I have a dream...to be a money magnet!

I have never posted on any kind of forum before, but have been reading other peoples diaries and thought I would have a go...
My plan is to try to overpay my mortgage for the next 4 years until my current mortgage deal ends, then to buy my 'dream' house.
I have already increased my monthly overpayment by £130 per month. I find increasing the payment works for me, because spare money seems to get swallowed up!!!
I have been more careful with my money and last month stayed in credit for first time for as long as I can remember!! I am trying to live off cash and that seems to help me.
Using martins PPI letters i am due a refund of £540 which is going to be split with £400 to pay off my holiday, £100 to decorate hall and £40 as my first ever ad hoc mortgage payment (unless i weaken and spend it).
Other steps so far... Have set up Halifax fiver reward account and have begun to use top cash back although i am still waiting for rac and post office to track.
So.. My name, 'miss money magnet' is an attempt at positive thinking.
I know they say 'like attracts like' and I do feel that the more careful I am being the better I am doing.. I.e PPI refund, interest (paltry as it is) on ISA etc, so fingers crossed. Quite annoyed that the only time ive had any savings the rates keep dropping!
I thought starting a diary would keep me on track!
Todays money magnet activities: park afternoon with son and sister and children, tea from freezer, try not to spend more than the £3 odd change in purse...
"Never underestimate the power of small amounts"
New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV. £221,100 Aug 19 £210,000 Jan 2020 £206000 April 2020 £204000 May £202,997, Aug 20 £199,554, Dec 20 £196,629 June 21 £185,200
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Comments

  • skint_spice
    skint_spice Posts: 12,485
    Name Dropper First Post Photogenic First Anniversary
    Forumite
    Good luck Miss MM!
    Mortgage End Date: Apr 36/Aiming for Aug 28/Current Feb 36

    Mortgage OP 2024 £750/7000

    Mortgage balance: £54765

  • Good luck Miss money magnet! I have also just seen the light and plan on becoming mortgage free! I also intend to buy my dream house with my partner so the current focus is to save, save, save! :D I've just started my diary too so we can see how we're both getting on!

    feelingfestive
    Saving to sort the house fund! 10000/20000


    Wedding Fund! £1000/4000



  • Lois_E
    Lois_E Posts: 2,227
    First Anniversary Combo Breaker
    Forumite
    Hello and welcome to MFW :wave:

    As you've found, the big thing is to find what works for you, whether that's the same as other people or not. You'll find plenty of ideas to try on here.

    I find it helps to track lots of numbers, so the mini-milestones are frequent enough to keep me motivated, and to post frequently on here.

    Good luck for the journey. :)
    Starting again 13/4/19
    Home loan 1: £21,102.50 Home loan 2: £7,698.99
    Total owed: £28,801.49
  • Hi feelingfestive, Lois and skint spice! Thanks for the welcomes!
    Feeling festive- I read you're thread, I look forwards to following your progress too!
    I stuck to spending my purse change of £3.50. Tempted by take away as got home late but resisted!
    A lovely sunny day at the lake- money went on ice creams for son, sis and niece. Had a very exciting moment when there was no ice cream van and I thought it might be a No spend day... But then van appeared later!! Lol.. Only joking! Had a lovely time doing all the old favourites- son climbing trees, skimming stones etc! If I can have a cheap day tomoz Ive stayed in my budget for week 1 of month. Woo hoo!! Tend to overspend after payday usually!!
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV. £221,100 Aug 19 £210,000 Jan 2020 £206000 April 2020 £204000 May £202,997, Aug 20 £199,554, Dec 20 £196,629 June 21 £185,200
  • lilyp
    lilyp Posts: 270 Forumite
    I love the name and the positive attitude. Good luck.
  • Thanks LilyP.
    I am another of those people who are paid monthly and therefore make an overpayment to the mortgage then and split my money into different pots. Currently I am saving for a new car, building an emergency fund in cash ISAs and overpaying mortgage a little.
    My short term mortgage goal is to try to increase my overpayment to £200 a month. Ultimately I need to overpay about £400 a month to achieve my masterplan (cue hand rubbing/evil laugh). I dont know if I can achieve this but there are possibilities afoot/ possible promotion opps etc which I may or may not try to go for...
    I have decided to overpay 20% of any extra cash I get plus all monies from top cash back etc. If I have any weekly cash left Ill try to overpay each month.. But on day 6 of week 1 I have...(drum roll) ..80p left. Hmmmm...
    Todays money magnet activities.. Cheap day, runnin errands, hang washing out on line. Eat food already in house.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV. £221,100 Aug 19 £210,000 Jan 2020 £206000 April 2020 £204000 May £202,997, Aug 20 £199,554, Dec 20 £196,629 June 21 £185,200
  • Survived my week with 18p left!! That was close! Have been watching the pennies today- managed to find parking spaces and saved about £5 in car park fees. Surprising how all the little things add up! Havent managed to save a mortgage contribution this week but at least ive stayed in budget! Its a start!!
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV. £221,100 Aug 19 £210,000 Jan 2020 £206000 April 2020 £204000 May £202,997, Aug 20 £199,554, Dec 20 £196,629 June 21 £185,200
  • Hi Miss, love the name. Like a Bond Miss Moneypenny!

    Think you've made a great start. Its always better to start off slowly and gather momentum as you get used to the adjustments.

    Best of luck with it and I'll keep checking in so see progress.
    Mortgage at Highest- £126.995 Aug 2006
    Mortgage- (Lightbulb moment, Sep 12) £95,571. (Jul13) £92,616 (Oct14) £88,224
    OP Since Sep 12- £11,401.13, currently £8,416
    Original Finish Date- Aug 2032
    Target Date Aug 2020 :D
  • bbh30
    bbh30 Posts: 174 Forumite
    Hi and welcome. I find the its always the small things that add up to costing lots of money... a "cheap" day out can cost £3 parking, £5 drinks, £5 ice creams, £20 sandwiches, and thats before you add in things like petrol etc. Good luck with your mission!
    Mortgage Free WannaBe!
    Total mortgage debt Nov 13 -£268124 (argh!!!)
    Total OPs in Dec 13 and Jan 14 £2162
    Feb OP: £253.34 (so far)
  • bbh30 wrote: »
    Hi and welcome. I find the its always the small things that add up to costing lots of money... a "cheap" day out can cost £3 parking, £5 drinks, £5 ice creams, £20 sandwiches, and thats before you add in things like petrol etc. Good luck with your mission!

    They don't have to cost lots with a bit of planning. They would if I organised our days out like you stated but my partner will make a packed lunch for us, coffee in a flask or free McDonalds coffee's on the way. I won't pay for parking if at all possible, we will walk for 5 mins to avoid parking charges! Fuel costs get absorbed in work receipts :rotfl:!
    Mortgage at Highest- £126.995 Aug 2006
    Mortgage- (Lightbulb moment, Sep 12) £95,571. (Jul13) £92,616 (Oct14) £88,224
    OP Since Sep 12- £11,401.13, currently £8,416
    Original Finish Date- Aug 2032
    Target Date Aug 2020 :D
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