Baby steps to being mortgage free

Baby_steps_2

The monthly stats as promised!!

Mortgage – 162,150.68
CC (0%) – Oct 856.62, Nov 2215.01, Dec 2964.59, Jan 3565.95, Feb 4255.98, Mar 5029.05, Apr 6478.60
Savings – Oct 901.51, Nov 1730.10, Dec 2975.84, Jan 3915.26, Feb 5017.57, Mar 6058.57, Apr 6843.97
Net amount owed – Oct 162,105.79, Nov 162,635.59, Dec 162139.43, Jan 161801.37, Feb 161389.09, Mar 161121.16, Apr 161,785.31
Month change – Oct -44.89, Nov +529.80, Dec -496.16, Jan - 338.06, Feb -412.28 , Mar -267.93, Apr +664.15:eek::eek:
Overall change – Oct – 44.89, Nov +484.91, Dec -11.25, Jan -349.31, Feb -761.59, Mar 1029.52, Apr -365.37

Ooops, the flight to Ecuador has really set me back, but will hopefully be worth it. If it wasn't for that would have paid off about £300. I'm readvertising the room to help me cover the cost of my holidays. Oh well I suppose you only live once, at least I have a goal and 90% of the time this site keeps me on the straight and narrow:rotfl::rotfl:

[Deleted User]

Hey Babysteps hope your doing ok and holiday sounds great!!
I agree 90% of the time knowing what youre doing is about the right balance :rotfl:

Baby_steps_2

Well, New year & I'm back!! So i've been rubbish and not been on here since April 2011:eek::eek:

I think its because not much has changed, I have been keeping monitoring expenses and making an effort to save as much as possible, but i don't feel I have made a massive impact and i need to re focus.

I have been rubbish at trying to make extra money, but work has been so busy I just haven't had the time, but i am now renting the spare room so that is making quite a bit extra! I will spend more time updating everything the next few days and will post a large financial update here at the weekend.

I have been keeping up with some diarys but there are a lot for me to catch up on.:D

newgirly

Hi baby steps, nice to see you again x

djhops

I'm 34 and nearly mortgage free, here's some golden rules I've followed to help get there (might be of use to you)...

- Never shop at the same supermarket twice (they all have their own specialisms/ bargains)
- Always cross-question branded (what are you getting extra for your money)
- Buy second hand books (gives money to charity too)
- Don't bother with satalite TV, gym subscriptions etc
- Don't use credit cards (if you can 't afford it, you can't afford it!)
- Cook food from scratch (healthier too) and make in bulk (use for lunches etc)
- Remember with food, it's 'best before' not necessarily 'throw away after'
- Eat less meat try to reduce portion size if you're overwight (also heathier too)
- Don't go to the sales unless you actually need something
- Finally and I appreciate it's not for all... brew your own beer!

Happy days, MF on the way in two years, it's doable I promise so good luck to all.

Baby_steps_2

Ok, well guess who is back. So much has changed I can’t believe it!!
So for those that don’t know (and can’t be bothered to read the back story!) I bought my house with my ex 4 years ago using the Bovis jumpstart scheme. We then promptly split up 2 years later and he moved out. We changed the mortgage to interest only so the equivalent to me paying rent & him renting elsewhere, whilst we decide what to do with the house. The house is probably in negative equity of about £10,000:mad:.

I have been saving hard while the mortgage has been on interest only, sorted out my debts and for the last year had a housemate who has been paying me rent of £350. In the last couple of months it has been decided that I will buy my ex out.

Once I have finally done this i’ll start a new diary just for me, however at the moment I want to continue with his diary while i get everything sorted. So the current situation is:

Mortgage: £161,676
Credit card (0%): £3,800
Savings: £11,065

So I am using the 0% Credit card for cash flow purposes, I want it paid off as soon as possible. I need to get £13,000 together to do the remortgage & transfer of equity. I will then start paying off the credit card.

I am aiming to have the £13,000 saved by the end of November 2012 & the transfer completed by early 2012. I am trying to delay it as much as possible as the mortgage I am getting will be 5 year fixed so I know where I stand for the next 5 years, and the jumpstart element will finish in May 2018. I therefore would like to align the two as far as possible with the ides of buying out Bovis at the end of the 5 year period.

So I have decided to start the diary again to give me some motivation to get on top of this & get everything resolved as i feel I have become a bit wayward with money recently.

Once everything is completed and i own the house outright I will need to make a new plan, budget etc to make sure I’m on top of everything and that i will have the money to buy Bovis out and have a decent deposit at the end of the period. I think the thing to remember is that although I’m committed to securing my financial future, I’m 28, single and still want to enjoy and experience life. However i do want to get the balance right between enjoying myself and not being wasteful.

Anyway, here I go again!!:rotfl::rotfl:

InaPickle

Baby_steps wrote: »

Ok, well guess who is back. So much has changed I can’t believe it!!

Hi Baby Steps! :wave:

It's good to see you again! It has been ages! You weren't joking when you said that a lot had changed (:eek:), but you seem to be coping with it all remarkably well...well done on being so strong of mind and clear of focus! :T

I look forward to reading your continuing adventures as in your new diary (as well as here). As you say, it's about finding a balance between saving/spending, but I guess having the peace of mind that you are securing your future is the best basis for enjoying yourself...no worry!

Keep on keeping on, and keep on keeping us up-to-date as well! :cool:

Secret_Saving_Squirrel

Very good luck to you. It is tough doing it alone so well done.

Squirrel

Baby_steps_2

Thanks guys, feels good to be back & thinking about my future again:D

In someways I think it's easier to do it yourself, at least this way there are less distractions & the only person I can blame for irresponsible spending :rotfl::rotfl:

Looking forward to being amongst you guys as you are all so inspirational & I know you will all give me a kick up the !!! to kept going at it all.

newgirly

Welcome back babysteps