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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 461Posts
    • 1,470Thanks
    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 15
    • EatingTheElephant
    • By EatingTheElephant 2nd Jul 17, 7:43 AM
    • 1,078 Posts
    • 5,785 Thanks
    EatingTheElephant
    Huge congratulations for passing that pesky 13k milestone
    • themadvix
    • By themadvix 6th Jul 17, 10:48 AM
    • 962 Posts
    • 4,961 Thanks
    themadvix
    How's the millionaire challenge going TH?
    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 7th Jul 17, 11:12 AM
    • 461 Posts
    • 1,470 Thanks
    try harder
    WEEK 27 DAY 7 .
    Thank you Busy Mee1 as always and ETE ,yes it was a real struggle to reach the 13,000 mark and i am so pleased to have passed it .Savings today added 230.76 making total 13,808.53 possibly a week away from the 14,000 mark.
    Morning themadvix ,sadly its been very quiet on that front and no sales at all the 800 is in my ISA and has made around 40 gain so thats something at least .
    Food budget is on track and i have been using up lots of food from the fridges and freezer.
    Its a beautiful day here today and i am looking forward to Wimbledon i hope its nice for everyone else too.
    • themadvix
    • By themadvix 7th Jul 17, 1:16 PM
    • 962 Posts
    • 4,961 Thanks
    themadvix
    I'm sure something will sell soon TH! In the meantime, you're doing so well with the savings - steaming ahead now you're past the 13k mark!

    Lovely weather here too
    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 7th Jul 17, 4:38 PM
    • 461 Posts
    • 1,470 Thanks
    try harder
    Thank you themadvix i am so grateful for all your encouragement .
    Not long now until Andi plays i hope you are at home today and able to watch it .
    • try harder
    • By try harder 7th Jul 17, 4:39 PM
    • 461 Posts
    • 1,470 Thanks
    try harder
    Sorry pressed an i instead of a y im sure you know who i mean though
    • try harder
    • By try harder 8th Jul 17, 8:01 AM
    • 461 Posts
    • 1,470 Thanks
    try harder
    WEEK 28 DAY 1
    This week i must make a determined effort to list,list ,list in order to keep up the 70 a week selling ,last week i failed miserably due to lack of effort so this week i must try harder.
    Savings at 13,808.53 ,i love writing this number down and looking at it i am so amazed at how well we are doing and cannot wait to see the number 14,000 the aim was to have 19-20,000 by December this now looks doable so 20,0000 by December has now become the target .
    Looking at my numbers having 20,000 by December 2017 and joining the group in April 2016 would mean i have saved for 20 months making it exactly 1,000 a month saved ,i will then have exactly 100 months left of the challenge at 1,000 a month totalling another 100,000 =120,000 saved after 10 years ,my mortgage should be around 153,000 remaining at this point making me around 33,000 short .In order to make up that shortfall i need to save an extra 317 a month making it 1,317 so from August this will be my new aim,sorry for all the numbers im working it out as i go along .
    Millionaire Challenge will become the money we live on at retirement we have no pension my husband has almost 12 years until retirement ,we have 800 in that pot at the moment so i must work hard on that this week too and hope to have improved on that number by the end of this week .
    Could anyone tell me how much is needed for a comfortable retirement .Would it be an income of around say 14,000 -20,000 a year ? Thanks .
    • EatingTheElephant
    • By EatingTheElephant 8th Jul 17, 8:13 AM
    • 1,078 Posts
    • 5,785 Thanks
    EatingTheElephant
    =120,000 saved after 10 years ,my mortgage should be around 153,000 remaining at this point making me around 33,000 short .In order to make up that shortfall i need to save an extra 317 a month making it 1,317 so from August this will be my new aim,sorry for all the numbers
    Originally posted by try harder
    This is looking extremely achievable, to think not long ago you were worried you would have no way of paying for the house at the end of the mortgage and now the figures are starting to add up. Amazing progress
    • try harder
    • By try harder 8th Jul 17, 8:55 AM
    • 461 Posts
    • 1,470 Thanks
    try harder
    Thank you ETE the proof will be in the pudding but it all looks achievable as long as we stick to the plan.
    • tattycath
    • By tattycath 8th Jul 17, 12:38 PM
    • 6,791 Posts
    • 35,688 Thanks
    tattycath
    Wow. Looking good for the savings try harder.
    GE 36 *MFD
    MFIT-T4 No 106
    Mortgage overpayments: August: 73.20
    July : 5.05/200 grocery 1/7/17 98.36/150
    Emergency savings 67.00/2000
    Savercard Christmas savings 60
    12/3/17 175lb - 15/3/17 173lb - 28/6/17 167lb - 14/7/17 164lb
    • Kittenkirst
    • By Kittenkirst 14th Jul 17, 3:44 PM
    • 1,521 Posts
    • 7,731 Thanks
    Kittenkirst
    Try harder your savings figures are looking blooming fantastic! Really well done you
    Emergency savings- 3750.96 /6000
    Mortgage Oct '16- 170.995 LTV- 90% end date Nov 2041
    2016 OPs 255.50/150
    2017 MFW #20 - OP 1743.34/ 2150. 81%
    Jan- 68.21, Feb- 306.67, March- 272.01 April-324.05 May 120.33 June 279.15 July: 172.36 Aug: 203.24
    • try harder
    • By try harder 15th Jul 17, 7:21 AM
    • 461 Posts
    • 1,470 Thanks
    try harder
    Thank you so much tattycath and Kittenkirst for your words of encouragement .
    • Busy Mee1
    • By Busy Mee1 15th Jul 17, 7:33 AM
    • 340 Posts
    • 1,173 Thanks
    Busy Mee1
    Hi Try Harder. I am loving your figures, you are doing amazingly well and I am absolutely sure you will hit your 20k target by 31 December. That will be a great New Year's Eve celebration !

    With regard to how much money you need for retirement, all I have done is worked out what my outgoings will be - Gas/Electric/water etc (hopefully no mortgage payment), food, petrol etc and come up with a sum that I need to cover every day living ( basically just do a budget ) with a little extra for fun money !

    You then need to look at what you will have coming in. I think you have said that you don't have any private pensions, but presumably you will both be entitled to State Retirement Pension. It might be worth getting a pension forcast and also checking what age this will be payable from ( it varies). Try having a look on Gov.Uk.

    Have a great weekend : )
    • try harder
    • By try harder 15th Jul 17, 7:50 AM
    • 461 Posts
    • 1,470 Thanks
    try harder
    WEEK 29 DAY 1
    Savings last week 13,808.53 plus 230.15 this week TOTAL 14038.66 and with seventeen more days to go until the end of the month i am hoping to reach 14,500.
    I reached my 70 a week selling target and surpassed it ,just goes to show what lots of listing can do .
    Food budget has not been so good this week ,im not really sure what went wrong but will draw a line under it and start afresh today .Millionaire challenge -One large item is going into a shop and i will pay a percentage of what it makes to the shop and hopefully get back what i paid for it and extra ,that needs to be taken in this week other than that no sales so our pension pot looks very sad sitting at around 830 ,i need to relist the other things i have in the challenge and maybe lower the price to what i paid for the items in order to recoup the money and find something else to buy ,this happens sometimes that i buy the wrong things but as long as i get my original price back its not a problem.
    I have started another new venture and opened a shop on ebax i am really excited about this and have been buying and listing all week i havent decided where this money will go yet and i have sold 5 items already so i am very pleased with that i might call this my new house pot as i would love a cottage at some point so this might be the incentive .
    • try harder
    • By try harder 15th Jul 17, 8:15 AM
    • 461 Posts
    • 1,470 Thanks
    try harder
    Good Morning Busy Mee1 i was just thinking about you i am so pleased to see you .Thank you as always ,you are so positive and that helps me so much and motivates me .
    With regards to our pension that was my line of thinking so thank you ,im a long way short of it with around 830 in the bank which would give us an income of 8.30 a year but luckily we have around 12 years left until he retires so 12 years to work on the Millionaire challenge and hopefully up the amount slightly .I did the calculations online for the state pensions for both of us and i was pleasantly surprised but of course it will depend on how things stand in 12 years time when my husband retires at 67 and what happens to the state pension over those intervening years.
    I hope you will have a lovely weekend too its not sunny at all here today but i hope it is where you are and that you can sit in your garden on your sofa and enjoy you work so hard .
    • Busy Mee1
    • By Busy Mee1 15th Jul 17, 8:16 AM
    • 340 Posts
    • 1,173 Thanks
    Busy Mee1
    Over 14k

    Well done that is a great achievement. The Eb@y shop sounds fab too
    • try harder
    • By try harder 15th Jul 17, 8:22 AM
    • 461 Posts
    • 1,470 Thanks
    try harder
    Thank you Busy Busy Mee1 as always
    • daisy 1571
    • By daisy 1571 28th Jul 17, 12:47 PM
    • 67 Posts
    • 387 Thanks
    daisy 1571
    Th you are doing great, lovely to read all those figures, looks like you will be well on course to reach (and surpass) your ever increasing targets,

    Well done

    Daisy xx
    The difference between what you were yesterday and what you will be tomorrow is what you do today (I think I got this from MSE forum somewhere. If it was you - thankyou)
    no508 on the mortgage free roll of honour, STILL awaiting badge
    • try harder
    • By try harder 28th Jul 17, 3:41 PM
    • 461 Posts
    • 1,470 Thanks
    try harder
    daisy 1571 how strange that you always seem to know when i am feeling low and come along to cheer me up .The numbers are going great but i am not feeling so good lately i have an ongoing health problem and it has been bad the last few days so all enthusiasm for money saving has been sidetracked im afraid .Thank you though daisy i had been wondering where you were.
    • Busy Mee1
    • By Busy Mee1 29th Jul 17, 7:23 AM
    • 340 Posts
    • 1,173 Thanks
    Busy Mee1
    Hi Try Harder - sorry to hear you have not been feeling well. Sending you a virtual hug.

    Hope you are feeling better soon x
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