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    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 528Posts
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    try harder
    £170000 in 10 years
    • #1
    • 27th Mar 16, 4:39 PM
    £170000 in 10 years 27th Mar 16 at 4:39 PM
    hi first post on mortgage free wannabe site -i have a £170000 mortgage on a house valued at around £230000 we have an interest only mortgage on £155000 and repayments on the other £15000 paying £676 a month total mortgage we are paying 3.88%variable rate.We received a small inheritance that we used to pay a lump sum off of the mortgage we have no limit on what we can overpay which is really good.We are both in our 50s and i am afraid i have never ever been any good with money we have spent every penny that we had spare on cars holiday etc but mostly on our children and now its our children and grandchildren i could have bought 3 houses over the last 20 years with the money i have wasted .We have 10 years left to finish paying this mortgage and if i dont do something now i will end up with no home so i must start now to make changes.I have read through as many diaries as i can and bought folders and notebooks written out budgets etc and now want to work really hard to pay off the £170000 in 10 years i am hoping to do this by overpaying £10 a day equaling 3650 pounds in a year and around 1200 pounds a year is coming off of the balance in repayments after all the interest so total around £5000 a year off the mortgage then save the other £12000 in other ways i have opened 2 isas 2 regular savers and numerous bank accounts.I may not get anywhere near to that amount saved i have never ever saved before but i am very determined and i hope that with the help of everyone on here i can stay motivated i am definitely looking forward to trying
Page 10
    • try harder
    • By try harder 3rd Mar 17, 4:17 PM
    • 528 Posts
    • 1,671 Thanks
    try harder
    Thank you amydoll83 for all the good advice ,the survey sites sound really good ,i will have a look at them next week when i have more time to concentrate i have several children here at the minute and more arriving later today but thank you very much for that it all adds up.You sound like you are doing really well you should have a good amount by the end of the year.
    • daisy 1571
    • By daisy 1571 3rd Mar 17, 7:52 PM
    • 169 Posts
    • 2,073 Thanks
    daisy 1571
    Hi there,

    I have read through your diary tonight and just popping in to say well done. One thing that tends to hit us all when we begin to focus on getting rid of the mortgage is to bemoan how long it will take and whenever something happens to take monies away from its "noble" purpose of overpaying - like you with the car issue and the roof issue etc. It takes a slight attitude adjustment to think that if you hadn't had that light bulb moment, those issues would have still cropped up and the money would have had to come form somewhere. I'm glad you were able to accept that it was better to have those savings even if it took the monies away from offsetting.

    As many have said, its a marathon not a sprint and it does sometimes drain the initial enthusiasm but re reading back to remind yourself how far you have come does help.

    I wish you all the best and will keep up with your diary now I have found it

    Daisy
    "Never save something for a special occasion. Every day in your life is a special occasion" Take hold of every moment by anon

    The difference between what you were yesterday and what you will be tomorrow is what you do today
    • daisy 1571
    • By daisy 1571 3rd Mar 17, 7:55 PM
    • 169 Posts
    • 2,073 Thanks
    daisy 1571
    oh i also meant to say - you mention your husband does not have a well paid job and he works long hours to get overtime etc - instead of thinking about getting a job yourself is there anything you/you both can do to focus on improving his wage so he is "working smarter not harder" ? Courses (internal to his company or external evening classes for example) to improve chances of promotion, changing company to a better paid job, even cutting traveling costs to do the same job but for a company closer to home etc etc ?? Just a thought

    daisy
    "Never save something for a special occasion. Every day in your life is a special occasion" Take hold of every moment by anon

    The difference between what you were yesterday and what you will be tomorrow is what you do today
    • Busy Mee1
    • By Busy Mee1 4th Mar 17, 7:47 AM
    • 438 Posts
    • 1,729 Thanks
    Busy Mee1
    Hi Try Harder great to see you are back on track and making progress again. You are doing so well. I envy you all your Grandchildren - I love babies and can't wait for the day mine start having children. They are just not quite in the right place to start yet but hopefully one day : )
    • try harder
    • By try harder 6th Mar 17, 7:09 AM
    • 528 Posts
    • 1,671 Thanks
    try harder
    Thank you daisy1571 for all your great advice ,strangely enough we had been talking about raising my husbands hourly rate as he has not had a wage rise for years and it would make a big difference ,we are now going to do this with any new customers so thank you very much for motivating me .
    Thank you busy mee1 ,i have two grandchildren at the minute and several adult children .They have all been here over the weekend so its been a very expensive time and we still have two more birthdays this month .Yes the little children are lovely and full of life and so much fun ,we are always very tired when everyone goes though and i have a lot of bed changing and washing to do today .
    I have one offer on a buy it now on ebax so i think i will accept it as i havent sold anything else over the weekend but i have a lot to list today so that will keep me busy.,i can do that inbetween the washing and cleaning ,lucky me .
    • jodles16
    • By jodles16 10th Mar 17, 5:36 PM
    • 1,315 Posts
    • 3,962 Thanks
    jodles16
    Well done on the ebaying, I dont include the interest when looking at current mortgage, so to me you are still 165! My bank only adds interest the day before the payment goes in, that makes it easier!

    Really pleased hubby is getting a raise, sounds like he deserves it and I have no doubt people will be happy to pay!

    Jodles
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (£156,000)
    2016- Jan-£177,472, Apr-£173,195.04, July- £171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • try harder
    • By try harder 11th Mar 17, 7:43 AM
    • 528 Posts
    • 1,671 Thanks
    try harder
    My mortgage interest is added on around 2 days after i have made a payment strangely enough ,i like the sound of your way better though .Thank you ,he is a very hard worker so i hope it will work out .
    • try harder
    • By try harder 11th Mar 17, 7:57 AM
    • 528 Posts
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    try harder
    Well ,the start of a new week for me and last week didnt turn out too badly with three sales on ebax and one was for £140 which was brilliant and paid for a birthday present so am hoping for another good week ,lots of listing to do this weekend to keep up the momentum .No overpayments this week nor savings as all spare money has been spent on birthday presents and parties Mortgage today stands at £166,000 but interest to be added on at the end of the month .Both fridges and freezer full so hoping for a very low spend this week.
    • try harder
    • By try harder 15th Mar 17, 4:28 PM
    • 528 Posts
    • 1,671 Thanks
    try harder
    Another week almost over and although it started very well it has been a hard week ,my husband has worked hard all week and brought in several hours of overtime but no other money from anywhere else .I made a small overpayment today of £30 to the mortgage so it now stands at £165970 but interest is added on the last day of the month but it is so nice to see the 165 number even if just for a short while .Allbills paid and two days left of my week which run from saturday till friday evening so hoping for some more ebax sales over the next two days i will then know the total for savings this week .
    • themadvix
    • By themadvix 16th Mar 17, 8:37 AM
    • 1,149 Posts
    • 6,693 Thanks
    themadvix
    Don't forget it's a marathon not a sprint TH, hope the sales come through for you in the next couple of days! (Are you like me, I wonder? I look at my Ebay and will the watchers to buy the things they're watching on BIN!)
    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
    • try harder
    • By try harder 16th Mar 17, 11:59 AM
    • 528 Posts
    • 1,671 Thanks
    try harder
    Yes i definitely am ,i always find it so frustrating when there are so many watches and then it ends with no sale.No more sales on ebax but two very small sales on gumtrexand wait for it £56.86 interest on one low 2% interest regular saver ,i have never earnt more that five or six pounds on any bank accounts before so i was so thrilled when i saw it ,this has gone to my £10 a day challenge for this week so target met now so some savings will go over to the isa tomorrow which is really good .Yes very true the madvix but its so hard waiting im afraid im not so patient but you are absolutely right i must not get so obsessed about it
    • EatingTheElephant
    • By EatingTheElephant 16th Mar 17, 6:47 PM
    • 1,162 Posts
    • 6,237 Thanks
    EatingTheElephant
    Fantastic result on the interest earned, well done
    • try harder
    • By try harder 16th Mar 17, 8:29 PM
    • 528 Posts
    • 1,671 Thanks
    try harder
    Thank you eating the elephant ,i am thrilled to bits with it
    • Busy Mee1
    • By Busy Mee1 17th Mar 17, 7:25 AM
    • 438 Posts
    • 1,729 Thanks
    Busy Mee1
    Hi Try Harder - great interest payments. I am currently reshuffling and planning how to get the maximum interest next year - I love free money : )
    • try harder
    • By try harder 17th Mar 17, 9:02 AM
    • 528 Posts
    • 1,671 Thanks
    try harder
    Thank you .I shall be watching you and hopefully some of your success will rub off on me ,fingers crossed .Hope you had a wonderful weekend i cant believe its the weekend again tomorrow .
    • try harder
    • By try harder 24th Mar 17, 12:30 PM
    • 528 Posts
    • 1,671 Thanks
    try harder
    And yet another week over ,where does the time go ? This week my husband has worked very hard as usual and brought in several hours of overtime and i have met my £10 a day target or as i look at it averaging £70 per week so savings of £230 have been added to the Isa .It is so great to watch it grow it really helps to keep me motivated .Food budget kept at £46 for the week ,i made an inventory as suggested by others and it works brilliantly ,i have never been so organised before in my life .The down side is that i am coming nowhere close to my target of £1150 a month overpayments ,i am lucky if i hit £100 and i am slipping way behind on the mfw 2017 it is embarrassing ,i just dont know what i can do ,there is no way to make up this huge shortfall other than find a job so this is still on the cards i will give it another few months maybe until the end of summer and if i havent found a way of making money at home i will have to seriously consider finding a job .I have not worked for a lot of years so it will be hard but necessary .
    • Busy Mee1
    • By Busy Mee1 25th Mar 17, 7:26 AM
    • 438 Posts
    • 1,729 Thanks
    Busy Mee1
    Morning Try Harder hope you are well. You are making good progress on the savings. I can't remember what your plan is - are you planning to use your savings to pay off your mortgage or are the savings to give you capital in retirement ? Do you have another means of paying off your interest only part of the mortgage- like pension lump sums ?I was just wondering whether you should switch your focus to overpaying the mortgage first or are your savings earning more than your mortgage interest rate ? Sorry that is a lot of questions.
    Either way a job would obviously help - if I was you though I would look for something that doesn't compromise the lifestyle that you enjoy so much and look for something casual and flexible ,even 2 or 3 hours per week would be additional cash that you can throw at the mortgage. A couple of friends of mine have taken very early retirement and have both picked up casual work by word of mouth - one does dog walking and the other does a couple of mornings admin work. It might be worth letting friends and family know that you are looking for something.
    The other thing we have done is talked to the kids about our financial situation and that we are now focusing on our own financial security so that we can retire early and therefore we won't be picking up the tab for meals out and we are cutting back on the cost of gifts etc. This is the thing I find the hardest and I am sure you will too. I think they have started to acknowledge though that their Dad particularly isn't getting any younger and will need to retire in the next few years.

    Sorry a bit of a ramble on this morning- have a lovely weekend, the weather is forcast to be really good in most places I think and I hope you get spoilt on Sunday x
    • try harder
    • By try harder 25th Mar 17, 10:16 AM
    • 528 Posts
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    try harder
    Morning Busy Mee1 ,you are as always very perceptive and so thoughtful .I felt very guilty after posting yesterday i felt i might have come across as being very greedy and ungrateful for what i have ,after all £230 a week is a huge amount to save and i am of course very ,very grateful to be so lucky and to have a wonderful husband who works so very hard and gives me every last penny that he earns ,as he always has for over 30 years .
    When i first started the diary i thought that i could do it all ,spend ,save and overpay but i have realised i cannot do all three ,i then decided to look at becoming mortgage neutral ,you helped me such a lot and reading your diary and others on here has motivated me no end .I have never had any savings before and now i have and i just love the feeling of security that gives me and how grateful i was this year when one of our cars had lots of problems and we were able to withdraw the money to buy another and also when we had the roof and fascias replaced .We have no pension saved and no other money to come from any other means that will pay off the interest only part of the mortgage so it will all have to be paid from what we can save in the next 10 years,my husband is 56 so i believe he has 11 years until retirement if he is able to work that long ,he is in a very physical job.I was hoping of course to save and overpay so that the mortgage would be cleared by the overpayments and the savings would be left for retirement but it is becoming more obvious that the savings will all be needed at the end of term to pay off the mortgage leaving us with nothing ,although i say nothing but we will have a very nice home of course .
    You are completely right about the family of course ,four of our children are financially secure and we have one son who still lives at home .You have hit the nail on the head ,i do spend lots and lots of money on them all and on my grandchildren ,they dont want it they all just take things to please me ,i have two more birthdays this year and then i am going to stop ,i really will then at christmas time all gifts will be on a small scale ,i have been thinking about it and truly will do it this year.Thank you Buy Mee1 for helping me to see more clearly ,it is so nice to have someone to talk to regarding money ,i say nothing to all my friends and family they have all paid their mortgages off years ago so would be completely shocked to find out i still have one i know .I think a job is definitely needed so will wait until the end of the summer and look then if nothing crops up earlier ..Thank you and you too ,your children have a very thoughtful and wise mother ,we are all going to my youngest daughters for the evening so no cooking for me tomorrow ,it is beautiful here too and we have a big party to go to today so no cooking today either come to think of it ,how lovely .
    • Kittenkirst
    • By Kittenkirst 25th Mar 17, 3:03 PM
    • 1,638 Posts
    • 8,556 Thanks
    Kittenkirst
    Hey TRyHarder, any OP/ savings is better than none! I'm aiming for £75 OP a month and to save £300 a month. Whilst it's not £1000's it will put me in a better place financially in a short timeframe

    Keep up the hard work and do give yourself a break!
    2017 MFW #20 - OP £2348.20/ £2150 106%. New target £2500 93.9%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £52.33

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • themadvix
    • By themadvix 27th Mar 17, 9:20 AM
    • 1,149 Posts
    • 6,693 Thanks
    themadvix
    Hey TH, I hope you had a good weekend and were spoilt by your children! I agree with BusyMee - if you start looking now for something now that might suit you (dog walking etc.), it could be a smaller and more flexible form of employment than trying to get a job later in the year. Sounds like it would be a great way to boost your income though!
    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
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