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  • FIRST POST
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 11th Mar 17, 11:56 PM
    • 203Posts
    • 910Thanks
    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 12
    • wildesavings
    • By wildesavings 22nd Sep 17, 7:05 AM
    • 170 Posts
    • 484 Thanks
    wildesavings
    Oh no!!!! How gutting.

    But be thankfu that you've got a pot of money to use! Life happens and I'm sure you'll be able to claw it back xxxxxxxxx
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,342 - capital reduced by £5497 so far this year
    • sleepygirl126
    • By sleepygirl126 22nd Sep 17, 7:17 AM
    • 278 Posts
    • 626 Thanks
    sleepygirl126
    I have absolutely loved your diary...well done you! From a fellow single mum who is trying hard too xx
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
    • scd3scd4
    • By scd3scd4 22nd Sep 17, 7:25 AM
    • 542 Posts
    • 431 Thanks
    scd3scd4
    I like the sound of the no spend days..........great idea.
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 22nd Sep 17, 9:01 AM
    • 600 Posts
    • 2,631 Thanks
    SuperSecretSquirrel
    Sorry to hear about the car As wildesavings said, at least you have savings to fall back on! These blips happen and you'll have your savings built up again soon enough
    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £14,904.43
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£50,239.70
    (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £266,147.26 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 17.5%
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 22nd Sep 17, 8:53 PM
    • 203 Posts
    • 910 Thanks
    DeterminedSingleMummy
    Yep.. these things happen but it's still incredibly annoying..

    I have a few options...

    Either use the mortgage overpayment money to get a new car... or get a new car on a new 0% purchases card which I have just been accepted on and repay it back by lowering my mortgage overpayment budget. Or I can use my shares...

    Reality is the money will be in the bank earning interest while I repay 0% card. Just have to think how I want to fund it that sounds the best mentally

    Just so stressful looking for a new car tho..
    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
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 23rd Sep 17, 5:32 AM
    • 645 Posts
    • 2,536 Thanks
    wishingthemortgaheaway
    My hubby has finally purchased a car after dithering for 3!!!! Years. Thankfully he did because his died two days before we picked the replacement up.

    Make a list of must haves and nice haves for features and go from there. My must haves were things like 5 doors, cruise control and a decent sized boot. (And £30 a year car tax).
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • wildesavings
    • By wildesavings 23rd Sep 17, 6:30 AM
    • 170 Posts
    • 484 Thanks
    wildesavings
    0% sounds good, because you've got the money to clear it if you need too and it doesn't look like a back step ....

    Hope you find one you love soon x
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,342 - capital reduced by £5497 so far this year
    • museumworker
    • By museumworker 23rd Sep 17, 7:07 AM
    • 1,997 Posts
    • 11,282 Thanks
    museumworker
    Congrats on the new job! Hope you're settling in well.

    What a pain re: the car. Do you definitely need to replace it? And if you do need it for work do they offer any schemes/ tax incentives?

    I would look for something reliable, cheap to run, and easy and cheap to maintain. We have a Ford C-Max which we've had for 5 years, bought 5 years old from an ex disability hire scheme. It had about 40 k on the clock. It is so reliable and parts are easy and cheap to get. Only mistake was getting a diesel due to upcoming pollution charge about to be introduced.

    We're thinking of not replacing ours when it goes though and just using a car pool scheme instead, but we don't need ours during the week.

    Sounds like 0% is a great option, and you do have your share money saved if you need it. Hopefully you'll get something for scrapping your old one too.
    Mortgage 16/03/2011: £190K 01/01/2017: £107,729.65 01/07/2017: £95,979.89
    OPs 2011-2016 = £45K 2017 OPs = £9250.20
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 24th Sep 17, 11:14 AM
    • 203 Posts
    • 910 Thanks
    DeterminedSingleMummy
    Just waiting for my new card to arrive before I can get a new car. The new card is 30 months 0% purchases so gives me lots of flexibility. Which is great.. plus it is a second card with Tesco and I know I can transfer the credit limit from card 1 to card 2 to increase the 0% purchases offer and earn Clubcard points too. Little things but it all adds up at the end...

    Museum worker: companies are not allowed to offer tax incentives for car schemes anymore... only childcare, pensions and bike scheme I think...

    Currently looking at a small car with £0 road tax. I budget for tax mot and insurance weekly so I may have money left over from that pot as my tax and mot on my old car is due after xmas which wont be needed now so any money left over from that pot of money can also go towards the new car... So the situation might not be as bad as originally thought as that money would have been spent looking after my old car anyway... just need to do some number crunching first.

    Will get my first payslip for my new job next Thursday so will be able to reburget my numbers to see if I will be better/worse off monthly... (overall I will be better as I've increased pension contributions) but not sure about how much money I will receive after tax in my bank... hopefully my figures are accurate and the tax calculators I've used online are accurate too

    Now to go to my old car and try to clear out all my mess in it before it gets scrapped.. this might takes me ages as it's full of crap
    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 25th Sep 17, 8:02 PM
    • 203 Posts
    • 910 Thanks
    DeterminedSingleMummy
    No spend day today the good thing about being in work all day is there is no opportunity to spend money really.. hoping to have a few of these this week...

    My water bill has come and they've readjusted my Direct debit by 50p a month so another (even though tiny) bit of money saved.

    I also need to remmeber to stop using my Santander 123 card from 30th and use my credit card to stooze again as the 5% cashback offer will end on the 30/09/17... I havnt tracked this... just spent whatever I would normally do so any money earnt is a bonus
    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 27th Sep 17, 7:20 AM
    • 203 Posts
    • 910 Thanks
    DeterminedSingleMummy
    So I've been having issues with my bank around my balance transfers and them not going through so I rang again yday to sort it out and I must have been so fed up as it was the end of the day. I didn't complain or intentionally be awkward but the woman over the phone logged a complaint and has credited me £50 For the hassle. And she sorted out my balance transfers too

    I transfered three cards balances onto the new card all at 0% Interest with no fee. I will cancel two of the cards and then carry on spending on the third card as it still has 0% purchases until 2019 so I've freed up some credit limit by transferring the balance.

    Stoozing hasn't affected my credit limits on new cards or the ability to get cards. In fact I've been getting a bigger limit each time I get a new card now and I've had a few new ones this year. Two new 0% purchases one and two new 0% balance transfer ones. I always applied for the cards using Topcashback too so I've earnt money by having them. I don't think I will be needing a new card now until 2018.

    Just need to register for Internet banking on it so I can keep an eye on the balance and make sure the direct debit minimum payment goes in...

    No spend day yday again as I was in work all day. Will be doing the school run today and not sure what we're doing after school. Hoping for another no spend day but DD might want or need something...

    Should really get out of bed now to go to work
    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 27th Sep 17, 9:55 PM
    • 203 Posts
    • 910 Thanks
    DeterminedSingleMummy
    Redid all my budgets and figures tonight as I have seen my payslip (for three weeks pay) but should be the same going forward apart from the tax. I'm hoping the figure I used isn't too far off what reality will be going forward.

    All the money that I have made whilst tracking my diary will go towards my car and my budgeted overpayment for October Novemeber and December will also go towards my car. Instead of paying 10% at 1 Jan. I will now just carry on paying what I have budgeted to pay which is more now that I an full time.

    In my monthly budgets I have also included the cost of swimming and gymnastics and lunch money as previously I this was money that I would have to find from ebae sales or OT. So no stress about that anymore.

    I've kept my car budget the same even tho it will cost me less to run and maintain but the money is there just incase something happens and if nothing happens I'll keep it as savings towards a new car as cars don't last forever anyway. I will be claiming expenses for work aswell so that will extra money towards the car budget.

    I have found a new app to track everything. It uses the envelope system and carries the money to the next month if I havnt spent it all. This is good for annual bills that I pay so I can keep track of how much I have if everything. Previously I have just guessed and hoped for the best

    Feeling really positive about everything. The aim at the beginning of the year was to overpay 10% of my mortgage by Dec 2017 which I have done already, then halfway thru my diary I decided to push myself to be able to pay 10% on 1st Jan 2018. If I didn't have to get a new car I probably would have made this target. But things happen and I'm lucky I have that money saved that can go towards the car. The money will sit in the bank at 5% while I purchase the car on a 0% credit card.

    I may still overpay by 10% on 1 Jan using the stoozed money as I should be able to replace this within 6 months. Havnt decided yet. Will reevaluate closer to the time.

    The shares money will be left untouched. Might need to use some of it as Xmas gifts. But trying not to touch that pot of money...

    Everything is tracked on my new app so I feel super organised now
    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 28th Sep 17, 2:07 PM
    • 170 Posts
    • 484 Thanks
    wildesavings
    Sounds like you're completely organised and got a plan!!!
    Started my MFW journey in August 14 : £103,650
    2017 : Mortgage at 1/1/17 - £96,839 - now : £91,342 - capital reduced by £5497 so far this year
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 29th Sep 17, 1:28 PM
    • 203 Posts
    • 910 Thanks
    DeterminedSingleMummy
    I feel organised now because I've got figures to work with around my new pay and new expenses (school lunch, gymnastics etc) anything that isn't spent for that month will go towards overpayment (at the moment it's going towards the car but once that's paid off it'll be overpayment)

    No spend day yday. After swimming lessons we went to the library and got some books for her to read.
    Working all day today but planning to pop into town after work to pick up something... hopefully won't be tempted by the shops.

    Then two birthday parties on the weekend. So no other activities planned. Should be able to how a no spend weekend.

    Eating my lunch in work currently. Feels like nice knowing I havnt had to spend £3 on a meal deal for it and I've made it myself last night too so healthier too

    Hope everyone has a nice day x
    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
    • lavinia21
    • By lavinia21 1st Oct 17, 8:53 PM
    • 276 Posts
    • 1,976 Thanks
    lavinia21
    Hi determinedsinglemummy what is the app that you have found? Sounds like you have it all under control.
    Positivity is the key there is a reason why life happens. Find your rainbow and ride it.
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 2nd Oct 17, 7:51 AM
    • 203 Posts
    • 910 Thanks
    DeterminedSingleMummy
    Hi lavžnia the app is called spending tracker. I downloaded a few and played around with them and found that this one works best for me. It allows me to allocate repeat income to envelopes and then transfer them from one to another and the option to carry over to the next month/week if I want.

    I am exhausted... just about to begin my fourth week of being full time and my body just isn't used to it two birthday parties on the weekend aswell so not really had time to rest. I'm sure my body will adjust and get used to being on my feet 39 hours a week instead of 21 was so tired I did no lunch boxes or uniform prep last night so I woke up super early to do it all this morning.

    It's all done now and breakfast eaten and coffee is ready. Just waiting for the school run before another crazy week

    Xx
    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 5th Oct 17, 9:51 PM
    • 203 Posts
    • 910 Thanks
    DeterminedSingleMummy
    Nearly Friday

    New 0% purchases Tesco credit card sorted and I managed to transfer my large credit limit from my old tesco credit card onto this one. It has 30 months interest free purchase period so the large credit limit should keep me going for a while

    My balances on my other credit cards have been transfered onto a 25 month 0% Interest with no fee.

    I managed to transfer the balance off my 0% Santander card too which is 0% purchases until June 2019. So this has freed up credit on this card and I have the large limit on my Tesco card too so I won't need any more credit card applications for a while. Two other 0% cards have finished so I will cancel these cards.

    All of that means i don't have to worry about repaying any of my stoozed pot until June 2019 but obviously I will try and balance transfer if these 0% fee free offers still exist.

    I have also now opened a FlexDirect nationwide account which offers 5% on £2500. And also a flex saver 5% account too (not sure what the actual name of the account is) so this means I have 4 accounts which will be earning me 5% from money that isn't mine

    So my worry was that the more I applied for new cards and balance transfers that the lower the limit I would be getting but the credit limits I've been getting have been getting bigger and bigger each time allowing me to purchase or transfer more money

    My 5% monthly savers are nicely staggered throughout the year too and the money will be accessible way before it is needed to be paid back to the credit card company. I may be able to run some of the money through a savings account twice...

    Feeling really positive about everything as I'm organised and seeing it written down makes me feel better about everything.

    Now I wonder if I can find more 5% savers
    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
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 5th Oct 17, 9:56 PM
    • 645 Posts
    • 2,536 Thanks
    wishingthemortgaheaway
    Sounds fantastic, but my mind is blown, stoozing is definitely not for me.
    The 100 payment countdown (each payment = £400)
    2017 July : £36,800 8/100 Aug: £36,411.85 8/100 Sep: £35,945.66 10/100 Oct: £35,500 11/100
    Term Mortgage free date: October 2029
    Current mortgage free date: April 2025
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 6th Oct 17, 8:15 AM
    • 600 Posts
    • 2,631 Thanks
    SuperSecretSquirrel
    Your stoozing is going great DSM, and you can absolutely find more regular savers! I'm winding mine down at the moment as the sheer number of accounts was starting to bog me down a bit, shifting to a simpler financial life now. Santander, first direct, hsbc and I think tsb all have decent regular savers that have recently matured for me. I'm fighting the urge to open new issues for now, but it's worth you taking a look
    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k] £14,904.43
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k] +£50,239.70
    (MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k] £266,147.26 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%] 17.5%
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 8th Oct 17, 9:52 AM
    • 203 Posts
    • 910 Thanks
    DeterminedSingleMummy
    Thanks SSS. I know what you mean with the number of accounts. It's a lot. I have them all written down of what happens when and review every few months (feeling like i run them like a business) luckily tho I only have 3 0% cards but with larger limits rather than more cards with smaller limits. It's easier to manage with fewer cards.

    I have Santander nationwide and hsbc 5% saver. I think mands only offer 5% if you switch to them but I will be looking at first direct 5% saver soon I think. But I don't want to open too many things the same month or have accounts requiring change in the same month so I've only got to deal with one account or one credit card at a time while the rest run themselves with standing orders and direct debits.

    It takes a lot of discipline but i started with small amounts and learnt to manage it then slowly increased the stooze pot. Santander have suggested I ask for a credit limit increase in December to max my 0% spending which I may look at but currently I have more 0% credit to spend than I will actually spend normally
    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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