Pay off mortgage and start having fun!

newgirly

2 Stage Budget planner for 2012:

Stage 1.... January to end April

Wages paid weekly until april, 0%CC cleared by may , with little or no op's made.
New re-mortgage taken out start june. Still IO or offset with current provider.

Stage 2.....May to December

Wages paid monthly, no more un-secured debt! No more 3 or 4 spare weeks in the year to cover xmas/birthdays/holiday money though:

Xmas paid for by saving £1 a day minimum in a sealed tin, plus homemade/sale stuff.
Birthdays now in monthly budget, plus extra vouchers earned

I am taking part in the earn £2012 in 2012 challenge on the up your income board, so whatever earned from that will be split between op's and holidays fingers crossed.

Budget from may 2012 onwards:

income.................2269.58
child benefit..........188.60
child tax cr..............44.00
total....................£2502.18

mobiles x 2...........18.50
tv licence..............12.37
elec/gas................80.00
water....................60.00
council tax............125.83
home insurance.......11.83
pension..................21.90
life ins....................15.17
sky ........................21.00
car tax....................10.42
car ins.....................28.33
car maintenance.........8.33
petrol.......................50.00

school dinners............48.00 (1 dinner/1 bacon sarnie each pw)
pocket money.............30.00
clothes.......................30.00
birthdays....................50.00

grocery.......................250.00
(food/pets/cleaning)
DH's money.................100.00

mortgage interest.........520.11
mortage overpayment....1010.39


money in: £2502.18
money out:£2502.18


The monthly interest plus op would just clear the mortgage by the end date of may 2022, but if I could find another £115 on top of that it would end in July 2012 when the twins are 21.





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newgirly

I've spent quite some time today trawling through different lending calculators to see if we might have any better options than staying with chelsea, but no luck!

So back to square one I think. I was going to do for a five year fix at 4.29%, but there is a 2 year offset tracker at 3.39% which might be better for us.

We really don't know where we will be in 2 yrs but I am guessing needing more space for the boys for as little money as possible, I have been debating this in my head (and boring everyone on my diary) with this dilema for well over a year now. I don't want to stop overpaying the mortgage as I want it gone by the time the boys are 21, but I want them to have their own rooms whilst they are teenagers. What to do for the best? We have even considered cutting the boys current bedroom in half with a partition wall (which means losing even more space to make a small corridor), but one of them would have no windows.:eek:
I don't know, but maybe an offset leaves the options open when the get bigger and probably bicker more in the teenage years.

Its not even 2012 yet and I have already changed my budget 3 times. I think it would be nice to clear the cc asap, as I obviously can't be trusted not to bu**ger up the payments thus losing the 0% rate, so better be safe than sorry and budget changed to do that first.:rotfl:

never_too_old

Why is life so complicated,
Hope you work out a suitable solution which will suit all your needs.
May 2012 be the year our economy improves so normal wages can be earned.And may we all have learned from our previous bad spending habits that we never repeat them.:D

newgirly

Thanks, I have just been checking out the size of their rooms to see if it would be possible, is it legal I wonder to keep a teenager in a bedroom the size of a cell with no daylight! Dh will think I've finally flipped with this latest scheme :rotfl:

I am determined to up my income this year and try and get some extra work. Yesterday I spent hours doing meal plans and then decided they were not cheap enough and I don't think i will stick to them anyway, So instead have decided to just shop at aldi to save instead, less temptation in there than the big supermarkets.

Hope your dd is feeling ok.

never_too_old

suggestion for you, Since you obviously want to up your income a bit but still need to fit in any extra work around your children.Why dont you put an advert on Gumtree to see if you can get a bit of your own cleaning work.Its free to advertise and you never know:D

Im ok, get a bit pi**ed off sometimes as i just want an easy life and it just seems to be one obstacle after another.:)

newgirly

My friend who i work with sometimes is almost completely booked up weekly with new customers, so i might see if i can get some new ones from her that she can't fit in, it seems to have picked up lately although I think lots of it might be because its xmas.

I still am working for dh part time from home, but have also offered to work for him helping out at the premises from spring next year, nothing decided yet, but he should have bitten my hand off as I offered to do it for free.:D

newgirly

I've been thinking about what challenges to start next year, last year I started too many, sealed pot challenge, virtual sp challenge,grocery challenge, £100py clothes challenge, mfw 2011, plus my own £10 a day challenge.

Its too many threads to keep track of really, plus I look on the oldstyle boards quite a lot for ideas.



Next years priorities are:

• MFW no.21
• Earn £2012 in 2012 (up your income board) no.30
• grocery challenge £3k (not joined officially!)

I also have a tin for trying to save a minimum of £1 a day for next xmas,and a loose change pig which goes on occasional treats.

Are any of you mfw's joining any new challenges for 2012?

CathT

At the moment I'm just doing MFW 2012 challenge. I would love to get mortgage to 5 figures though. Otherwise I'm just going to continue with surveys etc I already do and overpay as much as I can.

newgirly

I need to make surveys a daily routine cath, they just take sooo long though! Good luck reaching 5 figures you have done so well since you started which was around the same time as me almost, heres hoping ee do even better next year !

pammyj74

At the moment I have only joined the MFW 2012. I do do the GC, VSP, £2 jar and sealed pot challenge but I never really post on the threads so I am just going to do it on my own with my own challenge targets lol and just keep my sig updated. I havent really posted a lot lately so will just be in the background still turning the wheel