Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • CathT
    • By CathT 2nd Sep 10, 11:22 AM
    • 5,669Posts
    • 39,563Thanks
    CathT
    CT's attempt at being mortgage free
    • #1
    • 2nd Sep 10, 11:22 AM
    CT's attempt at being mortgage free 2nd Sep 10 at 11:22 AM
    Hi all,

    Originally came across this forum and had the idea of OP in the short term while interest rates so low but have been so inspired to make being MF a realistic goal.
    Initially was inspired by Financial Bliss's diary and then read many others taking in lots of tips and posting the occasional comment.

    So, a bit about me. Live with DH and DD (aged 2) with outstanding mortgage of just over 119,000 with about 19.5 years left on the term. We are young ish! and would hope to be MF by time i'm 40 (DH 45) so pretty much a 10 year ish plan.

    We have a fair income (about 40k joint) but have been used to living on a lot less so am hoping to direct disposable income at mortgage)

    Thanks for reading so far and I hope you will join me on my journey to keep me motivated!!
    Last edited by CathT; 20-12-2011 at 1:49 PM.
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
Page 234
    • greent
    • By greent 4th Aug 18, 9:38 AM
    • 7,238 Posts
    • 73,553 Thanks
    greent
    What a pain about the car! I'd second apple's thoughts, though - I' d take £1500 p/x and get something different xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £3290.25/£4000
    Net sales 2018 £614.82/£1000 PAYDOX18 (#15) Done £18918.90
    • Moneyfordreams
    • By Moneyfordreams 5th Aug 18, 11:33 AM
    • 1,070 Posts
    • 5,226 Thanks
    Moneyfordreams
    newer car all the way from me
    Mortgage restart June 2018 £119950
    zero personal cc
    6x166 for sofas ending November 2018
    £2500 on DD1s car cc
    • CathT
    • By CathT 6th Aug 18, 6:41 AM
    • 5,669 Posts
    • 39,563 Thanks
    CathT
    Thanks everyone. We have decided on a new car on a pcp lease system. Maybe does not work for everyone and not the best financial commitment but it works for us. Dh currently pays £183 a month for his and there is a deal on a brand new car for £124 a month. The first year of repayments would be what we saved in car repairs! Additionally, we are going to see if we can give back dh car a year early as could have brb cars for £250 so only an extra £67 a month to find. We can easily recoup that with savings on tax and my savings from my commute following jobs change Bec to month.

    Have been away for the weekend to stay with friends. Spends were a tank of fuel £45 ish and £29 on shopping whilst we were there. We have had a wonderful time, the sun shone and we topped up the memory bank.

    Got a full week in work this week but no childrens activities etc so hopefully it won!!!8217;t my feel too busy. Work is generally a little quieter in the school holidays, as is the commute.

    Have paid off cc spends from weekend, cb hits the account tomorrow. We are on the countdown to payday though as at that mid month lull. Only just over 2 weeks to go! However, the food and fuel account has plenty of funds and we do not need to spend on anything else. I can sense a mini challenge coming on <goes off to see what cash I have in my purse>.
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
    • CathT
    • By CathT 6th Aug 18, 6:47 AM
    • 5,669 Posts
    • 39,563 Thanks
    CathT
    Supermarket spends

    July £215
    Aug.£28.96 currently
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
    • newgirly
    • By newgirly 6th Aug 18, 8:53 AM
    • 6,408 Posts
    • 44,345 Thanks
    newgirly
    That's a really good price cath

    Do you mind me asking how you keep your food spends so low? My lot are older so maybe eat more, but I'm having an eat up the freezer contents run at the moment and our spending is still similar to yours
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,193 3yrs 9 mths left. Total owed £47,059 plan to clear in 12 months
    • apple muncher
    • By apple muncher 6th Aug 18, 1:23 PM
    • 7,570 Posts
    • 57,067 Thanks
    apple muncher
    Well done on the car(s).
    NST August Achiever #16; NSD 9/15; Ex 14/20 ; craft 12 (105); remove 21 (593)
    2018 Pay off: £3113; 2
    018 sell £49.10; WLOSW 1/10

    Mortgage £20,031 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143) MFWDate Dec 2018
    • CathT
    • By CathT 6th Aug 18, 7:36 PM
    • 5,669 Posts
    • 39,563 Thanks
    CathT
    So today we bought two brand new cars! The deal means we are paying £81 a month more for the two, than we currently do just for one. We ended up with some extra money back off dh current deal to use as a deposit plus my part ex which was not worth a great deal! Putting dents in your car does really affect the value!

    I know we can recoup that £81 in our budget, the challenge is to see just how well we can. Starting point is car tax as mine is about £12 a month and this is £20 for the year.

    We do manage to eat quite cheaply, lots of batch cooking, meat free meals. We use the co-op deals for easy meals.
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
    • CathT
    • By CathT 7th Aug 18, 9:58 PM
    • 5,669 Posts
    • 39,563 Thanks
    CathT
    August food spends now at £50.71 This includes getting some shopping at our friends' at the weekend to contribute alcohol and barbecue supplies. We have £194.08 left in food/fuel budget to last until 23rd.


    Have signed for new cars today and we pick them up on Friday. I have never driven a brand new car so looking forward to a very smooth drive home. Not sure if I mentioned that merging mine and dh phonebill account would have resulted in him losing £3 monthly bonus for current account. Well, new car standing order set to come from that account to have prevented that.


    Feeling hungry today which I think is a combination of tiredness and doing 20k steps yesterday as well a some upper body weights. It has cooled down a lot here so can't blame the heat.


    Signature updated and somehow we have reduced our combined mortgage totals by £1,643 since June. I am really pleased with that and it shows that our commitment to the £300 overpayment really does pay off.
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
    • CathT
    • By CathT 9th Aug 18, 8:02 PM
    • 5,669 Posts
    • 39,563 Thanks
    CathT
    Evening, this week is running away with me!

    Updated food spends are now £52.11 as bought some strawberries yesterday. Topped up dh car with £3.50 petrol (felt like I did when I got my first car) as the fuel light had come on and it would not tell me how many miles were left. Was mindful I still have tomorrows commute and business miles to do. Dh is picking his car up after lunch and I will pick mine up when I finish work.

    New shed has been delivered, it is huge but looks just right where it is. Had it made to measure for us and I am really pleased with it. Have also asked him to quote us for a gate. Just need to buy a padlock for it tomorrow. Have also bought a new bike for dd as a friend mentioned her sister was selling one. Was going to put it away for dd birthday but she saw it as cane home with dh (they have been to the zoo) just as it was being dropped off. I have told her it is an early birthday present and not to expect much for her birthday. That was £25 very well spent. We buy so much second hand, not because we cannot afford to buy new, but due to things still being in good condition and an absolute bargain. Ds has a £25 bundle of nerf guns for Christmas, he rarely plays with them now so if I had paid full price I would not have been too impressed.

    Have a busy weekend ahead but I am only working 3 days next week which gives me two long weekends. Not sure exactly where the children are going next week, am sure I will have booked/arranged necessary childcare but it may be worth double checking.

    Have decided to make some notes on *streamlining September* I may even dedicate a page in my bullet journal to it. More on that when I have actually done it!
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
    • apple muncher
    • By apple muncher 10th Aug 18, 7:53 AM
    • 7,570 Posts
    • 57,067 Thanks
    apple muncher
    Happy new cars day !
    NST August Achiever #16; NSD 9/15; Ex 14/20 ; craft 12 (105); remove 21 (593)
    2018 Pay off: £3113; 2
    018 sell £49.10; WLOSW 1/10

    Mortgage £20,031 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143) MFWDate Dec 2018
    • CathT
    • By CathT 10th Aug 18, 6:59 PM
    • 5,669 Posts
    • 39,563 Thanks
    CathT
    Thanks apple, we love them! Dropped our cars off in the red and picked new ones up with half a tank of fuel too!

    Need to sort out cancelling car tax tomorrow, a rebate from that would be good too although I dont fancy my chances.

    Looking forward to a much needed 3 day weekend. Life has been pretty full on lately and we need some chill time.
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
    • CathT
    • By CathT 10th Aug 18, 10:41 PM
    • 5,669 Posts
    • 39,563 Thanks
    CathT
    Just popping in with a to do list really as thoughts keep popping into my tired head!

    Cancel car tax on old cars
    Finish transferring work items into boot
    Sell anything in the shed not needed
    Change beds
    Clean windows and sills upstairs
    Hang remaining pictures
    Get n3tflix
    Look into switching gas and electric as B*g@s increasing prices again.
    Buy birthday present for niece
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
    • AlexLK
    • By AlexLK 10th Aug 18, 11:13 PM
    • 6,105 Posts
    • 32,352 Thanks
    AlexLK
    Lots of catching up to do here. What cars have you bought, Cath?
    2018 totals:
    Savings £11,200
    Mortgage Overpayments £5,500
    • shangaijimmy
    • By shangaijimmy 11th Aug 18, 8:03 AM
    • 2,776 Posts
    • 13,826 Thanks
    shangaijimmy
    All progressing nicely in here. Mortgage Balance reductions, £300 OP's, new cars, small food shop bills... Bet your world didn't look like that when you started your diary and mortgage free quest!!
    MFW: Turning June 2036 into March 2025... 41//120 Payments Challenge, Diary Reduction £44,136.86
    Aug 2009: £163,051 // Current: £91,863.15 // Avg Daily Interest £4.13
    MFiT-T4 #8 - 80.74% of £41,000
    • apple muncher
    • By apple muncher 11th Aug 18, 8:06 AM
    • 7,570 Posts
    • 57,067 Thanks
    apple muncher
    Lots of catching up to do here. What cars have you bought, Cath?
    Originally posted by AlexLK
    And, more importantly, what colourare they?!
    NST August Achiever #16; NSD 9/15; Ex 14/20 ; craft 12 (105); remove 21 (593)
    2018 Pay off: £3113; 2
    018 sell £49.10; WLOSW 1/10

    Mortgage £20,031 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295; 01/18 23,143) MFWDate Dec 2018
    • CathT
    • By CathT 11th Aug 18, 8:47 AM
    • 5,669 Posts
    • 39,563 Thanks
    CathT
    On phone so cant multiquote or use apostrophes!

    New cars are Vauxhall vivas. We had a corsa and a pug 207 so downsized a little but they were a great deal and are big enough. We dont holiday in this country anymore apart from visiting friends in the SE and get a taxi to the airport. Cars are big enough and efficient. Dh has a silver one and mine is red.

    We were actually saying on the drive home from the garage yesterday that there was a point where I never thought we would be a 2 car family (we were given my grandfathers car after he passed away several years ago) and have steadily upgraded. Now we have two brand new ones. We really have come a long way and despite all our current spending, live within our means.

    House guest is going well (it is my mum, very long story not relevant for here) but she has her own lounge and bedroom and it is working really well. We are enjoying having her here and I am actually growing quite fond of her cats!

    50p on youg0v this morning, food spends remain low (this figure wont be accurate anymore as mum is feeding us at times!) but I will still keep track.

    Washing machine already on with two lots of bedding, the sun is out, children are happy, everyone else still enjoying a lay in. We have lovely family plans tonight weather permitting (hoping from the conflicting forecasts one goes in our favour).

    Jimmy, I have just had a thought. I absolutely think the key to us having more flexibility with our income now is not paying nursery fees anymore. We have achieved so much financially since ds went to school!
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
    • CathT
    • By CathT 11th Aug 18, 8:48 AM
    • 5,669 Posts
    • 39,563 Thanks
    CathT
    August food spends

    £71.41
    August 2018 -
    part 1 - £76,136
    part 2 - £45,033
    Total - £121,170
    • julicorn
    • By julicorn 11th Aug 18, 10:06 AM
    • 232 Posts
    • 901 Thanks
    julicorn
    Congratulations on the new cars!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £193,200
    • pink poppy
    • By pink poppy 11th Aug 18, 2:33 PM
    • 947 Posts
    • 5,761 Thanks
    pink poppy
    Belated congratulations on the new job and that's great about the new cars too. Sounds like things are going really well for you
    I'm not sure if you know that the £3 reward is going down to £2 in October (if you're with the Hfax??)
    Caledonia dreamin' ...
    • greent
    • By greent 11th Aug 18, 5:17 PM
    • 7,238 Posts
    • 73,553 Thanks
    greent
    Oooh - I go away just for a few days and you've bought not one newer car but 2 brand new ones - wow!

    All sounds great, Cath xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £3290.25/£4000
    Net sales 2018 £614.82/£1000 PAYDOX18 (#15) Done £18918.90
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,202Posts Today

8,741Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin