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 350
    • AlexLK
    • By AlexLK 9th Jan 18, 9:55 PM
    • 5,923 Posts
    • 31,030 Thanks
    AlexLK
    Can't understand why anyone would buy a sofa on finance, to be honest. Sounds utterly crazy re. your colleague.
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 9th Jan 18, 10:13 PM
    • 832 Posts
    • 3,728 Thanks
    wishingthemortgaheaway
    I once had a colleague (teacher) who 'purchased' new sofas in the summer holidays and was planning to use the pay rise she would be getting not that September, but the September afterwards to pay for them.
    When that September came around oh how she Moaned that she 'wasn't going to see any benefit from this pay rise AND they expect me to do more work'.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 0/£2,500
    • newgirly
    • By newgirly 9th Jan 18, 11:24 PM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    I think these sofa companies work very hard to sell on the basis of monthly payments instead of total cost, he knows how much his sofas cost per month but doesn't know how much they actual cost.

    Hi Wishing, there are obviously a lot of intelligent people with a lack of common sense!
    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
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 10th Jan 18, 6:39 AM
    • 832 Posts
    • 3,728 Thanks
    wishingthemortgaheaway
    Hi Wishing, there are obviously a lot of intelligent people with a lack of common sense!
    Originally posted by newgirly
    Very much so...
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2025
    MFW 2018 Challenge Member #162 0/£2,500
    • greent
    • By greent 10th Jan 18, 1:13 PM
    • 6,669 Posts
    • 67,838 Thanks
    greent
    Can't understand why anyone would buy a sofa on finance, to be honest. Sounds utterly crazy re. your colleague.
    Originally posted by AlexLK
    Some people do it on 0% finance and keep the money they have for the sofas earning interest - possibly transferring the amount out every month to cover the repayment.

    Others do it because they can't afford to pay for them outright. That doesn't necessarily mean that they can't afford them perfectly well on a monthly basis. (Although that doesn't sound like the case with your colleague, ng!)

    We bought our last sofas technically on a finance deal, as we had a small £ off if we did. However, we then paid off the full amount before the first payment was due (and used store gift cards purchased at a discount through Zeek to do so, saving us a few hundred pounds more - well worth it)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £0/£4000
    Net sales 2018 £20.45/£1000 PAYDOX18 £991.65/£17044.10 Decluttered 151/2018 items
    • edinburgher
    • By edinburgher 10th Jan 18, 2:19 PM
    • 10,807 Posts
    • 57,015 Thanks
    edinburgher
    The kids and I have decided dh is a real life Homer Simpson, not meant too much in derogatory way, but for an average guy he seems to find himself doing unusual stuff... it's getting quite funny now, perhaps he will go into space soon
    Originally posted by newgirly
    Just as long as he's not Angry Dad!

    Had to pop to mr t tonight to get cat litter for our diva of a cat who only uses a certain type, after shopping with no list and buying random things I've now only got £45.20 left until 1st Feb- its all the cat's fault!
    Originally posted by newgirly
    Is it Cats@n? Because I used to have a diva cat who was addicted to that stuff!

    Can't understand why anyone would buy a sofa on finance, to be honest. Sounds utterly crazy re. your colleague.
    Originally posted by AlexLK
    I can't understand why anyone wouldn't buy a sofa on 0% finance if they can afford to do so - more money in your pocket...
    • newgirly
    • By newgirly 10th Jan 18, 6:09 PM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Hi greent, we did that with a new car many moons ago , it was a huge discount buying on finance and then we transferred to 0% ccs and cleared it.

    Hi Ed, hope you are all well

    Dh can be angry dad sometimes

    The cat has wood pellets as she likes to scatter them far and wide, anything else may result in her going near her tray
    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
    • AlexLK
    • By AlexLK 10th Jan 18, 9:29 PM
    • 5,923 Posts
    • 31,030 Thanks
    AlexLK
    I'd forgotten some of the bigger stores do 0% deals. That makes sense if you're happy to buy from those places. When Mrs. K. and I first moved into this house we had a Chesterfield sofa, 2 matching club chairs and 2 matching wingback chairs made. Over a decade later they are still going strong and I don't see why they won't last at least another decade. Friend of Mrs. K.'s has had 3 sofas in this time.
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • newgirly
    • By newgirly 11th Jan 18, 7:20 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Some last better than others, I can't count how many we have had over the years, all either very cheap or second hand , the current suite was second hand from fleabay about five years ago, its an overstuffed style in tan leather and still looks great, it was a very expensive style which the seller was bored with within a few months.

    Oh dear it's weigh in day, I've had a bad few days eating stuff I should'nt, I'm not sure why I do that but I seem to like to sabbotage myself, I hope I've not put on he weight I lost last week

    We have been asked by best friends dh out for a meal for her birthday next week as a surprise for her, it's not budgetted for but I have enough in the petty cash tin. I guess the unplanned spending has started
    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 11th Jan 18, 8:13 AM
    • 1,711 Posts
    • 9,118 Thanks
    Kittenkirst
    We have been asked by best friends dh out for a meal for her birthday next week as a surprise for her, it's not budgetted for but I have enough in the petty cash tin. I guess the unplanned spending has started
    Originally posted by newgirly
    It may be unplanned but I bet you’ll have a cracking time- and the positive is the pennies are in the petty cash

    Fingers crossed for a positive weigh in!
    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
    • AlexLK
    • By AlexLK 11th Jan 18, 7:51 PM
    • 5,923 Posts
    • 31,030 Thanks
    AlexLK
    Not sure how you can get "bored" with a piece of furniture after a few months.

    Not surprised you're the first to start the unplanned spending, NG.
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • newgirly
    • By newgirly 12th Jan 18, 7:06 AM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    but my planned spending is going well even if my unplanned isn't

    Hi KK thanks for popping by

    Weigh in could have been worse, 1/2 pound off - phew! I shall be going out in Lycra for a very long walk today, it's been ages since I did that.

    Still hanging in with the food budget £30.08 left until feb and we have eaten well, will make some soup to freeze for work today as I've been having tins which are too many points on WW.
    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
    • michelle09
    • By michelle09 13th Jan 18, 11:05 AM
    • 594 Posts
    • 2,755 Thanks
    michelle09
    Bored with after a few months? I've had my sofa for two years and I am still in love with it. Guess it must be nice to have that much money.

    I'm sure the dinner will be a lot of fun, and is the sort of reason why we all save. To have the spare cash to enjoy these things.
    • Goldiegirl
    • By Goldiegirl 13th Jan 18, 4:34 PM
    • 8,413 Posts
    • 48,208 Thanks
    Goldiegirl
    We have two new sofas arriving this week, bought on 'Black Friday' weekend so we got an extra discount. Our old sofas are 17 years old, so they've done well, but it's time for a change
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
    • smallholdingsister
    • By smallholdingsister 13th Jan 18, 5:16 PM
    • 3,630 Posts
    • 29,005 Thanks
    smallholdingsister
    Well done on the weight loss.
    • AlexLK
    • By AlexLK 13th Jan 18, 6:26 PM
    • 5,923 Posts
    • 31,030 Thanks
    AlexLK
    I think 17 years is fair, Goldie. Mind, my parents have a couple of Regency period sofas which were reupholstered c.30 years ago - still going strong and in decent enough condition. Not the most comfortable, though.
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • newgirly
    • By newgirly 13th Jan 18, 8:26 PM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    I think the older they are the better they last when it come to sofas, it irritates me watching tv adverts for sofas in the "new spring/winter" collection as if it's an outfit you change with the weather, is everything made to be disposable now?

    It seems I've broken my dads car again, every time I borrow his bmwx3 - aka Nigel, it doesn't accelerate properly. It's the third time it's happened and he's spent £££ having it fixed. Its his fourth car (used for the tip) but clearly his favourite, I don't think Nigel likes me much
    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
    • AlexLK
    • By AlexLK 13th Jan 18, 9:46 PM
    • 5,923 Posts
    • 31,030 Thanks
    AlexLK
    Generally, yes. However, there are still some craftsmen out there but you will pay a hefty premium which is worth it, IMHO.
    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • newgirly
    • By newgirly 14th Jan 18, 6:48 PM
    • 6,015 Posts
    • 41,528 Thanks
    newgirly
    Fairly non eventful day today, went to see the darkest hour at the cinema which I loved, Gary Oldman was unrecognisable but brilliant as Churchill. £0 cost with passes, no petrol and took drinks

    Back for a few hours ironing and an early night watching tv on the sky q box, rather common having tv in the bedroom I know but I love it, peace and quiet up in the penthouse for a while
    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
    • themadvix
    • By themadvix 15th Jan 18, 9:02 AM
    • 1,254 Posts
    • 7,550 Thanks
    themadvix
    I imagine that once you have teenagers (and especially if they don't have TVs in their rooms), a TV in the bedroom is an essential item!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
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

55Posts Today

3,606Users online

Martin's Twitter