Get yourself a 'Mortgage Pig'

Willowsbroom

Yes, yes, yes, this is for me. We would love to be mortgage free. I don't have a pig or any other animal but I do have a money box. Which will do, because the money I would use to buy a pig can go into the money box.

I will be saving at least £100 a month, that I can save in a BSoc as we are on a fixed rate mortgage and over paying will incur a fee. Also anything from the "pig" will go into savings.

Great idea, love it. Going now to sort out the "piggy box" Will be back to let folks know any progress, and when I will be mortgage free.

lynseydee

Banked £61.00 today which at the end of the month I will be paying off my credit card instead of my mortgage as I think our mortgage is the type where you can only pay off I think 10% a year. Our piggy is a credit cards/loan piggy at the moment as once the cards and loan are paid off we will be £400.00 a month better off.

kosma1

hi melmcm and willowsbroom, welcome, i am quite new myself to mortgage pig, but found it very inspiring and addictive.

my pig is apaper mache version, so going to keep saving but only smash it open when full, lol

mine to is really/morgage/loans. when i empty it shall see what needs it most, but aim to be doing some regular overpayments on mortgage soon to reduce it

gl ev1 xx

strumpet

Great idea for a mortgage pig, but I asked my mum to buy me a Coin Sorter off Ebay for my birthday.

It's great! Now every night I empty my pockets and but the coins into the top of my coin sorter and press the button. All my coins get sorted and I can see how much I have saved as time goes by. I have called it Odysseus as the Greek character of the same name was known for his guile and resourcefulness.

So far, in the 9 months I have had Odysseus, I have saved £345 towards my mortgage which I took out June 2007 for 35 (OUCH!!!) years. £182 of that was in £2 coins.
I flatly refuse to still be paying the damn thing off when I am 70! Odysseus is gonna be my saviour!

Another thing a friend told me, is that by just asking the Bank to take an extra £10 a month (which might not be missed too much), over the course of a 25 year mortgage, it could save you a couple of years' repayments! He did this saved a packet.

Food for thought!

Happy saving!
Love Strumpet...xxx

kosma1

HI STRUMPET.

Well done with your savings, i really need to get my act together, poor prudence doesnt seem to be getting fed at all, but in my dfence, car borke down again, costing me another £200, and OH decided to go all matrix in the shower and broke it when he landed, ouch!! so in the process of sorting out new bathroom suite (although insurance did help a little towards this)

so it seems, as slowly as i try and save for these kind of emergencies etc, i spend it even quicker

seriously considering getting rid of car, so far this year on what i have spent on it, would probably be cheaper to get bus to work, and thats excluding what i put in for petrol/car tax/insurance etc. (but living up in the hills you really need something)

and yes, no matter how little you overpay, you can reduce a couple of years of mortgage, have you looked at the mortgage calculator? can give you an idea on how many years and how many thousands you might save.

minigirl

This is sheer genius!! I don't have a mortgage (I'm still at home with my parents) but I am saving to buy maybe this next year. I'm definitely getting a Mortgage Pig so I can get a smaller mortgage :j

purplevamp

strumpet wrote: »

Great idea for a mortgage pig, but I asked my mum to buy me a Coin Sorter off Ebay for my birthday.

It's great! Now every night I empty my pockets and but the coins into the top of my coin sorter and press the button. All my coins get sorted and I can see how much I have saved as time goes by.

I've got one and do this too!! Every evening I empty my purse. It's amazing how quickly it fills up. I'm forever counting it and if I need a few pennies to make it up to 50p/£1 I'll get the difference from my hubby.:rotfl: Yesterday I put £32 in my ISA. The week before it was £75:T

I haven't got a mortgage but as you can see from my sig I'm saving for a deposit:rolleyes:

kosma1

purplevamp wrote: »

I haven't got a mortgage but as you can see from my sig I'm saving for a deposit:rolleyes:

DOES THAT MEAN YOU ARE SAVING FOR THE WHOLE HOUSE SO YOU DONT NEED A DEPOSIT? OR ARE YOU BUYING A CASTLE;)

purplevamp

kosma1 wrote: »

DOES THAT MEAN YOU ARE SAVING FOR THE WHOLE HOUSE SO YOU DONT NEED A DEPOSIT? OR ARE YOU BUYING A CASTLE;)

I wish it was a castle! That's just a deposit, but if the house prices drop it may be for a whole house:rotfl:

Move_To_Portugal

Just £5 from my piggy in the last 6 weeks, we've been keeping all our spare money in the bank. We have £8+ from Amazon sales so its another £13 to add to the overpayment.

mtp