2009 MF Wannabe's

SmileyG_2

cheeryoleary wrote: »

Bored and seem to have overestimated my fuel spend this month so overpayed £15.55 so that I could post here ;-)

Playing with numbers and realising that when I'm MF, the net result will be a 100% pay rise. Sweet.

...... and a glass of excellent claret awaits!

SmileyG

cha97michelle

Hello everyone

I would like to join you if i may. I have been trying to overpay my mortgage since we took it out 5 years ago. We had a couple of good years at it, but then we got married and had 2 kids in the past 21/2 years, so the 2 years off work has hampered our efforts somewhat.

I am due to go back to work though at the end of March, and we also swap from a 4.99% fixed rate to a 3% tracker on the 1st of April, with unlimited capacity to overpay if we have the funds.

So far we have reduced the mortgage by nearly 18,000 over 5 years. I have overpaid this year so far two lots of £54 (by keeping the payment at the same level after an overpayment would have reduced it), and would like to pay a minimum of £2000. We also have other financial goals such as paying some more into our savings and ISA's as they have been hit heavily by my time off work, and also some for the kids child trust funds if we can.

I can see reading how you are all managing it will inspire me. I have already worked out how to monitor my mortgage online, and they are adding about £7.50 a day interest. I have just set aside £50 now to pay in on the 1/04 when our rate changes as we can't overpay this month, and can't wait to get started.

Michelle

zavarony

Louba wrote: »

Hi - is it too late to join? I've been reading for ages but haven't got round to posting yet. I've recently accepted a new job with an increase in salary so I'm looking to put all of the increase into reducing my mortgage.
From May I'm aiming for monthly overpayments of £999 - this is the most I can make a month without charge. I'm also aiming for £18k in savings by April next year which I'll pay to the mortgage when my fixed term ends in April 2010 - this would take it from £160000 now to £120000 in April next year if I'm really good!
Thanks and good luck to everyone already signed up!

HI LOUBA & CHA97MICHELLE - Just want to officially welcome you to the thread - you'll find loads of inspiration and motivation on here - we all want the same thing and thats to get rid of the mortgage asap:rolleyes: :rolleyes: :rolleyes:

So keep posting and PM'ing each month and if you dont mind, add your number from the first post onto your signature or even onto your PM's so I can find you - theres so many of us now its takes me ages otherwise :rotfl:

anyway - GOOD LUCK
Zav

zavarony

2latenow wrote: »

Now the end-of-tax-year quandry ... to fill my ISA (& re-invest 5k of Ex-icesave ISA) or to take it off the mortgage.... ? Hmm..

Which one saves/earns the most???

zavarony

fluffysox wrote: »

:mad: Stressed out with my OH today he keeps spending money on ebay etc, far more than he realised so I itemised his statements over past couple of months to show him how much. He was totally shocked. How? anyway I have suggested an ebay ban and cash withdrawals monthly for spending money. Hopefully this will work- its really frustrating when I've been trying so hard to save money.:mad:

Good luck for March everyone!

My OH does this - only he just goes to the cash point and withdraws £50 wothout a second thought! I try so hard to squirrel away everything I can and I dont think he realises how much and how often he does it, we had a spending diary last year when I had the LBM and that was when he realised but its slowly creeping back up again!!!! :mad:

cira9teen7tee

Thanks SmileyG,

My debts don't have any interest being added now, they've gone through the courts & are charges on my house, which really frightened me at the time. One is a legitimate Council Staying put loan.

So is it worth me paying the interest on my mortgage that is add on each month aswell as my regular payment?

The only reason I can't get credit is because I've been so rubbish with money & have been in debt! I am glad about it most of the time but I'm looking to starting my own business so need to sort out my credit rating. I have a lot of equity in my house & feel trapped until I can get credit.

zavarony

Evenng all,

Our totals are creeping up and up and up - everytime I get back on here theres loads of exiting PM's to update :j I cant wait until the £1mill is achieved.

On a personal note, we are definately moving house, ours is up on the market and it looks like we need 40K extra for the house we are hoping to buy :eek: I know I've said it before but it totally goes against the grain, I have however as a compromise allowed for OP'ing from the off!!!

I'm just hearing that maybe there will be interest rate cuts again - for me that would be fab, down to 1.19%!!!! would help us with the remortgage anyway.

Just want to say a big THANKS to SmileyG for welcoming our newbies - I'm not able to get on here quite so much at the mo as Ive just gone Full time, have a college course on the go and those along with the DS, DD and DH take up loads of time, but I couldnt be without the thread as I find it keeps me on the straight and narrow, just bear with me and I will update the totals as soon as I can

GOOD LUCK once again to all and keep up the fab work :grouphug:
Zav

zavarony

cira9teen7tee wrote: »

Thanks SmileyG,

My debts don't have any interest being added now, they've gone through the courts & are charges on my house, which really frightened me at the time. One is a legitimate Council Staying put loan.

So is it worth me paying the interest on my mortgage that is add on each month aswell as my regular payment?

The only reason I can't get credit is because I've been so rubbish with money & have been in debt! I am glad about it most of the time but I'm looking to starting my own business so need to sort out my credit rating. I have a lot of equity in my house & feel trapped until I can get credit.

Hiya cira - I'm no expert either but my opinion is this

if you are on a payment plan for your debts that is fixed and you are managing to stick to and do have some spare cash available at the end of each month then why not set up a minimum standing order each month - even just a small amount to start with, as it will have a huge affect long term on your mortgage.

I have a sealed pot (as do quite a few others on here) that we stick 'spare' cash in and count up and pay off every month/quarter/year - depending how often you want to count and pay it off.

by the way - I really wish I didnt have a credit card - there are many of us find ourselves on here in the first place because of our lack of control of our money and the need to find a way out of it - you have taken the most important step by accepting that you have the debts, and facing up to them - so for that you deserve a HUGE WELL DONE :j :j :j

as Smiley said, even if you decide you dont want to officially 'join' keep posting and reading, if you do want to join, let me know and I will add you - you could always set yourself a target of £100 for the year (£10 for each remaining month) to start with and reassess it later if you want to ???

ZAV

cira9teen7tee

Hi zav & thank you,

Yes I'd love to join in, saving & paying my debts as fast as I used to spend it is my new obsession!

I don't want to over stretch myself & find it too hard, I have done a budget & soa but I work freelance & have top-up benefits so my income is varied so as a worse case sanario, on my lowest pay that month I'm gonna aim for paying off the interest on top of my regular payments which at the moment is roughly £25 a month (I know this may not seem a lot but my income is very low too, I'm looking for permanent work).

I can't begin to explain how much better I feel. About 2 weeks ago I got a friend to help my call all my creditors & set up dd, help me sort out a budget etc. So while on a role I found this web site, compared my insurances etc and all of a sudden things don't seem half as bad. I still have a long way to go but I've gone from not answering the phone, not opening mail, taking pot luck at the cash point to the realality of possibly being debt & mortgage free in 7 years.

I now want to claim back bank charges and sort my credit rating & be able to look into opening my own business.

Thanks for all the inspiration & support, well done to everyone taking control of their finances, rather than the other way around & maybe most importantly go for it all those at their light bulb moment, it isn't always easy & it is scarey but it's also possible.

glitterball

No 239

Just popping in to declare my March OP £3500/£987.92/£1593.32 I am on target and praying that the intrest rates will stay low till after August when I come off one of my fixes

I'm just so impressed how well we are all doing
GB