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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 180Posts
    • 460Thanks
    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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    • themadvix
    • By themadvix 1st Aug 16, 1:49 PM
    • 374 Posts
    • 1,301 Thanks
    themadvix
    Hey TH, how's things going? I hope you've been enjoying the sunshine!
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • try harder
    • By try harder 2nd Aug 16, 10:00 AM
    • 180 Posts
    • 460 Thanks
    try harder
    Morning the madvix.Sorry i have been absent the last couple of weeks ,i have been spending a lot of time with my grandchildren and have rather neglected my money saving exploits .We have a huge amount of expenses between now and the end of the year all to do with children and grandchildren ,we have children off travelling and 4 big birthdays to think about plus some work needs doing on our house so mortgage over payments have been put on hold although i will still be overpaying a little each week after i have paid into my savings.My food ,petrol and diesel budgets are all still good and i am still managing to hit my 10 a day selling on ebax and gumtrex which i am pleased about.My husband continues to work very hard and i try to help where i can The weather has been lovely and i love to be warm ,last year we lit our aga quite early in september as i was cold and then it warmed up again so wished i hadnt as i used 1.5 tons of coal which was a lot more expensive than the previous year when i didnt light it until the first week in december ,that is another expense i have to pay for in the next few weeks.Hope everyone is ok and now going to catch up with some diaries.
    • themadvix
    • By themadvix 3rd Aug 16, 12:24 PM
    • 374 Posts
    • 1,301 Thanks
    themadvix
    Sounds like life is rather busy at the moment! It's good to be enjoying the weather and I don't blame you for spending time with the grandchildren - apparently they grow up very fast (I don't have children yet, but isn't that what everyone says?!).

    Good results on the Ebay front and all those spending opportunities sound like a chance to get lots of cashback for OPs

    We've just had a new boiler fitted, so I'm looking forward to being warmer this year - I'm so tight about the heating, but our old boiler was 23 yrs old, so new super-duper efficient one should be able to keep us warm at a far lower cost. Let's hope we have a nice warm September so boilers/agas stay off (I'd love an aga, it's part of the dream we're aiming for!). Hope not to put heating on till halfway through October!
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • skimper
    • By skimper 3rd Aug 16, 1:40 PM
    • 70 Posts
    • 35 Thanks
    skimper
    Maybe the wrong time of year but have you thought about growing your own veg? It will take a while for hem to grow but once they do you'll start saving there.

    You can take the seeds out of peppers/tomatoes for example so you wouldn't even need to buy the seeds.
    • Busy Mee1
    • By Busy Mee1 5th Aug 16, 6:42 AM
    • 192 Posts
    • 608 Thanks
    Busy Mee1
    Hi Try Harder - nice to see you back, it sounds like you are having a lovely summer with your family. We too have quite a few expensive family things coming up, life does get in the way of our best intentions doesn't it.
    • try harder
    • By try harder 5th Aug 16, 11:32 AM
    • 180 Posts
    • 460 Thanks
    try harder
    Morning all,hi the madvix ,yes i have been having a wonderful time with the grandchildren ,they finished school much earlier than most others ,i have had a lovely couple of weeks enjoying the sun .I am very lucky that i dont work so i can be around when my daughter needs me too so that is one of the advantages.Today we have our other children coming to stay for a week so it will be lovely .Yes it is lovely to have an aga we also have a woodburner in our lounge but it is hard work ,all the coal has to be loaded in and out even when its very cold outside and the wood too ,all the work surfaces and blinds get thin layersof black on them and have to be regularly cleaned and the woodburner and aga need constant cleaning out ,many a time i have wished for a click of a switch and the heatings on.My dream is to live in a cottage with a view of nothing but barley fields ,that is my dream.Thank you skimper and hi.We did grow our own vegs for a few years and we still have 3 veg gardens just been so busy this year ,im no good at gardening so needs my husbands green fingers but i do hope next year ,i will make that a priority.
    • try harder
    • By try harder 5th Aug 16, 11:49 AM
    • 180 Posts
    • 460 Thanks
    try harder
    Morning busy mee 1. Hope alls good with you ,yes very expensive time ,we have 2 children off travelling so i am feeling very nervous ,i am glad that they are adventurous but i am not so its hard for me ,i guess its just part of being a mum .Several big birthdays coming up amongst the children partners and grandchildren and lots of lovely parties too and then it will be christmas so i think i shall be hard pushed to reach any of my overpayment targets before the end of the year after putting aside savings but i will continue to put any small amounts i can in.We are also going to put another extension on to our house next year for two reasons ,one the extra room of course but also we hope to raise the value ,my husband will do most of the work himself hopefully
    I am glad alls going well with you although i notice you are busy like me with family ,work being done on the house and annoyingly ebax which sees me too having to get the car out and post by 12 an item costing 2 but i guess it all adds up but does seem very slow and hard work at the minute.
    • try harder
    • By try harder 12th Oct 16, 1:22 PM
    • 180 Posts
    • 460 Thanks
    try harder
    Well i am back ,i could not remember my password and try as i might i could not get the new passwords they sent me correct either but today i thought i would give it another try and yay it worked.I am so pleased to be back ,i have been reading all the diaries throughout the time i have been missing and wanting to comment but was not able too.Things are going along pretty much the same but ops have almost stopped whilst savings have become higher so that is something .I am working on becoming mortgage neutural in december 21 so 5 years time .My plan is to start in earnest in january 2017 to save and op each month.I have been boosting up my Isa too and seeing some great results there so all going in the right direction .I am so pleased to be back.
    • giblet1979
    • By giblet1979 12th Oct 16, 9:37 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Hi - it sounds like you have been doing great! I've really enjoyed reading your diary and think you've done so well already
    Gib x
    Debt remaining:
    Mortgage - 122,780 (of 134,600)

    Work overpayment and home improvement loan paid back (19200)


    • try harder
    • By try harder 14th Oct 16, 3:04 PM
    • 180 Posts
    • 460 Thanks
    try harder
    Thank you very much giblet .
    • try harder
    • By try harder 14th Oct 16, 4:28 PM
    • 180 Posts
    • 460 Thanks
    try harder
    Had a tot up today and savings are all on target and my isa that i opened a few moths ago is doing brilliantly ,i can invest any amount over 100 at any time and the choice of funds is very good so i just plough in a hundred when ever i have it and buy shares in another trust fund ,all except one have had good gains ,obviously they can go down too but at the minute alls good.Not such a good week on the food front but hopefully i will get back on target this week it makes such a huge difference if im good so must work very hard at it this week .No more ops now until January ,i should end the year at 167000 and 13000 in savings ,not bad for a few months work ,i am aiming to be mortgage neutural by the end of 2021 but savings i think will be the priority each month ,any money remaining will go to the mortgage ,i am aiming to save 1000 a month which is very very good for us considering that we have never ever saved until now
    • giblet1979
    • By giblet1979 15th Oct 16, 8:50 AM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    That's fabulous...it just shows how worth it it is, and it does get addictive seeing the numbers go up (savings) and down (mortgage)
    For most of my life I would have been struggling now knowing I've had a big dental bill and my car needs repairing, but savings give such peace of mind
    Hugs and happy Saturday x
    Debt remaining:
    Mortgage - 122,780 (of 134,600)

    Work overpayment and home improvement loan paid back (19200)


    • try harder
    • By try harder 15th Oct 16, 9:24 AM
    • 180 Posts
    • 460 Thanks
    try harder
    I hope all went well for you yesterday giblet ,you must be feeling relieved that it is over.Yes definitely a good feeling watching the savings go up and the mortgage go down ,i just wish i could find more ways to increase the income ,my husband works very hard but is in a low paid job so he works quite a lot of extra hours .I on the other hand have not worked for years ,i have a few things that i do from home but seem to have lost the motivation recently which is very annoying ,it makes a big difference if i am earning a little too.Thank you giblet.
    • brizzledfw
    • By brizzledfw 15th Oct 16, 11:25 AM
    • 6,301 Posts
    • 30,003 Thanks
    brizzledfw
    Glad you're back TH. You and I are aiming to be on top of the mortgage around the same time..I have just moved my MFD date out from 2021 to 2022..but fingers crossed and as you say every little helps. Have just turned the heating off again as its sunny here..trying to save the pennies
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    New debt: 10,000 0% ;
    Declutter 50 items before 31.12.16 xx/50 ** LSDs Target 10 for December 02/10 **AFDs 03/17
    **NSDs Target 6 for December 01/6
    • giblet1979
    • By giblet1979 15th Oct 16, 1:07 PM
    • 846 Posts
    • 3,398 Thanks
    giblet1979
    Hi TH,
    I'm sure there's lots you do already, and it might be that if you find the right paid work (a little bit to start) and see how much more of a difference it makes to those figures, that it inspires you to keep going. I bet it can be hard when you've been out of the official workplace for some time to feel confident enough to go back, but think of all those skills that you have (looking after grandkids, the house, budgeting and saving) and keep looking. When you feel ready enough, you might want to take a chance on something that comes up x
    Debt remaining:
    Mortgage - 122,780 (of 134,600)

    Work overpayment and home improvement loan paid back (19200)


    • try harder
    • By try harder 17th Oct 16, 1:12 PM
    • 180 Posts
    • 460 Thanks
    try harder
    Hi everyone .Thank you Brizzledfw i am glad to be back.I have started reading your diary ,its nice to have someone else with similar numbers and time frame for motivation i find.Thank you giblet1979 for your encouragement ,i do have several hobbies that i do from home such as selling vintage wedding dresses ,vintage clothing ,im very interested in interior design and have helped out several friends over the years and i do aim to make 10 a day from selling my clutter on ebax and gumtrex
    but could do a lot more .I am quite lazy and like to spend my time walking either by the sea or rivers and today is a beautiful day and its calling to me to go out ,so as you can see im not so good.,although i have been decluttering slightly this morning which is something i suppose as i need to photograph a few bits and get listing .
    • themadvix
    • By themadvix 17th Oct 16, 1:47 PM
    • 374 Posts
    • 1,301 Thanks
    themadvix
    Hi TH it's good to see you're back! Those savings are looking really healthy - you've been working hard at that by the looks of it!
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • try harder
    • By try harder 17th Oct 16, 2:58 PM
    • 180 Posts
    • 460 Thanks
    try harder
    Hi ,themadvix and thank you ,i am pleased to get back in to the swing of things again ,time goes by so quick and things can slip so easily .Yes ,i am so pleased with the savings ,i have around 11700 so 700 for christmas leaving 11000 and two more months at 1000 a month should total 13000 by the end of the year ,that is my aim anyway.I am so pleased with these savings as we are only on one low income ,its just my husbands 10-20 extra hours a week ,small amounts of interest ,cutting back on bills and selling that is making up the bulk of the ops and savings .I have not made any ops over the last few weeks as we did not have enough for both so i will have to up my game in the new year to find money for the overpayments and will have to do this by either selling or me working .So pleased to see that your husband won a prize and what a prize it was too,you must have been so pleased ,well done him.I hope you have had a good summer ,we have been so lucky with the weather and its just beautiful here today .
    • themadvix
    • By themadvix 18th Oct 16, 10:46 AM
    • 374 Posts
    • 1,301 Thanks
    themadvix
    Thanks TH, we were really thrilled that he won!

    I know what you mean about savings vs OPs - recently it's been better to save than to OP for us (interest rate of 2.99%) and it's been so frustrating not OPing. I think I need a new spreadsheet (not that I'm good with them) that shows mortgage minus savings, so I can see that we are actually making a dent, even if it's not coming off the mortgage! Ultimately your savings are there so you could pay them off - it's not worth it for you at the moment either I guess.

    Weather was gorgeous yesterday - I enjoyed being in the garden. After a wet start this morning, it's brightening up here now
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • Busy Mee1
    • By Busy Mee1 18th Oct 16, 12:06 PM
    • 192 Posts
    • 608 Thanks
    Busy Mee1
    Hi Try Harder really glad to see you back. You are doing amazingly well on your savings. I save rather than overpay and consider my savings as a percentage of the total mortgage so that you can see the progress. I started about 20 months ago and it is amazing how 1000 a month soon adds up.
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