Mortgate Free Challenge - we're (nearly) back on track!!!

Hiya All

Well can somebody tell me where the weeks are going? It's been a while since I last posted and updated you on my Mortgage Free Challenge. My last update was pretty doom and gloom as we'd just found out that my hubby had lost his job and I was feeling somewhat guilty about the mortgage over payments I'd been making when suddenly we found ourselves strapped for cash. Well I'm unbelievably thrilled to report that hubby has landed himself another job!! It's still early days but what a difference it makes - not only to the financial worry of potentially getting into debt but also the fact it's lifted the mood of the family no end.

My thoughts had been turning to having to borrow on the credit card, or rather not being in a position to pay off the bill at the end of the month, cutting down on shopping bills - most significantly, not letting my boys place anything and everything into the shopping trolley (boy they have not been impressed - thankfully it has only lasted a few shopping trips!). And my biggest fear has been the thought of defaulting on my mortgage repayment. The fear of this was so great that I even found myself having nightmares of the consequences. The act of having a default payment on your mortgage is so significant as it has such a negative affect on your credit rating - and a long lasting one at that. In fact, I think once it is on your record, I'm pretty sure it stays there, thus drastically affecting your chances of obtaining another mortgage in future.

I know I'm waffling but it's scary to think how quickly things can snowball out of control and before you know it, you're in a dire situation. Thankfully, this hasn't happened to us, and boy am I relieved that this is the case. So as the title suggests, we're very nearly back on track with ploughing our hard earned cash into our mortgage pot.

Hope 2010 is treating everybody well - keep reading, keep overpaying and lets get rid of that mortgage and be mortgage free sooner rather than later!!

Px

Not the best start to my Mortgage Free Challenge

Happy New Year Everyone!!

I'm trying to be optimistic about the new year but things haven't got off to the best start unfortunately. My husband found out he lost his job on the eve of New Years Eve. Things have been quite tight over the past 2 months or so but I've been trying to keep focused on my Mortgage Free Challenge and have made the odd mortgage overpayment here and there. I'm wondering now whether I've made the right decision or not. We've used our credit card quite a bit over this time and although we've always managed to pay off the outstanding balance each month in full, the past 2 months has seen me dipping into my (very small!) savings pot, which in hind site, is not the most Money Saving rule to follow.

OK, so now my husband has been given the news, it's time to review how we are spending money to avoid us getting into further debt. OK, so I don't consider us being in debt as such but I'm very uncomfortable about the fact that the Overdraft facility is in full use as is our good old friend the credit card.

I have been trying to cut spending but as I mentioned in an earlier post, it is far too easy to spend money (that we can't afford at the moment!) It has been the most expensive time of the year and as much as I'm through it now, there are certain money spending decisions I've made that I think I would think twice about if I was given the chance again.....but I won't get that chance again so instead, my New Years Resolution is to 'Think Twice when Spending Money' and ask myself - 'Do you really need that purchase?' I'm sure in 75% of cases, the answer will be 'No!!' but we'll see.

So here's wishing you all a Very Happy New Year and lets hope things move in the right direction for us all!!

Px