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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 591Posts
    • 2,095Thanks
    try harder
    £170000 in 10 years
    • #1
    • 27th Mar 16, 4:39 PM
    £170000 in 10 years 27th Mar 16 at 4:39 PM
    hi first post on mortgage free wannabe site -i have a £170000 mortgage on a house valued at around £230000 we have an interest only mortgage on £155000 and repayments on the other £15000 paying £676 a month total mortgage we are paying 3.88%variable rate.We received a small inheritance that we used to pay a lump sum off of the mortgage we have no limit on what we can overpay which is really good.We are both in our 50s and i am afraid i have never ever been any good with money we have spent every penny that we had spare on cars holiday etc but mostly on our children and now its our children and grandchildren i could have bought 3 houses over the last 20 years with the money i have wasted .We have 10 years left to finish paying this mortgage and if i dont do something now i will end up with no home so i must start now to make changes.I have read through as many diaries as i can and bought folders and notebooks written out budgets etc and now want to work really hard to pay off the £170000 in 10 years i am hoping to do this by overpaying £10 a day equaling 3650 pounds in a year and around 1200 pounds a year is coming off of the balance in repayments after all the interest so total around £5000 a year off the mortgage then save the other £12000 in other ways i have opened 2 isas 2 regular savers and numerous bank accounts.I may not get anywhere near to that amount saved i have never ever saved before but i am very determined and i hope that with the help of everyone on here i can stay motivated i am definitely looking forward to trying
Page 3
    • try harder
    • By try harder 13th Jun 16, 12:06 PM
    • 591 Posts
    • 2,095 Thanks
    try harder
    Morning everyone,well its been a funny week i have had moments of motivation and moments of non motivation.It feels like such a huge mountain to climb and so frustrating to be paying so much money in to a mortgage that i have been paying into interest only for years and years and barely any closer to clearing it apart from the 2 small sub accounts that are on repayments ,so as you can see i am feeling very sorry for myself today.I feel really guilty when comparing to all the dreadful things going on in the world .Its been a dreadful week on the £10 a day target absolutely no sales for over a week and cant think of any other ideas on how to make the money up,i have tried advertising on gumtree too so maybe that will help.We have been to a party this week and 2 barbeques which was really lovely but we had to take presents food and drinks so my food budget target will not be good this week although we have had a lovely week ,if it wasnt for my husband working so very hard i would not be able to get close to any of my targets.Hopefully thisweek i will try harder to help.,
    • themadvix
    • By themadvix 13th Jun 16, 1:12 PM
    • 1,244 Posts
    • 7,498 Thanks
    themadvix
    Hi Try Harder,

    Looks like you've made a brilliant start!

    When you've got your spreadsheets up and running can I recommend you download one of the overpayment ones (there used to be one floating around on the forum by Financial Bliss, but I can't see it now - perhaps someone else might know where it is??). It's hugely inspiring to be able to see how much interest you're saving - I'm no expert, but presumably you'll still save on interest on the interest-only mortgage?! It really keeps the motivation up!

    The other thing that I do that motivates me is keep my OPs in my signature and only update it once a month - every month I change it and realise how much I've achieved in one month! (And my OPs are much smaller than yours!)

    Have you tried selling on your local Facebook group too? It can be good for big things or things it's not worth posting and there's no fees.

    Good luck!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • lincoln-potter
    • By lincoln-potter 13th Jun 16, 1:39 PM
    • 880 Posts
    • 4,270 Thanks
    lincoln-potter
    Welcome try harder!

    Like themadvix said download one of the over payment calculating excel sheets, I did when I first started years ago and its great to see not only the interest saved but the charts that go with it are a great motivator.

    Have you done a full SOA (Statement of account) to see exactly how much you spend on every little item?

    It looks like you have made a good start, keep going and you will get there!

    MFW #32 £6,700/£6,700
    Make £2017 in 2017 challenge - £821.76 #10
    • Busy Mee1
    • By Busy Mee1 14th Jun 16, 8:06 AM
    • 462 Posts
    • 1,925 Thanks
    Busy Mee1
    Hi Try Harder, don't be so hard on yourself you are doing really well. Is there any other way you can generate income other than EBay ? Have a look on the Boost Your Income boards to get some ideas.
    • shangaijimmy
    • By shangaijimmy 14th Jun 16, 10:51 AM
    • 2,346 Posts
    • 11,232 Thanks
    shangaijimmy
    I don't mind giving you a copy of my spreadsheet if it helps. Mines been pinched of someone else and the adapted to suit me. I concentrate on net reduction, and daily interest as primary motivating factors, and this spreadsheet does it quite well.

    If you'd like a copy just PM me.
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • try harder
    • By try harder 15th Jun 16, 2:46 PM
    • 591 Posts
    • 2,095 Thanks
    try harder
    Well today i am feeling slightly happier ,first day of my new week and i have paid the weeks overpayment of £242.30 mind you it took around 25 minutes to get through to someone who could take my payment .Because i have 4 sub accounts i have to call in person,i have now gone below £168 000 and below £1000 on my sub account 4-5 weeks and sub account 1 will be gone ,it was only small but its a great thing to see one mortgage gone .Sadly i have had to take the majority of the overpayment from my savings as i overspent on food last week and no ebax sales for the entire week.Happily i have sold 3 items today so that is a great lift not much mooney mind but a few pounds and i have been shopping today and stayed within my daily target so i am hoping this week will be better .Also because of being inspired by other peoples brilliant ebay selling results i am now listing 5 new items a day so fingers crossed.Its a beautiful day here today so all washing on the line which is always a great feeling .
    • Moneyfordreams
    • By Moneyfordreams 15th Jun 16, 3:05 PM
    • 902 Posts
    • 4,431 Thanks
    Moneyfordreams
    Lots of people on here do surveys and money switches to make extra cash... i'm a bit rubbish at that though as it takes too much time. I've OP'd usually to my max with all my other bits and bobs I tend to keep these ... Today I've drawn £10 from pulse surveys. They are only 3 questions long, mostly a bit daft TBH, but I've had £30 this year by August It'll be £40. that'll be a nice meal out or some clothes. I've left things tight this month by being extravagant but that tenner is worth at least 4 evening meals

    Good luck with getting rid of sub account one. I can't wait for my car loan to go
    Mortgage Feb '13 £200000, end 2038. Aiming for before March 2025 (crunched to 2034)
    January 16 £182800 : minimum £360 OP but needs to be £600 to achieve 2025
    Current mortgage £158200
    h@lifax CC £4300 0% until May 2018.. will pay minimum for now, slow stooze
    CC daughter gift and holiday spends £2200
    • try harder
    • By try harder 15th Jun 16, 3:15 PM
    • 591 Posts
    • 2,095 Thanks
    try harder
    Thank you so much everybody for all the support and help i am so grateful.Themadvix thank you for the suggestion of a spreadsheet i would so love some especially the mortgage overpayment sheet i am utterly useless on anything other than straightforward stuff on the laptop ,i will ask one of my children to help me ,shangaijimmy has kindly offered to send me one that he uses ,i have seen financialbliss and how to do spreadsheets but i am worried about opening files.I have read fb diary through twice its so interesting and proves what can be done.Thankyou too lincoln-potter i have read your diary you are doing so well with 4 children i wish i had been so good when my 4 were small,i have written a soa and have everything cut to the bone.Thank you busymee1 you are always there to pick me up and do need to read through the boost your income board ,i really need to get a job but must admit im lazy.Many thanks to you shangaijimmy .you are so kind will be messaging you today .
    • try harder
    • By try harder 15th Jun 16, 3:35 PM
    • 591 Posts
    • 2,095 Thanks
    try harder
    Thank you moneyfordreams they are great suggestions i have started doing surveys some are easy as you say and some are very tiring and tedious and sometimes i give up before the end as they are very intense but i am still persevering . I think i have read through some of your diary ,i am getting slightly muddled now with reading so many great stories and every one so inspirational and interesting.
    • Busy Mee1
    • By Busy Mee1 15th Jun 16, 3:54 PM
    • 462 Posts
    • 1,925 Thanks
    Busy Mee1
    Hi Try Harder - I doubt you are lazy, you just sound to me as if you lack confidence, which is hardly surprising if you have been out of the work place for a while. Perhaps you could think about building your confidence first, things like volunteering (local school or charity shop?) or doing an adult education course ( learn to do spreadsheets lol) . The local library often do courses or can tell you what is available.
    You really are doing well and it sounds to me as if you could run an eBay business, you are obviously very good with that.
    • try harder
    • By try harder 15th Jun 16, 4:11 PM
    • 591 Posts
    • 2,095 Thanks
    try harder
    Ah thank you busymee1 that is very kind ,i havent worked now for about 8 or 9 years i think not full time anyway.I do have quite a few interests i sell vintage wedding dresses and vintage clothing also i am interested in antiques and interior design so i do have a few little things i work on from home .I have seriously thought of starting a business online but it is finding something interesting and financially rewarding but will give it more thought,i like to have several things on the go at the same time so if one isnt selling another might ,but they are all rather quiet at the minute but maybe i need to work harder at it i seem to idle my day away especially when its warm i like to walk through the woods or by the sea which is all lovely but doesnt bring in much money of course.I just love this site everyone is so supportive.
    .
    • Busy Mee1
    • By Busy Mee1 15th Jun 16, 4:59 PM
    • 462 Posts
    • 1,925 Thanks
    Busy Mee1
    Now you have made me feel jealous - that sounds lovely I can totally understand why you want to work from home
    • themadvix
    • By themadvix 17th Jun 16, 8:48 AM
    • 1,244 Posts
    • 7,498 Thanks
    themadvix
    Hi Try Harder,

    It sounds like you're doing really well! I'm not sure what Busy Mee is jealous of - the vintage wedding dresses or the walking, but definitely count me in for both! One of our main motivators for overpaying is to be able to move to the countryside/sea as we live on the edge of a new town at the moment and it's incredibly uninspiring for walking! So it seems like you've just done it the other way around - moved and then paying off!

    I second the idea of an Ebay business, you sound like you've got it sussed. Or have you thought about mystery shopping? It's not always great pay (depending on the company), but sometimes it can be a bit extra and you might get a free meal out of it. Have you looked on the Boost Your Income boards? Some great ideas on there! I know what you mean about surveys, but once you've got a few companies on the go with different payout levels you get the motivation from the payouts to keep you going (or I do, anyway!).

    Have a good day - weekend tomorrow!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • shangaijimmy
    • By shangaijimmy 17th Jun 16, 12:12 PM
    • 2,346 Posts
    • 11,232 Thanks
    shangaijimmy
    Apologies for the delay, somehow i missed your PM. I've replied and a spreadsheet is winging its way to you! Good luck.
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • try harder
    • By try harder 19th Jun 16, 10:48 AM
    • 591 Posts
    • 2,095 Thanks
    try harder
    Good morning everyone,thank you very much shangaijimmy for the spreadsheet ,when i have a quiet minute with out the noise of grandchildren but with the help of one of my children i will download it and thank you so much. Ah busymee1 and the madvix i do not put half the effort in to the selling side as i should as i said before i am truly very lazy ,i have great ideas in my mind but then some thing else comes into my mind and off i go .Yes so lucky to have nice walks and coastline around us and yes thats a great way to look at it the madvix i had never thought of it like that before pay for it whilst enjoying .I am reading through the boost your income boards and i have to say there are some great ideas ,there are so many great threads on here i dont know where to look first,its brilliant .We have had a lovely start to the week a summer solstice garden party last night and dinner out tonight for fathers day we have been very spoilt. .
    • themadvix
    • By themadvix 20th Jun 16, 8:58 AM
    • 1,244 Posts
    • 7,498 Thanks
    themadvix
    Sounds like a lovely weekend!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • try harder
    • By try harder 21st Jun 16, 6:45 PM
    • 591 Posts
    • 2,095 Thanks
    try harder
    Thank you the madvix it was .Well its the last day of my week today (my weeks run from wednesday to tuesday)and i have paid £242.30 this week off of my mortgage ,some came from husbands overtime some from ebay sales and some from my very limited savings pot that is emptying rapidly .I have gone from 170000 to under 168000 in the few weeks since i started this diary ,which is truly remarkable and i could not have done it with out the support of people on here ,if only i had found this site years ago i would not have had these debts and am very grateful to everyone .Sub account 1 only has around 700 pounds owing on it now so 3 more weeks and it will be paid ,i am amazed and so very pleased so thank you everyone ,i just love it here and have learnt so much.
    • Busy Mee1
    • By Busy Mee1 21st Jun 16, 8:28 PM
    • 462 Posts
    • 1,925 Thanks
    Busy Mee1
    Well done Try Harder - great news
    • try harder
    • By try harder 21st Jun 16, 8:37 PM
    • 591 Posts
    • 2,095 Thanks
    try harder
    Thank you busymee1 that is really sweet of you.
    • LightBulbMoment
    • By LightBulbMoment 21st Jun 16, 10:47 PM
    • 103 Posts
    • 588 Thanks
    LightBulbMoment
    Hi Try Harder,

    I have just sat and read your diary. Keep going Mrs, £2000 in the time you have been writing this diary is amazing.

    I think we are going to have to come up with some other ideas for us both to do as well as ebay, I just have not come up with any ideas yet. As soon as I have finished decluttering my house I will put my thinking cap on.

    I was also thinking of starting an ebay business part time, so we will have to bounce the ideas of each other.

    Take care and keep up the good work.

    LBM
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