Its time to grow up and pay off the mortgage

HotCopper

Hi, well done. I don't post very often. I wish I had been more together at your age. I am 43 and working full time to pay off the mortgage early. We hope to be mortgage free in two and a half years time. If you can pay off as much as you can before you have children (assuming you do I suppose) then you will be streets ahead. If your partner/husband is on board it makes a HUGE difference. Mine never was, and for years I constantly took money out of the mortgage to pay his overspend on credit cards. It was only when I showed these transfers to him that he got on board. Since then we have made terrific headway. What works for us is we pay everything out as soon as my pay comes in - bills, cc, car loan, nanny etc. We have an allowance each week, and we take it all out in cash at the beginning of the week. My husband has finally understood that if he's running out at the end of the week then he goes without. He's learnt to eat store cupboard meals, and to only fill the car up with a tenner of petrol if he's only got twenty left. The fact he will have to go to the petrol station again in two days time is immaterial, by then he will have his weeks money. Stick to weekly budget is mantra. Anyway, good luck.

OS_QS

Hi Hotcopper! Thanks for posting. Ahhh, you gotta love the storecupboard meals....my OH always looks shocked when he realised its nice and perfectly edible.

I dont know if we could fully commit to a cash weekly budget, but it certainly seems to have worked for your OH. Currently, I pay everything on my reward CC and then pay off in full each month. Recently I have been transferring out what I spend on my CC into another account at the end of each week. Then when I see my current account steadily going down (instead of one hit when the DD goes out), it forces me to realise I'm spending real money. This approach has kept my mind on my spending, and I will actually have a reasonable amount left at the end of the month! :T
I think I'll suggest we only have our budgetted allowances in our current accounts (with everything else transferred out at the beginning of the month) - this should focus us in the same manner that it did with your OH.

OS_QS

Spurred by my clubcard points statement, I've had a look at the amounts on my loyalty cards:

Boots- £21.99
Nectar - £29.11
Tesco - 18.50

Almost £70 in total!!!! I'll spend these up in the coming weeks to save some money, but I'll have a look to see if its worth converting my points. Boots and Nectar I have always spent instore instead of money. Tesco I usually exchange into train vouchers.

Anybody have any better way of maximising nectar and boots points?

ammonite

Qs you can redeem Nectar points in Argos - I always do this at Christmas. They are worth the same as in Sainsburys though.

OS_QS

wow thanks ammonite, I never knew that....shame I spent £26 odd in there last weekend on shelving to make my house more streamlined.... I could've gotten it for free :money:!!

linz

....you can also exchange nectar points for amazon gift cards.

OS_QS

Thanks Linz, amazon vouchers it is! I can add them to my £10 VO reward, and get something for my OH for our anniversary next month Free pressies!

OS_QS

Well I've done the Grocery challenge for a few months. Unfortunately was doing well February + March, the receipts (and shocks at the till) prove I have become complacent (so soon! ). Jan, Feb & March was averaged £31/week, April and May are £55 and £52 respectively.

May was capped off by nipping into tescos on sunday to spend a £6 off a £40 spend, and the shopping ran through at £98. I have about 5 meals!! Though there was a decent amount of alcohol to enjoy in the garden with friends. So annoyed with myself for dropping the ball. :mad:

the first few months I was eating up out of the freezer, so cant expect a recurring £30/week, but I think for two people, I can aim for £40/week.

OS_QS

yay! Just seen that First Direct have paid in my £125 joining bonus. Very cool

Although it will have to be put towards the car bills - £300 to get the car through its MOT, and £200 for the tax disc. :eek: £500 this month on the car alone. Mental. This has been a very expensive year for us withthe car and storm damage, and things needing replaced. What an expensive run we've had, I've had at least 3 lots of 'bad things come in three' but am determined to not reduce the £300 mortgage overpayments....lets get those sleeves rolled up.

Am going to write a list of things I need to do to save money and see what I can got sorted over the bank holiday weekend........*thinking*

misscousinitt

Hi there

Just read your diary and just wanted to pop on to say well done to you.

We all have lapses from time to time - I am normally very good on the groceries, but have totally blown it this month!

Getting OH's on board is always a problem - my DH is on board and he's giving me extra money BUT as I sort all the bills etc...its totally left to me.

Anyway, good luck...

MCI