Mortgage Free In 12 Months

*Jellie*

Good luck!
I would say you're going about things the right way. Go through each area of spending one at a time and see if it can be brought down at all. In some cases you can hold off the spending for the year.

Carafan

Hi Jellie,
Thanks! I think the holding off spending for a year would be a good way to do it, I quite like a challenge!

CathT

Hi Carafan,

Only just found your diary. I think your goal is do-able, good luck.

Carafan

Hi Cath:wave:
Good luck to you too:)

adwat

Hi Carafan, go for it! Best of luck with this challenge, quite do-able as you say. Going through bank & credit card statements is the best way of checking your budget - it always highlights those additional spends you tend to overlook (and "forget" about -- ahem, that's my excuse anyway) :rotfl:

Carafan

Thanks Adwat,
Well I have put another £300 in the savings account this morning. I hoped that I could 'spare' more however hubbie has just announced that he needs a pair of new tyres for his car this month. What with Christmas and everything it might be a struggle to save much more untill the new year, however I shall try my hardest:)

Carafan

I've been thinking about my motivation this morning for paying off the mortgage. Lets face it, without the motivation its going to be a struggle to pay the dam thing off!

So here goes.....

I love my house, we have spent 5 long years renovating it and have put alot of time and money into getting it how we would like it - however whats the point of it if you aren't living the life you want to live?
So my plan is to pay the mortgage off as soon as possible (in 12 months hopefully),then for the following 4 years save approx £10,000 each year.
(At this point our Son will have finished his GCSE's so all of our savings will be spent on his higher education!!!)

We would then look to downsize and could potentially release £75,000 (plus £40,000 in savings) and this would allow hubbie to work part time.This would allow us to have a far simpler lifestyle which suits us but with a security net should we need it.
Sorry for rambling on but its helped me get my ideas in order by writing them down - I now feel that I have some sort of plan, ok it needs a bit of work but it kind of gives a reason to all this.

Charliec45

Carafan wrote: »

I've been thinking about my motivation this morning for paying off the mortgage. Lets face it, without the motivation its going to be a struggle to pay the dam thing off!

So here goes.....

I love my house, we have spent 5 long years renovating it and have put alot of time and money into getting it how we would like it - however whats the point of it if you aren't living the life you want to live?
So my plan is to pay the mortgage off as soon as possible (in 12 months hopefully),then for the following 4 years save approx £10,000 each year.
(At this point our Son will have finished his GCSE's so all of our savings will be spent on his higher education!!!)

We would then look to downsize and could potentially release £75,000 (plus £40,000 in savings) and this would allow hubbie to work part time.This would allow us to have a far simpler lifestyle which suits us but with a security net should we need it.
Sorry for rambling on but its helped me get my ideas in order by writing them down - I now feel that I have some sort of plan, ok it needs a bit of work but it kind of gives a reason to all this.

Hi
Been reading your posts and would truly love to be in your position! You sound like a determined person and a year to pay your mortgage off sounds entirely do-able!!!

I am currently renovating my house and am finding it a struggle to find money for over payments as well as the renovation costs! So i just wanted to say I feel your pain!! Wish we were 90% done but unfortunately we are more like 45% done!!!

Keep up the good work - hopefully the dream of a secure future will keep you going!! :T

Carafan

Thank you Charlie,
We would have loved to have start paying the mortgage earlier but when you are renovating a house there is always something that needs money spending on it - I feel your pain!!!

Well this snow has reinforced the need for new tyres for Hubbies car so we have 2 new tyres but are £300 worse off:eek:
I have been looking at our food shopping budget this morning and have been planning meals. I am vegetarian, Hubbie thinks that a meal isn't a meal if it hasn't got meat in it and Son will only eat white meat. Most days I end up making three different things for our evening meal which a) takes time and b) costs more.

Because I don't always have the time we often fall back onto ready meals which also bump the cost up!!! So this week I have planned 7 meals cooked from scratch and ordered everything online. It has cost £65.40 for this weeks groceries so £5.00 over budget but alot of the things were on buy two deals so hopefully next week I can recoup this.

Anyway the meals are:

Sat ........Homemade pizza (dough and tomato sauce made last week and in freezer)
Sun .......Sausage casserole (Pork sausage for DH & DS, veggie for me)
Mon .......Tuna pasta bake
Tue ........Homemade burgers & wedges (pork for DH & DS, lentil for me)
Wed .......Fajitas & Nachos (Turkey for them, mushroom and pepper for me)
Thur ......Spag Bol (quorn mince)
Fri .........Curry and Rice (turkey for them, veggie for me)

Well we'll see how it goes this week and take it from there!

getmore4less

Car Repairs/MOT £25.00 ( £300 per year)
........

Well this snow has reinforced the need for new tyres for Hubbies car so we have 2 new tyres but are £300 worse off


SOA needs fixing no where near enough in there for the car

Also £150per tyre indicates something more expensive than you probably need for transport. (allthough there is a hint of a caravan in the SOA)

What car is it and what tryes were £150 each?