Any Single MFWs?

pammyj74

Another singleton here, been single for four years but only been OPing just over a year. im a single mum of three but i do little extras here and there and am very very frugal! love a bargain!

have knocked 9 years off my mortgage so far and have 12 years left and just over 80k to pay. would love to knock another 3 years off at least.

Luv2Budget

Hi Curlygirl,

I am on quite a good salary, so I can overpay a few hundred every month. Also I have no other debts, so that definitely helps. I also have around 6 months emergency savings. Although my mortgage rate is higher than my mortgage rate, I save a small amount as well as overpay every month.

My tip is I always shop around for all my insurances, car, home etc, to try and get the best deal. Also take sandwiches to work, as I work in the City, so to buy lunch there is too expensive!

Your doing very well so far so need to beat yourself up about it! it doesn't matter if you pay your mortgage 5 or 10 years early, you will be saving lots of interest. Good luck!

chirpchirp

Curlygirl, at the moment you're paying 6% of your salary off. This year you will probably get a payrise, if you keep to the same budget and pay the extra take home money off the mortgage you will increase what you pay but won't notice not having this money. If you do this with each payrise you will won't notice the difference.

When you buy your insurance, shop around make sure it's cheaper than last year and pay the difference. Perhaps challenge yourself to a week of not having a regular treat eg a posh coffee or a magazine. Do this once a month, put it in your piggy bank and pay it off at the end of the year. Another idea maybe to have a "piggy bank" and put your loose change in each evening. When it is full pay it off the mortgage. I find it much harder to break into a note than to use coins in my purse! My best no spend is to only take my card with me, I try not to take out cash that way I'm unlikley to pop into shops for one item or less.

Queen-Bee_2

Hello,
Just checking in to say that I am another MFW doing the business on my own. Sometimes it seems like a bit of a solitary journey, which is why I value the support and companionship on this board (plus everyone is really nice here... ) I worked out recently that with £47.5k owing, I now own just over 92% of my house outright. The last part of the journey is going to be the toughest, but hopefully, the end is at least in sight,
QB

pammyj74

I love all the support you get on here and the ideas too, I would not be able to do this without the great info and friends here

I only own 33% lol I will be getting very impatient towards the end!!

ally18

Hi pammyj74,

I'm the same as you, single 3 kids. How do you manage? My monthly budget is worked out to the penny so I can't afford to overspend on anything.

How do you work out how many years you have knocked off as well?

A

george_jetson

Queen-Bee wrote: »

The last part of the journey is going to be the toughest, but hopefully, the end is at least in sight,
QB

You're on the final lap now, it's gets easier from now on. Keep it up!

Queen-Bee_2

george_jetson wrote: »

You're on the final lap now, it's gets easier from now on. Keep it up!

Thanks George - and congratulations on clearing your own mortgage!!

The last lap is hard for me, because I am studying for an MA at the moment, and taking a break from work . Hence lots of money saving measures and careful management of my savings to make overpayments...
QB

Adem_3

I'm not single but live alone and only bought my house a year ago. I've got £82500 left to repay over the next 29 years.

I would love to be able to overpay but at the moment there isn't much left at the end of the month but looking at the examples in this section has shown that it is possible and I'll do my best to overpay if I can.

Good luck everyone.

MarieAAP

I was a single MF until 3 yrs ago. During those previous years, I managed to get the mortgage from 15 to 7, so not bad.

And now its 4 1/5, it certainly does help having a 2nd income though.

I was also admittedly on alot of contract work varying from 10 days to 9mths for both secretarial and library work. So my salary varied between 13 to 27 :P At 13, my income was too low for my expenditure (just after leaving uni). And at 27k, I went to china and visited mum, and paid a big chunk of the mortgage too during that period. Now I am stable in a blah medish paid job, its £120 OP / mth plus any MS work I can get. Mind u it cld be more, it it wasnt for the wedding, new car, replaceing the emergency fund spent on a new roof etc....

M