Energy Price Cap announcement: Watch Martin Lewis explain what it means for your electricity and gas bills this winter

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

in Mortgage-free wannabe
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  • Miss_Money_MagnetMiss_Money_Magnet Forumite
    185 Posts
    Ninth Anniversary 100 Posts Combo Breaker
    Forumite
    I took the plunge this morning and paid a whole £1000 from my savings off my mortgage. There was also £17 in my mortgage o/p pot so I paid that off too.
    Im under the £15000 barrier now and Im officially on my way to mortgage freedom - going to be more a marathon than a sprint.. But hopefully now I can make little o/ps too I can make progress through the month as well.
    Also, I have increased my monthly mortgage o/p to £220 each month on payday, by shuffling my other savings and putting a bit less into ISA each month. I have therefore already exceeded my initial target of making monthly o/ps of at least £200.

    New targets- get monthly o/p to £300+, and to try to reduce my weekly spending to allow for other small o/ps through month. Also to keep using top cashback to earn a bit extra to put straight to o/ps.
    :T
    "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
  • QB_WolfQB_Wolf Forumite
    722 Posts
    Forumite
    Blimey, you've made a very good start!!
    Start Date 16/09/2015
    Original amount outstanding = 225,000 Current amount outstanding =199,812
    Original LTV = 64% Current LTV = 49%
    Original Pay Off Date = Sep' 36 New Pay Off date = Sep' 36
    Original Dly Int = 17.17 New Dly Int = 17.17 Total OP = £1319.31
  • chocoholicqueenchocoholicqueen Forumite
    565 Posts
    Ninth Anniversary
    Forumite
    Well done Miss MM. I would love to overpay my mortgage but I'm concentrating on my debts first. I only had my LBM in January so I've got a bit of a way to go yet. I love reading everyone's diaries, it really motivates me to stick with it.
    Emergency Fund £0/£500
    £365 in 365 Days #18 £520/£520
    £2.00 Savers Club 2017 #11 £300/£300
  • Miss_Money_MagnetMiss_Money_Magnet Forumite
    185 Posts
    Ninth Anniversary 100 Posts Combo Breaker
    Forumite
    Thanks! Spot the deliberate mistake. Should have said Im under the £115,000 barrier NOT the £15,000 barrier (I wish!).
    I think Ive done the easy quick things, now Ive got to keep up the momentum for the long haul- thats the tricky bit!!
    "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
  • brummiebabebrummiebabe Forumite
    1.9K Posts
    Well done...just a thought, but have you checked you can make that much of an overpayment without incurring charges? I can only overpay by £500 p/m without having to pay a charge...

    Also - am very impressed with your savings......to save £1000 is one of my goals.....I'd never be able to manage £11000:rotfl:
    20p Saver Club #33 60p/£100
    Christmas Saving £0/£1300

    Saving Target 2014 £25/£1000
  • Miss_Money_MagnetMiss_Money_Magnet Forumite
    185 Posts
    Ninth Anniversary 100 Posts Combo Breaker
    Forumite
    Thanks Brummiebabe
    Yes i did check and theres no monthly limit on overpayments, but I cant exceed yearly limit.

    Todays money magnet activities: Ive swapped my old ISA to better rate and Ive opened a new ISA to save into this year.
    "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
  • Wow Miss MM! Well done on your huge OP! I can't wait til I can do my first official OP as at the mo we are waiting until we move into our new home before I begin OP'ing as we think we might need to use the money for fees etc. I'd rather not elave myself really tight BUT you should be really pleased - well done!
    ff xx
    Saving to sort the house fund! 10000/20000


    Wedding Fund! £1000/4000



  • Miss_Money_MagnetMiss_Money_Magnet Forumite
    185 Posts
    Ninth Anniversary 100 Posts Combo Breaker
    Forumite
    Thanks FF. I cant wait until Im in your position and actually buying my dream house.

    Well.. Had a tidy around my other savings account pots yesterday and scraped together another £200 to o/p, then realised my PPI refund had arrived so made an o/p of £50 and paid off rest of summer holiday (10 nights in Turkey... Cant wait). I logged onto Top cash back and requested payment (only £17 but I can o/p that today if its transferred). All in all, a good money day.

    Today having a day out with son and friend to a farm, but shouldnt be too pricey.

    Ive been quite careful with my cash so far this month and think I will do ok till payday. April and May tend to be costly for me due to o/h and sons birthdays but so far, so good. Its amazing what a difference it makes when you really try to be aware of all those little spends!


    This month I tried a different shopping approach and it seems to be going ok. I did a one off Tesco order for all the brands/ bits we like I cant get from Aldi, than am doing a weekly Aldi shop for other stuff. I also did a one off home bargains shop for toiletries and basics. So far ive def spent less time shopping and this also means Im not tempted by other stuff! Im quite good really but once Im in the shops and see stuff I tend to weaken!!!!

    Money Magnet Activities today: lunch at home, o/p top cashback money. (I need to update the numbers in sig when I can get round to it).
    "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
  • Miss_Money_MagnetMiss_Money_Magnet Forumite
    185 Posts
    Ninth Anniversary 100 Posts Combo Breaker
    Forumite
    Back at work so havent spent much. Seem to be doing quite well this month and hopefully wont drift into the overdraft so Im pleased... But we'll see...
    Ive been reading a few other bits of the forum- saving on groceries etc. I currently spend £320 a month for 2 adults and 1 child including all toiletries. I do quite often have a fiver left, sometimes a bit more, which goes towards a takeaway. Im trying to put a few pounds a week in my christmas treats tin.

    Money Magnet activities: Ive rounded my account down to the nearest tenner and moved the odd bit to the o/p account (a tilly tidy??), Im going to read the grocery threads a bit more... I thought I was fairly happy with what we spend but maybe I could improve more ... Is £80 a week excessive? Maybe it is ...

    Out for a posh meal tonight but all planned for and Im really looking forwards to getting dressed up for it.

    Good luck to all you mortgage slayers!
    "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
  • Miss_Money_MagnetMiss_Money_Magnet Forumite
    185 Posts
    Ninth Anniversary 100 Posts Combo Breaker
    Forumite
    Had a lovely meal, Im still too full up to move so In true MFW style Im lying in bed reading other peoples diaries. Overspent a bit last night but hopefully I can still stay in the black till payday.
    I feel so motivated by the thought that in 4 years when my fixed deal ends Ill be in a much better position to move up the property ladder.
    I seem to have bits of money left at the mo... Rather than constantly short so something is clearly moving in the right direction.
    I need to get up and finish painting my hall.. But cant face it yet!

    Money Magnet Activities today: Am due £10 friend referral off TCB so once received thatll go straight to mortgage, in process of meal planning for next week.
    "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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