Get yourself a 'Mortgage Pig'

tattycath

djbd1973 wrote: »

Just an extra thing - I stopped buying sandwiches off the sandwich chap at work and although I don't come home with change from that anymore to put in my money box I technically save approx £2 a day or £40ish a month.

I've just gotta keep the sandwiches interesting though.

Well done with the sandwich savings djbd-everything helps. Last month I managed to save £80 in my mortgage pig. I opened a savings account a couple of months ago and am trying to save in that too. When I have a substantial amount and the opportunity I am going to make extra payments on the mortgage. Good news that the base rate has gone down slightly!!!! This last month has been so mad and extremely stressful!!!!! and we're supposed to be saving and organising a wedding too!!! (for some time in 2008-before I turn 40!! lol)

ecoelle

Hello all
Have never posted before so be kind.
I was wodering if anyone had any top tips. I recently dropped my hours from full time to part time due to illness and my partner got made redundant 3 weeks later. I am desperate to save money and am doing well in the short term but want to start planning for the future. Where do i begin with planning how much to over pay the mortgage and does anyone else worry about overpaying their mortgage then suddenly needing cash for an emergency?

Where do i begin?

Karmacat

Hi ecoelle

Welcome to mse - my top tip is to go to the separate board about making extra money - its titled "up your income" - you'll see it if you go to the main forum board. Good luck, and keep on posting.

PS - in the sidebar to the right, which is on every page of mse, there's a bit entitled "ones not to miss" - and partway down is an article entitled "boost your income" - check that out too, its really good.

djbd1973

ecoelle wrote: »

Hello all
Have never posted before so be kind.
I was wodering if anyone had any top tips. I recently dropped my hours from full time to part time due to illness and my partner got made redundant 3 weeks later. I am desperate to save money and am doing well in the short term but want to start planning for the future. Where do i begin with planning how much to over pay the mortgage and does anyone else worry about overpaying their mortgage then suddenly needing cash for an emergency?

Where do i begin?

Hi Ecoelle,

There is also Martins Money Makeover to check out -

http://www.moneysavingexpert.com/protect/money-help

Regards
djbd1973

ecoelle

Thanks you guys i'm off to check both those bits of the site, i'll keep you updated on progress.

Pisces

I've been reading this thread on and off for ages, but have never posted here. I actually started our mortgage pig about six months ago, and we had our mortgage statement a few weeks ago.

We managed to pay about £300 off the capital of our mortgage. I know it's not loads, but I feel quite proud to have done it - and I owe all you inspirational people a massive thanks for giving me the nudge I needed to start and continue with it.

Thanks to you all to the tune of a good few thousand pounds saved in interest (over the lifetime of our mortgage because of our overpayments)!

tattycath

Hi Pisces. Well done for your overpayments. I am pleased you find these threads helpful. I find them very inspiring too and am saving up to make overpayments on our mortgage. I am also in the grocery challenge-I started last month-it's amazing how much can be saved on one thing to put towards another!!! Continued good luck in you debt free quest. I don't know how big your mortgage is but we have a mountain to climb as ours is a few K short of £100,000!!!!!:eek:

Pisces

Thanks Tattycath, I won't go into the details on our mortgage but believe me, our mountain is bigger than yours! It can feel endless, but these threads always make me feel inspired - and every little amount paid off really does make a difference in the long term.

Good luck with the grocery challenge - have you discovered Aldi/Netto/Lidl yet? It's amazing how much you can save by cutting back on even just a few things - especially over Christmas!

tattycath

Hi all. Well I've just been trying to work it out and I have calculated roughly from the amount we pay a month to the amount that actually comes off the capital. If we can make the equivalent to 2 extra full monthly mortgage payments in a year we will have paid off roughly 3 times what we would have paid off without extra payments. Not sure hopw that would effect the mortgage long term-apart from that it will come down quicker, but not sure what the overall effect will be i.e how much we will save. It's pretty scary really when you consider all the peripheral amounts we waste without noticing, it really puts it into perspective. Hope this doesn't sound like mad ramblings and that it makes sense to you all???!!!
Pisces, I hope you didn't think I was trying to pry-that was not my intention at all, good luck with climbing your mountain!!!

Frugaldom

Hello to all - I can't believe how much money has been spent, in total, by this thread, on pigs

Why not join us DIY pig-owners and have one like this instead? :rotfl:

Meet 'Phil the Pig' and if you don't like this for an idea, how about having... a 'Cash Cow'?