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  1. #1

    Getting back on the MFW Wagon


    I have attempted this MFW wannabe journey before, with little success and after reading so many threads on the forum, would like to try again.

    Looking back, trying to start a MFW challenge with a newborn was possibly not the best time for me as I had made grand plans, just when our income was decreasing.

    A little bit about us, I am 29, have an OH 34 and a LO aged 3. We bought our home 8 years ago and have a mortgage of 80,000, a family loan of 7,000 and 0 in savings

    Our first goal is to save a 1500 Emergency Fund by the end of February, whilst staying on track to pay off family loan (on target to pay off in June 2017).

    I have finished all my Christmas shopping, except 1 gift, so should be on track to save a decent chunk of my salary next month (I work part-time).

    I need to stay accountable in this journey and what better way than to publish it on the internet?!

  2. #2
    Good luck with your plans. Amazing to have xmas sorted so soon

  3. #3
    Remember it's not how you get there, it's getting there that matters

  4. #4
    Last night I sat and went through our bills. To be honest, we are quite good at reviewing our deals. The internet banking shows that the problem is our lack of control when it comes to personal spends and groceries. Thinking about it, we do seem to have the mindset of !!!8216;Its ok, because we are on top of our bills!!!8217;.

    This is something we need to work on in December. We have 1 family day out planned, this had been booked and paid for a couple of months ago, but the rest of our outings are likely to be visiting family which has no real cost attached.

    Things to do this week;
    - Cancel contact lens subscription (one off 36 charge to pay off outstanding direct debits), saving 18 per month. This will be diverted to the family loan initially.
    - Add layers instead of cranking up the heating.
    - Plan free activities at home to save money.
    - Submit gas and electricity meter readings.
    - Bake treats from store cupboard food instead of picking things up on the way home.

  5. #5
    Is your OH on board? Would it help to tie up your disposable income so there was none left to spend on 'stuff'? If you put money into savings at the start of the month then the spare money would already be 'spent' and I expect it would be hard to take it out of savings?


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