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  • FIRST POST
    • sammy70
    • By sammy70 24th Sep 13, 4:58 PM
    • 470Posts
    • 1,274Thanks
    sammy70
    our forever patch challenge
    • #1
    • 24th Sep 13, 4:58 PM
    our forever patch challenge 24th Sep 13 at 4:58 PM
    well, this week sees the new start to my mortgage free plans. After 18 months clearing debts, then paying for our wedding, which took most of our hard earned savings, we are at the beginning again.

    Due to restructure at work, OH is on a reduced monthly pay, so the savings are even more of a challenge!
    Our plan is over the next two-three years, build up savings , and make over payments, untill we have enough saved to clear the outstanding balance owed on our mortgage, then sell this house, and use the sale proceeds as deposit on our "forever home", we really want somewhere with an acre or so of land, to allow me to have my own horse again, and OH to have garage/workshop he has always wanted.

    we both get paid this week, i will open new savings online, and let the challenge to get our new home begin!, we get married on Friday, this will be the start of our married life adventure too, !!
Page 2
    • sammy70
    • By sammy70 9th Oct 13, 3:40 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    more money saving!
    hi folks!

    Todays money saving towards mortgage freedom- cancelled both my and hubbys gym membership, totalling £65 a month, last direct debit payment today, had to give a months notice, so next month a little extra cash to direct towards mortgage savings!

    My next plan is to look at food shopping. At the moment we are spending approx £140 a week on groceries, thats one tesco shop, and bits from shop throughout the week. The fatal "just nip in for bread/milk" that leads to £10 spent on"bargains", usually chocolate!
    Im trying to cut back on the goodies we waste cash on, so hopefully this will lead to a few pounds lost in weight too, so its for our health aswell as wealth!

    My first plan for this week, is to draw £140 cash, and do the big shop, then use leftover cash to last all week,(no goodies) and hopefully by shopping more carefully, each week reduce the spending, and any cash left over, save, at the middle of the month when i need motivation, make another payment into the house savings using spare cash.

    Next week, i plan to draw £130, and see if i can just reduce the overall spend, even £10/£20 a week will make a big difference!

    x Sammy x
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • sammy70
    • By sammy70 10th Oct 13, 2:40 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    more money saving!
    Todays money saving-used voucher- £12 worth of boots points when you spend £50, used this to purchase my annual bottle of fave perfume,(which is my birthday gift from hubby too), saving boots point to buy a couple of xmas pressies!

    withdrawn £140, lets see how much i can save off the grocery shopping this week..

    X sammy X
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • tootoo
    • By tootoo 10th Oct 13, 2:46 PM
    • 670 Posts
    • 3,020 Thanks
    tootoo
    well done on the extra cash from cancelling your gym membership.

    £140 a week sounds steep. Do you mind me asking how many there are in your household?
    MFW.....Apr 33 Aim - Dec 26
    • sammy70
    • By sammy70 10th Oct 13, 7:29 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    Hi, there are four adults, me, husband and two adult children age 20 and 23, and one dog..

    X sammy x
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • tootoo
    • By tootoo 10th Oct 13, 7:43 PM
    • 670 Posts
    • 3,020 Thanks
    tootoo
    I can see why its high then! I have 2 very small children and i'm down to around £50 a week.
    You could probably save a little depending on how much time you have spare. The OS board is really helpful.
    Tootoo x
    MFW.....Apr 33 Aim - Dec 26
    • sammy70
    • By sammy70 11th Oct 13, 9:33 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    thanks TooToo! All four of us work full time, and take packed lunch too, and all cleaning products and dog food and treats are included..

    i managed £95 at Tesco, so £45 in grocery purse to last rest of week for fruit/bread/milk, and anything we run out of!
    X sammy x
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • sammy70
    • By sammy70 15th Oct 13, 3:15 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    month 1 targets
    Hi everyone, a quick update..

    Another £40 saved in mortgage free savings, this is leftover shopping money, and spends, so total saved towards this months target of £736 is-£105, so £631 to go!
    Ive already achieved £250 target to emergency fund from honeymoon leftover spends, so emergency fund now stands at £1500/£10000.

    Im withdrawing £130 cash for grocery shopping this week, and £25 personal spends each for hubby and i. Anything leftover every week will go into savings..
    Does £25 each spends seem ok? what do others do? we use this cash for anything we want, such as makeup(me), books, lottery etc.
    X sammyx
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • specialkaye
    • By specialkaye 15th Oct 13, 4:54 PM
    • 185 Posts
    • 656 Thanks
    specialkaye
    Hi Sammy,

    Congrats on getting married, tres exciting. You mentioned you have 2 adult children who both work full time - are either of them contributing to groceries/rent etc. I'm 24 and till living at home and pay my mum £200 a month. £100 for the rent/mortgage, £50 for gas/electric and £50 for food.


    SK x
    1% at a time challenge member #127

    MWF: as@ Oct13 £45,917, now £43,024.56
    • sammy70
    • By sammy70 15th Oct 13, 6:29 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    hi Specialkaye!
    I have a son of 23, he pays £50 a week board money, and a 20 year old daughter who pays £30 a week, as she earns a little less. This covers everything, food, bills etc.

    X sammy X
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • sammy70
    • By sammy70 16th Oct 13, 2:52 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    Hi everyone!

    Not a lot to report today, other than im proud to say ive gone a full week without a single "pop into shop for bread, spend £20 on crap" day!
    £30: leftover from last weeks grocery shop, this has gone into jar, when i have £130, this will be a weeks shopping money, so will transfer the same ammount from food account to mortgage free savings..

    I got this weeks £130 out, nothing spent yet, im planning grocery shopping Friday, list and meal plan for 7 days started!

    X sammy X
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • tootoo
    • By tootoo 16th Oct 13, 7:22 PM
    • 670 Posts
    • 3,020 Thanks
    tootoo
    you're doing great sammy - I have £27 left in my budget until monday. I've had 4 NSD in a row (pre-thinking in the supermarket for extra milk/bread - new thing for me!!).
    MFW.....Apr 33 Aim - Dec 26
    • sammy70
    • By sammy70 17th Oct 13, 3:37 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    you're doing great sammy - I have £27 left in my budget until monday. I've had 4 NSD in a row (pre-thinking in the supermarket for extra milk/bread - new thing for me!!).
    Originally posted by tootoo
    Hi Tootoo!

    you are doing well too! i cant believe how much you can save by sticking to lists and meal plans.. in the past i did lists, but found myself popping "bargains" , some useful, but a lot of non essential treats also.

    I know its early days into my 36 month challenge to pay off this mortgage, but im finding it so satisfying seeing the savings from such small changes in my habits, today i went to Asda for the main weeks shop, and only spent £73! that leaves £57 to last until next thursday, unless freezers go capput this week should be an easy saving of at least £20!

    Next week, going to drop to £120 for the weeks shopping, challenge myself to at least 4 NSDS this week..

    X sammy X
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • sammy70
    • By sammy70 18th Oct 13, 6:54 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    Its Friday, yey!

    and for me a nsd , trying for at least 4 this week, i enjoy challenging myself ! it keeps me on track and focused on our mortgage savings..

    Done enough over time to pay for this weeks fuel in car,we usually pay on c/c for fuel,and pay card off in full at the end of the month, so thats £45 saved out of next months budget which can now go to savings too..

    My plan is try to do overtime when available, tho this is scarce, my aim is to cover fuel costs with the money earned from it,when possible, and divert fuel budget to savings, but ill have to see on this one, as overtime only available when covering for sickness/holidays of work mate..

    X sammy X
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • sammy70
    • By sammy70 20th Oct 13, 8:37 AM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    mmmm
    Me and hubby had naughty treat night, pizzas, chocolate, g& ts, need i go on!
    was very nice! £36 spent in total, this was shopping money saved from last week, so i suppose some consolation it wasnt out of savings!

    Naughty!! and put a pound in weight on this week, so must try harder Sammy!!

    X sammyX
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • sammy70
    • By sammy70 23rd Oct 13, 4:13 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    Hi everyone!

    Well, nearly to the end on month one of my 36 month mortgage free challenge. I get paid Friday, hubby Monday. Ill then go through finances/Savings, im really hoping i can reach my savings goals..

    Tomorrow is grocery money day, so as planned will withdraw £120, and £25 each spends for me and hubby.. Though i havent spent any of last weeks spends! Any personal spends saved are going to my horse savings when i reach £100 saved..

    Another week this week where i have covered fuel costs with overtime... so thats going well.

    Hope everyones keeping positive, we will be mortgage free!!..

    x sammy X
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • sammy70
    • By sammy70 25th Oct 13, 1:24 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    Hi, hello to all mfw!

    Next friday sees the start of month 2 0f my 36 month challenge to save enough to clear my mortgage. Ive just done calculations following my pay day today, and have met our savings for this month, looking forward to editing my signature 1,11/13 with new mortgage and savings balances!
    Hubby gets paid monday, so with a bit of luck we may be able to make one more overpayment to the mortgage too this month.. Will total overpayments for this month on tuesday.

    Grocery shopping went well, £80 spent on main shop, £40 left to last until next Thursday..

    Have a lovely weekend everyone!

    x SammyX
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • sammy70
    • By sammy70 31st Oct 13, 7:23 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    yey!" savings target met for month 1!
    We"ve done it! total saved this month towards paying off our mortgage= £736 plus we have overpaid directly to the mortgage-£320.22!

    as well as this, our other savings pots have also met the targets , so total saved including the overpayment = £1745.22! i cant believe it!

    This week ive managed enough overtime to cover next months fuel also, so we are onto a good start for next months savings already.

    Just need up to date mortgage balance tommorow, AND we are now going to be below £40k!

    im so happy! yipppeee the hard work is so worth it!

    X sammy X
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • sammy70
    • By sammy70 3rd Nov 13, 8:49 AM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    month 2
    Well, here i am at the start of month 2 of my 36 month challenge.

    Month 1 went extremely well, but this was helped with leftover spends from our wedding, so we dont want to become too relaxed, the next 35 months arent going to be as easy!

    Getting sub £40k is a good feeling, why is it so satisfying to get below the next £1k? im already working out how quickly we can get to below £39k!

    Shopping budget is going ok, though went a little over this week as a couple of xmas pressies bought, but i will transfer the money from our xmas savings to food/bill account to cover these any way.

    Have a nice money saving weekend every one!

    x sammy xx
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
    • lilyp
    • By lilyp 3rd Nov 13, 1:17 PM
    • 267 Posts
    • 714 Thanks
    lilyp
    Hi Sammy.

    Sounds like you are making great progress already

    I have a similar dream to you - bit of land, own horse, spend all day in wellies type lifestyle so shall be following your progress. I also have a ccj which I guess is slightly worse than a dmp in most lenders eyes. Am 3 years down the line with everything paid off and I can't even open a new current account let alone be considered be for a mortgage. We are hoping once I hit the six year mark things will improve.

    I am a bit confused why you are saving to pay off the mortgage rather than just throwing money at it to get it down straight away. But good luck
    • sammy70
    • By sammy70 3rd Nov 13, 3:16 PM
    • 470 Posts
    • 1,274 Thanks
    sammy70
    hi Lilyp !

    We basically worked out much we need to save monthly over a 36 month period for-1 pay off outstanding mortgage, 2, save for diy needed to sell this house for a decent profit , 3 horse for me!, 4 car that my hubby has only wanted to restore, and 5 build a £10k emergency fund.

    Any thing we save over these we overpay on the mortgage aswell, the reason we are leaving the mortgage savings in the account are really just as a precaution, with the recession still ongoing we didnt want to pay everything to the mortgage in case either us lost our jobs.

    Good luck with your plans, its frustrating waiting to rebuild your credit, but at least i suppose it gives you time to save for what you want..

    XSammy x
    current official end date of mortgage= 2037-aiming for 2030

    mortgage balance start of challenge- 25/11/2016 £245,695
    overpayments 25th nov 2016- oct 2017 £4,850.62

    balance of mortgage currently = £231,900:eek 11/10/2017
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