10k reduction challenge a year

moneysavermum_2

I have a 100k mortgage with 21 years remaining . I wondered if anyone wanted to join me on the goal of reducing my mortgage by 10k a year. I am a single parent with 3 young children aged 10,9,3. House bought in oct 2006 £196,000

:beer:mortgage free wannabee b/l £99906.67 jan 2010 interest £61.78 month. Payments £1000

aim to reduce mortgage to £90000 by jan 2011:joverall aim to be mortgage free by 2020 when youngest is 14

then can enjoy 4 years till have to pay ex his 27k out of house. Also would love an extension to put an extra

bedroom on and new kitchen, new ensuite, conservatory, garden designed, new car, holiday list is endless but for

now will dream or maybe just live debt/mortgage free and have time to help my kids and others.

DisgruntledGoat

I'm in - getting at least £10k of real reduction is my target this year too. Left to itself our normal payments will only bring the actual amount outstanding by about £6-7k, so i'm looking to find another £4k in overpayments.

moneysavermum_2

Im going to find it hard , should be paying £475 but as im on the bmr 2.5% I am trying to get some cleared. I am having to restrain my spending to keep to this and have already cancelled a few cheap marks and spencers grabbits but figure i need to stay focussed on what we need not always what we want.

But the grabbit thread is my downfall.dont have much debt £950 on amazon 0%, £1550 barclaycard 0% until oct pay £136 and barclayloan £690 ends may 2010 (pay £186 month ends may 2010)

FunnyRabbit

Can I join you

My mortgage is £120.699 and I originally hoped to reduce it to £110,000 by the end of 2012, but I would like to make my aim a bit higher, and £10k this year seems like a good targer to work for

moneysavermum_2

I am quite sad really have cancelled my home phone with bt and broadband (£39 a month) will have to rely on my payg mobile. Also was hoping to get rid of sky when my contracts finished in oct but kids love it. so sick of spongebob though.

Trying to free up money to overpay mortgage.

firesidemaid

what are your mortgage rates? if they are low it may make sense to put money away in a higher interest fixed-term bond?

OP, it looks like you are paying approx. 0.75% on your mortgage? you could get 4% after tax x

FunnyRabbit

At the moment mine is 2.99% - however I am not a good saver and so I overpay what I have when I have it, otherwise I spend it.

NJE - Have you thought about buyng sone Spongebob DVD's? They are going really cheap on Amazon at the moment. My eldest son is a massive fan so I have picked up some for his birthday and some were less than £3 each. I have just cancelled our multi-room subscription which will save me £20 a month.

moneysavermum_2

I am on nationwide base rate of 2.5%. I have a barclays tax haven isa not too sure what percentage it is? i use that for my very minimal emergency fund (which would last me 2 mins currently £413

moneysavermum_2

FunnyRabbit wrote: »

At the moment mine is 2.99% - however I am not a good saver and so I overpay what I have when I have it, otherwise I spend it.

NJE - Have you thought about buyng sone Spongebob DVD's? They are going really cheap on Amazon at the moment. My eldest son is a massive fan so I have picked up some for his birthday and some were less than 3 each. I have just cancelled our multi-room subscription which will save me £20 a month.

your so right, i used to only buy dvds but have a brain wave and then subscri=bed to sky, as i wasnt digital. I now have a digital tv and find sky good but a waste of money for us cos we only watch the childrens programs. I also pay £10 for the hd which i dont notice the difference. I am locked into a contract now till oct 2010 at £47 a month (ouch)

FunnyRabbit

I too find sky a waste - we dont watch many channels at all apart from those I could get on freeview, but my hubby loves the sport channels (and to be fair he watches them alot). I pay Sky £50 a month now which includes the broadband, but its still a real expense.

moneysavermum_2

FunnyRabbit wrote: »

I too find sky a waste - we dont watch many channels at all apart from those I could get on freeview, but my hubby loves the sport channels (and to be fair he watches them alot). I pay Sky £50 a month now which includes the broadband, but its still a real expense.

I suppose if they use it we would class this as their entertainment and keeps them all quiet yippee .....so in that respect can justify the expense but i would rather pay it off my mortgage cos i just want to live inmy own house forever, cheaply as i can, so i can help others. At the moment i am in the thick of it having 3 kids on my own and i find it hard to get all 3 ready to go out to school/childcare and me off to work especially in the winter....so not going to waste my money i earn.