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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 528Posts
    • 1,676Thanks
    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
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    • Busy Mee1
    • By Busy Mee1 3rd Nov 17, 1:50 PM
    • 439 Posts
    • 1,734 Thanks
    Busy Mee1
    Sounds fab - I don't think we will go to any bonfires, we are out on Sunday anyway. We live on a hill and get to see the fireworks for miles around so we won't miss out.
    • try harder
    • By try harder 3rd Nov 17, 2:11 PM
    • 528 Posts
    • 1,676 Thanks
    try harder
    How funny ,we live at the very top of a big hill too ,great for when it rains it all runs down the hill not so good for the garden though as it slides down too
    • try harder
    • By try harder 22nd Nov 17, 10:39 AM
    • 528 Posts
    • 1,676 Thanks
    try harder
    I am still on target to reach £17500 .At the minute i am looking to be £80.55 short so i could really do with making my £10 a day target over the last 9 remaining days of the month so more listing for me sadly .Mortgage today is £166,200 savings £17419.45 .Mortgage minus savings equals £148,780.55 ,that sounds so much better .
    I think this will be my final figure for the year £17500 as next month one of our cars is going into the garage for some work and our other car needs a new battery and 4 new tyres .I also still have lots of Christmas presents to buy and we are going out a lot in December for meals and different events so i think it very unlikely that i will have any extra left oh and almost forgot, my husband will be having several days off work so no income on those days so i could end the year on anything between £17000 and £17500 , i must say that i am very,very happy with that .
    Food and diesel budgets all going well .Millionaire challenge at a stale mate and my new business not doing very well but both are to be expected as i havent put any work into either for a few weeks /months really but im not going to think about them too much now until the new year ,neither are costing me anything to run so it wont matter .
    • Busy Mee1
    • By Busy Mee1 23rd Nov 17, 7:33 AM
    • 439 Posts
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    Busy Mee1
    Hi Try Harder I am not surprised that you are happy with your savings totals, you have really turned your finances around in the 18 months since starting your diary. You have done brilliantly well.

    It sounds like December will be an expensive month - it will be in our house too ! I don't blame you for taking a break on the savings, you can start again in earnest in January. What's the target for 2018 ?
    • try harder
    • By try harder 23rd Nov 17, 8:35 AM
    • 528 Posts
    • 1,676 Thanks
    try harder
    Morning Busy Mee1 hope all is well with you this morning .I hadnt realised that it has been 18 months so i am quite happy with that amount as it means i averaged almost a thousand a month which was the initial aim ,Next year i am going to be very ambitious and aim for £1500 a month ,that will take some work on my part too but i am looking forward to it .I will have 8 years left on my mortgage at the start of 2018 so i will need to aim for £1500 x 96 =£144,000 but i am not going to be too disappointed if it turns out to be less as every pound is a pound more than i ever thought i would have .
    Have a good day ,its almost the weekend .
    • themadvix
    • By themadvix 23rd Nov 17, 11:21 AM
    • 1,149 Posts
    • 6,711 Thanks
    themadvix
    They're great figures TH and I think that's an ambitious target for 2018 - go for it! Like you say though, if you don't reach it, you'll still have way more than if you hadn't tried.
    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 23rd Nov 17, 11:34 AM
    • 528 Posts
    • 1,676 Thanks
    try harder
    Thank you as always themadvix for your support .
    • try harder
    • By try harder 1st Dec 17, 7:12 AM
    • 528 Posts
    • 1,676 Thanks
    try harder
    Thanks mainly to some increases in my ISA i have reached £17500 as of the 1st of December .No savings this month as all extra money will be used for Christmas presents ,going out etc .I am very happy with this amount and looking forward to doing more of the same next year .In 2018 i want to join in several of the challenges ,i have failed miserably in some although i have spent maybe £50 over the entire year on any new clothes so that challenge was very successful .The worst was the target i set myself to overpay the mortgage ,i must work harder on that next year .
    Also make £10 a day has also met its target over the year and i need to keep that up this month too so £310 the aim for this month and i have around 300 listings on ebax but would love to get this number up to 500 if at all possible .
    All bills ,food and diesel for both cars planned for the month i just need to keep to the plan now fingers crossed.
    • Busy Mee1
    • By Busy Mee1 4th Dec 17, 8:00 AM
    • 439 Posts
    • 1,734 Thanks
    Busy Mee1
    Hi Try Harder, you have done so well with your investments and eb@ying. You have made great progress and I look forward to seeing what you can do in 2018 x
    • try harder
    • By try harder 6th Dec 17, 9:10 AM
    • 528 Posts
    • 1,676 Thanks
    try harder
    Thank you Busy mee1 .I seem to be sliding backwards i am afraid and i now think that my final figure for the year is much more likely to be £17,000 and that will be if i am very lucky .Two cars need work and money spent on them ,lots of presents still to buy etc ,etc , you know how it is , but i am still very happy with that amount .
    Plans for 2018 ...to save at least £1000 a month and up to £1500 so saving between £12,000 and £18,000 .
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