£161,044.25 reasons to be mortgage free

wantabetterlife

Thanks Michelle, yeah i am hoping with the four days it will be easier to cope. Short week this week due to the bank holiday so only have three days to do :j:j
Mortgage payment comes out tomorrow and i cannot wait to update my signature. Me and OH had a good chat the other night and both of said we would try really hard this year to get the car loan and my student loan paid off which would be almost 8k in total :eek:, but would leave us with £250 per month more disposable income that we could then throw at the mortgage
Also found out that i will be getting approximately 4k a year payrise after christmas :j
Cannot believe it is almost september!

wantabetterlife

Hi everyone...have just checked the mortgage online and the balance has been updated and is now £139190 so £477 has come off the capital this month :j...next month we will be in the 138s!!!

Daily interest is now £17.60

wantabetterlife

After this months payment has cleared the balance is now £138658 so £532 has been paid off the capital :j:j.
We havent made any extra overpayments recently except the £7 i paid off last night as i cut OH's hair for him. We are trying to get organised for christmas and i have got a few really good deals off the grabbit board
Am also going to try really hard to keep the groceries, alcohol and nappies under £300 this month, i am starting yesterday as thats when i got paid..£63 spent so far

Peonie

Wow, did you make extra overpayments earlier in the month? Our capital only increases by 80p per month.

wantabetterlife

Hi Peonie...apologies for the late reply i just noticed your post. No we didnt make any extra o/ps throughout the month. It depends on how many days are in the month how much capital will come off. for example if there are 31 days in the month there is two days more interest charged rather than if there was 29 days in the month IYSWIM...confusing i know. Basically the amount of capital that is paid off in any one month can vary by 50-100 pounds especially if the balance isnt updated till after the weekend bacause then saturday and sundays interest is added on aswell. But as a rule we pay approximately £2 less interest every month if you were to assume that all months have the same days. Hope that explains things

Have ten items listed on ebay with 6 days to run...no bids but a few watchers so fingers crossed. Not a lot planned for the weekend just watching xfactor later with a bottle of wine

wantabetterlife

Just a little update...sold quite a bit on ebay and still have £70 in the paypal account...mostly childrens clothes, which will free up a bit of much needed storage!
Mortgage comes out on friday and i cant wait to update my signature and its payday 2moro :j
Have done the money shifting for the ten pound halifax rewards...i think i am going to use one of these accounts to put £200 per month in that will cover all the annual bills such as house insurance, mot etc. At the minute we have no system and things are not really budgeted for, so some months it can be really tight depending on what needs paid. I think the best thing to do is to transfer the CBenefit money in their when it is paid.
Have done quite a bit of xmas shopping already so hopefully shouldnt have to spend too much more.

cha97michelle

wantabetterlife wrote: »

Just a little update...sold quite a bit on ebay and still have £70 in the paypal account...mostly childrens clothes, which will free up a bit of much needed storage!
Mortgage comes out on friday and i cant wait to update my signature and its payday 2moro :j
Have done the money shifting for the ten pound halifax rewards...i think i am going to use one of these accounts to put £200 per month in that will cover all the annual bills such as house insurance, mot etc. At the minute we have no system and things are not really budgeted for, so some months it can be really tight depending on what needs paid. I think the best thing to do is to transfer the CBenefit money in their when it is paid.
Have done quite a bit of xmas shopping already so hopefully shouldnt have to spend too much more.

You sound at the place I was about a year ago. All this year I have had seperate accounts in ING for stuff like the vets, hols, christmas, car stuff, and it does really work once you have a couple of months behind you. Otherwise, I was overpaying all thinking it was spare, and then having some really hard months.

wantabetterlife

Thanks michelle...that describes us to a tea, and it is really starting to get on my nerves. I have already transferred this months £200...just have to forget about it now and not dip into it!!!

Peonie

For the annual bills why don't you get a current or savings account that pays interest. Once you have transferred the £1000 out of the Halifax account it could go into another account like L-TSB current account with vantage, it also requires £1000 to be paid in each month. The interest would be small but it's better than nothing.

wantabetterlife

Hi Peonie, thanks for your post, that will be on my "to do" list, may aswell get a few extra pence if i can.
The mortgage payment has cleared and the new balance is £138127 so £531 has cleared off the capital which is roughly half of the monthly payment (£1070)....we are still paying sooo much interest it is depressing :mad::mad:
Might do a bit of ebaying this weekend as its free listing...just need to motivate myself!
Have a good weekend everyone