Pay off mortgage and start having fun!

newgirly

Hi cath, the boiler is fine now, touch wood. I read your diary so will keep up with it next year as well. I feel like my target is a bit small for next year, but I would rather pay more than the target than not reach it.

I did a shop a shop at mr t this morning, spent £40, which seemed quite cheap, when I checked the receipt at home they not charged me for 2 chickens, which were on offer at 3 for £10. Usually I get overcharged there so it make a nice change. Chicken , mash and veg for tea

CathT

A bit of good luck then!

You are doing well with Mr T this week!

newgirly

What a week, I have had all three off for what seems like forever.
One good thing was I did manage to decorate the hall and put up the xmas dec's, so its not all bad.
DH is working all weekend again, it seems working from 5am to 6 pm during the week is not enough, if I did'nt know better I would swear he had another family somewhere as he's hardly ever here.:rotfl:
I have managed a few surveys today, and a couple of follow up surveys on two items I have been doing a trial of.
i haven't spent anything today, other than the money I owed DM for shopping yesterday, I took the kids round this afternoon for a cup of tea, and came home with a jumper Mum bought but didn't like and a bottle of red yay!
Might need to get that open for strictly come dancing
I have also surprised myself with how I have managed to stretch the food in the cupboards and freezer this week. I think there may be even more savings to be made next year , I might even join the grocery challenge properly and set a target.
Hope everyone has a great weekend and is starting to thaw a bit.

newgirly

I have been going through my budget ready for 2011 today, and looking at what has been paid off so far since I started in May this year. I've included this months 0%CC payment as it comes out tomorrow.

Mortgage: £153,040
0%cc : £7327
total : £160,367

So from 17th may until 1st dec , I have paid £10,472 off the balance, with interest it works out about another £2900 so in total £13,372.

Over 199 days we have paid : £52.73 per day off the capital, I'm not sure how we have managed it really, last year we paid about £5.55 per day off the balance, and DH was earning more money.

Anyway targets for 2011:

I have decided to try and do my own kind of "live on £4000 a year" challenge, I know there is a thread on here somewhere about this, but I did not want to be quite as hardcore, I don't want to include heat and bills etc. So will try and manage on £4k for food/clothes and presents. This works out at £333 per month for 5 of us, 2 cats and 1 dog.

IF I can stick to this, after all bills there should be £100 left at the end of the month to OP with, hopefully topped up with extras from surveys/ cashback etc.

If it is possible to do this it means our 0%CC payments , mortage payment and the £100 OP will equate to just over 73% of wages after tax.

Things I need to make an effort with:

cooking from scratch most of the time
ebaying all the junk!
lots more surveys
carry on with topcashback
more freebies and trials
use tumble much less
grow some veg
bake own bread ALL the time
repair clothes
make some presents
earn a bit extra part time if possible
use car less
turn heating down (& stop heating hot tub in winter)
be more organised, so less impulse buys mainly on food
drink less wine
go to 99p store for toiletries
try soap nuts- have ordered a sample


Thanks to everyone whos diaries have made such a difference this year, its great having people to share this with who don't judge and understand why you are doing it , good luck to everyone for 2011

cha97michelle

I've set off doing the live on £4k for the past 2 years. The first year i got to June, last year i managed till March. It does make you think what you are spending and get your head in gear. It is less hardcore than it used to be as the original challengers kind of gave up a bit. Last time i read it there were so many people who were just spending whatever and still saying they were doing it.

Like you, i should spend a bit more time thinking about the grocery challenge. I have really good months and then really bad ones. I dare say January will be good as we are going to be skint after paying for the kitchen.

My DH has worked loads this week too. Must nag him to cash it in.

newgirly

Hi Michelle, blimey I hope i last longer than march! Don't know what we will eat the rest of the year if I don't

cha97michelle

I have great intentions every time. That's why i started my new diary for extra motivation.

I am my own worst enemy and rebel against the tight budget. I don't know why as it is not like we are on rations. I think my own bug bear as well is i try and record all spends in a spreadsheet and then miss a few days and it all goes wrong. I might try old fashioned pen and paper this year and see if i can do better.

pammyj74

It is great to have people in the same mindset on here who are doing the same daft things as you to save a few quid here and there. I dont think I could do the live on 4k for a year. But I dont use the tumble dryer and I bulk buy things on a really good offer etc. I did go through a stage of cooking from scratch and then that went by the by but I must start doing that again next year.

I always try and keep receipts michelle but that doesnt always happen either but I might buy a money wallet or keep one if I get one for xmas and try and make sure I put all receipts in there so I can keep proper track of everything.
I did start a SS on every present I was buying and I did it fab at first and then forgot to put on new things I'd bought so that has all gone wrong too.

Good luck for next years challenges newgirly

newgirly

Thanks Pammy.

I have done a big shop today, spent £105 in mr t, but as usual put everything away and still could'nt find anything for dinner, I miss the days of ready prepared food sometimes! Got lots of fizzy drinks and chocolate bits to make cakes too. I am going to go to costco tomorrow to get some juice and frozen cookie dough, hopefully we should be able to scrape through the next five weeks with this and a couple of small top ups. The idea is to live frugally through the week and at weekends have lots of xmassy treats.

MFW bits today:

One poll 55p
TCB surveys 1.40p
VO 1.70p
tcb 10.00p Joining dh and I to the credit rating trial
daily clicks .04p

Will try and see if theres more later.

newgirly

I have had a big chat with DH tonight about getting the loft converted, its something we often talk about but never really decide. Anyway, the options are :

don't get it done, continue to op as we have been

wait until we have op'd enough to borrow back £30k

switch to interest only and save until we reach £30k then go repayment again (approx 30 months)

a combination of borrowing maybe 1/2 and saving by switching to IO


I really don't want to ruin what we have achieved, I love being a mfw But... the house is really getting small for us , the twins keep each other up late every night as they share a room and we desperately need another toilet.

I am thinking the best option might be to save up rather than borrow, then if anything changes we are not commited to a bigger mortgage, this means I can't really pay much off the mortgage though I can't give up being a mfw as I would miss everyone so much , so I would have to carry on earning and saving a little bit each month to set aside to op. Maybe the same target that I have to OP each month for next year- £80.

Just wondering what everyone thought really, if I ask friends and family they will just say go for it, but they don't know how much time and sacrifice has gone into paying off (£10,500) the mortgage since joining here this year.