A Budgeteers Quest to be Debt Free & Mortgage Free By 40

Chocforever

DDFW; just catching up on the posts too.

Can I ask a couple of things about the £20k mortgage overpayment and £10k of savings. Is this coming just from you or is it a joint target with your OH? I'm assuming from your comments on interest rates that most of your normal monthly mortgage payments are of interest rather than capital.

I don't know how much you earn, and this isn't an unsubtle way of asking, but say you pay basic rate tax, that's £37,500 of income you would need to earn and be surplus to normal living expenses. So that means finding an extra £3,125 a month which is an awful lot.

I suppose I am concerned that having a lot of targets and savings pots could become stressful. A lot of people on this site find that when they first become debt free, it is a time to celebrate and perhaps buy a few things that have had to wait until money is available. Maybe you could review the situation when you are debt free.

Take care x

DedicatedDFW

Bah! Another morning of reading and running!! SF - been on your thread and the teapot looks fab :T Hope the roads aren't too bad for you getting home later x

Dragon - thank you for the input - that was exactly what i was thinking with a separate pot

Jwil - yep i am a firm believer in having even just a small treat otherwise a big splurge can happen

I am absolutely skint now though - desperately awaiting funds i am owed just to see me through until xmas and i still have some gifts to buy :eek:

DedicatedDFW

Chocforever wrote: »

DDFW; just catching up on the posts too.

Can I ask a couple of things about the £20k mortgage overpayment and £10k of savings. Is this coming just from you or is it a joint target with your OH? I'm assuming from your comments on interest rates that most of your normal monthly mortgage payments are of interest rather than capital.

I don't know how much you earn, and this isn't an unsubtle way of asking, but say you pay basic rate tax, that's £37,500 of income you would need to earn and be surplus to normal living expenses. So that means finding an extra £3,125 a month which is an awful lot.

I suppose I am concerned that having a lot of targets and savings pots could become stressful. A lot of people on this site find that when they first become debt free, it is a time to celebrate and perhaps buy a few things that have had to wait until money is available. Maybe you could review the situation when you are debt free.

Take care x

Thanks Chocs - me and my mr have completely separate finances so yes the overpayments and the savings are all from me. The figures are both huge and very round but are just ideals - my thinking is to jot down where i want to be which *could* be achievable and this will encourage me to work towards it - obviously if i don't make it i've not lost anything as any overpayments / savings would be fantastic

You are right - i am trapped on a rubbish mortgage rate as my income is pathetically low. by putting down the targets its helping me to see what i could do with a better paid job than i am in now. I was made redundant a few years ago - i have applied for a few jobs this last year and not heard anything back - i know how tough the job market is so i don't want anyone reading this to think i don't realise this. But this is intended to help me in lots of ways - by not wasting money on things i don't need, by continuing to apply for the better and better paid jobs which would make a massive difference, by pushing my comfort zone re. MS's i apply for etc. so all good stuff really.

I really appreciate your concern and understand it too and I know i'm not debt free yet and still have that last hurdle to clear in my sig but in all honesty chocs i have plenty of things - the one super luxury i'd want would be an ipad but i've been lucky enough to get a kindle fire hd for xmas so its no longer something i *need* i'd love a netbook and maybe that could be a treat but in fairness i've been on 6 holidays this year !!!! (including uk breaks) all of this has been at the expense of work still needing to be done on the house. I have got some fab new clothes in the sales or from the carboot. I'm saving for some jewellery as i noted yesterday so i am not missing out on anything.

slowlyfading

DedicatedDFW wrote: »

Bah! Another morning of reading and running!! SF - been on your thread and the teapot looks fab :T Hope the roads aren't too bad for you getting home later x

I thought so!

DedicatedDFW

Hi all,

Trying for a bit of a more substantial post today but i've got to start getting ready soon - i'm being picked up a bit later and the house is such a mess i need to be ready to just skip out the door rather than still be getting ready and have people coming in Hopefully can clean up a bit this weekend.

Just did a survey so that'll be £3 in my account in the next few days and it is very much needed

I need to write down all the things i need and work out the costings to see whats going to have to give :think:

thankfully i've a couple of bits selling on the bay of e so i hope they all want fast posting - if they pay today i'll pack and post tomorrow so hoping i can get this money into my account quickly too

By taking out the savings accounts i've left my finances beyond tight - i foolishly listened to someone who told me we'd be being paid early this year (as in before xmas) otherwise i'd never have spent the money so early and left everything so tight

Screened out of a couple of other surveys.

Hope everyone is well x

brizzledfw

Hope you get paid before Xmas

(Damn no smilie for fingers crossed..!)

I have just been trying to work out when the DDs will come out for the CCs. and trying to work out when I need to time substantial OPs on them too. Taxing me a bit. May need a cup of tea!!:rotfl:

DedicatedDFW

Hello World!

I just typed a post and lost it - oh well!

Sorry i have not been posting of late - i have been really ill - nothing serious i'm sure but still completely wiped me out I am on the mend now but imagine a full day in work on monday will keep me wiped out now at least xmas day & boxing day Of course Xmas Day has now been turned all topsy turvy in terms of visiting family members meaning i'll have to get up at the crack of dawn too :eek: I guess it can't be helped. its also important for me to see everyone on the day as i know we won't get the chance otherwise so i guess i'll have to just 'man up'

Today i'll try and find the energy to
1, lift out work clothes for monday and get bag ready
2, lift out xmas day clothes
3, wrap xmas prezzies and put in separate families bags
4, write shopping list for tomorrow so i can try and stick to it!
5, put vouchers in bag towards shopping
6, find where xmas eve food is in freezer
7, vacuum living room and clean kitchen floor
8, keep on top of pots

That will probably do

Bit annoyed that an item i ordered and was apparently posted 12days ago has not been delivered - its for an xmas present it was from the bay of e. The trouble is with working until 6 on monday i'll have no clue if its been delivered or not so really need to make a decision as to what to do on that one? i might start an item not received case today as over xmas i'll not have the time xmas eve due to getting home so late from work and then its christmas. Its also not really suitable for me to say 'oh its on its way' either :undecided

I also had an eb*yer pay on tuesday NIGHT for an item they wanted for xmas - season of goodwill saw me out of pocket having to post it first class i'd already miscalculated postage but then this added to it as well Grr! they weren't even very nice on the mail asking for delivery for xmas. Still my karma should be in credit

I have been thinking about my diary on here and think i need to start a new one... My focus has really moved alot now and this has been a really difficult year for lots of reasons and i guess i want to take the positives and start afresh

Going to have a little rest now hope everyone is well x

DedicatedDFW

Hey all,

I,ll either pick out xmas outfit tonight or tomorrow now! I can,t be bothered thinking what to wear except that i want it to be smart and snuggly all at the same time - as well as dog proof! I,ve not vacuumed or done kitchen floor but will aim to do that tomorrow as well. Work bag half done - to be honest as long as i just drag myself in i,m not too bothered.

Still poorly so will need an appointment at the docs after xmas now.

Wanted to get into the habit of commenting on NSDs which today has been.

Felt a bit bad putting bay of e claim in and seller commented on how fast i,d done it when its post offices fault this i know but the item is a (not cheap) xmas gift, it won,t last or be suitable for a gift at a different time and i now need to buy another item to replace it...

jwil

12 days after posting is not fast to raise a claim? I would have refunded someone by now. Which service were they using? If it arrives, just return it to them and they won't be out of pocket.

Hope you have a good weekend

DedicatedDFW

Wishing everyone a Merry Xmas! Xx