have maybe. Now I have 9 years left on my mortgage of £40k.



So now it's the last stage. My daughter is 18 in 3 years time and I've used the mortgage overpayment calculator to work out how much to pay each month to be MF in that time...it'll be tight but will be worth it, I know :)
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Comments

  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
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    Hello :hello:You have made the right decision in starting your diary, certainly kept me focused, lots of lovely encouragement, support, help and tips from everyone on here :A. A lovely journey to be on with friends.

    Wishing you well in the next few years, and simply remember, it gets easier the closer you get. :)
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • beanielou
    beanielou Posts: 90,255 Ambassador
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    Happy shiney new diary :)
    YOu can do this.
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    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
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  • shangaijimmy
    shangaijimmy Posts: 3,796 Forumite
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    Welcome aboard.
    MFW: Was: £136,000.......Now: £61,892.24......
    Mortgage Neutral Deficit: £43,082.90... Mortgage Neutral Savings: £18,809.34
    MFiT-T6 #13 - £3,517 of £15,500 (22.69%)
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  • ElmoR
    ElmoR Posts: 398 Forumite
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    Thanks BL, I've followed your posts and they've been inspirational. Shows that things are possible if you keep at it! :T
  • ElmoR
    ElmoR Posts: 398 Forumite
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    Thanks Shanga and frayed!

    It's nerve wracking wondering if I will be able to keep it up! Will try to keep my diary going each week....
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
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    You will, sometimes we go MIA but nearly always return :)

    It gets addictive :D
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • newgirly
    newgirly Posts: 8,939 Forumite
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    Welcome and best of luck with the new diary :)
    2022 MFW 67 - 33 month challenge to clear mortgage, month 17 completed and and extra 2 knocked off 🙂MFI3 No.12
  • ElmoR
    ElmoR Posts: 398 Forumite
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    Thank you newgirly!
  • ElmoR
    ElmoR Posts: 398 Forumite
    First Anniversary Name Dropper First Post
    Made my first overpayment today but not as much as I had hoped. Maybe can add more towards the end of the month once a birthday is past and we go steady on the spending.


    One of my worst money pits is buying lunch and coffees at work every day. I've tried taking in packed lunches but the downside is that you have to sit in a common room filled with loud, large groups of people and it isn't very relaxing. Got a new phone now though, so am going to try sitting in the middle of all that with my headphones/music on. The alternative is sitting in my office but that doesn't feel like a lunch break at all.
    Then there are the coffees at £2 a pop. I need to nail that wastage on the head. I can take in a flask of my own coffee for the morning. Part of the coffee break is to sit with a colleague and chat though. I'm not sure it's the done thing to sit in a cafe drinking your own coffee?!


    I'm guessing work place food and drinks is a big money pit for others too?






    ElmoR
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
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    Well done on the o/p, doesn't have to be much, just remember every £1 paid, is a £1 you will never pay interest on again :j

    Keep that thought in mind, and it will see you o/paying every chance you can get :)


    Work breaks and lunches are a huge expense, if you allow it, we take in our own tea bags :) and can buy hot water with a splash of milk for 12p, better than buying a cup of tea for £1.20 :eek: x 2/day = £10.80 saving a Week !!! (so you can see where I'm going with this one) :) and can eat our sandwiches, or a hot meal as they provide microwaves :T
    You can buy flasks that hold hot food too, soup, stew, casseroles, just a thought.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
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