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  • FIRST POST
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 11th Mar 17, 11:56 PM
    • 203Posts
    • 907Thanks
    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 7
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 12th Jun 17, 6:44 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    Thanks purple fairy! I always take a water bottle for DD. Healthier and cheaper! I will have a read at the site so I'm prepared so I don't spend the whole day looking at the map when I'm there.

    I found some cheap premier inn rooms too so I'm just working out which room is the cheapest for the whole week and I'll book that one. We are flexible on dates as I've got the whole week off work. And I can visit my cousin before or after going to lego land where I can stay at hers for the night to make it feel more of a mini holiday rather than a day out.

    Ebae update - two items sold one paid already and other one is waiting payment. 2 other items have bids

    No spend day number 4 complete
    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 Jun 17, 6:40 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    So no spend day number 5 was a failure but only because I found some really good yellow stickered bargains... cheese for 10p some dips for 20p etc so I'm not too annoyed about it. 4 no spend days in a row is still great!

    1. Ebae earnings June!£8.05!(plus another two items but havnt costed this yet)
    2. Surveys/mystery shopping - (£0.30 can't cash this out so I won't count this in this month)
    3. Interest/Cashback from 123 account - £3.63 (more cashback to be added around 17th)
    4. Other cashback - £8.86 ( plus £3.40 which gets paid for next month)
    5. Savings from weekly budget - £26.75
    6. Overtime in work £70
    7. Other

    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 £215.35/£180 for DDs swimming lessons!!complete!
    Other target £192.14/£221(remaining overpayment figure for this year) (up to end of May)

    Current Mortgage end date August 2027
    Original Mortgage end date December 2031
    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 16th Jun 17, 7:51 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    Added up my Ebae and my Interest came in on my 123 account so halfway thru the month and the figures are

    1. Ebae earnings June £23.73
    2. Surveys/mystery shopping - (£0.30 can't cash this out so I won't count this in this month)
    3. Interest/Cashback from 123 account - £11.56
    4. Other cashback - £8.22 ( plus £6.60 which gets paid in July)
    5. Savings from weekly budget - £28.94
    6. Overtime in work £70
    7. Other (£1.26 pending TCB)

    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 £215.35/£180 for DDs swimming lessons!!complete!
    Other target £192.14/£221(remaining overpayment figure for this year) (up to end of May)

    Current Mortgage end date August 2027
    Original Mortgage end date December 2031
    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 Jun 17, 9:22 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    Was meant to be a no spend day today but it was so nice and warm out I needed to buy a nice cold drink. Didn't use up the budget for this week tho and savings from weekly budget for June is £31.21

    This diary is def keeping me focused and makes me think about every penny I spend and half the time I don't really need something. I'm just buying something for the sake of buying it...

    Another item just sold on Ebae. So that's approx another £6ish

    Hope everyone is enjoying this lovely weather
    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 19th Jun 17, 7:19 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    So in April I switched my energy and got £30 cashback using USwitch via topcashback... it all went through fine and the cash is in my bank. There was no exit fees with my tariff.. so I've just switched again so u switch is now telling me that my original company has a cheaper tariff and I should switch back to them. I have checked that company and they are offering £90 to switch dual fuel to them so I am switching back to my original company and of everything tracks fine I should have cheaper energy and earnt £90 + £30 cashback in two months I will have to stay with them for a year tho because there is early exit fees...

    Fingers crossed the cashback tracks fine and gets paid

    The heat is not good for my spending.... but the ice cream and cold drinks we've been having was def needed today.

    Work is nice and cool tho with the air con units... May do some extra hours so I don't melt in this weather
    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
    • GilmoreGirl
    • By GilmoreGirl 19th Jun 17, 10:51 PM
    • 23 Posts
    • 77 Thanks
    GilmoreGirl
    DeterminedSingleMummy I love reading your diary!

    I was wondering how do you find selling on ebae? How much does it charge you?
    CCCC 2017: £482/£600 + £240 for a wedding
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 20th Jun 17, 5:43 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    I think it charges around 10% And PayPal charge a fee too... some things sell great and others I've relisted about 10 times before it sells. I have no strategy or plan on eBay... I just put anything that no longer has a value to me on it that way anything I earn is a bonus. Some things have gone way higher than I expected and others have gone at the minimum. Usually I list things at 99p and postage at 4.95 to cover postage. Second class signed for costs me £3.90. So the extra £1 covers the fees if I sell at around £10.

    I don't dedicate a lot of time to it so i don't feel like it's a hassle as I do them in batches. Usually I end my listings on a weekend which gives me time to package them up and post Monday morning.

    I am absolutely melting in this heat and waiting for DD to be dropped off so I'm sitting in a boiling car with no breeze at all....

    Luckily I got an ice cold drink from home before I left...
    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
    • shangaijimmy
    • By shangaijimmy 20th Jun 17, 9:31 PM
    • 2,231 Posts
    • 10,256 Thanks
    shangaijimmy
    So in April I switched my energy and got £30 cashback using USwitch via topcashback... it all went through fine and the cash is in my bank. There was no exit fees with my tariff.. so I've just switched again so u switch is now telling me that my original company has a cheaper tariff and I should switch back to them. I have checked that company and they are offering £90 to switch dual fuel to them so I am switching back to my original company and of everything tracks fine I should have cheaper energy and earnt £90 + £30 cashback in two months I will have to stay with them for a year tho because there is early exit fees...
    Originally posted by DeterminedSingleMummy
    Brilliant, just brilliant...that would make me feel so smug!
    MFW: Turning June 2036 into March 2023... 32//120 Payments Challenge, Diary Reduction £34,271.00
    Aug 2009: £163,051 // Current: £101,729.00 // Avg Daily Interest £4.57
    MFiT-T4 #8 - 56.74% of £41,000
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 21st Jun 17, 7:34 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    I hope it does track. It's pending on my account at the moment so fingers crossed!

    This heat is no good for my money saving as I tend to go to work then pick up DD then go somewhere which means I can't be prepared with cold drinks so end up buying stuff when out... however I am volunteering to stay on in work for an extra hour or two as the air con is lovely in work so I guess I will see the benefit on payday hopefully..
    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 23rd Jun 17, 6:36 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    1. Ebae earnings June £35.10 (9 items)
    2. Surveys/mystery shopping - (£0.50 can't cash this out so I won't count this in this month)
    3. Interest/Cashback from 123 account - £11.56
    4. Other cashback - £8.22 ( plus £6.60 which gets paid in July)
    5. Savings from weekly budget - £48.39
    6. Overtime in work £70
    7. Other (£1.26 + £90 pending TCB)

    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 £215.35/£180 for DDs swimming lessons!!complete!
    Other target £192.14/£221(remaining overpayment figure for this year) (up to end of May)

    Current Mortgage end date August 2027
    Original Mortgage end date December 2031
    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 24th Jun 17, 7:43 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    No spend day today... that's about the only good thing that happened today... feeling really

    Hopefully tomorrow will be a better 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
    • Florence J
    • By Florence J 24th Jun 17, 10:10 PM
    • 1,715 Posts
    • 9,649 Thanks
    Florence J
    No spend day today... that's about the only good thing that happened today... feeling really

    Hopefully tomorrow will be a better day
    Originally posted by DeterminedSingleMummy
    I'm sorry today hasn't been great for you.

    I have just read your diary from start to finish and it is compelling and impressive stuff!

    I wondered if you could explain a little bit more about stooozing and how it all works, as I have no clue but could do with advice on it as it may be something I will have to look into.
    Sealed Pot Challenge 10 #553 (£94.58) £1000 Emergency Fund Challenge #253 Wombling free 2017 = £1982.64 Pay off all your debts by Xmas 2017 #53 (£3118.08/£3000) Debt to OH paid back £1146.96/1146.96
    November 2017 Credit Card Debt: £4025
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 25th Jun 17, 8:55 AM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    Hi Florence. I wouldn't say my diary is impressive so thank you

    I'm not an expert at stoozing either but basically this is what is do.

    1. I take out a 0% credit card.
    2. Put my monthly spending on there.
    3. Pay the minimum amount when the bill comes.
    4. Put the money you would spend normally in a high interest savings account.
    5. Pay off 0% credit card when your promotional offer ends.

    So You don't pay any interest to your credit card because it's 0% but you are earning interest by keeping the money you would have normally spent on a high interest account.

    Some people will balance transfer the amount to a different credit card to get a new 0% offer once the original one has ended.

    There's a stoozing section to the forum, maybe have a read on there too.

    I have three cards on 0% atm. One ends in Nov 17 I will try and balance transfer this amount to a different card. One ends in May 2018 and the other one is in 2019 which I am still spending on as it is not maxed out yet. I write everything down in a diary so I don't lose track of where I am with the cards otherwise if you mess up I think you lose the 0% promo deal and end up costing you money instead.

    Hope that makes sense
    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
    • Florence J
    • By Florence J 25th Jun 17, 10:29 AM
    • 1,715 Posts
    • 9,649 Thanks
    Florence J
    Hi Florence. I wouldn't say my diary is impressive so thank you

    I'm not an expert at stoozing either but basically this is what is do.

    1. I take out a 0% credit card.
    2. Put my monthly spending on there.
    3. Pay the minimum amount when the bill comes.
    4. Put the money you would spend normally in a high interest savings account.
    5. Pay off 0% credit card when your promotional offer ends.

    So You don't pay any interest to your credit card because it's 0% but you are earning interest by keeping the money you would have normally spent on a high interest account.

    Some people will balance transfer the amount to a different credit card to get a new 0% offer once the original one has ended.

    There's a stoozing section to the forum, maybe have a read on there too.

    I have three cards on 0% atm. One ends in Nov 17 I will try and balance transfer this amount to a different card. One ends in May 2018 and the other one is in 2019 which I am still spending on as it is not maxed out yet. I write everything down in a diary so I don't lose track of where I am with the cards otherwise if you mess up I think you lose the 0% promo deal and end up costing you money instead.

    Hope that makes sense
    Originally posted by DeterminedSingleMummy
    Thank you, that makes it clearer to me, I have had a look on the stoozing thread and will continue to do more research.
    Sealed Pot Challenge 10 #553 (£94.58) £1000 Emergency Fund Challenge #253 Wombling free 2017 = £1982.64 Pay off all your debts by Xmas 2017 #53 (£3118.08/£3000) Debt to OH paid back £1146.96/1146.96
    November 2017 Credit Card Debt: £4025
    • MatthewAinsworth
    • By MatthewAinsworth 25th Jun 17, 10:39 AM
    • 2,862 Posts
    • 1,141 Thanks
    MatthewAinsworth
    Investing would probably outperform mortgage overpayment ...
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 25th Jun 17, 5:02 PM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    Everyone's personal situation and reasons for overpaying is completely different so while I could invest my money and be better off financially I overpay my mortgage so that by the time my daughter is 10 I will be mortgage free. There are many different schools of thought around whether investing or mortgage overpayment is the best and Its all down to personal opinion really.

    I like the thought of being mortgage free by the time my daughter is 10 and to be able to spend more time with her doing things we enjoy rather than be working and still paying off a mortgage. That motivates me to have No Spend Days and do all the little things I have been doing which has a massive impact on my monthly overpayments and clear my mortgage.

    No spend day today as I didn't leave the house. Spent the day playing with Lego in the house with DD. So the remaining weekly budget will go towards overpayment

    I bought some really cheap potatoes a while ago and made a huge batch of mashed potatoes and froze it in individual portions to see how well they would defrost/cook from frozen. Used some today and it tasted exactly the same as if I made it fresh so I will be doing that regularly to save time and money will also be trying out some other meal prep/money saving ideas soon so any good ones I will post on here
    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 25th Jun 17, 9:08 PM
    • 133 Posts
    • 397 Thanks
    bubblycrazy
    This is a quote from another thread which I like:

    'I overpaid my mortgage for several years before paying it off completely. My way of explaining it to people who thought I was mad is as follows.
    Say you had a credit card and youd taken it to its limit of say 100k. Would you only make the minimum payment every month? Of course you wouldnt the interest would cripple you and it would probably take around 25 years. Sound familiar?
    With a debt, and a mortgage is a debt (just a so called cheap one) its compound interest that makes the lender richer and the borrower poorer.
    By overpaying the capital you start to rebalance this and its a mighty powerful tool in your armoury...
    Being mortgage free is like the biggest pay rise you'll ever get.'

    How did you cook the frozen mash DSM?
    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
    • shangaijimmy
    • By shangaijimmy 25th Jun 17, 9:29 PM
    • 2,231 Posts
    • 10,256 Thanks
    shangaijimmy
    Good read that bubbly and it definitely helps me reading messages like that which boosts motivation.
    MFW: Turning June 2036 into March 2023... 32//120 Payments Challenge, Diary Reduction £34,271.00
    Aug 2009: £163,051 // Current: £101,729.00 // Avg Daily Interest £4.57
    MFiT-T4 #8 - 56.74% of £41,000
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 26th Jun 17, 6:45 AM
    • 203 Posts
    • 907 Thanks
    DeterminedSingleMummy
    Bubblycrazy that's a very good quote and explains exactly why I overpay my mortgage too.

    With the mash when I froze it I used a ziplock bag and froze it flat so that when I defrosted it in the microwave I didn't get a piping hot mash on the outside and a frozen lump in the middle (which is what has happened to me in the past I heard some people use ice cube trays to freeze their mash too for quick defrost so I may try that next time

    My ebae is slowing down.. I still have 11 things active and another 5 to relist. I'm sure I have lots of stuff to declutter and get rid of... I know for a fact a have four prams in my storage yep that's four prams... for the one child I have... not sure where the best place to get rid of these are but they need to go somewhere...
    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
    • kelpie35
    • By kelpie35 26th Jun 17, 11:28 AM
    • 1,521 Posts
    • 4,835 Thanks
    kelpie35
    If you have a Facebook account try using local selling sites for prams. You also have no fees and it is cash in hand.
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