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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 5,859Posts
    • 40,017Thanks
    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

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    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 333
    • newgirly
    • By newgirly 10th Jul 17, 10:02 AM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    Indeed

    Still not feeling that great, don't know how I will do a full day's work tomorrow , still keep falling asleep when I sit down!

    Its dds birthday tomorrow so I need to go out today and get a cake/balloon and wrap her presents. I paid for an escape room experience for them all yesterday nearby and some of us are going out for lunch today, it's an expensive month

    Builders have been threatened with no more other work from my dad and no more money, it seems to have bucked them up a bit (clearly he won't ever use them again, but I'm not sure theyve worked that out yet!) ds1's s new bedroom is plastered but not ready still, it's probably been worth the pain as it's a much better size. New shower room still a shell.......

    Hope everyone is good, I am so behind with diaries and need to have a good catch up
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • themadvix
    • By themadvix 10th Jul 17, 11:38 AM
    • 1,117 Posts
    • 6,417 Thanks
    themadvix
    Hope you're feeling back to normal soon NG!
    OPs 2017 = £2603/£10000
    S&S ISA = £300/£600
    OPs made 2016 = £6142.12
    Starting balance 2012: £132000; balance June 2017: £99,974
    MFW2017 no. 38
    • newgirly
    • By newgirly 14th Jul 17, 7:40 AM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    Thanks, getting better now

    Useless builder has been harassed some more by me /dad /dh and actually turned up for three hours yesterday. It defiantly won't be finished as per his 50th promise this week, perhaps sometime next week shower room has toilet and shower tray fitted , nothing else done, bedroom still needs door frame and new window and window sill fitting. I am seriously losing the will to live - or more accurately for him to

    Somebody hit our car while it was parked on the road yesterday, it's only a scrape so he is coming over today to try and t cut it out, I think it will be ok, if not I'll just forget it, it's not a new car and I can't be bothered with the hassle, it was his mil driving and she seemed sorry!

    Weight loss after two weeks not going and a cruise 1lb off probably due to illness , but better than putting on. Total loss in 9weeks 9.5lb.

    Finances a shambles need to have a good look and make a plan, to finish next year will take basically a spending shut down. I am willing to do that apart from a few things I don't want to give up , for example :

    Hair highlights - I now have a blonde bob and want to keep it up

    Driving lessons - boys don't seem desperate to learn but I think they will want to soon, ditto Dd , if they start lessons she may want to as well , potentially 3 learning at once

    Kids 18ths and 21st next July, don't know what they want to do yet, but would love to have a big celebration.

    Gym, best friend and I always planned re joining once her youngest starts nursery (we stopped when she fell pregnant ) and when we have had some success with WW.

    So the above things don't really fit with a spending shut down I really want to clear next year though..........
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • newgirly
    • By newgirly 15th Jul 17, 5:53 PM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    The useless builder has been sacked dh has got the maintenance company that own the factory next to ours to come and finish it off (they are doing us a favour as they are a big firm!) the electrical and plumber that came to have a look today were shocked at what has been done so far, lots of it needs ripping out

    After reading Rasputin thorpedo's diary today I've decide to extend the target end date. He has also decided to slow down the rate of op's.

    By adding on 5 months to the term, the amount I have for us all to live off goes from £500 to £1000 pm and also allows me to save £200 pm for Xmas/ birthdays and the kids' 18ths and 21st next July.

    Even if we had not just paid for a cruise it would be nigh on impossible to stick to a budget that low for long. I'll set some mini challenges along the way to change things up a bit, I used to do lots of those but have slacked off lately.
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • newgirly
    • By newgirly 16th Jul 17, 8:20 AM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    Feeling much better now so am going to try and achieve something today.

    To do list:

    Clean bathroom - only one to clean at the moment

    Ditto rest of house

    Do all washing

    Ironing - not touched an iron for over 2 weeks

    Check over finances again

    Update figures on mfw 2017 thread - may as well update for end of July now!

    Food shop/meal plan

    Cinema if time



    I've also decided on the first mini challenge - stick to a budget of £150 for groceries until the end of this month.
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • newgirly
    • By newgirly 18th Jul 17, 6:59 AM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    The new builders start today

    Food budget going well, although miscellaneous budget took a hammering at the next sale bought some boots and a couple of pairs of wide leg trousers to wear when I hit goal weight/size that I have been looking at for a few weeks £39 reduced to £15 WW lady says approx one stone lost equals a dress size, personally I think it's more like one and a half which is my target so they should fit!

    I might take the plunge and set up a direct debit to clear thr mortgage in the new term end date, then its "guaranteed" that I won't go over the longer term. Then I'll do the mini challenges to op odd and ends again and it will feel like the good old days
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • shangaijimmy
    • By shangaijimmy 18th Jul 17, 7:08 AM
    • 2,224 Posts
    • 10,238 Thanks
    shangaijimmy
    Take the plunge...the worst thing that could happen us after a few months you may feel it's too much and have to change it, but you'll be further along by then!
    MFW: Turning June 2036 into March 2023... 32//120 Payments Challenge, Diary Reduction £34,271.00
    Aug 2009: £163,051 // Current: £101,729.00 // Avg Daily Interest £4.57
    MFiT-T4 #8 - 56.74% of £41,000
    • newgirly
    • By newgirly 18th Jul 17, 7:09 AM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    I shall do it before I leave for work then
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • newgirly
    • By newgirly 18th Jul 17, 10:18 PM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    Still not done direct debit and am now in bed exhausted so it will have to wait until tomorrow.

    Took the boys and brother to see planet of the apes tonight after work, not bad and no money paid for tickets 2x unlimited cards and 2x meerkat codes little brother beat me to the contactless payment for the popcorn.

    Dilemma time (please look away now if easily offended by overspending!)

    Best friend asked me to too to Tuscany on a girls weekend away months ago, her, her two sisters and a couple of their friends. £350 for a 5 start hotel and flights. I said no as it felt too extravagant and a bit unfair on dh.

    She has text to the to say they are having a meal/meeting this Friday to dicscuss and I could still go (it's sept) she has a twin room on her own and has not asked anyone else, the flight is still available.

    Just had a look and the hotel is amazing,its even been used a film set over the years , but I know it will cost loads when we are there on spa /food /drink etc. Everybody else going is really financially well off. It's a really old building with very modern luxury spa and restaurants.

    Dh says just go, we can afford it (he doesn't do the accounts mind ) but I am worried about various things - the flight, the cost, it seems unfair to spend so much on just me, the kids, the cat

    I also feel very guilty if I don't go, aside from 2 nights in centreparcs for her hen do 15 years ago we have not had a girly holiday since we were teenagers. She is the most amazing friend ever and has not pressurised me at all to go even though I know she really wants me to.

    So what to do?
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • shangaijimmy
    • By shangaijimmy 18th Jul 17, 10:21 PM
    • 2,224 Posts
    • 10,238 Thanks
    shangaijimmy
    Go. You can't put a price on buying time and creating memories.
    MFW: Turning June 2036 into March 2023... 32//120 Payments Challenge, Diary Reduction £34,271.00
    Aug 2009: £163,051 // Current: £101,729.00 // Avg Daily Interest £4.57
    MFiT-T4 #8 - 56.74% of £41,000
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 18th Jul 17, 10:30 PM
    • 566 Posts
    • 2,182 Thanks
    wishingthemortgaheaway
    Ooh tough one (hello, by the way, just having read through some threads to get some tips really and your post about the holiday really spoke to me)

    I would really struggle with the dilemma of going on the holiday or not, the money, the time away from the family, the fact we could do things for the family with the money would all weigh heavily on my mind.

    But...

    If you can afford it (without worrying) or can save up for it separately. - then do it
    If other half says 'go' then go, your children seem big enough to cope without you (my little 'un is only 1, different situation for us)
    What about asking for money towards the trip for birthday/Christmas?

    I don't know if that's helpful or not. Sorry. (Am subscribing to find out what yo decide.

    Wish
    • newgirly
    • By newgirly 18th Jul 17, 10:45 PM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    Hi shanghai jimmy, thanks -one vote for go!

    Hi wishing the mortgage away , thanks for popping by , do you have a diary?

    We can afford it, but it will delay clearing the mortgage by around 2 weeks in theory. It's more how can I be "frugal" and spend money on holidays. The cruise we just went on was a last minute seize the day type thing, that didn't go too well!

    Argh, I'd rather wait until mf, but as dh told me -"you're not getting any younger" I just worry I'll look back when I'm old wondering why I turned down doing something like that with one of my favourite people in the world

    On the flip side you could use that reasoning to spend on anything , and if I'd followed that path we wouldn't be in such a good position with the mortgage and debts that we are now......
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • Debtslayer
    • By Debtslayer 18th Jul 17, 10:49 PM
    • 428 Posts
    • 598 Thanks
    Debtslayer
    Personally I would go, I think you'll regret it more if you don't.
    You are doing brilliantly with your mortgage and as long as you can afford the break then is it such a bad thing?
    Current Mortgage 01.10.17 £113,513.88
    MFW Start Mortgage: £114,794.64
    Current MED: 2036 Target MED: 2026
    Overpayment Target for remainder of 2017: £2,000
    Mortgage overpayment savings: £684.80
    MFW No 124
    • newgirly
    • By newgirly 18th Jul 17, 11:00 PM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    Thanks debtslayer, another for go
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 19th Jul 17, 6:54 AM
    • 566 Posts
    • 2,182 Thanks
    wishingthemortgaheaway
    A two week delay in paying off your mortgage is you spend a weekend having a blast with your friends - do it!!!!

    And I bet it won't add two week'S to the mf date anyway as you will continue to juggle things round.

    Yes, I do have a diary (taking it slowly, doing it well)
    But it's very boring.

    Have a great day, ring your friend and squeal excitedly down the phone at them o say you are going.

    Wish
    • EatingTheElephant
    • By EatingTheElephant 19th Jul 17, 7:38 AM
    • 1,151 Posts
    • 6,170 Thanks
    EatingTheElephant

    On the flip side you could use that reasoning to spend on anything , and if I'd followed that path we wouldn't be in such a good position with the mortgage and debts that we are now......
    Originally posted by newgirly
    This would not just be spending on anything though, it would be creating memories.

    Sorry but I'm another vote for seizing the opportunity. It might possibly have been a different answer if it meant getting into debt for the experience, however I think extending MF date by 2 weeks is an acceptable trade.
    • XSpender
    • By XSpender 19th Jul 17, 9:09 AM
    • 2,685 Posts
    • 27,558 Thanks
    XSpender
    Go, newgirly, it sounds amazing.
    EF £1000 - £0
    • Fortune Smiles
    • By Fortune Smiles 19th Jul 17, 10:59 AM
    • 2,570 Posts
    • 21,136 Thanks
    Fortune Smiles
    I vote 'Go' too Make some memories.

    Fortune x
    Mortgage: 2.02% paid House Deposit Contribution: 84% Emergency Fund: 43%

    All we have to decide is what to do with the time that is given to us - J R R Tolkein
    • themadvix
    • By themadvix 19th Jul 17, 11:14 AM
    • 1,117 Posts
    • 6,417 Thanks
    themadvix
    Another 'go' from me - if you're worried, why don't you set yourself a challenge of finding the money from savings elsewhere (or maybe finally brave the ebay selling??
    OPs 2017 = £2603/£10000
    S&S ISA = £300/£600
    OPs made 2016 = £6142.12
    Starting balance 2012: £132000; balance June 2017: £99,974
    MFW2017 no. 38
    • newgirly
    • By newgirly 19th Jul 17, 11:09 PM
    • 5,859 Posts
    • 40,017 Thanks
    newgirly
    Thanks for the comments everybody

    Well as recommmend by you kind people I am going best friend said she was nervous about going but now can't wait I need to book my flight but was too busy today at work and then round a friend's this evening. The only issue now is apparently we are going hand luggage only for THREE NIGHTS not sure how this is possible? I need to take at least 6/7 pairs of shoes for 3 nights
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
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