Overpayment Addict

Florence_J · 24 June 2017 at 10:10PM

DeterminedSingleMummy wrote: »

No spend day today... that's about the only good thing that happened today... feeling really

Hopefully tomorrow will be a better day

I'm sorry today hasn't been great for you.

I have just read your diary from start to finish and it is compelling and impressive stuff!

I wondered if you could explain a little bit more about stooozing and how it all works, as I have no clue but could do with advice on it as it may be something I will have to look into.

DeterminedSingleMummy · 25 June 2017 at 8:55AM

Hi Florence. I wouldn't say my diary is impressive so thank you

I'm not an expert at stoozing either but basically this is what is do.

1. I take out a 0% credit card.
2. Put my monthly spending on there.
3. Pay the minimum amount when the bill comes.
4. Put the money you would spend normally in a high interest savings account.
5. Pay off 0% credit card when your promotional offer ends.

So You don't pay any interest to your credit card because it's 0% but you are earning interest by keeping the money you would have normally spent on a high interest account.

Some people will balance transfer the amount to a different credit card to get a new 0% offer once the original one has ended.

There's a stoozing section to the forum, maybe have a read on there too.

I have three cards on 0% atm. One ends in Nov 17 I will try and balance transfer this amount to a different card. One ends in May 2018 and the other one is in 2019 which I am still spending on as it is not maxed out yet. I write everything down in a diary so I don't lose track of where I am with the cards otherwise if you mess up I think you lose the 0% promo deal and end up costing you money instead.

Hope that makes sense

Florence_J · 25 June 2017 at 10:29AM

DeterminedSingleMummy wrote: »

Hi Florence. I wouldn't say my diary is impressive so thank you

I'm not an expert at stoozing either but basically this is what is do.

1. I take out a 0% credit card.
2. Put my monthly spending on there.
3. Pay the minimum amount when the bill comes.
4. Put the money you would spend normally in a high interest savings account.
5. Pay off 0% credit card when your promotional offer ends.

So You don't pay any interest to your credit card because it's 0% but you are earning interest by keeping the money you would have normally spent on a high interest account.

Some people will balance transfer the amount to a different credit card to get a new 0% offer once the original one has ended.

There's a stoozing section to the forum, maybe have a read on there too.

I have three cards on 0% atm. One ends in Nov 17 I will try and balance transfer this amount to a different card. One ends in May 2018 and the other one is in 2019 which I am still spending on as it is not maxed out yet. I write everything down in a diary so I don't lose track of where I am with the cards otherwise if you mess up I think you lose the 0% promo deal and end up costing you money instead.

Hope that makes sense

Thank you, that makes it clearer to me, I have had a look on the stoozing thread and will continue to do more research.

System · 25 June 2017 at 10:39AM

Investing would probably outperform mortgage overpayment ...

DeterminedSingleMummy · 25 June 2017 at 5:02PM

Everyone's personal situation and reasons for overpaying is completely different so while I could invest my money and be better off financially I overpay my mortgage so that by the time my daughter is 10 I will be mortgage free. There are many different schools of thought around whether investing or mortgage overpayment is the best and Its all down to personal opinion really.

I like the thought of being mortgage free by the time my daughter is 10 and to be able to spend more time with her doing things we enjoy rather than be working and still paying off a mortgage. That motivates me to have No Spend Days and do all the little things I have been doing which has a massive impact on my monthly overpayments and clear my mortgage.

No spend day today as I didn't leave the house. Spent the day playing with Lego in the house with DD. So the remaining weekly budget will go towards overpayment

I bought some really cheap potatoes a while ago and made a huge batch of mashed potatoes and froze it in individual portions to see how well they would defrost/cook from frozen. Used some today and it tasted exactly the same as if I made it fresh so I will be doing that regularly to save time and money

will also be trying out some other meal prep/money saving ideas soon so any good ones I will post on here

bubblycrazy · 25 June 2017 at 9:08PM

This is a quote from another thread which I like:

'I overpaid my mortgage for several years before paying it off completely. My way of explaining it to people who thought I was mad is as follows.
Say you had a credit card and youd taken it to its limit of say 100k. Would you only make the minimum payment every month? Of course you wouldnt the interest would cripple you and it would probably take around 25 years. Sound familiar?
With a debt, and a mortgage is a debt (just a so called cheap one) its compound interest that makes the lender richer and the borrower poorer.
By overpaying the capital you start to rebalance this and its a mighty powerful tool in your armoury...
Being mortgage free is like the biggest pay rise you'll ever get.'

How did you cook the frozen mash DSM?

shangaijimmy · 25 June 2017 at 9:29PM

Good read that bubbly and it definitely helps me reading messages like that which boosts motivation.

DeterminedSingleMummy · 26 June 2017 at 6:45AM

Bubblycrazy that's a very good quote and explains exactly why I overpay my mortgage too.

With the mash when I froze it I used a ziplock bag and froze it flat so that when I defrosted it in the microwave I didn't get a piping hot mash on the outside and a frozen lump in the middle (which is what has happened to me in the past :rotfl: I heard some people use ice cube trays to freeze their mash too for quick defrost so I may try that next time :T

My ebae is slowing down.. I still have 11 things active and another 5 to relist. I'm sure I have lots of stuff to declutter and get rid of... I know for a fact a have four prams in my storage :rotfl: yep that's four prams... for the one child I have... not sure where the best place to get rid of these are but they need to go somewhere...

kelpie35 · 26 June 2017 at 11:28AM

If you have a Facebook account try using local selling sites for prams. You also have no fees and it is cash in hand.

Tahlullah · 27 June 2017 at 10:17PM

Hi DSM, hope you are feeling a bit more upbeat. Hope life doesn't get in the way of your fantastic achievements. You are doing great.

Tx

Overpayment Addict

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