MF Wannabe - Target 7 Years (Before Sept 2016)

afsha

Congrats please keep updating i'll be following your progress. Im looking to do the same if you have any ideas on how to reduce please post.

setmefree2

MF_IN_7YRS wrote: »

Updated figures in my Signature now.

MFi7 I can't see your signature

MF_IN_7YRS

Yeah me too wondering about signature..The signature is saved and the checkbox is clicked to 'Show your signture'..Am I missing something...
Anyways will try to fix this in free time..
Not much has happened in last few days except me buying a Diesel car and getting it ready (Tax, Insurance, Valeting etc). Haven't started driving it to work yet means losing money everyday for not using it. And dont know what average I'll be getting. As per the car trader the 307 cars can do 90 miles in 10 pounds. To let you all know I haven't yet made a overpayment against my mortgage yet. There is lot happening at my end and lots of expenses involved. But I am not worried too much as of now as the interest rates are not that high. The savings will be high when the interest rate is high. But the plan now is to make an overpayment in the month of September even if it is a minimal amount.

Zeddy

Your signature is working now. Even just a small overpayment will make a difference.

Good luck with the car, I've got to buy a new one by the end of the month and I'm really finding chosing one, chosing how to finance it and finding out how much money it'll eat quite overwhelming.

setmefree2

Yup I can see it too

MF_IN_7YRS

Hi Zeddy I know its a difficult decision to make to go for a new(or used) car. I was thinking of all the aditional costs like Insurance, Tax, MOT, wear and tear repairs, servicing etc. In my case I knew I wont be getting the benefits staraightway but in the longer run I guess and I hope it will help. And yes I'll definitely make an overpayment this month. Will update the figures in my signature after that. My expenses in last few days are as follows :
- Bought a car - £2350,
- Car Insurance - £368 (made a one off payment to save interest)
- Gas and Electricity bills - £210
- Car valeting - £60 (could have saved this by doing it myself but better get it done by professional once.)
And now have to pay for car tax tomorrow. Was wondering if I made a right choice by buying another car but keeping my mind clear from calculations now and will see the result in coming months.

The areas where I am saving (or planning to) are:
- Use as little electricity & gas as possible. Hopefully this summer will last few more weeks.
- Stopped eating lunch outside. My average spending is just £2 every working day but even trying to save that by having home cooked lunch.
- Reduced my alcohol consumption. It was a definite pint every day before and more on weekends but now its like 3-4 pints a week. Can I reduce this further? Difficult but will try.

gallygirl

Welcome :beer:

If those calculators don't show what you want try www.whatsthecost.com and click on snowball. You can put in mortgage debt and fiddle about with payments sizes till your hearts content to see how much you need to pay to reach your target date.

It doesn't take into account 1 off payments. If you are really sad and would like to measure the impact of one-off payments of £7.23 etc I have a spreadsheet I'm happy to send if you PM me your email address.

Good luck :T

Move_To_Portugal

Good Luck

alfiesmum

As you spend so much on petrol/diesel make sure you're buying it with a cash back credit card, or Tesco card or similar. You'll have enough in points to buy everyones Christmas pressies!!

And my favourite calculator is this one: http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

It's actually dollars I think but that makes no difference to the calculations. It shows you what your balance would be every month after an overpayment. So it would tell you what your outstanding balance would be on the dreaded 40th birthday month too!

Best of luck with it all - you're doing great so far, well done!

alfiesmum
xx

Jonbvn

MFin7,

I would suggest that you fill up your cash ISA's before you overpay your mortgage, given that your mtg interest rate is only 2.5%. Most decent cash ISA's are paying 3%+.

Note that the cash ISA limit is increasing to £5.1k from next April.