Move mortgage mountain project

bobbybobby

welcome and good luck you sound very determined and motivated. i am sure you can do it!
as for holidays, we love our holidays but have decided to go down a grade for the next 5 years until hopefully the mortgage is paid off.
we go to france in a mobile home usually with eurocamp, but have downgraded to a tent that is there when we arrive. this has taken £1500 off our annual holiday and we are looking forward to it but not sure how it will be. we decided that 2 weeks in the sun for £901.00 including ferry and childrens club etc for 2 adults and 2 children was a good deal.

Dinah93

I think you should have a new sig, nice way to move on and change your outlook.

I don't think it makes you a MFW failure, life is to be enjoyed not endured. So it takes you a little longer to get there, but you have fun on the journey, c'est la vie.

x

getmore4less

Nothing wrong with a holiday but have you looked carefully at what you do and get for your money.

What is the holiday budget?

Knock £20k of the mortgage in 2 years.

£120k 4.19% 17y is around £824pm, left after 2 years is £109,894.95

add the 20% to the payment thats £988pm, left after 2 years £105,781.35

Saving £240pm at 2% will hit the target.

I would do a full SOA/budget with a 5year plan to cover all spends and saving for things like cars and replacement stuff(with teens you might need 10y plan)

This will tell you what you realy have to spend on things and you can set realistic targets and still have the holidays.


Car, what is it? with only 3 of you is it too small?

If it does not meet your needs then probaly worth replacing, can you do this through the business to make it cheaper!

Plenty of good cars out here for £2-£5k go bigger than you think you need but look for economy, some good diesel estates that are not that popular.


Pets are just trouble inconveniece and expence IMHO.

InaPickle

Hey Juliff,

*Looks round* Wow, look at this place - it's so different to the DFW boards!

Crikey, I may one day own a house so that I can come here...for now, I'll just loiter on your thread!

Best of luck with your MFW challenge: get started on mystery shops and the like to up your income and bung it in your savings account to pay off your mortgage!

Pickle
xoxox

scubaangel

InaPickle wrote: »

Hey Juliff,

*Looks round* Wow, look at this place - it's so different to the DFW boards!

Crikey, I may one day own a house so that I can come here...for now, I'll just loiter on your thread!

Best of luck with your MFW challenge: get started on mystery shops and the like to up your income and bung it in your savings account to pay off your mortgage!

Pickle
xoxox

I'm with you on that one pickle, this board doesn't feel like home....maybe in a bit when we find our elderly millionaires...no just me thats on the look out for one of those?
Acht well.

Juliff well done on getting this far - you may have a larger mortgage but you've gained so much over the last year. Glad to be aboard for the new start you and the DD's are enjoying.

julliff

Hi, thanks for your replies.



Most of the holiday is paid for, just food and spending money. In all honesty I have not thought about a budget. How can I work out what would be reasonable? What I do know, is that this year it will be a lot easier to spend less, as my X simply would not budget, and got into a spend,spend,spend mode whilst on holiday. I'm sure the girls and I will not need to eat as much as we have done, and as I don't drink, there will be loads saved on that score too.



January20, you are so right about making the most of things. I want to make the most of the girls now. Already DD1 rarely wants to do anything with me, and so the holiday will be precious time together. In fact, your comment gave me the inspiration for my new signature quotation! Thanks.



My car is a Rover 45. Since I posted, I have been to see about a new car. I have my eye on a Vauxhall Meriva (?), which will set me back £3500 allowing for a small PX on the old car. My plan is to put the cost onto my Tesco 0% credit card, and then set aside £350 per month into a savings account. When the 0% runs out, I will pay off the CC. It does not seem so scary when you break it down into chunks. And I'll get loads of Clubcard points. LOL!!



Getmoreforless - you have done al of my calculations for me!! Thank you so, so much. So it looks like I am on track for my challenge (that was easy, maybe I should make my challenging a little more..err ...challenging!).



I don't think I can put the car through the business, but I will ask my accountant anyway. I pay a fixed fee to my accountant, so I have access to him any time.





Re the cat - yes, he is all of the things you say, but we love him so much, and I feel once you have a pet, you have a duty of care to that animal. The girls would be devastated if we did not do all in our power to help him, and they have been through so much in the last year (well longer than that really). I will phone the ins co today, to see if I can find out what the score is. Hopefully, I am worrying about nothing.



Ebay yesterday was great - we made £70 overall. Will try to repeat that soon!



I was thinking of changing contracts at the end of June - I was offered a contract which was less money, but I could work from home. Now with the car situation, I think I will stay here, as they have offered me an extension until November.

getmore4less

julliff wrote: »

Most of the holiday is paid for, just food and spending money. In all honesty I have not thought about a budget. How can I work out what would be reasonable? What I do know, is that this year it will be a lot easier to spend less, as my X simply would not budget, and got into a spend,spend,spend mode whilst on holiday. I'm sure the girls and I will not need to eat as much as we have done, and as I don't drink, there will be loads saved on that score too.

This is why a 5 year plan is so usefull, you then know what the holiday budget is before you start planning the holiday and don't guess.

For three girls you might find cruises are a good option, most of the cost is up front and if you don't drink the onboard costs will be low.

whats sort of money do you spend on the basic holiday(what do you get for that?) £2k-£3k would get you 2 weeks depending which dates you can go.(Thats all food and entertainment included)

InaPickle

scubaangel wrote: »

I'm with you on that one pickle, this board doesn't feel like home....maybe in a bit when we find our elderly millionaires...no just me thats on the look out for one of those?
Acht well.

*Giggles* I'll try for a middle-aged one and work my way up according to the level of desperation at the time!

But seriously, it's interesting to hear what people are saying on this board: I think it will mean that I'm in a much better position to haggle over a good/better mortgage when my time comes, and also about paying it off earlier to reduce the interest. :beer: guys!

julliff

Hi

Thanks for the replies.

Quick uodate -

Sainsubrys have confimed that they have settled both of the Vets bills - that is a huge relief

I am trying to calculate a budget for the holiday - I have all my credit card statements from previous years, so I am going to use them to try to work out a figure. A lot of assumptions will need to be made - i.e there are only 3 of us now, prices will have increased - etc.

We already have quite a few things on out itinerary, so I will lok up admission charges on the net. Again will have to use an assumed exchange rate. Will take me a couple of days.

getmore4less - we have never budgeted for a holiday before, but I would guess that we were spending about £6K on our holidays.:eek:

julliff

InaPickele/scubaangel

Good luck on your quest to find a millionaire!;)

I need to rummage around here a bit more - I don't even know what a mystery shop is!