Hold the Front Page!!!!
Cos I have got a headline for you!!!
In fact – I am so excited about this that I have had to go back over the last four weeks numbers to make sure that I had totalled them up correctly …… I didn’t believe the evidence of my own calculator so went and did the sums Old Style.
This month I have paid a total of £616.66 off my mortgage
Excuse me whilst I run around the living-room in my slippers and give the cat a very surprised High Five!!!
This is in fact 0.5% of my original mortgage that I am totally never paying interest on ever again ……………… in one month
So granted there have been no birthdays, trips out, school expenses this month – and I have spent a good deal of the time hunkered down in our house with kids either full of bugs ,avoiding the snowy weather or knitting, but that is hands down the biggest monthly transfer I have been able to achieve EVER!!
So how has it been done?
As a family we have committed to using the “envelope system” for all of our spending – our budget for all food, travel and all misc spending has been £100 for the entire month of January ……….. and there is still £12 odd left in our envelope with all the food shopping done for the rest of the month.
I have conferred with DS1 (who is playing along with me on this) and we have decided to do this again in February – partly to continue using up our stores from the freezer and the Store Cupboard and partly to ensure that we continue building up our small emergency fund of £1250.
I think the biggest chunk of money has actually been from the fact that I am no longer budgeting for running a car – no tax, insurance, fuel or maintenance pots need to be filled up – and now that Christmas is a distant memory there has been no sneaky present buying either ………… and I have seen a massive difference in our available cash-flow this month.
Of course -because there was a plan to work on a zero-sum budget, every penny not allocated to bills was swiped into the Offset Mortgage Account instead of lurking in my current account and tempting us to spend a little here, spend a little there.
But who would have thought that being so disciplined would have paid off so handsomely? We certainly haven’t been feeling deprived.
So next month – more of the same I think ……….. and why not???
Although I always think of February as a short month – it actually has four Fridays in it just the same as January – so heads down for an other successful month frugalling ahead like a Womble on gin and focussing on some more revenue generating sidelines that should help bite a chunk out of my mortgage at last.
So how are you guys getting on with your Financial Goals for 2013? What brilliant results are you working towards? Are you up for a Frugal February Challenge by setting yourself and “envelope budget” for your spends?