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Saving/Making £1 per day pays off my mortgage 1 year 9 months early!
Treacle_Toes
Posts: 196 Forumite
I've just been playing around with the mortgage calculators and when I entered a monthly overpayment of £61 (£1 a day for me & him) it calculated that we would pay off our mortgage 1 year and 9 months early, saving over £2000 in interest!
My calculation assume no other overpayments, on the original mortgage term and an interest rate of 1.79%, so for others on a higher interest rate the results could be higher!
My aim now is to either save or make £1 per day for both of us, doing things that we would not usually do. It can't be too hard, can it?!
I know the DFW and OS forums have ways to make/save money, so that may be a good place to start.
It's only 8.20am at the moment, so I haven't spent any money yet to save, but I did put the washer on during cheap electric rate, so that's a start!
I'll report back later to say if has been possible today, but I'd be interested how much others could save by doing this.
TT
My calculation assume no other overpayments, on the original mortgage term and an interest rate of 1.79%, so for others on a higher interest rate the results could be higher!
My aim now is to either save or make £1 per day for both of us, doing things that we would not usually do. It can't be too hard, can it?!
I know the DFW and OS forums have ways to make/save money, so that may be a good place to start.
It's only 8.20am at the moment, so I haven't spent any money yet to save, but I did put the washer on during cheap electric rate, so that's a start!
I'll report back later to say if has been possible today, but I'd be interested how much others could save by doing this.
TT
0
Comments
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You need to live the MSE lifestyle from who you get your gas and elec from ( dual fuel,online,direct debit deal) to where you shop for food ( and what you buy).
Savings can be made but it takes a bit of effort so look at Martins tips for help0 -
Treacle_Toes wrote: »My aim now is to either save or make £1 per day for both of us, doing things that we would not usually do. It can't be too hard, can it?!
Yesterday I posted a parcel second class rather than first class - 22p savings
Bought value bread rather than Kingsmill - 63p savings
Bought discount brand milk rather than Mr T - £1.47 savings
I don't usually buy these brands so yesterday I saved £2.32!
Not planning on spending anything today so no savings to be made there!
TT0 -
I find a really good thing to do to save a bit everyday is to empty my purse at the end of everyday of anything less than a £1 coin/50p coin. This is mainly because I hate carrying around shrapnil! I have a big glass jar so I can watch it grow and then at the end of the month I count it up and stick it in my savings account. The last few months I've paid in £50 - £80.0
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