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  • FIRST POST
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 11th Mar 17, 11:56 PM
    • 191Posts
    • 854Thanks
    DeterminedSingleMummy
    Overpayment Addict
    • #1
    • 11th Mar 17, 11:56 PM
    Overpayment Addict 11th Mar 17 at 11:56 PM
    Hi everyone, I've been reading lots of your stories and decided I should document mine too for lots of reasons...

    1. The motivation and support all you lovely people have given each other is amazing (I would like some of that please )
    2. Keep myself focused and see if I can push my overpayments higher
    3. Share my frugal experiences with you all
    4. Track progress of all over payments.
    5. I'm sure there's more but too tired to think atm...

    I've had my mortgage since 2009, moved to a bigger property in Dec 2011 with a mortgage of £87,500. I paid my mortgage every month but I also enjoyed myself every month (partying, cinema, food etc) and overpaying my mortgaging never crossed my mind... Having my DD in 2013 is what changed everything for me. The focus was no longer on me enjoying my life but her enjoying hers. I am a single mum and unfortunately I could not carry on with the job that I was doing before I had DD. I never want to be in a position where I've got to tell her no we can't do/have something because we have no money and that's where my overpaying addiction started...

    I never had any budgets, I would use my credit card and pay it off in full every month on payday. And because of this I struggled throughout my whole maternity, at first I thought it was all the baby stuff I was buying but it was clear after a few months that not having a budget was not going to work....

    From then on I have been focused on overpaying my mortgage and my balance today is £54631.
    I will have to dig out my mortgage statements to give u a summary of overpayments I've been making but at first it was £260 a month, then it went to £360 a month and now I over pay £500 a month... sometimes I don't even know how I do it as I only work part time and I do spoil DD a lot but I've been sticking to my spreadsheets and have been addicted to overpaying my mortgage and seeing that balance drop.

    My mortgage rate is 1.99% and it's fixed until Jan 2019 and I can start looking for a new fix four months before which is Sept 2018. There is 11 years and 5 months (I think, waiting for my letter from my latest overpayment) DD is 4 currently so I am aiming to pay off my mortgage by the time she is 10 which gives me 6 years. According to the overpayment calculator if I am on track with my overpayments of £500 a month I should have cleared it in 5 years. However I do sometimes miss a month not often tho... the mortgage taken out in 2011 was a 20 year mortgage so that would have ended Dec 2031. My current end date is August 2028 (I think...) Aiming to be mortgage free in 2023

    Well that's all for now... if I've missed out any info please ask and I will update you
Page 11
    • wildesavings
    • By wildesavings 1st Sep 17, 9:28 PM
    • 149 Posts
    • 408 Thanks
    wildesavings
    Looks great - love seeing all those bits adding up fast x
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,666 - capital reduced by £5173 so far this year
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 2nd Sep 17, 12:39 PM
    • 191 Posts
    • 854 Thanks
    DeterminedSingleMummy
    Finally added up ebae totals

    1. Ebae earnings August £43.90
    2. Surveys/mystery shopping -
    3. Interest/Cashback from 123 account - £11.22
    4. Other cashback!
    5. Savings from weekly budget - £39.11
    6. Overtime in work £49.43
    7. Other £28.33 (£1.26 + £90 pending TCB won't count this until it's been paid)

    Will also be receiving 5% of total spend using android pay in Nov for all purchases until end of Sept.!
    Santander 5% regular saver will be paid in March 2018.(£64.33)
    HSBC regular saver at 5% will be paid in May 2018. (£81.25)

    EBae target £180/£180 for DDs swimming lessons until end of 2017!!complete!!
    Other target £221/£221(remaining overpayment figure for this year)
    New target Overpayment to be paid 1st January 2018 £358.11/£3200 (up to end of July)

    Current Mortgage end date August 2027
    Original Mortgage end date December 2031

    Wow comes to a total of £171.99 honestly didn't expect it to be this high as we were on holiday for two weeks and I don't feel like I have been focused on money saving. So so surprised and happy at the same time!

    So since I started this diary this is the extra money I have towards overpayment/swimming
    April £224.08
    May £221.48
    June £179.88
    July £212.38
    August £171.99

    I think I've def made a lifestyle change and I save money without even thinking now and with TT and everytime I get something for free i send that amount to my mortgage overpayment and it's slowly adding up to quite a lot.

    So I've also got a bit of news. I've got a new job which allows me to overpay my mortgage by an extra £262 a month on top of what I already budget to overpay but that's if I don't increase my weekly spend budget which I am def going to try and do. If i can bank the extra income keep my spend the same I will have the extra £262 a month. I can also claim petrol expenses too with the job so hopefully I won't need to spend as much on petrol out of my weekly budget but won't really know what that looks like until it happens.

    So I have spent £71 on new work clothes (had uniform previously so I needed to get stuff) bought three dresses, skirt and some shoes at a designer outlet. Full price would have been £250!! I will have to take the £71 out if the £171.99 I have made in August to pay for it and the remaining £100.99 Will be added to the overpayment for the 1st Jan which will be £459.10

    Am a little bit worried and scared how the next month is going to turn out but hey what's the worst that can happen right???
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • wildesavings
    • By wildesavings 3rd Sep 17, 6:55 AM
    • 149 Posts
    • 408 Thanks
    wildesavings
    That's such great news!!! Well done on all the money saving!!! And the new job xxx
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,666 - capital reduced by £5173 so far this year
    • maia_evo
    • By maia_evo 3rd Sep 17, 7:40 AM
    • 56 Posts
    • 118 Thanks
    maia_evo
    Great diary and well done. Congratulations on your new job too.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £1000 (currently £701) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £4445
    • EatingTheElephant
    • By EatingTheElephant 3rd Sep 17, 7:45 AM
    • 1,099 Posts
    • 5,935 Thanks
    EatingTheElephant
    Congratulations on the new job
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 3rd Sep 17, 8:55 AM
    • 570 Posts
    • 2,529 Thanks
    SuperSecretSquirrel
    Congratulations on the new job DSM, well done!
    Mortgage [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £17,182.66
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£45,783.87 (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £258,813.46 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 16.5%
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 3rd Sep 17, 6:29 PM
    • 191 Posts
    • 854 Thanks
    DeterminedSingleMummy
    Thanks all.. I'm really scared about the new job. I've been with my previous company for ten years so starting in a new one scares me a bit...

    No spend day today even tho we had a lovely lunch which we won in the shopping centre in town. We also got a free lego for filling in a quiz in the lego shop so all good.

    Weather is awful!! DD Starts school on Tuesday so have tomoro to get all her bits ready too.
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • bubblycrazy
    • By bubblycrazy 3rd Sep 17, 10:54 PM
    • 116 Posts
    • 310 Thanks
    bubblycrazy
    I think starting a new job is definitely scarier as we get older and have more commitments, knowing that's its not as easy to just quit if it's not what you expected.
    I started my job 18 months ago and have never been happier.
    I'm sure it will be a refreshing change, when do you start?

    My DS also starts school on Tuesday
    MFW - Original balance 28/08/2014 £52850
    Original MF date: 2049 Aiming for: 2025
    Balance 28/04/2015 £52250
    Balance 27/07/2016 £49990
    Balance 08/07/2017 £47999
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 4th Sep 17, 8:49 PM
    • 191 Posts
    • 854 Thanks
    DeterminedSingleMummy
    Thanks bubblycrazy that makes me feel a bit better about starting a job which is completely new to me. I start next Monday. I've been with my last company since Uni so I have No idea what it's like to join somewhere new so all really scary stuff.

    Hopefully this job will be better in the long run financially and for personal development too. It's just getting through this change which worries me.
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 4th Sep 17, 9:24 PM
    • 191 Posts
    • 854 Thanks
    DeterminedSingleMummy
    Just applied for another 0% balance transfer fee free card which has been accepted my 0% ends in Nov so im going to transfer that balance to this new card and they've given me a bigger limit too. So i will transfer the remaining balance from different card too as this new card is for 25 months. That means I won't need to balance transfer any cards until Sept 2019.

    Best thing aswell is that TCB is giving £21 cashback for all approved transactions so hopefully that will go through aswell. That will go towards the mortgage overpayment if it clears.

    Currently my stoozed pot isnt increasing as I'm using my 123 lite account to earn 5% on all android payments until end of Sept so will be earning cashback from that but will be continuing to increase the stooze pot from Oct.
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 8th Sep 17, 11:39 AM
    • 191 Posts
    • 854 Thanks
    DeterminedSingleMummy
    So it's my last jobless day before I start my new career path on Monday!! Still a bit scared but probs more excited than scared now...

    After being with my last company for ten years and being in their share schemes etc I have just sat down and sold them all. Most of them have been held long to be tax and NI free. So i now have a chunk of money which i will use as an emergency fund (i may change my mind and put this in my mortgage on 1st Jan, will see how things go first) I took all my work bonuses as shares aswell which were released to me at a lower price than I have sold them today. Which is good as I have no idea what I am doing when it comes to shares.

    I have opened a new nation wide account to put the money in which will also give me 5%. Then once the year is up I will review again. The days feel really long without me working and it's only been a week since I worked my last day in my other employment. But can't wait to start a new chapter
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 10th Sep 17, 10:01 PM
    • 191 Posts
    • 854 Thanks
    DeterminedSingleMummy
    40p cashback earnt on my creditcard thought I'd best write it here before I forget. Havnt listed anything on ebae, won't list until I've settled in my new job and can work out when I will be able to go to the post office.

    So September might be a slow month for money saving but I'm determined to stick to my budgets! Money in and all over the place with my old job and new job and lots of different changes I feel like I don't know where I am or what is going to be coming in the next few weeks and it hate that feeling... feel so unorganized....
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • Dragonrider
    • By Dragonrider 10th Sep 17, 10:33 PM
    • 137 Posts
    • 626 Thanks
    Dragonrider
    Hiya,

    Have been following your diary for a while - congrats on the progress and new job!

    Am newly single myself, with a whopper of a mortgage, so am looking for any inspiration I can find....

    Dragonrider
    • nellis10
    • By nellis10 11th Sep 17, 10:35 AM
    • 1,319 Posts
    • 3,081 Thanks
    nellis10
    I love how far your mortgage has come down!
    What a fantastic testament to your perseverance!!
    Keep going and good luck in your new career!
    Nat
    Goals:
    Baby Step 1 = £1000 EF
    Baby Step 2= Debt Free by Apr 2017
    Baby Step 3 = Full EF £650/£8000
    Mortgage Free by 2023!!
    • maia_evo
    • By maia_evo 11th Sep 17, 11:59 AM
    • 56 Posts
    • 118 Thanks
    maia_evo
    Give yourself the breathing space to sort through the new changes. Your strong good habits will shine through I'm sure. Enjoy.
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £1000 (currently £701) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £4445
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 12th Sep 17, 8:38 AM
    • 191 Posts
    • 854 Thanks
    DeterminedSingleMummy
    Thank you all!! Change is good. It's just the uncertainty of whether it's the right choice or better choice that gets me a bit scared. And also going i to a new company And industry aswell. But first day yesterday was done and feeling positive!!

    I feel knackered after a full day's work as I've been part time for the last few years so just need my body to get used to it again. Got my coffee ready to go. I don't feel rushed to go to work either as I have 30 mins spare after dropping DD to breakfast and driving to work so it might be my catching up on diaries time

    Yday when I finished I popped into mns and found lots of yellow stickered meat! 90% off.. bought loads. All portioned and in the freezer. One large family sized pasta bake also portioned off and have made a few lunches too to take to work

    Put Petrol in the car this morning... the rest of the week I don't really need anything so should be no spend days hopefully!! Hope everyone has a nice day
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 13th Sep 17, 10:15 PM
    • 191 Posts
    • 854 Thanks
    DeterminedSingleMummy
    £21 cashabck has been confirmed on TCB For getting my new 0% Interest and 0% fee balance transfer card just waiting for this to become payable before I add it into the total.

    Balance not transfered over as I spelt my name wrong... used an m instead of an n... must remember to double check everything but the man on the phone said this should be easily rectified in-store and I have 90 days to do the balance transfers so plenty of time. Will try to do this tomorrow.

    Been taking lunch to work everyday as I really don't want to get into the habit of buying things. So far so good
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 18th Sep 17, 7:30 PM
    • 191 Posts
    • 854 Thanks
    DeterminedSingleMummy
    1. Ebae earnings - not listed anything due to new job
    2. Surveys/mystery shopping -
    3. Interest/Cashback from 123 account - £11.68
    4. Other cashback!
    5. Savings from weekly budget - £19.55
    6. Overtime in work - not sure what's what with the end of my old job and start of my new job
    7. Other (£1.26 + £90 pending TCB won't count this until it's been paid. £21 confirm but not payable yet)

    Will also be receiving 5% of total spend using android pay in Nov for all purchases until end of Sept.!
    Santander 5% regular saver will be paid in March 2018.(£64.33)
    HSBC regular saver at 5% will be paid in May 2018. (£81.25)

    EBae target £180/£180 for DDs swimming lessons until end of 2017!!complete!!
    Other target £221/£221(remaining overpayment figure for this year)
    New target Overpayment to be paid 1st January 2018 £358.11/£3200 (up to end of July)

    Current Mortgage end date August 2027
    Original Mortgage end date December 2031

    When leaving my old job I sold all my company shares and have a pot of money but not sure what I'll be doing with this yet...
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
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