I have a dream...to be a MFW

ajmoney

Thanks Ammonite, I know the loan should be paid off but I had my heart set on getting the mortgage down too.

I have just paid another £50 OP to my loan so that is already £250 this weekend. I hope to have more by the end of October. Ringing the loan company tomorrow to find out what is owed on it so I can keep track of the payments that are going on. The normal monthly payment is £264.71 with £55ish in interest each month so I have kind of paid of 5 months of interest in 2 days.

I am setting myself of a challenge of loading a book a day up to sell, even though I am aware it will take a long time for them to go. Also need to photograph my evening dresses for sale. I have some bath and sink taps to sell???? Anyone know where is best for those?

ajmoney

I am just coming here to keep a list of possible money I can claw back to work on this loan.

The first one is one of my small savings accounts linked to my current account that I pay a monthly amount into for all my car insurance/maintenance etc. Usually at the end of May when everything has been paid I take everything out that is left as extras (where I have saved money) but it appears I forgot to do it this year. I had £251.30 left in there at the end of May so will probably transfer that towards my car after I have spoken to the loan people tomorrow.

I also have £100.21 in a regular savings account that I set up a long time ago. That was the opening payment and I never did anything else with it. I am thinking of closing that account and sweeping that into the loan as the interest associated with it is minimal compared to the 7.5% charged on my loan.

I have the payment coming to me from selling my mobiles which should hopefully be with me soon. I made a grand total of 25p on quidco today and hope to have far more by the time their pay run happens.

I have two sets of taps to sell and am going to use eb*y for that as they seem to sell quite well, hopefully should get at least £40 for those. I have about 5 dresses I need to list, evening gowns which should sell ok with it coming up to party season.

I still have my 2 rings to try and sell and will try that this week.

I have lots of books that I want to sell although I realise these could take a while to sell.

We bought some remote controlled cars for Christmas presents a few years ago but then they weren't given so need to ask DH what we are going to do with those although any money we make from them I will put into our holiday account.

I still have £6882.46 to pay on my loan but that includes all the interest. I need to ask tomorrow on the phone how it works if I am paying early as there should be less interest accrued.

I need to look and see how else I can add to this to get the loan paid off.

HelenDaveKids

Sounds like your making a great start. Gosh, this is soo addictive..

ajmoney

HelenDaveKids wrote: »

Sounds like your making a great start. Gosh, this is soo addictive..

I have added a new bit for keeping track of my money making for the loan, amount left to pay which I will find out tomorrow and other money I expect to come in. It is on the same page as my daily mortgage interest totals, just off to the side so I can still see my main goal, mortgage freedom. TBH I have been inspired over the last couple of days by those who are about to announce their mortgage freedom. I intend to OP the loan within a year and then start on the mortgage. I have signed up for MFiT take 3 but that will be harder to achieve now I am sorting the loan first, I want to get the mortgage under £100K by 12/12/15. I am still aiming for mortgage freedom by 03/09/2022 and ideally 09/07/2021 (our 10 year wedding anniversary) but it will take a lot of dedication from both of us. The theory is I now have a year to get DH fully on board and get our spending lower.

If anybody has any ideas to help me then I would be grateful

ammonite

I had my heart set on getting the mortgage down too but as we had no savings I decided to work on building those up. I worked out how much I needed to save each year to reduce the mortgage term by half and built up savings. I'll overpay the amount calculated once I feel secure in the savings we have got.

It does make more sense to pay your loan off if possible - have you got any gold to sell? That brought me about £120 in for hardly any bits and bobs! Do you do any reviews or surveys? That brings me a few extra pounds in every so often.

Are your freezer and cupboards full up? Try and meal plan and eat out of them rather than buying/spending loads in the supermarket each week. I ate all the contents of my cupboards and freezer in the last 6 months (lasted 6 months!) and only bought fresh stuff such as bread, salad, milk, potatoes etc. It reduced my weekly shop from about £50 to £20 (approx.). I'm now re-stocking but keeping an eye on dates on tinned goods as I had so many out of date tins it was wasteful.

It is really addictive, I've saved almost 4 times as much money than I expected in just 6 months (I'd planned for 1 year) and that is including spending money on the house that we hadn't planned for back in April.

ajmoney

Money spending this week

Monday small amount of food shopping
Tuesday should be a NSD as away with work and food provided
Wednesday day out to Newcastle to meet my mum for lunch. Already bought train ticket and got cashback so should just be buying lunch and maybe getting some Christmas presents. Taking a flask of tea so I can't be tempted on the train
Thursday day off work, waiting for rescheduled piano lesson time but if time may go to Edinburgh to sort selling rings. Buy veg/salad for wraps for the evening, we have everything else
Friday day off work, hair appointment booked. Going away Friday night until Sunday, hotel already booked (forgot about cashback ) meal out with friends Saturday night and some long overdue catching up with family too. Money to be spent of fuel and meals, may try and find cashback stuff for fuel.

ajmoney

Signed up for experian trial earlier to check my credit rating, it is as high as it can be which I expected but I am a guarantor on my sister's rent and I didn't know if I would be associated with her or not, it appears not which surprised me. Just need to remember to cancel my membership tomorrow.

ajmoney

Just sorting out some figures to keep track of my loan as I got a balance today so will post those once I have worked them out. I wanted to try and incorporate them into one of my mortgage spreadsheets t watch the OPs in the same way but it doesn't seem to work. See you with some loan figures very soon.

In other news I have swum another 1 and a half miles so am 40% of the way there with 2 weeks left to go :eek:

ajmoney

The outstanding balance on my car loan this morning was £5875.14, I have just made another payment of £251.30 and have tried transferring some money out of another account but I think that takes the balance too low so I may need to go into the bank to close that account. It already takes the balance down to £5623.84 :j Any OPs I make decrease the term of the loan rather than reduce the monthly payment, so long as I make sure that I leave £264.71 on the loan as a final payment then I will not have to pay a redemption figure. I should have 25 payments left but already the OPs over the last 3 days have cut 3 months off the term :j can you tell I am excited?
I have had the bag arrive to send the phones in so will do that tomorrow. Need to try and transfer this money again for another £100 to go off the loan. Also hoping to get to the jewellers with my rings this week.
So I don't annoy the loan company too much and don't waste paper I will wait until 1st Novemebr to make the next phone call to find out about my loan, although I think I get an annual statement in just over a month anyway.
Seeing as the interest is calculated daily (and monthly on the statement it shows it costs £55ish) I should be doing quite well on getting this down.


Have OPd £531.30 in 3 days just from moving excess money about, why have I not done this before?

beachie

I would think about paying off your loan in one go. At 7.5% this is higher than any savings account and you would save money.

Can you overpay as much as you like?