Katastrophy takes the MFW plunge - watch out world!

katastrophy

Hi everyone

I've found your threads on here really inspirational and reading through several of the diaries has opened my eyes to the benefits of overpaying so I wanted to start my own to keep me honest!

So, a bit about me. I bought my first flat in August, 8 days ahead of life schedule (own a home before my 30th)! It's not something I ever thought I'd do on my own but sometimes that's just how life goes. I had no idea what I was doing but thanks again to threads on MSE and a lot of grilling my friends I got there in the end.

The flat is a 2 bed in London worth £225,000 (well that's what I paid for it anyway) - which seems crazy given I lived up North for many years and the difference in house prices, but so be it. I was blessed to be helped out by my parents (who were probably sick of me living at home) and with their help and my savings I put down a £105,000 deposit; thus making my total mortgage £120,495 (inc arrangement fee). I've a 2 year tracker with Santander at 2.19+BOE base rate and I can make 10% overpayment of the total outstanding in a year. At the moment my repayments are £552 a month, and I can afford £400 overpayments while putting some aside in savings. This will change at Christmas unfortunately as I am covering someone's job while they are on maternity and my salary is going to take a big drop (-£6k :eek:).

I've always budgeted the flat to be on my pre-promotion salary so although I will be less well off, I should still be able to save £150 a month and overpay £150. In addition to this I make some money (perhaps £100 a month) from Matched betting - check out the GIOL thread, it's been a godsend for me, although it's admittedly not for everyone. I may go back to doing some mystery shopping after Christmas as well, I've been doing it on and off for 10 years or so for extra cash, but the fees have gone down a lot and I don't feel very motivated to do it. I'm also going to try and find a new job so I can earn a little more but I don't feel too hopeful about this as friends seem to be losing theirs left right and centre, so I am grateful to have a job at all.

So far I've overpaid £1000, and it felt amazing going into the branch and handing over the cheque. It's only going to take my repayments down by about £2 a month, but it still feels great, and using the MSE calculator I can see I've already saved myself a load of money. I'm going to try for another £1000 before Christmas and then we will have to see. I absolutely hate owing anyone anything, so I'll be doing everything I can!

Anyway I've bored you all enough, but I'll be coming back here and letting you all know how I get on, and I'll also be keeping up with all your diaries for inspiration and encouragement when it all feels like too much. Thanks for reading!

Kat

gratefulforhelp_2

Good luck, katastrophy we can both be new at this together.

katastrophy

gratefulforhelp wrote: »

Good luck, katastrophy we can both be new at this together.

Thanks, it really does help knowing you're not the only one out there!

gratefulforhelp_2

There are lots of us and everyone has been very kind and welcoming to me, having just begun.

cha97michelle

Welcome and good luck. Looking forward to any tips you have to share about how you will overpay.

Spiggle

You and me newbies both Katastrophy. What a very level headed person you are. Well done and I wish you the best of luck.

Take care,
Spigs

RosieTiger

Welcome aboard !

sarahevie

Well done on meeting your life goal to buy your flat. Just keep that in mind and know that you can also meet this life goal of attacking the mortgage.

Good luck, I've only been trying this MFW lark a month and it has already been a revelation.

(Ps love the username)

XSpender

Good Luck on your mortgage free journey Kat. I have just started my own diary too and have picked up loads of ideas and tips from reading other peoples.

katastrophy

Thanks for your replies everyone. Today I'm thinking about little ways of making/saving money that add up. I've basically done a budget for myself and I think I've squeezed about every penny of savings I can out of food, utilities, mobile, travel etc, so now to find a few ways to get a bit of extra money rolling in to add to the mortgage pot. So far I:

1. Do surveys online and save the vouchers I earn to buy people's Christmas/birthday pressies with (if you can't buy it from Amazon, you're not getting it ) - not sure how much I bring in, maybe £30 a month in a good month. I'm going to bake a lot of Christmas presents this year too as it's something I enjoy and it feels quite personal.

2. Do a bit of mystery shopping when the mood takes me, going to step this up after Christmas when I have more time on my hands - £30 a month also maybe there.

3. Get a lot of free products to try through survey sites/test sites - at the moment have toilet bleach, shower gel, a body puff and some fabric conditioner on the go.

4. Do a joint shop food shop with my flat mate, make my breakfast and lunch etc - when I have been lazy and failed to pack a lunch, I 'punish' myself by getting it from Boots and using my advantage points - less treats for me and more incentive to actually pack one up.

5. I've signed up to the free cinema tickets threa in the freebies forum and probably get tickets every couple of weeks, so a free night out there. Have also had a couple of free Theatre tickets the last few months.

6. I take my weekly spend out at the beginning of the week and stick to it. If I spent it all on booze on a Wednesday evening then tough - boring weekend ahoy for me! It's taking me a while to learn this lesson but I'm getting there!

7. Always buy things online through cashback sites like Quidco, and always chek on hotukdeals and the discount voucher forum on MSE first to see if there's a discount voucher.

8. Bit of a far out one, but I am always looking at TV quizzes I can apply for. I got shortlisted for The Weakest Link and was a standby, then after about 3 years I was called up to be on the show....unfortunately I was living in Australia at the time Also with the economy the way it is there are a lot less TV shows offering cash prizes, but there's still some. You have to be in it to win it

I'm sure there's more but those are the ones that come to mind at present, but I was really wondering what little things you all do to save pennies? Any advice would be gratefully received!

SmlSave

Welcome to MFW Kat

There's a homemade Xmas present thread in the Special Occasions board that will be worth you looking at I've been making jams, chutneys, flavoured spirits and wine this year for presents.

Do you have a penny jar? I find that its a good way of saving the odd bit here and there I have a £2 saving tin whihc get nive and heavy quickly

Have you tried ordering your food shop online? If not, you can get £10 off your first shop with Asda, Tesco & Sainsbury (Ocado too sometimes)