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  • FIRST POST
    • Thriftmaster1973
    • By Thriftmaster1973 13th Aug 17, 5:53 PM
    • 36Posts
    • 30Thanks
    Thriftmaster1973
    The Journey Begins...
    • #1
    • 13th Aug 17, 5:53 PM
    The Journey Begins... 13th Aug 17 at 5:53 PM
    Hi, got a few things out of the way (weddings, stag do's etc) and now I want to start putting extra down and clear the mortgage.

    I want to do this within 5 years or less (I will be 48 y/o). Here's the state of play....

    £52,365 owing, house valued at £150.000.
    9 years remaining (on 2.54% fixed for another 3 years)
    10% of 64,000 can be overpaid without penalties.

    There are no other debts, only this mortgage.

    I am going to be aiming for £333 overpayment every 4 weeks (13 times a year) and add more overpayment as the mortgage decreases.

    House runs on a ultra low cost operating model (implemented by me).

    All variable outgoings (apart from shopping)are monitored weekly. Milage, mpg, actual fuel spend, water usage, gas, electric are all monitored so I can try to become even more efficient.

    I know I sound a skinflint and I know it's not trendy running a house like a business but I need to have a journey to financial freedom.

    SOA

    £1800 take home every 4 weeks so get 13 pay packets a year. 1800 divide by 12 = 150.
    So could call take home pay £1950 on a monthly basis.


    552.90 mortgage
    96.00 council tax (10 month, other 2 month's pay for car tax)
    70.00 gas & electric
    70.00 car fuel
    15.30 broadband and landline
    10.00 mobile
    120.00 food
    175.00 maintainance payment
    12.12 TV licence
    20.00 car insurance
    20.00 building contents insurance
    19.61 life insurance
    39.99 gym / swimming
    32.86 redundancy / sickness cover
    13.00 union membership
    10.00 mot
    25.00 water
    26.43 boiler insurance.

    £1328.21 outgoings per month.

    £472 left over (4 weekly)
    Last edited by Thriftmaster1973; 17-08-2017 at 2:08 PM. Reason: Mistake
Page 3
    • Thriftmaster1973
    • By Thriftmaster1973 13th Sep 17, 12:17 AM
    • 36 Posts
    • 30 Thanks
    Thriftmaster1973
    Hi there,
    Thanks for your comments.
    I don't think I will cancel this my gym membership just yet as I go 3 x 2 hour gym swimming sessions a week.
    A one off swim is £3.40 at my local council leisure centre.

    The boiler insurance is something I am thinking about getting shut of.
    It's with British Gas and I think it's too expensive.
    They have been taking the money on a monthly basis but have failed to do a service on the boiler for two years.

    Pensions - not even thinking of these for now. I'm a company scene and it's being contributed to monthly.
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