2009 MF Wannabe's

wantabetterlife

No 290 checking in. Only £25 paid this month as i am on statutory maternity pay next month:eek:. On the plus side managed to save £145 on car insurance this year and another £40 by paying in one installment. Also have earned £106.50 on quidco this month. Only £125 to reach my target for the year:T. Goodluck everyone

ironman1

Hello,

Reading this site made me realise how important overpaying can be and we started last month. We have (currently) a £100 standing order on top of the mortgage and last month (first time we overpaid) we added another £320 in overpayments.

This month, by the end of the week we should be able to overpay £500 on top of the standing order so that will be £1000 overpaid so far. Wish we started from the first month instead of the 7th but there you go!

Wan to aim to overpay around £2000 overall for 2009 and then do better next year, but who knows what's around the corner!

Moniker

Numenor wrote: »

No extra mortgage overpayments this month (well, not above the £200 I've been overpaying as standard), but I have finally cleared every last penny off my credit cards, so from August I should have some spare each month to start throwing at the mortgage.

Now I just need to decide which of my four empty cards to cancel - but that's a question for another board.

Well done on clearing these debts. When our first daughter was born, 25+ years ago we ran up a £1000 debt on a credit card (not much by today's standards I know) and as a result I had to give up a part -time course I was doing and go back to work - who knows what life might have been like if this hadn't have happened? Credits cards are useful but only if they are under your control and not if they control you! Now we make it a rule to pay off in full every month even if it means raiding our savings, and we are making max overpayments permitted on the mortgage. Hope to be completely debt free by July 2010 - can't wait!

Moniker

ironman1

Can I just ask, who here puts EVERYTHING left over towards mortgage repayments?

The thing is we have around £6500 in savings (Did have about £18k before deposits etc!) and we have just started overpaying, around 6 months into our mortgage. Is there a set amount you pay in? Do you pay in everything you have left each month, do you put some in savings and some towards the mortgage?

Would like to hear peoples views. I know we could have more than £6500 saved but im quite happy with that for now

Lynn11

I have a spreadsheet of our monthly expenditure which includes a set amount of mortgage overpayment as well as money in savings of approx £380 and money put away for xmas £80. I am quite happy to continue to save as well as make regular overpayments. If we have a bad month of spending, I reassess the amounts paid into savings/overpayments but want to be able to live a reasonable life with our family.

belfastgirl23

I'm saving regularly into my ISA as well as OPing. I want to get to a point where I have six months outgoings for both myself and DH in savings before I stop doing this. Currently at three and a half months :rolleyes: and that has taken years Not as if there's any point in one way, my isa interest is so bad now that it's pointless saving into it

Edited to say I also save towards house and car repairs and holidays but I don't really count this as saving since it's just spreading the cost of spending over the year

belfastgirl23

Oh this thread has been quiet for a few days - my turn again just reporting in my July OPs. The usual £305 has gone by DD but....

My fixed rate finally ended and monthly payments have dropped by £330 :T:T so I was able to OP that as well. I'm not going to count it in my yearly totals for now because I want to see if I can get to my original £3k target without this added bonus. But I will report on it fully at the end of the year.

So my OP for this month is officially £305 but (keep it under your hat ) it's really £635..ssh

It's lovely to feel you're able to make a more substantial payment

Little_Mama

No 241 reporting in.

A bit less this month.....£669.60 but that still get us to £5454 OP since 2/2/09 :j

Will be the basic next month (term time work & extra days out) I think, unless TCB come in with a few confirmed payments.

Well done to everyone :T

LM

fluffysox

Hello all,
MFW #104 Just updating for July!
Well, I had said I was only going to make my basic £160 overpayment this month, but I got some pay and expenses through I've been waiting for for a while, so I decided to put that as OP too- since I've already got enough cash for the summer. Also have £20 from Halifax Rewards Accounts. Then I noticed that I was very close to another milestone with the mortgage (getting below £90000) so I rounded the figure up by an extra £80- couldn't resist my mortgage debt starting with an 8 instead of a 9:D.
2009 Overpay Target £6000/£10182.75/£798(July) :beer:
So I'm feeling mightily pleased. Well done to all those people this month who've posted their successes, small and large on here- it all counts!:T
fluffysox xx

elliemoo

No 172 checking in £200 op for July. Target for year £1200, paid to date £1400.

Keep it going everyone.