Nat's Mortgage Free Odyssey...

nellis10

I'm joining a couple of challenges to keep the motivation alive for the long haul.

I'm getting paid my shift allowance next month for 1/2 Sept, Oct and Nov, and because I've not got it yet, I haven't gotten used to it which means I can throw it all against the O/P. I've also given up my car parking space due to now working from home, that will be £70/month too.

All in all I can account for about £300/month extra to throw at the O/P myself and hopefully hubby will be able to at least match that.

Aims for Jan 2011 onwards is a minimum of £500/month to O/P, plus I want to be able to set a little aside even if it's only £50 into an ISA or Savings account for rainy day/emergency/potential maternity leave (still hopeful of number 2 coming!!) fund....that will mostly come from savings from cutting down on everyday spends.

I also get a Christmas Bonus which hopefully will cover the outstanding CC amount of about £700 and that only leaves 2 loans of about £100/month each with a couple of years left to run on each - hubby should be able to clear one of them through work and the other is the remainder of my car loan.

All finances are getting sorted and as they come around I will be shopping about for cheaper home and car insurance to add to savings.

SmlSave

Good luck with your challenges!

WHat a good idea to put your shift allowance straight to OP before you can get used to having the cash

nellis10

Thanks Smlsave!!!

I've got 2 birthday's this month to buy for..>DH and nephew...already bought nephew a Vibeholic (his mum is getting him an IPOD for Christmas, or he'll get mine if I can ever find it!!!!!!!)

DH I have no idea what to get, except he loves gadgets, but if I get him a gadget for Birthday I've no idea what to get him for Xmas!!

Christmas I have the following to buy for:
DS
DH
Sis - Sorted
BIL x 2
3 x Nephew - Just selection boxes and sorted
MIL
Mum - Sorted
Dad
Friend - Sorted
Friend's DD

nellis10

OK We're nearly there!! Just got to get my extra passcode thingy from the bank and I am online with the e-mortgage!!!! Then I aim to make a regular payment even if its just a penny a day!!!!

Stay tuned the OPs start soon!!!

nellis10

Well have had a good old morning of finance updating!!!
I've finally gotten round to finding out about my loans, how much is left and when they finish....so I can factor in a bit of OP on them too and see if I can completely close them out by end of 2011

I have a total of £4867.01 left to pay across 2 loans (including a car loan)

As I pay 209.44 per month for these, over the next 13 months that gives me = 2722.72 leaving a balance of 2144.29 to find over 13 months in addition to OP which is an additional £165/month

OK this is doable but I might not make the £6700 OP I was hoping for but it means I will be completely debt free by end of 2011 and can throw even more at OP in 2012 and beyond!!

nellis10

Mortgage as of 4th Nov 2010 = £183999
Interest Only @ 0.79% above BoE BR = 1.29%
Overpayment Made 4th Nov 2010 = £99 (BACS so will take 4 days)
Balance £183900
Interest Payment Reduction: £0.10/month

:cool:

nellis10

Well if anyone is reading this apart from me...lol...I've closed out an old A&L bank account with £97 in it, so that will be added to the next OP scheduled for December.

I need to find at least £250 in OP for mortgage and £165 in Loan OP from now until Dec 2011 to become completely Debt free of Car Loan and Business Loan and free up and extra £210/month to throw at the mortgage.