Crocc's Mortgage Reduction Challenge

chirpchirp

Crocc well done so far!

Can you find an interest rate which will allow you easy access for that 10k. It's really important to have an account which allows you to get to that money whilst still giving you a good return. I use my LLoyds vantage account for this it's a current account which gives a decent return of 4% on balances between 5 and 7 k. They give a tiered interest rate upto this amount and I believe you can have upto 3 accounts. The downside is that you have to put 1k a month in but some people on here do this by recycling the same £1000 between accounts. Even there esaver account gives more than you .1% so it's certainly worth either looking at them or looking at Martin's savings guide.

crocc

Hi Folks,
Hope everyone is well and progressing with their mortgage reduction / mortgage free challenges as planned.
The good news on this weeks update is that I got paid (hurrah) I mentioned in my previous post that it was a case of sitting on my hands a little and taking things easy (spending wise )
I also mentioned that although I was looking to reduce the amount on my mortgage I also wanted to ‘live’ a little as well and I do see this as important. So I had a weekend away in London, what I didn’t realise was how cheaply I had an enjoyable weekend away. I had a great time spending with little money my hotel cost me £35 a night including breakfast, but I could see why and I’m glad I didn’t spend much time in it lol.
I had £91 in my bank account prior to pay day I don’t know how I managed it there was some series juggling of money towards the end of the money.
Anyway since last week I have:

• Paid £2,500 into my Alliance Leicester Premier Direct Account this will pay me 6% depending I pay in £500 a month.
• I have signed up for a suvey company and in a week earned £2. Not a vast amount however I’m thinking when I have £10 in vouchers I can buy my weekly top up shop with it and then put £10 in my mortgage overpayment account.
• I have also paid off £350 off my credit card – which is currently at £2,800. My parents owe me some money so that will help here.
• I got overpaid my £500 in my wages great I thought – however it will need to be paid back at some point. I have put the money in a separate account.
• Paid my council tax – hopefully now I will be on a flat rate for the next 10 months that helps for planning my budget.

Getmore4less asked me what my job is and how do I know that it will only last until Nov 2011. Well (I don’t want to say too much as I know people I work with read this board). I’m an account manager for a software company what sells software / hardware to government. My customers have told me that the product is not the best or cheapest on the market and also due to budgets it might be a case that the product will not be needed as cost savings are more important. A number of my colleagues are reporting hearing the same things from customers. I hope this helps answer your question.

setmefree2

well done on all your progress :T:T:T