Financial Freedom In November 2016

I am sharing our journey to financial freedom and hoping that some of the things we share are useful to others. We are in the middle of our journey to pay off our mortgage debt and we still have several years before we are mortgage free. Seven years ago when we began our journey we owed over £12’000 in debt, and we were in negative equity with our home. We were paying ‘interest only’ on our mortgage and we could only afford £10 per month to reduce our debt. Our experience made us determined to become debt free; two years ago in 2014 we paid off our last debt and our journey to pay off our mortgage began.

I was determined to be organised for Christmas this year as usually I am frantically wrapping presents on Christmas Eve. The only thing left to organise is festive food. The weather in November has been really mild too so we have only really started to feel the heating come on in the last two weeks. This month our focus has been towards controlling our budgets and organising Christmas rather than overpaying our Mortgage.

Our November Overpayment

Interest Saved

To see how overpaying your mortgage could affect you, try this calculator here

The Figures


November 2011



Interest rate at 6.49%

£11.68 daily interest

Original Mortgage End Date

October 2033


November 2016



Interest rate at 2.99%

£7.46 daily interest

Projected Mortgage End Date

October 2024



£27’802 paid in 5 years.

23% paid in 5 years.

Daily Interest Difference

£4.22 ‘saved’ per day

The difference

9 years

Our aim is to be mortgage free by forty. Mr T turns 40 in Feburary 2024, I will be 37

November Money Saving

Christmas Gifts

Buying Christmas presents in the sales throughout the year is a fantasic way to save money, but this year we decided not to do that for our older Children.

This is because our older Childrens wants change so much. Last Christmas James loved ‘hot wheels’ toys, this year he loves robots and hasn’t touched his ‘hot wheels’ toys in months. We wanted buy him a few things we know he loves for Christmas, so we waited until late in the year to ask.

3 for 2

We managed to buy 6 of the childrens presents one 3 for 2 offers at Tesco saving over £65. The other presents we bought using an £100 Argos gift card from a faulty return earlier in the year. In total Christmas has cost us around £250.

We have also buy other small essentials to open on Christmas Day, like underwear, PJs, dressing gowns and slippers but I have counted those in with our clothes budget, rather than our Christmas one.

Matching Is Catching

Our new Christmas jumpers

A few weeks ago someone mentioned to me that we must spend a fortune on children’s clothes, and honestly, this month it feels like we have! Our normal budget is £100 per month for all our clothes and shoes. This equates to £1200 per year and £200 per person, per year.

We have spent £260 on clothes this month. This is a HUGE amount for us and mostly because Lily and Amy have moved up a clothes size and we bought new Christmas jumpers for everyone. We have also bought clothes for Christmas, like dressing gowns and slippers and new PJs for our Christmas Eve box.

I love to buy matching clothes for the children, its my financial indulgence. I try to find ways to match them, let them wear clothes they love and save money which can be challenging.

Last year we bought the eldest two girls new coats and they were slightly on the large size to fit jumpers underneath and also to get some wear out of them. We bought them on offer from Debenhams.

This year I decided I would like to buy my youngest the same coat. It took about 5 weeks of searching twice a week and a little bit of patience, but I found the same coat on Ebay in excellent condition.

It cost me £12 including postage, so around the same as I could have bought a new coat from a supermarket chain. The advantage of buying branded is that I should be able to resell on Ebay next year for at least £5 if its still in good condition.

Our December Aims

Make £50
Selling Clothes

I have a box full of childrens clothes and shoes that need sorting through and selling. I plan on selling the shoes and small bundles of matching sizes (especially branded goods) on Ebay and everything else on our local Facebook selling groups. This will be a challenge for me as I usually donate all our old clothes.

Make £200
Matched Betting

I discovered Matched Betting at the end of november, and thought I would give it a shot. My aim is to make £200 in December

Continue Meal Planning
Create a Christmas Menu

A few weeks ago I created a new meal planner to help me plan our weekly meals, its free to download here. I want to create a Christmas menu and shopping list in similar style to help us organise and save money on our festive shop.

Make a Christmas Tree Wall Decoration

I spotted this photo on Instagram and I love the simplicity of it. I have white paint and some lights I think will work so I am going to try!


No Comments

  1. Donna December 11, 2016 at 11:39 pm - Reply

    Wow, I loved this. I wrote about our journey of getting into and out of debt and paying off our last loan or card was a huge things for us just after my daughter was born. Since then we’ve been saving constantly and working hard to increase our mortgage to do our extension – which is currently being built. The next step is to keep working hard to pay the mortgage off! I will be watching your journey with interest x

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