I have this crazy plan to try and get us a better life

tinktay84

take a look at my millionaire challenge thread, we all have a goal on there - everyone different - but all for a better life. You may get ideas, inspiration or just a good laugh :-)

plarka

This is great everyone! I'm off to check out the millionaire thread!

plarka

Oh crap, I just realised, we do have a mortgage of about £95,000, should we be paying that off instead of saving? I can't figure out in my head what would be better.

killerpeaty

plarka wrote: »

Oh crap, I just realised, we do have a mortgage of about £95,000, should we be paying that off instead of saving? I can't figure out in my head what would be better.

Well, I personally would want to get rid of the mortgage first. But if you feel happier if you have savings then you could go with both paying it off and saving.
Have a look at this article http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings and the mortgage free wannabe thread.

rosejack

Just wanted to say, good luck - you have a dream, that's the first big step!

plarka

rosejack wrote: »

Just wanted to say, good luck - you have a dream, that's the first big step!

Awww thanks! I never expected to find so much support and encouragement here!

I'll have to check out articles on overpaying mortgages vs savings, and see what our interest rate is and on savings as well.

COOLTRIKERCHICK

How much is your property worth compared to your mortgage?

How much are your month payments on your mortgage?

the reason why i am asking is that...

If, sorry WHEN you have saved enough money to move to the states, that if renting your property out would cover mortgage payments etc... then i would personally wouldnt be in a rush to pay off the mortgage..

The reason being, first of all if things dont work out in the states, you have a property here to come home too, plus if you worked out that it will take you 5 years to get 80k, then in 5 years, you still would have to save/sell your property to get your money..

hope all that makes sense...

We still have a mortgage on our current place.. which we have over paid in the past, but now re- mortgaged to get the extra bit of money we needed for the new place...


Also ,by saving. and seeing the pennies mount up, will spur you on even more... even if you buy one of those money tins in home barg@ins for 59p and put your loose change or surplus money in there, and feel it get heavier and heavier each week:D


Step one............get a note book....( i used a diary sized one) on the first page write down ALL your regular out goings...I done 3 columns weekly. monthly.yearly...and see if you can reduce them, get them cheaper, shop around.... If you can get them cheaper.. what ever the saving is ...set up a direct debit for the amount saved and put it into your 'daydream' account.

basically if saved £15 a month by changing suppliers etc make sure this isnt swollowed up in your main current account, keep any savings seperate...so you can see how huch you are saving...

Step two.... will be set once step one has been completed:D

Finefoot

Good luck, keep us posted on your progress!

wigglebeena

I think your plan is fantastic and I hope you get there. It's inspiring: I need to overhaul my own crappy little life, and if you manage it I have no excuse for not busting my !!!! to do so!

savingmummy

Good luck!

You have a dream and a hobby that apys well SO i think you`ll do it!!
Every penny really does count and it soon adds up.