Have taken big step...

skintchick

I have decided to bite the bullet and set up a monthly overpayment to my mortgage. It's only £150 right now, but it's a start (my New year's Resolution). :snow_grin

As my car loan is 0%, and I can't cut my outgoings any more without giving up my piano lessons as it's the only thing left to axe, and I refuse to do that, I had to do something else Moneysaving!!

Because with my lodger I actually do have enough money, but I am too stingy now to spend it!! :rotfl:

2006 is going to be the first year I have no credit card debt, enough money for my big bills like car insurance, and will be slashing the mortgage!! :beer:

Thanks MSE!!!

nearlyrich

Fab news SK it's amazing how much difference it makes.

Hope everyone has made their moneysaving resolutions for 2006:xmassmile

saverio

inspirational... good on you...

Petal_3

Well done Skintchick! I'm planning to overpay my mortgage too - unfortunately I have c/card debt at the mo (all at 3.9% LOB thanks to this site) - so will have to wait until that's cleared. I find I'm reviewing my finances almost everday....there's nothing I can change now, I've done every bit of money saving I can do - but I still expect to see the figures reducing...somehow. I think I'm becoming obsessed.....

x

*Sparkle*_3

Well done!!

I wish i was in the same position too, maybe someday soon.
I want to make lots of changes for next year and hearing you say that is very inspiring!
Thanks
x

skintchick

It scares me a bit cos without my lodger I don't have enough to live on, and part of me just wants to save it away, but while she is with me then I will do it, and hopefully by Feb 2007 when my car loan is paid off I will be able to throw that at it as well. I know it is better to pay off debts rather than save, so that's the plan. After all, a mortgage is a debt too.

Nice to have inspired people - I never feel very inspiring!

ms_london

Well done skintchick, thats excellent news!!!

You are doing ever so well, especially since you dont HAVE to overpay your mortgage, but it is the sensible thing to do.!!

Well done xx

skintchick

I've just looked back over my posts since I joined this site in Augaust, and I cannot believe how much my attitude has changed.

Then, I said I wouldn;t have a lodger, wouldn't work Saturdays, had no way out, etc.

Now: I have a lodger! I work at least two Saturdays a month! I can see the way out!

Am actually feeling all emotional seeing how much love and support you guys have given me - you really did save me when I thought there was no point in living.

Good luck everyone else! We can do it!!!!

Kevicho

Congrats on that, thats what i want to be saying next december (well before then)

Is overpaying the mortgage the best thing to do in regards to making/saving money?

Not an expert (i prob am wrong) but if theres some savings account out there that pays more back will that be more beneficial?

God ive got lots to learn

skintchick

Oh no, far better to overpay the mortgage when you do the snowball calculator. If I manage to get it to £200 overpay a month I will be free of the whole thing in ten years!!!

I am saving £150 towards the big bills including a little holiday, plus £50 as actual savings, on top of all else.

Ooh! just realised I didn't include my Saturday job money - about £160 a month after tax, etc!! I'm rich!

tattooed_lady

Wow, SK, good work! :beer:

I will changing my mortgage in March to a better deal but will opt for a 2 year fixed rate as their is defo no extra dosh to chuck at mortgage - too many things I need to save for, most importantly decorating my sons' bedroom which is in a right state!

Maybe in a couple of years (please God) their will be extra cash to pay more towards mortgage!

xx