Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,015Posts
    • 41,528Thanks
    newgirly
    Pay off mortgage and start having fun!
    • #1
    • 15th Apr 10, 11:02 PM
    Pay off mortgage and start having fun! 15th Apr 10 at 11:02 PM
    I have been reading other peoples posts for a while,trying to get myself in the right frame of mind to start overpaying on the mortage.DH and I have a house worth about £220,000 with a mortgage of £159,000 although we only paid £120,000 for it (£93,000 mortgage) to start. So as you can see we have been not so great in the past! Last year we also owed about £20,000 on credit cards which is now down to £10,000. I really want to get rid of the mortgage before our youngest turn 18, the twins are nearly 10 now. So any words of encouragement would be great, I need keeping on the straight and narrow.

    Xmas paid for by saving £1 a day minimum in a sealed tin, plus homemade/sale stuff.
    Birthdays now in monthly budget, plus extra vouchers earned

    I am taking part in the earn £2012 in 2012 challenge on the up your income board, so whatever earned from that will be split between op's and holidays fingers crossed.

    Budget from may 2012 onwards:

    income.................2092.00
    child benefit..........188.60
    child tax cr..............0 no longer!
    total....................£2280.60

    mobiles x 2...........32.00
    tv licence..............12.37
    elec/gas................140.00
    water....................60.00
    council tax............125.83
    home insurance.......11.83
    pension..................21.90
    life ins....................15.17
    sky ........................21.00
    car tax....................15.83
    car ins.....................22.00
    car maintenance.........8.33
    petrol.......................60.00

    school dinners............48.00 (1 dinner/1 bacon sarnie each pw)
    pocket money.............20.00
    clothes.......................30.00
    birthdays....................50.00

    grocery.......................250.00
    (food/pets/cleaning)
    DH's money.................100.00
    0%cc ................................32.35
    mortgage interest.........425.00
    mortage overpayment....778.39


    money in: £2280.60
    money out:£2280.60







    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 299
    • newgirly
    • By newgirly 28th Oct 16, 7:37 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    We are on a busy road and near the shops so do get quite a few, when we run out of sweets I stop answering

    Out later for the opening of a new shop in London owned by the guys that have given us loads of work this year, can seem to find my current account card at the moment though (also used on the tube as contactless) will have to cancel if it's not found this morning which will be a right pain, and buy an oyster. The will be selling our products in their shops, so should make the effort even though at the moment a lazy evening at home sounds more tempting

    To do list :

    Write list for tomorrow's meal

    Buy list

    Clear up pumpkin mess

    Clean whole house

    Look for bank card and report lost if not found

    Do nails for tonight

    Decorate living room with all Halloween stuff

    Check accounts and update if time
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 29th Oct 16, 9:00 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    It was a successful opening party last night, full of basically just our products! Fingers crossed it goes well, but blimey can't imagine the price of some of those houses in Westminster where it is

    Fascinating talking with the guys who started the business, bankrolled by parents and loans, defiantly an eye opener to put it politely! I get the feeling they pity us being from east London Also met one of the Olympic hockey team girls and had a hold of her medal

    Getting out of bed seems a bit overwhelming today after what feels like 100 glasses of champagne /wine last night, food shop still not done for tonights meal, plus the car has a flat tyre
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 30th Oct 16, 8:51 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Halloween dinner was fun last night and lots of food left over for today

    Dh at work again this morning (only as he dropped ds1 off nearby at 5.30 am for a coach trip to see football) I did get up and offer, but was glad to go back to bed instead!

    To do list :

    Washing

    Clearing up

    Take dh to cinema (it will entice him back )

    Smarten myself up for tomorrow - being taken for a spa day by best friend who got as a gift from her dh - what a star

    Pay mortgage overpayment and check accounts
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 31st Oct 16, 6:38 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Didn't manage he cinema yesterday, dh too tired, watched a couple of films at home instead and had a lazy day.

    I did the accounts and made an official op of £2,961 (£210 interest already gone out) although the current acct is low at the end of the month sometimes so I am keeping £1000 of the mortgage ops in there whilst we clear the mortgage as a buffer, but it is included in the total figure.

    It was a higher than usual payment as I had not paid some from last month off (dd Oyster card surplus) I've also overspent in October , ordering 3 pairs of boots from next to try did but at least one or two pairs will go back this week so it evens out. Forgot to add up the food spends, its over the £333 budget and I am guessing is not far off £400 maybe, I seem to have bought lots of alcohol lately (and drunk it ) something that should be improved on in November.

    Will update proper figures and mf 2016 thread later, but now I need to get ready for my spa day , kindly paid for by best friends hubby for us both Not sure what we are having , think it's a facial, massage and nails
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • Moneyfordreams
    • By Moneyfordreams 31st Oct 16, 8:53 AM
    • 902 Posts
    • 4,432 Thanks
    Moneyfordreams
    what a lovely treat.

    It must be so motivating when you only have a short amount of time left.. Fab OP
    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
    • CathT
    • By CathT 1st Nov 16, 6:55 AM
    • 5,432 Posts
    • 37,655 Thanks
    CathT
    Hope you enjoyed the spa day, what a lovely treat.

    Fabulous mortgage OP. Bet the balance is looking great!
    Jan 2018 -
    part 1 - £79,207
    part 2 - £45,863
    Total - £125,070
    • newgirly
    • By newgirly 1st Nov 16, 8:14 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Thanks cath and mfd's

    It was a lovely day at the spa yesterday we laughed nearly all day like a pair of kids I really must book one for us next year.

    Mortgage stuff still not updated, it's just been hectic lately. I will do it later as I've very cheekily asked for a last minute day off and dh has agreed I may have to go in Friday to help though. I have quite a few days left this year still I should start to use up really, so I thought I'd start today.

    Can't believe it's November already where has the year gone
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 5th Nov 16, 3:45 PM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    It's been a busy week! Finally have a couple of hours spare and have checked the accounts only to find I've messed up the 0% cc by paying late and it's reverted to charging interest so I've transfered the outstanding amount £5,129 from the offset to pay it off. It won't affect the target this year as it's a total debt figure anyway, plus the extra £132 pm will go off the mortgage, all in all it adds one more month on the term. End date now oct 2018 , so annoying as I'm getting further away from the July target I was after!

    On the plus side it's another debt gone and we would have had to clear it once the mortgage was paid off anyway.

    I still need to update the thread and the mortgage balance has gone up by over £5k, hopefully it will get back down under £60k by the end of the year.

    Off out tonight for aunts 60th birthday meal, not sure I'm in the mood now, my best friend has had to have her dog put to sleep today as he was very poorly with a brain tumour, it's just so upsetting
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 6th Nov 16, 7:03 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Good night out last night, paid for by uncle so only £10 spent on cabs (for the ladies in heels , men walked - not mse and a bit sexist )

    I Also spent £63 on a hotel for the night to visit Lincoln Xmas market at the start of December. Really it's a family visit to dhs brother and family nearby but we may as well go when the market is there. They did offer us to stay there but smalll doses is a nessesary thing with the Inlaws plus it feels more like a break in a hotel, not a bad price as it's a Sunday, hotel is right in the city too.

    Cinema later today - the accountant, which looks good. I love having the unlimited card, I've not kept a proper track of costings and really they are not savings as we would not go nearly as often, but as cheap entertainment it's been so worth it, I probably see on average two films a week but often more.

    Off to do the washing again now, I will finally update the figures properly too!
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 6th Nov 16, 9:13 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    [QUOTE=newgirly;71001360][QUOTE=newgirly;70636818][QUOTE=newgirly;70261012]
    SEPT/OCT update!

    Start figures:

    Mortgage £128,772.64
    Fluid. Cc. £3,286.10
    Santander cc £4224.73
    Loan. £29,060.64


    Total at Jan 1st £ 165,344.11


    As at today:

    Mortgage £63,015.60
    New aa 0%cc. £0
    Loan. £ 23,397

    Total today; £86,412.26


    Total reduction so far this year: £78,931.85

    Total sept/oct reduction :£6,481.36
    Originally posted by newgirly
    Very late with the updates , so it's 2 months worth
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 6th Nov 16, 9:26 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Grocery challenge updated finally too

    October slightly less than expected although still over budget

    £1000 oct 1st to Dec 31st (£333.33 pm)

    October £380.24 spent - £46.91 over budget

    I will reduce Nov's budget by that amount plus an extra £50 to allow for extras during December

    Novembers target £333.33 - £46.91 , - £50 = £236.42

    Minus £98.09 already spent this month so far £138.33 is the target amount to live off until Dec 1st.
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • Kittenkirst
    • By Kittenkirst 6th Nov 16, 12:32 PM
    • 1,711 Posts
    • 9,118 Thanks
    Kittenkirst
    You can do it Newgirly! Sounds like you have made some fantastic progress so far too
    2018 MFW #20 - OP £391.44/ £3000 13%

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • newgirly
    • By newgirly 6th Nov 16, 1:36 PM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Cheers kittenkirst

    Just mulling over how useless ive been at being frugal lately, I've got I think a habit of spending more than I used to and although we have made good ops this year , we have been given £60k so our actual ops are not going to be on the original target of £30k , probably £5k short I guess of what I'd hoped for at the start of the year.

    Working backwards to see what I would have to cut back on to reach the July 2018 target, well it's a big cut back! Clearing the cc has not helped as the start balance is now higher.

    It would take me cutting dds oyster allowance to £130 from £150 pm - that I think will be plenty , I've been watching her journeys and spending.

    Cutting the Xmas and birthday budget by £180 to £0 pm (don't judge me )its a lot but we don't spend money on anything for the kids except then, plus have family and friends. This would take a lot of being creative and extra money making ideas the first year, the second year I will be mf before Xmas so can afford to splash out

    Cutting £50 off the £650 a month everything except direct debits that's left that we pay for- food petrol, college stuff etc.

    That still leaves £100 pm to find , or a further cut to £500 for all living costs form £650.

    It seems a few steps to far to be honest, but I am keen to make a bit more effort at the moment so may try a few extra challenges to help towards the target.

    Going from an oct end date to July means finding over £8k extra in less than two years, not sure that's possible.

    How much of a sacrifice is worth it for the sake of a few months?
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • Kittenkirst
    • By Kittenkirst 6th Nov 16, 1:45 PM
    • 1,711 Posts
    • 9,118 Thanks
    Kittenkirst
    Only you can really decide that, can you meet in the middle and reduce some things but not so drastically, that way you're still clearing it earlier but are enjoying living whilst doing it?
    2018 MFW #20 - OP £391.44/ £3000 13%

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • newgirly
    • By newgirly 6th Nov 16, 7:09 PM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Yes really I could, i think the best thing to do is play it by ear and try to get as close as possible to frugal for as much of the time as possible.

    I do think that as we have more leeway due to being given money this year that it's been easy to slip into overspending


    We Need to make some proper plans for finances next year and also I need to get my backside into gear saving what can be saved outgoings wise, plus working out ways to make extra again.

    Initial ideas tonight :

    Check tcb

    Sign up for 12 issues of the radio times for £1 and get £5.05 tcb

    Meal plan two days ahead ( I lose interest doing a week )

    Drink less wine than I have been

    Do more cooking than I have been

    Stop buying stuff I don't need to cheer myself up as I'm fed up I've not met weight loss target this year and won't now.

    Time for a fresh start
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 7th Nov 16, 8:22 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    I've signed up for the radio times offer, £4.05 profit and 12 issues (only wanted the Xmas one really ) need to cancel the direct debit, ill do it when I get the first issue through.

    I've also signed up for a Tesco delivery plan for the year, we do have a Tesco on the way home from work, but I tend to do far more spur of the moment shopping that way. I swapped club card vouchers for £25 so it's cost £35 cash for 13 months (one month free) so £2.69 pm for unlimited orders over £40 on any day anytime. I will try and do two smaller shops a week , one being at the weekend which will be less stressful and hopefully I will be more organised with what I buy and buy less wine oh I'm taking back a blouse I bought myself last week to pay for it, so really it's a no spend.

    £5.89 requested from tcb to go in the mortgage pot.
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • CathT
    • By CathT 8th Nov 16, 6:53 AM
    • 5,432 Posts
    • 37,655 Thanks
    CathT
    Only you can decide your timeframe etc, you still need to live life a little and enjoy the journey a little. Youre just setting up habits for life after mortgage freedom too. Some small sacrifices may be manageable over a short period but cutting too much might make you miserable.

    That's a good offer re: radio times. Think I'll look into it, thanks.
    Jan 2018 -
    part 1 - £79,207
    part 2 - £45,863
    Total - £125,070
    • newgirly
    • By newgirly 8th Nov 16, 10:17 PM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Hi cath, I am unable to stick to most plans, so will probably do what I usually do - try hard for a while and then spend money I hadn't planned on

    Seriously though, I feel I've loosened the reins way too much lately, the other day I was looking at handbags in house of Fraser very bad, I don't need a bag and if I do I'll get a cheap one (or one of my mums hand me downs as she has an expensive bag habit !) just a small example of things I want to buy , even if I have not actually done it. I kind of want to reset my thinking back to where it was.

    After six and a half years on here now it's to be expected from time to time, sometimes you just want to spend which is what I've been doing a lot more of lately, but then usually returning it later

    Watched a brilliant film tonight at the cinema with ds2 - nocturnal animals 9/10.
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 9th Nov 16, 11:02 PM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    A no spend week so far, I've even not spent on petrol as my dad ( almost as bad as Alex for owning too many cars!) has asked me to take his BMW X3 out for a few days exercise as its plonked in a bay near their house, due to now having four cars and two spaces on the drive. Lovely to drive and free petrol so yes please!

    Tomorrow I am attempting to book tickets to see blossoms at the roundhouse in Camden, the boys both love them but so do I, I know they would prefer to go minus their mother so I may just book two. Probably I won't manage to book any as its such a small venue though. If I do manage it they will be Xmas presents from the budget.
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • newgirly
    • By newgirly 10th Nov 16, 7:34 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    No work today, so, to do list:

    Try and get concert tickets

    Do all washing , strip beds

    Buy car insurance

    Return the new clothes order at post office (free luckily)

    Try and locate current account card for acct I never use, I need it to transfer bank acct to m and s one to get the vouchers

    Start going through Xmas presents and check off list

    Clean whole house - including kids rooms that I don't normally do often now - I want my plates and mugs back

    Sit down with a hot chocolate and watch tv hopefully
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

173Posts Today

1,561Users online

Martin's Twitter