1000 Ways to Pay,Pay, Pay

Memory_Girl

Inspired by others, and nagged by one or two on my diary thread:) Here I am reporting for MFW duty.

I owe £125000 on a property worth (I dunno) because it was bought as a three bed,one bath and will end up a five bed, two bath - but here is where we (me and my two boys) aim to stay so its academic really.

I have an offset current account with my bank - but I am in the process of paying back a personal guarantee for a business they took, so I am currently NOT paying money into the offset (other than mortgage payments) but instead am saving the money to one side so that when I get back on my feet I can re-mortgage if appropriate at a lower LTV.

So far I have £1250 or 1% of the capital set aside - but I really need to ramp up what I am doing and start getting creative about chipping away at the monster mortgage.

I dream of the day I can waft into the bank and pay off the whole amount in £1 coins - its what keeps me going on rainy Mondays.

So what I propose is to come up with 1000 ways to save £125 towards paying off the mortage.

The first 1% was raised by my "Ultimate Store Cupboard Challenge" - where I make £100 last as long as I can for fresh fruit and veg and stash every penny over £500 in my current Account in my Mortgage Pig every Friday. I will keep doing this, but need to come up with another 990 ideas over the next few years to actually generate more money.

I will copy of my list soon

Hope you guys will want to play along

Memorygirl

Memory_Girl

1. Ultimate Storecupboard Challenge - July
2. For August
3. For September
4. For October
5. For November
6. For December
7. For January
8. For February
9. For March
10. For April
11. For May
12. For June

13. Payment a Day of £3.42 - July
14. For August
15. For September
16. For October
17. For November
18. For December
19. For January
20. For February
21. For March
22. For April
23. For May
24. For June

This would bring me up to 3% of the mortgage paid - now I need to get creative to come up with some more rocking ideas.

Second pass at the list

25. Student Study Skills course in Sept - 4 kids
26. In Oct
27. In Nov
28. In Dec
29. In Jan
30 In Feb
31 In March

This takes me to 4%

32. Sell ten "Student Survival Guide" Books - July
33. In Aug
34. In Sept
35. In Oct
36. In Nov
37. In Dec
38. In Jan
39. In Feb
40. In March
41. In April
42. In May
43. In June

Thats up to 5% of the mortgage

44. Sell online Training Course - July, 2 people
45 In Aug
46 In Sept
47 In oct
48 In Nov
49 In Dec
50 In Jan
51 In Feb
52 In march
53 In April
54 In May
55 In June

Thats up to 6% of the total

56. Make £416 of Stock for Xmas Parties
57. Make £416 of Stock for Xmas Parties
58. Make £416 of stock for Xmas Parties

That would be 7% - I am gong to be pretty busy

59. 6 Mind maps for "Book of the Month" project - whole 1%

Woohooo!!! 8% on my list now

60. Sell £125 on Ebay
61. Sell £125 on Amazon
62 Squeeze bills budget for £125 savings (ins renewals etc)
63 Save £125 in the mortagage pig over theyear

Memorygirl

staceydaisy

anything earnt on Ebay

TCB

cha97michelle

Nag nag nag nag :eek::D See though, it works. Got you over here. Everyone will be nice to you and you will get lots of fabby ideas. Good luck again on your journey.

Memory_Girl

staceydaisy wrote: »

anything earnt on Ebay

TCB

Nothing yet - better add it to the list though

Memorygirl

cha97michelle

On a more sensible note, do you do surveys and dooyoo? Dooyoo is a review website that a lot of other mse'r's appear to have used at some point, but like most things i am only just getting there. You write a review for a product which you get dooyoo miles for, then if someone reads and rates it you get extra points. You can save up your points for amazon vouchers or a £50 cheque. I am aiming to write 2 or 3 a day and see how i get on. It sounds less profitable than in the past, but some money to be made for some input while you are sat around on an evening. Worth a look? You can also get points for submitting recipes, and you seem to have a fair few of those.

newgirly

Hello and welcome :wave:

I think that is a great way to break down paying your mortgage off into more managable chunks.
I will be keeping an eye on your diary, best of luck!

pavlovs_dog

we don't have a mortgage just yet (hoping to complete the purchase of our new home next month) but we plan on OPing the mortgage pretty much from the word go. I'm lurking on many MFWbe diaries to see how others free up cash for OPing to see what ideas we can pinch.

we will be starting with our budget - budgeting for every conceiviable expense so that know that what's left at the end of the month is genuinely free money to use as we see fit, such as OPing.

as a teacher my income will rise every september for the next 5 years (inspite of the pay freeze - it rises to reflect my increasing experience). We plan to plough pretty much all of that extra cash into the mortgage as well.

I'm currently researching free bingo scratch cards and daily clicks as a way to bring in some extra free cash. I already do quite a few different surveys (which has given us £300 worth of vouchers to buy bits for the new house) although I may add some more companies into the mix.

I've halfheartedly starting comping for cash prizes and for prizes i know would be easy to sell on.

taking on exam marking would be an option for me in a year or two. Tutoring would be an option this year if i felt so inclined.

I haven't ruled out starting a cottage industry to sell stuff to colleagues. someone already does HM cards and i don't want to step on any toes. I haven't ruled out avon if the figures stack up

we're probably going to have a mortgage pig for loose change, money saved from the grocery challenge etc.

shopping online where prices are competitive to take advantage of cash back


muchly looking forward to seeing what ideas I can pinch from this thread :j

herewegoagain2010

Ideas...

quidco cashback
free bingo / scratchcards
car boot sales
extra jobs....phone books etc
decluttering and sending unwanted furniture to auction

Good luck with your challenge,. x

Memory_Girl

newgirly wrote: »

Hello and welcome :wave:

I think that is a great way to break down paying your mortgage off into more managable chunks.
I will be keeping an eye on your diary, best of luck!

The thought of tackling a six figure sum is far too daunting (£125000), when I broke it down to 1% (£1250) it still "felt" too big so I divided the mortgage amount by 1000 (£125) and then 10,000 (£12.50).

For a while there I wsa merrily chipping away £12.50 here and there and feeling pretty perky- butthe reality of it is that I would need to do that every day for 27 years to pay off my mortgage (and it only runs another 23).................... so I needed to up the game in my head and start focussingon bigger amounts.

If I can come up with enough ideas to create extra income I can start to expand what I'm happy aiming for - and I will also have a to-do list that will take me on the route to MFW'ness.

I may be completely mad -but at least I feel like I'm doing something.

Memorygirl

Memory_Girl

pavlovs_dog wrote: »

we don't have a mortgage just yet (hoping to complete the purchase of our new home next month) but we plan on OPing the mortgage pretty much from the word go. I'm lurking on many MFWbe diaries to see how others free up cash for OPing to see what ideas we can pinch.

we will be starting with our budget - budgeting for every conceiviable expense so that know that what's left at the end of the month is genuinely free money to use as we see fit, such as OPing.

I agree - the only way to go,although I transfer money out every day £3.42 so that atthe end of every month I know I've made one overpayment of 1/1000. If I leave it till the end of the month it never seems to be there for some reason ??

as a teacher my income will rise every september for the next 5 years (inspite of the pay freeze - it rises to reflect my increasing experience). We plan to plough pretty much all of that extra cash into the mortgage as well.

Thats a great idea - especially when you get into the routine of living frugally (BTW I think there is a difference between frugal and cheap. We live frugally, getting the very best quality for our money as opposed to living cheap - buying the very cheapest of everything) This way our budget is realistic and more likely to work longer term.


I'm currently researching free bingo scratch cards and daily clicks as a way to bring in some extra free cash. I already do quite a few different surveys (which has given us £300 worth of vouchers to buy bits for the new house) although I may add some more companies into the mix.

Thats a brilliant start - with £300 I bet you can kit yourself out.

I've halfheartedly starting comping for cash prizes and for prizes i know would be easy to sell on.

taking on exam marking would be an option for me in a year or two. Tutoring would be an option this year if i felt so inclined.

BRILLIANT. I am CRB checked, does anyone know if there are any issues with having kids come to your home to be tutored?? Actually I could probably use the school after hours if it came to that. Thinking s Study Skills programme of Mind Mapping, Memory, Speed Reading and Study Skills for kids might be worth investigating??

I haven't ruled out starting a cottage industry to sell stuff to colleagues. someone already does HM cards and i don't want to step on any toes. I haven't ruled out avon if the figures stack up

I am so glad you came on here - I've been on the phone to my Mum (who's done party plan before) and asked her, if Imade loads of crafty Christmas stuff would she arrange and run the parties for me around Oct, Nov and Dec. She says "thats a strange Christmas present - but Ok!!!":j

we're probably going to have a mortgage pig for loose change, money saved from the grocery challenge etc.

I've got a bright pink piggie for our loose change - make a target of getting him to £125 over the year.

shopping online where prices are competitive to take advantage of cash back


muchly looking forward to seeing what ideas I can pinch from this thread :j

Thanks very much hon - there are some ideas that have spurred on my thinking processes - will pop back and add to my Master List.

Thanks for your help guys

Memorygirl