misscousinitt's MF Diary

misscousinitt · 1 March 2011 at 2:49PM

Hi all

I have posted on here before about becoming MF, but not alot was done as we had the wedding last year and that seemed to take up most of our time.

We are debt-free, have savings and have a tiny mortgage compared to most (approx £19k) - but on a fixed rate of 6.29% until June 2012 - so not a huge scope for overpaying, but we want to make a start.

Mortgage and house has now been transferred into both our names so I thought that it was now the best time for us to start overpaying.

DH is on board, but as I deal with all the day to day money then it will fall to me to decide how much each OP will be and down to me to actually go and make them.

I've only set a small target for this year - just £750; but we will see how it goes as we could overpay up to approx £1800 under the terms of the mortgage.

Overall goal is get the mortgage down so when we do move we get into less debt. The ultimate goal will be MF by the time I'm 50 (11 years and 1 week!) but that will all depend on how big our next mortgage is and how circumstances change.

First over-payment made yesterday of £70. :T

wildfrog · 1 March 2011 at 3:11PM

Welcome and congratulations on the wedding:j

Great news about your first over payment. Have you played with the over payment calculators yet? It's amazing how even a little regular over payment makes a big difference, I really find it helps keep me motivated.

misscousinitt · 2 March 2011 at 10:38AM

Hi Wildfrog and thanks for the welcome - the wedding seems such a long time ago now.

Counted up my 50ps last night and i've got £38.50 - when I get to £50 going to put £25 in my isa and £25 towards OP.

Discovered that I've got £51 left in my savings account from last years Christmas Food budget - this is mainly because we had a £50 waitrose voucher which paid for alot of goodies, so that can go towards next months OP.

Just thinking of small ways to increase the OPs.

I like would like to strike a balance between fun, savings and overpayments. I have always split up whatever 'extra' money I get (birthdays/christmas etc...) between treating myself and savings - now I am going to split it three ways - I think the important thing is not to feel deprived while still doing the right thing by your finances.

uzubairu · 2 March 2011 at 11:14AM

misscousinitt wrote: »

I like would like to strike a balance between fun, savings and overpayments. I have always split up whatever 'extra' money I get (birthdays/christmas etc...) between treating myself and savings - now I am going to split it three ways - I think the important thing is not to feel deprived while still doing the right thing by your finances.

It certainly is.

Welcome aboard and good luck with your MFW journey.

misscousinitt · 3 March 2011 at 11:57AM

Thanks uzubairu for the welcome.

Just 50p in the penguin pot (yes it is shaped like a penguin) making it £39.00.

misscousinitt · 4 March 2011 at 11:24AM

Got £75 left in the grocery budget (the reduced one of £200 anyway) for this month making a weekly budget of £18.75.

Only spent £3.96 in aldi last night and anticipate a £8-9 spend in Mr T's later so there is potential to add to March's Virtual Pot this week.

Virtual March OP Pot Totals £101 so far made up of:

£51 left from Christmas Food Spends
£50 definate grocery underspend - potential for more from this budget

lincoln-potter · 4 March 2011 at 11:36AM

Welcome on board with the rest of us.

I wish you the very best of luck!

misscousinitt · 7 March 2011 at 10:59AM

Start to another week and the virtual March pot has grown again.

Spent £14 of my £18.75 grocery budget and will not need anything for the rest of the week. Also it was my birthday at the weekend and I have decided to put £30 into the virtual pot for March.

This is really begining to stack up - never thought I'd be paying this much off in one month and still 3 weeks of the month to go!

March OP Pot now stands at £135.75.

misscousinitt · 8 March 2011 at 10:57AM

Nothing very exciting today. DH was away on business last night and although I had time to go through the finances and make some MFW plans, I was so tired I fell asleep on the sofa and ended up going to bed late.

On the MF front, just 2 x 50p in penguin pot this morning making £40 of my £50 target.

We have been talking alot lately about decluttering - though we are along way from getting sorted! and doing a car boot, selling on e-bay etc... will have to get DH on board and see if at least a portion of the proceeds can go towards OPs.

wildfrog · 8 March 2011 at 2:04PM

great progress with March OP pot! Hope decluttering goes well..... I tend to quite enjoy the decluttering process. Less stuff = less stuff to clean/put away IMHO!

misscousinitt · 8 March 2011 at 2:25PM

Thanks Wildfrog, agree about the putting away and cleaning thing! I just don't seem to have time to sort stuff out - got to make time...planning a little bit each week - so busy usually.

lincoln-potter - thanks for the welcome its nice to have the support.

misscousinitt's MF Diary

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