Shashwoo's Mortgage free diary

Shashwoo

Hello all,

I am pretty new to this and am gonig to spend a lot of time reading through other posts to see if I am doing this all correctly.

My partner and I took out a mortgage 1st time buyers in Feb 2010. The mortgage was Aprox. £114000 (I will update with all the corrct finacial details when I get home tonight)

We want to be mortgage free as soon as is possible as the mortgage was over 27 years and we certainly don't want to be in debt for that long :eek:

My plan is to get a 2nd job, part time maybe a couple of hours a night and possibly 1 day of the weekend, this may sound selfish however I don't want to take a 2nd job to pay off my debt and run myself into the ground or not enjoy spare time with my family.

I am 32 and my partner is almost 39, we have no children together however my partner has a DS who we get every weekend.

We both work full time up north so the wages are not that great. I think we are being ripped with all the insurnaces we were sold do I will need to look into getting better deals on this.

I will post a fiance break down of spends because to be honest I can't understand what we spend all of our money on we seem to be almost if not broke before each pay day when realistically we should have mony in the bank for a rainy day so to speak.

I really hope anyone out there can guide me through this, all comments are gratefully received and let's hope that a plan is put into force soon

Woo

Phelpsie001

Good luck!! What are your overpayment goals?

Shashwoo

I have no idea at the minute, not a lot to begin with I'm afraid. We can prob only pay off about an extra £150pm as we stand that is without me getting a 2nd job and I am just looking into ways to earn a little extra cash on the internet and selling things on Ebay.

Ebay's charges are a little steep when you think of what you pay to paypal also

I'm sure on this site I can come up with ways however for now I am planning and tonight when I get all my financial stuff together I will plan it out a little better

JonnyTwoToes

You only get a DS at weekends? They're pretty cheap now the 3D ones are out.....

.... I' get my coat.

Phelpsie001

Shashwoo wrote: »

I have no idea at the minute, not a lot to begin with I'm afraid. We can prob only pay off about an extra £150pm as we stand that is without me getting a 2nd job and I am just looking into ways to earn a little extra cash on the internet and selling things on Ebay.

Ebay's charges are a little steep when you think of what you pay to paypal also

I'm sure on this site I can come up with ways however for now I am planning and tonight when I get all my financial stuff together I will plan it out a little better

£150 a month is still fantastic !!

A motivator I used, was to work out my daily interest rate and try to reach a target based on that!!

You take your remaining mortgage / 365 * interest rate (e.g. 0.0659 for 6.59%). It really helped me

Shashwoo

JonnyTwoToes wrote: »

You only get a DS at weekends? They're pretty cheap now the 3D ones are out.....

.... I' get my coat.

:T_pale_:think::silenced:

Sepa74

Hi Shashwoo, welcome to the board!

If you are struggling to figure out where your money is going, I suggest starting a spending diary. Get a small notebook and make a note of where everything goes. The results are very eye opening! Alternatively, if you have a smart phone you could download an app where you can enter all your spending electronically - I find it handy for entering in small cash amounts on the fly!

Once you've done that for a couple of months, then you can create an SOA - this one is great http://www.makesenseofcards.com/soacalc.html - and post it in your diary and fellow MFWs will go through it with an objective eye and make suggestions for savings.

There are lots of little things people do to help them save money and meet their goals, so keep reading other people's diaries for ideas!

Good luck with it all.

originalmiscellany

Well said Sepa74. Shashwoo, as Sepa said do a SOA, and also itemise what you spend your money on over a week. I only spend cash where possible and I find having the cash in my hand as I buy things helps me value what i'm buying more than on card.

Keep up the good work sashwoo!

CathT

Hi there and good luck. £150 is a repsectable amount to overpay each month and with some effort extra money can be earned from survey sites etc. Have you used any of the overpayment calculators?