How do you stay focussed?

Marksy

(or is it focused? ).

We haven't really done a "proper" SOA/budget, but have increased our mortgage payments by ~£270, reducing our term considerably.

We've around £1,600 after our mortgage comes out each month - obviously excluding all the other expenses. I'm sure that we could live on £1000 a month, so once we've finished the work we're doing to a room in the house currently we're going to sit down and work out our exact expenditures and knuckle down.

My problem is, despite wanting to pay our mortgage off as soon as possible (so far we've reduced from 40years, down to 6) - I'll often pop to the shop and buy needless things.. chocolate, or biscuits/whatever - and it really does add up. I do have a sweet tooth mind!

I often read the diaries here, and have worked out that if I increase our payments by an extra £600 (if it were possible), then we'd have paid the mortgage off in just over 2 years... argh!

The one thing at the back of my mind though is, we've a lot of work planned on the house - and we'd like to get it done sooner, rather than later. It's going to be expensive, but it does need doing (the majority of the plans anyway - new kitchen, ground flooring... but we'd also like to knock through one wall and block up another wall seperating the dining room from the lounge, and making a kitchen/dining room).

So, what do you do to maintain your focus?

Phelpsie001

Wow!! I think that you are doing really well anyways!!

I just picture being mortgage free and having enough spare money to live a comfortable life with ample savings, nice holidays and less stress

Marksy

Thanks, Phelpsie001 - we'e quite fortunate to have a small(er than most) mortgage - so that definately helps.. my original payments were £230, we now pay around £500 after gradually increasing the payments. The sad thing is, from increasing up to £250, through £300, £330, £400, £500 we've had the same amount of money left at the end of the month. Shocking that we (I) fritter (is that a word? ) it away on stuff that I don't even know.

Not sure if it's doing us any favours but we buy *everything* on a tesco credit card - then pay it off at the end of the month.. working out our average daily spend it's around £70/day... shocking. We pretty much spend everything that comes in. It's annoying really.. but we have changed a car, and have done a bit to the house (in terms of decorating).... not sure if that's an excuse or not - but I'm all for really pulling hard on the reins but I just know I'll fancy a bar of chocolate one day and then just easily spend a fiver in the shops. Over the course of a month that can easily be £20-£30! It's things like these I need to work on, but my will power for them weak!!!

It's pretty gross really.. we eat very healthily, I'm pretty active - used to play ice hockey (used, as I've not been in over a year)... but yet I'll still gorge myself on biscuits/chocolate!

I'm thinking of switching to green tea or similar, as I'm sure a chocolate bar won't be the same when drinking that. If I'm bored, I'll pop the kettle on, have a cup of tea and then realise there's no chocloate - and pop out and buy some! I think I need a chocolate shock-collar or similar.

Phelpsie001

Whats the rate on your current mortgage? A motivator for me was when I asked my mortgage company how much interest per day I was paying and I ring them every month to see how much it has decreased by!!

P.S Green tea is vile!!

Mrs_Arcanum

Seems like you might be better off with pocket money for daily spending rather than using a card all the time. Just use the card for large shopping trips and cash allowance for the rest. When you run out, no more treats.

Tenebris

Marksy wrote: »

(or is it focused? ).

We haven't really done a "proper" SOA/budget, but have increased our mortgage payments by ~£270, reducing our term considerably.

We've around £1,600 after our mortgage comes out each month - obviously excluding all the other expenses. I'm sure that we could live on £1000 a month, so once we've finished the work we're doing to a room in the house currently we're going to sit down and work out our exact expenditures and knuckle down.

My problem is, despite wanting to pay our mortgage off as soon as possible (so far we've reduced from 40years, down to 6) - I'll often pop to the shop and buy needless things.. chocolate, or biscuits/whatever - and it really does add up. I do have a sweet tooth mind!

I often read the diaries here, and have worked out that if I increase our payments by an extra £600 (if it were possible), then we'd have paid the mortgage off in just over 2 years... argh!

The one thing at the back of my mind though is, we've a lot of work planned on the house - and we'd like to get it done sooner, rather than later. It's going to be expensive, but it does need doing (the majority of the plans anyway - new kitchen, ground flooring... but we'd also like to knock through one wall and block up another wall seperating the dining room from the lounge, and making a kitchen/dining room).

So, what do you do to maintain your focus?

Dear Marksy -

First, well done for organising yourselves to pay off your mortgage in just 6 years (or less) instead of the full term. It sounds like you're doing everything right!

Hmmm, staying focused...

1. Stop resisting your urge to consume biccies and chocs. Instead, allow yourself a weekly budget of a few quid to indulge your cravings. If you don't, and you keep denying yourself, your Inner Choc Absorber will feel resentful and sabotage all your financial efforts when you least expect it.

If you actually allow yourself a few treats every now and then, the following happens:

a) what resists persists. When you stop resisting, and just give in to the chocs, you're accepting yourself as you are, and there's less pressure on you to be 'good'. And you'll find yourself eating less chocolate.

b) occasional treats will keep your Inner Choc Absorber happy enough so it won't go on a mad splurge, spending loadsamoney on your 'fix', or other more expensive treats, and undoing all your good work.

2. This is a good one if you hate your mortgage provider, or have had difficulties with them.

Imagine how unhappy your mortgage provider will be when you pay off your mortgage early.

Imagine the pain they'll feel at being deprived of all that delicious interest they thought they'd get off you. Instead, you'll be enjoying that future interest - maybe doing up your home, going on nice holidays, anything you want.

Imagine every single quidlet you put towards paying off your mortgage brings you a step closer to financial independence, peace of mind, and a really brassed-off mortgage provider.

3. Show others how to do the same as you. Inspiring other people to pay off their mortgage early will keep you very focused too.

Wishing you good luck and financial freedom!

Tenebris

goobergirl

Love that last post, especially tip no.2 . That is what keeps me motivated that every pound OP is less money for the bank to screw out of me.

cha97michelle

It is hard to remain focussed. I think i am bordering on obsessed in some ways and push myself so hard to do the little things to make pennies, and then i will have a splurge. I do try and restrict it.

If i want to avoid spending it gets sent quickly to savings or the mortgage so it is not there. I can still spend on the cC and move it back to pay it, but there is more thought there.

Our treats do tend to be a lot smaller too these days. I try not to buy too much sweet stuff as we are all so piggy with it and it all goes. If it isn't there, we will eat something else that is usually better for us.

originalmiscellany

I'd say you reassess how you live - simple things such as making a tray of flapjacks to stop the chocolate habit is cheap and delicious!

Also, being aware enough to know that a few treats every so often are fine, so the odd choccy bar will in the big picture still mean you're overpaying and clearing your mortgage down a treat.