10k reduction challenge a year

FunnyRabbit

I have cut down in loads of other areas too, mainly my addiction to Lush, which used to easily cost me £50 a month :eek:, plus other things like takeaways and magazines/newspapers that never get read!

My main expense is my food shopping, my youngest son has some medical problems and has a very restricted diet, at the moment he is living on smoothies and expensive fruit bars and even more expensive ricecakes, so try as I might I can get our food bill to dip below £100 a week (which isnt helped by having two children in nappies)

moneysavermum_2

I think you have to have good food and heating and clothes and transport everything else are extras.

FunnyRabbit

I agree

JohnnyJet

Can I join? I have been looking at some figures and think that I could pay off around 10k. I took out a £135,000 mortgage with £130,000 left and would like it down to £120,000 by the end of the year. I also want to pay it off by 2020.

moneysavermum_2

JohnnyJet wrote: »

Can I join? I have been looking at some figures and think that I could pay off around 10k. I took out a £135,000 mortgage with £130,000 left and would like it down to £120,000 by the end of the year. I also want to pay it off by 2020.

The more the merrier...hope we do pay off the 10k will certainly make a dent in our mortgages.

chirpchirp

I'll be following this thread with interest. As part of the mortgage free in three take 2 challenge I've pledged to clear a huge amount which equates to much more than 10k a year. Good Luck everybody!

tt07

When you talk of paying down 10k over the year is that including the capital repayment as part of the normal monthly payment of a capital repayment mortgage and over payments, or just over payment, would like to clarify before I commit, one I think I can do the other I can't!

moneysavermum_2

yes couldnt possibly find another 1k on top of my 495 regular mortgage payment :rotfl:I upped my regular payment to 1000 starting from february 2010

tt07

Ok that's good and thanks :T
We will give this a go, though our Mortgage doesn't start till later in the month when we move, so will be a month behind but will still aim for 10k

FunnyRabbit

10000 divided by 52 is £192, so thats what we need to be paying a week, either as extra or including your normal mortgage payment.

I am going to knuckle down and start really overpaying this Friday, as my Hubby gets paid weekly.