Average? income overpayer

hebawom

I had a lovely holiday in the Yorkshire Dales, but spent a shed load of cash! Totally worth it though. We went to Ingleton waterfall trail which was gorgeous!
So £240 holiday, £91 MOT and £30 car tax which have all been extras. So might struggle this month.
I've written the letter to hmrc to see if can get tax break for washing own uniform. But not heard anything yet.
I sold surround sound system for £30 but had to open none payment case against buyer. Not a great first experience! Going to try gumtree next time!
I've also started swagbucks after looking at the 'up your income' boards. It probably pays about £1 an hour, but do it while watching tv!
Will update next week when I make my overpayment.

hebawom

Well, managed to pay £573 over this month! The reason is my wife is on board now! And passed £300 to overpay. This brings the grand total to £125896.94.
Now reduced term by 11 months!

LauraJo

hebawom wrote: »

Well, managed to pay £573 over this month! The reason is my wife is on board now! And passed £300 to overpay. This brings the grand total to £125896.94.
Now reduced term by 11 months!

Thats fab congrats!!
It really does help if OH is on board. Mine is fully on board now but it was a painful painful journey!!!!

moneycurious

Well done, like Laurajo said, it is a slow journey , but keep it simple to start with and doent feel bad about living for the moment. its all about the balance. Rome wasnt built in a day, and lets face it, you dont get a dress rehersal. If you read alot of the posts, people still enjoy themselves, and dont "do without" but they choose what to place their priorities on , be it buying things for the sake of having them vs need to have them. People often call me tight, but its not its that i have different priorites. Thats all.
Good luck!

hebawom

Been away from this forum for a long time, but have carried on with the overpayments in the years between!
Our current mortgage balance is now: £36,980.
We've moved twice since the last post and managed to not borrow anymore mortgage, mostly because we did pretty well with making good money when selling our homes.
We've decided that we're going to use a bit of our savings (£12k) to reduce the balance further in September (when the product finishes), and then to reduce the term to 3 years. That's the current plan anyway!

AgathaSquirrel

Well done. Huge progress!

Kittenkirst

Wow that’s amazing progress; well done! 

Is the house you are now in your forever home?

hebawom

Little update. Current balance is £32,748.58. Annoyingly already hit the 10% overpayment limit for this year. So just riding it out until September when we come out of product and then hit it up with the savings.

steampowered

Amazing progress!

If you are an early retirement wannabe, have you considered upping your pension contributions?

If you and hubby are making the default pension contributions, you will only be paying 8% of your salary into your pensions. That is just enough to cover the essentials at state retirement age (67), but is not enough to retire early. 

hebawom

I don't get the state pension until 68 and my wife is not until 69 - but who knows what the payout will be in 2047!
But, yes we will definitely be retiring before state pension age. Focussing on the mortgage first, then will shift focus to retiring I think.
I currently pay 5% into my pension and employer pays 7%. However, both me and the missus are lucky enough to have paid into a final salary pension for over a decade, so we both have a modest pension pot that increases in line with inflation each year.