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    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 179Posts
    • 456Thanks
    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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    • try harder
    • By try harder 18th Oct 16, 1:11 PM
    • 179 Posts
    • 456 Thanks
    try harder
    Ah busymee1 so pleased to see you here too.Yes i am so pleased with the savings ,particularly as i have never saved before ,its so nice to see the numbers adding up .I think thats a very good idea of yours and i am now doing the same ,i also feel much safer knowing i have a cushion in place in case of emergencies or high interest rates.I am working hard to put 1000 each month into savings for the mortgage ultimately .I then try to pay any extra money we have to the overpayments ,i think this works well for me now so will be my long term 9-10 year plan .I have also started an isa with hl and putting the odd 100 into it as and when i have it spare ,i really enjoy choosing which fund i will put my 100 into each time and so far all but one fund are in profit.For a bit of fun i have also started the one pence doubling game and that is going really well too ,i think it has to be doubled around 27 times to reach 1.3 million ,the maths dont really matter too much its just a number but you have to double each amount so pretty simple ,i make up my own rules .
    • try harder
    • By try harder 18th Oct 16, 1:31 PM
    • 179 Posts
    • 456 Thanks
    try harder
    Hi themadvix ,sorry ,i hadnt looked up the page .Definitely a good idea at the minute to save and also have it there ,available if desperately needed at some time and it feels wonderful to have some money in the bank for the first time ever .I am not sure when i first came on to this board and began overpaying and saving ,i will have to look it up ,maybe six months ,so in that time i have saved 11700 and paid 3000 overpayments rougly so very happy with that and aiming for another 1000 in november and december .Its so nice that we can all support one another and when i see everyone on here doing so well it helps to motivate me too and i seem to be able to rise to the challenge ,what a great group of supportive people on this site ,i am so pleased i found it.
    • McTaggus
    • By McTaggus 19th Oct 16, 2:45 PM
    • 217 Posts
    • 252 Thanks
    McTaggus
    Hi Try Harder, just wanted to drop in! Looks like you've had an amazing journey so far and well done on the savings and overpayments! Great work!!! Will be following your progress

    Good luck with your journey! x
    • try harder
    • By try harder 26th Oct 16, 7:01 AM
    • 179 Posts
    • 456 Thanks
    try harder
    Thank you Mctaggus.Well another week has passed by and i have kept to my weekly food budget of around 48 and eaten very well on it too,i must say.Petrol and diesel too for both cars ,on budget.Savings all on target and another 100 into my isa ,which is doing well in all funds apart from one.Christmas present buying has started and two main presents bought ,two of my children are on the other side of the world travelling so it will be money for them and their partners this year.My aga is now on so all my washing is on the airer in front of it and all cooking now done on aga which will hopefully result in a reduction in my electricity usage over the next few months.Lots of work being done on the outside of my house over the next few months ,all materials bought and no labour costs as my husband will do all the work.Selling all going well and i have hit my 10 a day this week but i have lots more i could put on so must get motivated.Love having a diary ,it makes you realise which parts are going well and which are not.
    • themadvix
    • By themadvix 26th Oct 16, 12:27 PM
    • 371 Posts
    • 1,298 Thanks
    themadvix
    Sounds good TH, especially the 10 a day!

    An Aga will be part of my dream kitchen - sounds so warm and homely in your kitchen!
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • try harder
    • By try harder 26th Oct 16, 12:48 PM
    • 179 Posts
    • 456 Thanks
    try harder
    Ah thank you the madvix ,it definitely is nice and cosy ,the only problem is i have to get up and go out shopping and i find it so hard to drag myself off of the sofa and the other rooms in the house are not quite as warm ,makes you sleepy too.Yes i am very pleased with the 10 a day ,it all goes into the big pot .Will pop over to your diary when i come back .
    • themadvix
    • By themadvix 27th Oct 16, 9:02 AM
    • 371 Posts
    • 1,298 Thanks
    themadvix
    Ah, but by not wanting to go out shopping you're saving yourself money!
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • try harder
    • By try harder 27th Oct 16, 10:11 AM
    • 179 Posts
    • 456 Thanks
    try harder
    I hadnt thought of it that way,yes of course its so true and because i want to get back to that nice sofa in that cosy room i only go to the shops on my list and hurry home .Thats a very good way of looing at it ,not that im lazy ,of course.Now off out to get some bits for a little halloween tea party this afternoon ,i have been very careful this week and have left myself enough money to buy a few treats ,i am so pleased ,i have kept below 46 for the week with 3 adults in the house and other children and grandchildren popping in at various times plus todays tea party.The savings on food all goes into the pot and makes a difference of around 5000 a year compared to how much i used to spend.Its a lovely day again here today ,so looking forward to seeing the grandchildren this afternoon ,its been a great half term.
    • themadvix
    • By themadvix 27th Oct 16, 10:32 AM
    • 371 Posts
    • 1,298 Thanks
    themadvix
    Wow, that's an excellent saving TH, and i'M very impressed with your food budget for 3 adults. I have to confess that I don't actually know what I spend on DH and I, but I suspect it's about the same for two of us. We tend to buy organic and have a veg box, but that's balanced out by me being veggie and DH usually eating veggie at home, which saves a lot. Will probably have a shock when I finally get around to my SOA and discover that we spend a lot more!

    Enjoy your tea party - it sounds lovely!
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • try harder
    • By try harder 27th Oct 16, 11:21 AM
    • 179 Posts
    • 456 Thanks
    try harder
    I always ate mostly organic and had a vegetable box twice a week too but have stopped for the moment ,just while i am working on the challenge ,i will see how things go and if i can reduce the bill even further then i might reintroduce one of the boxes.I have been following one of the bloggers on yt who shows how to live on 20 a week as a vegan ,she cooks for one but the meals are enough for two so i am going to try some and also some of a girl named Jack .We do eat meat but only about once a week ,we have slowly been cutting down and would probably only eat it once a month if it wasnt for our son who likes meat ,we have vegetarians and vegans in the family so we try to have some variety .In the new year i am going to try to cut back to 40 a week just to see if i can.We eat really healthily too,so i am really pleased.It is amazing what you can do if you put your mind to it.Thank you ,i am now off ,i have just over 18 left for today and tomorrow plus 10 as i havent put my 10 diesel allowance in the car this week .I love it ,its all very addictive .have a good day .
    • themadvix
    • By themadvix 31st Oct 16, 9:07 AM
    • 371 Posts
    • 1,298 Thanks
    themadvix
    I honestly don't know how people afford to eat meat all week - it's so expensive! Will have to check out the blogger on YT, what's her name?

    It's amazing how well you can eat on very little sometimes though - totally agree with you about eating well! And it's so satisfying! We had roasted tomato risotto last night - a Delia recipe - and while not the cheapest it certainly beat going out for cost and was delicious!

    Hope you had a good weekend!
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • try harder
    • By try harder 15th Nov 16, 11:15 AM
    • 179 Posts
    • 456 Thanks
    try harder
    Thank you themadvix.I am feeling slightly low today ,money seems to be running away like water and after all my hard work this year i feel very upset with myself ,i obviously did not budget enough each week to birthdays and more importantly christmas. Also we have just booked a very cheap caravan holiday for next year which although cheap was not budgeted for so has had to come out of savings .I am very lucky of course as i have saved the money this year and was hoping to reach 13000 by the end of December ,that figure is now looking more likely to be 11500-12000i know i should be very grateful i have never had any savings in my life before i just feel worried by the speed it seems to be disappearing.I love christmas and normally dont worry at the amount i spend but this year after being money obsessed for months i feel panicy ,im sure it will be fine as i still have lots more money than i started the year with which was nothing.
    • themadvix
    • By themadvix 15th Nov 16, 11:16 AM
    • 371 Posts
    • 1,298 Thanks
    themadvix
    TH, I hope you don't mind me quoting your opening post (from March) but I think it helps to emphasise how well you have actually done this year!

    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 ...

    I may not get anywhere near to that amount saved i have never ever saved before but i am very determined
    Originally posted by try harder
    To go from this ^ to having nearly 12K in the bank is an amazing achievement - don't be too hard on yourself! It's all about the mindset and you've got that now, so you'll be flying next year! Your determination has worked!
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • try harder
    • By try harder 15th Nov 16, 11:28 AM
    • 179 Posts
    • 456 Thanks
    try harder
    Ah that is so very kind of you ,i had forgotten that i had written my thoughts down ,i am always so busy reading everyone elses posts i have never reread my own ,that has made me feel much more positive and so amazing that you knew that too ,i have the worlds worst memory i think i should read through my diary again .Thank you so much ,you have made me feel a lot happier today ,i think i felt that i had failed and got stuck in the moment of failure but all is not lost of course ,i am still miles ahead of where i would have been ,probably with a thousand or two in debt and no holiday booked.
    • SueP19
    • By SueP19 15th Nov 16, 12:34 PM
    • 1,697 Posts
    • 14,450 Thanks
    SueP19
    Thank you themadvix.I am feeling slightly low today ,money seems to be running away like water and after all my hard work this year i feel very upset with myself ,i obviously did not budget enough each week to birthdays and more importantly christmas. Also we have just booked a very cheap caravan holiday for next year which although cheap was not budgeted for so has had to come out of savings .I am very lucky of course as i have saved the money this year and was hoping to reach 13000 by the end of December ,that figure is now looking more likely to be 11500-12000i know i should be very grateful i have never had any savings in my life before i just feel worried by the speed it seems to be disappearing.I love christmas and normally dont worry at the amount i spend but this year after being money obsessed for months i feel panicy ,im sure it will be fine as i still have lots more money than i started the year with which was nothing.
    Originally posted by try harder
    It's funny for more years than I can remember I, we have had no money, I mean really no money, buying gifts christmas eve etc and I never ever lost sight of the magic...........despite the tears over lack of funds................

    .................now, this year I just see it spiralling out of control, it's a money pit just waiting to suck you dry, all that commercialism. I truly understand you, it's the very fact you now have money that is the problem. You view money as a precious commodity , where as before the gifts you bought were the precious things. Try thinking outside the box on gifts, try saying what can I get that is unique, individual for under 10 or 20

    MFiT-T4 #57 300/20,000 MFW 2016 #53 300/4,800
    Mort Oct 15 70,353 66,422 MF Dec 31 Jun 31(191 176 mnths)
    EF 2016 700/1,000 Debt May 09 30,217Jan 16 17,734
    Tilly Tidy #1 50.55/250
    • try harder
    • By try harder 15th Nov 16, 12:59 PM
    • 179 Posts
    • 456 Thanks
    try harder
    Hi sue ,i understand what you are saying but i havent spent any more money this year than any other year but i think i just hadnt realised how much i have spent over the years ,not that i mind ,i love christmas and dont regret any of it ,i think its just that with 5 children and their partners and all the rest of our family plus the fact we take some of our friends and people my husband works for out for meals it all adds up but i do agree ,i do try making the presents very personal ,you dont have to spend a lot on each person and my children are all grown up and never want me to spend money on them as they all have everything ,i just think they i had underestimated how much i spend overall and next year i have to make the birthday and christmas budget bigger than this year ,i think its all the extra things like invitations out to dinner and drinks and parties that add on a lot extra to the budget .I think because we booked our holiday this month too that added to the shock of the amount of money seeping out .
    • jodles16
    • By jodles16 15th Nov 16, 1:39 PM
    • 1,240 Posts
    • 3,604 Thanks
    jodles16
    Hi try harder! You are smashing that mortgage! We had a similar amount to you and you have ran right past us now, amazing! I always do a monthly run through of statistics such as how much capital we paid off, what the overpayment was and daily interest if I can work it out! Feels good, and makes it easy to look back at this time last year and see how far we have come, can be easy to forget!

    Sounds like you have a beautiful family, so lovely you get to spend time with them! With Chrimbo I am going to suggest to my friends that we do secret santa so we aren't spending money on everyone but we can still get something to open! Should save some money that way.

    Jodles
    MFW2016 #25 6969.57/3820
    MFiT #66
    Overall aim 8106/21,743 (156,000)
    2016- Jan-177,472, Apr-173,195.04, July- 171,417.47 Oct- 169,366
    2017- Jan- Apr- July- Oct-

    • try harder
    • By try harder 15th Nov 16, 2:25 PM
    • 179 Posts
    • 456 Thanks
    try harder
    Hi J16 .Thank you so much for your words of support ,i hadnt realised how close in mortgage outstanding we are ,how great ,we must support each other from now on .If i remember correctly you had to buy a new car didnt you?We have two cars my car is fine but my oh doesnt think his will last much longer so the aim is for him to have my car and i shall have to buy a new to me car .I am hoping to buy it with my 0%CC.rather than take it from our savings but it will ultimately have to be paid for and is another cost unfortunately.Even with paying out monthly for your car you have done a great job.
    I am feeling a lot more positive now thanks to everyones support ,i want to think about next year and think about what i am going to do to keep up the momentum ,i think i said that i have a ten yearish plan within the ten year plans i have smaller plans ,i am hoping to be mortgage neutural by the end of year 21 although i am making the 1000 per month savings the priority ,i need to overpay my mortgage by 1150 a month also to reach the target but have no idea where this is going to come from at the minute .What is your outstanding mortgage J16?
    • themadvix
    • By themadvix 16th Nov 16, 8:37 AM
    • 371 Posts
    • 1,298 Thanks
    themadvix
    Hi TH, I'm glad you're feeling a bit more positive about everything, you have done well this year I think reading back over your diary is a great idea.

    With regard to Christmas, I imagine I'm about the age (maybe a bit older) of some of your children. My DH's parents (mainly MIL) are like you - they love spending money on us at Christmas. No matter how much we tell them to spend the money on themselves, they don't and we get silly amounts for Christmas (fortunately now mainly in the form of cash or vouchers, rather than 'stuff'!). You may not like what I'm about to suggest and feel free to ignore me, but as by the sound of it your children feel somewhat the same, I'm going to say it anyway! Is there a way you could cut back just a little on everyone's presents, without damaging the overall effect? If they're not worried about you spending loads on them, then maybe you could do this without upsetting anyone? I know, if anything, I feel guilty about how much relatives (not so much my parents as they've always been rather sensible about presents, but in-laws and others) spend on me, when I can't afford to spend on them. I'm not thinking huge amounts, but maybe if you do stockings for them, put two things less in the adults' ones?

    Anyway, I hope you're not offended - I'm just trying to put the opposite point of view across. It's lovely that you care so much for them all - it sounds like there's plenty of people to buy for and that you'll have a lovely time at Christmas, no matter how much is spent!
    OPs made 2016 = 6142.12
    Starting balance 2012: 132000; balance December 2016: 105,159.36
    • try harder
    • By try harder 16th Nov 16, 9:42 AM
    • 179 Posts
    • 456 Thanks
    try harder
    Morning themadvix. Of course im not offended ,i am very grateful that you have taken the time to share and help me with your thoughts and ideas ,it is always good to have others points of view.This year i wont see two of my children as they are still away for several months with their partners travelling ,it will be the first time ever that we will not all be together at christmas in nearly 34 years ,so i shall be giving them both money ,not a huge amount between each couple ,but to add to their travelling pots .My other children i do buy gifts for and my grandchildren who overall have the most of course but i dont buy a lot for their parents as i buy for their children .I understand what you are saying ,i think my children are just used to me but i think as you said it could be more uncomfortable for the partners ,so i will definitely cut down slightly.I think the way i look at it is in the same way as someone would pay out for a holiday i love this time more than a holiday but i have to budget more for it as 520 a year was just not enough for 5 couples 2 children various friends around 5 each for friends ,birthday parties ,other peoples birthday parties ,cards ,wrapping paper ,meals out then the same with christmas plus a tree we also take some of my husbands customers out for meals too so have to add this into the equation .I do already try to keep most of these things as frugal as possible but i just think in 2017 this category will have to have more than 10 a week so next year i am not so shocked .The problem arose too as i paid for our holiday from savings too and i had no budgetset aside for that ,next year holidays will have a set amount put aside each week too .
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