Get yourself a 'Mortgage Pig'

Paulxo

Very surprising how it adds up!

I disciplined myself to save money in two areas - buying lunch from shops and buying wine in the evening.

Every time I felt like either of these I put £5 in the pig!

(Naturally this relaxed over Christmas....but have started again!!!):T

kiwi88_2

Hi everyone just a quick update

I have just taken a big step in paying off the morgage early. I have set up a standing order for £150 each month to be paid into the morgage account This is over and above any extra that Percy is eating and that we can save by grocery challenging (which seems to be a saving of about £150 a month)

So each month now we are paying off, on average, £250 :T No my maths isn't that bad I'm just allowing the extra £50 difference to be "usable" as an emergency fund.

This is saving us £39,674.05 in interest and we will pay it off in 13 yrs instead of 23 :T :T

Edit just had letter re interest rate change so interest saved will be £43,689.94, funny though still 13yrs !

pigpen

I am paying off my other debts first then hitting the mortgage.. we are on a fixed rate for another 3.5 years so it shoul dbe ok until then.. at which point we will remortgage with another fixed rate term and hopefully with the same company as they have been great (chelsea) we have 24 years left to run so won't lose 'that' much not in terms of what we owe out on the whole.. I am aiming to be every other debt free ASAP.. and worked out IF my husband gets a good enough pay rise that we can afford food with his extra money we can have the majority paid off by the end of this years.. practically 1 debt a month!!!!!! with minimum payments made to everyone else.. I think that is a fantastic achievement.

Here goes challenge of a life time.. the weird thing is I find myself living from payday to payday getting really excited about paying bills.. I am starting to think I am sick in the head lol.

kiwi88_2

pigpen wrote:

I am paying off my other debts first then hitting the mortgage.. we are on a fixed rate for another 3.5 years so it shoul dbe ok until then.. at which point we will remortgage with another fixed rate term and hopefully with the same company as they have been great (chelsea) we have 24 years left to run so won't lose 'that' much not in terms of what we owe out on the whole...

Wow Pigpen one debt a month that would be fantastic :T If you don't mind me asking will that make you completely debt free except for the morgage?

Our morgage is variable rate and has 22yrs to run but I'm amazed at the difference my overpaying is going to make. Will you still be morgage piggying while debt busting?

We have two overdrafts and one credit card. The wages from my part-time job are going towards the overdrafts and the credit card is hubby's so he is paying just the minimum at the moment :eek: Obviously once I pay the overdrafts off I will try to pay towards the card but he's a bit stubborn and would rather see the morgage reduced even though it has the lower interest :mad: I do try but progress can be slow :rotfl:

pigpen

We have a student loan which I intend to have paid off by april 2008 (£3k near enough) and a bank loan (£7k) which I am hoping to be rid of by the end of 2008. I also have an overdraft (£3k) which is not included in that.. altogether that is about another £13k.. which I guess is half of what we owe now and half my husbands annual income.. thankfully we are used to living on fresh air and freezer scrapings. The overdraft I hope to clear with the money back from the claim back we have on the bank charges (6k ish).. so in effect they will give me the money to give back to them in payment of the overdraft.. so the money will standstill and it will be a 'virtual transaction' nothing will exchange hands but so long as it gets rid of that £3k I'm pleased.

The money collected in my mortgage piggy is going in my account and being paid off the next debt on the list.. right now it is my 'ace' catalogue.. That is to be gone by the end of this month. But I collected £98 last month in my piggy and so far this month I 'think' I have more.. I daren't count it just yet lol

At the moment I am only allowed £120 overpayment a YEAR!! I thought it was £1200 but I checked and it isn't and I actually pay a few pound each month as I round the payment up to the nearest £100. After the fixed rate term we can pay off as much as we like by which time everyone else will be paid off and I'll be able to devote my pennies to the cause.

In the meantime I am staying here as it is a wonderful encouragement to continue saving those pennies and pay off all the rest of the debts.

gallygirl

pigpen wrote:

Here goes challenge of a life time.. the weird thing is I find myself living from payday to payday getting really excited about paying bills.. I am starting to think I am sick in the head lol.

That's OK, you're in good company here......



Welcome newcomers!!!!!! Plus your various saving receptacles......

kiwi88_2

£120 a year that sucks :eek: However all the more to go towards the rest :rotfl: Fingers crossed for you with the bank charges as that's a good % of your debt gone.

Our non morgage debt totals about £10k the overdrafts only £2600 of that.
So I'm trying to get them clear first as they're the easiest and cheapest to clear. Hubbies card will have to wait until then. I have tried to make him become a credit card tart but he's not organised enough to do it and won't let me sort it out either so I'm trying to get him to swap to a life balance as per Martins advice but oooh :wall:

I know what you mean about staying right here it makes all the difference doesn't it

:rotfl: fresh air and freezer scrapings :rotfl:

comping_cat

Well done, and good luck pigpen, sounds a brilliant plan, and im sure you can make it!!!!
I do have non - mortgage debts, but my loan has an early redemption charge, so im tackling the small ones (hope to be paid off in the next 2 months completely) and then, rather than clearing the loan, will plough anything into my mortgage (unlimited overpayments for me). Was doing well with my mortgage pig until October last year, when i had a few unexpected extra bills come in, but should be back on track soon!!!!

nooksky

Hi,

Have just read this post for the first and and thought what an excellent idea!!
As me and my partner have a take out once a week maybe this will stop us and put the money into the piggy and pay off the mortgage.
We already pay off £100 extra a month but this would add a lot more too it.

Im looking forward to getting a piggy to fill its belly up.

:T

amyandoli

weve started a mortgage handbag! pretty savings! just over £10 since jan 2007, yay! money i save on deals is going in, and money saved on mag subscriptions. the take away money is a great idea, im with you on that:beer: