MFW Offsetting Tips?

albionsarah

Hi everyone!

After a break-up, house sale and a long time renting, I finally got myself back onto the property ladder again :j

I have an off-set mortgage with the Woolwich at 3.69%.

When my mortgage statement came through last month, I started thinking about ways to save on the interest, and I took out my first ever credit card (gulp!) for all my day-to-day spending.

I've set up a direct-debit to pay it off in full each month, and I'm hoping this will save me a little bit of interest by keeping my money in my account longer each month.

Are there any other little things I can do? At the moment, 29 years and 5 months seems a very long way away!

Xxxx

MallyGirl

depending on your credit rating, there is also the option of the 'slow stooze' where you get a 0% card with a long date and put absolutely everything on it. You then pay the minimum required each month and store the rest in your offset pot ready to pay off in full when the 0% expires. It requires you to be sensible and build up the money to pay off in full as even 1 month after the end of the offer at full interest could wipe out your entire saving

albionsarah

MallyGirl wrote: »

depending on your credit rating, there is also the option of the 'slow stooze' where you get a 0% card with a long date and put absolutely everything on it. You then pay the minimum required each month and store the rest in your offset pot ready to pay off in full when the 0% expires. It requires you to be sensible and build up the money to pay off in full as even 1 month after the end of the offer at full interest could wipe out your entire saving

Thank you, I'll definitely look into that!

I've had a read through some of the diaries on here, I am feeling very motivated

gallygirl

Basically, I'd recommend having a good look at all expenditure to see what can be avoided or got cheaper. Meal planning saves a fortune. Use cash back sites and survey sites.

Tilly Tidies are a wonderful invention started by an MSE'r called Tilly. Basically, round your bank account(s) down to whole pound every time there's a transaction. So, if balance is xxx.74 then pay 74p to offset. Less than 50p I add a pound as I worry about little amounts getting lost in the big bad internet . Seriously, they do add up, but just as importantly they keep your attention and motivation up.

Spreadsheets are THE ultimate way to keep on track :T.

Stay away from Lulabelle - she shops . And stay away from Nattypants for so many reasons :rotfl:.

PS - do you happen to have a tumble drier with an internal light :smileyheaby any chance .

Oh, and welcome :hello:.

muddywhitechicken

Hello & welcome to MFW :wave:

Good luck!

Tilly_MFW_in_6_YRS

Hi AlbionSarah,

Welcome to the MfW madhouse. You'll find fantastic support and loads of advice. People are very welcoming and positive and even during tough times, which we all have, there are hands outstretched to help.

The area I think we can all save on is groceries - do a stock take of larder cupboards, freezer and fridge, then menu plan. If you can bear to plan four weeks ahead I've found it makes the most sense financially for us - everyone is differen though. Any money you save can be added to your OP or offset.

If you use vouchers to save 15p off butter etc then put the equivalent into the offset.

It is surprising how the small amounts add up

The usual car boot, eb@y etc then offset the profit.

Do you have a skill you can sell? Or a hobby you can turn into a lucrative sideline? Checkout FortuneSmiles she has turned a hobby into the start of a business

Once you've been round all the utilities to get the best deals and insurances etc, check your existing policies including life insurance etc. Can you get better deals elsewhere?

That's all for now, good luck

Tilly x

albionsarah

Thanks everyone!

I do meal plan a week at a time, this is the first week in ages that I've stuck to it religiously though.

The chocolate that falls into my shopping basket every time I go to Sainsburys probably isn't helping the mortgage cause much. Must try harder!