Penny Pincher Inspired by the roll of honour

pmk741

I am 25 and have been using this site to pinch pennies for a quite a while now, I am addicted to saving money I have clocked up £350 pounds from quid co just this year and have the best deals on everything thanks to MSE!. I feel like I have done quite well so far but could do better with my mortgage!

I am a homeowner with a small a mortgage of around 52k I earn a decent salary for my age and it would of took me 40 years to be mortgage free with my original payment. I have decided to start pinching a bit from my self as I have been frivolous over the past 5 years and feel that it will have made little impact on my quality of life to make small changes to make BIG life changing impact for my future.

I have decided to start pinching £15 a week, not a lot but this works this will mean my mortgage will be repaid in 25 years as apposed to 40! I still want to live a life so I have started small and will continue pinching as my earnings increase.

Thanks to the roll of honour and MSE for the knowledge and inspiration! :money::beer:

Calfuray

Hello!

You sound very similar to myself, I'm 22 and the mortgage is sitting (just) under 55k right now, and I'm making smallish OPs of around £50-150 a month. So I'll be watching with interest!

Welcome, and best of luck!

Cal

SeriouslySeekingtoSave

Small continuous payments are just as good as the occasional larger one . It's the fact that people think 'Oh it's just £15, that's nothing, it's not worth paying that amount, I'll just spend it and I'll think about paying it off early when I have a proper sum' and they don't sit down with a mortgage calculator and do the hard sums. I swear if more people just saw the figures right in front of them there would be a lot more MFW's out there, steadily chip, chip, chipping away.

pmk741

Calfuray wrote: »

Hello!

You sound very similar to myself, I'm 22 and the mortgage is sitting (just) under 55k right now, and I'm making smallish OPs of around £50-150 a month. So I'll be watching with interest!

Welcome, and best of luck!

Cal

Wow 22! I thought I was an eager beaver at 25! I will also be keeping an eye on your progress, good motivation! although my target should be easily attainable it just makes me think I should be paying more... but lits going to hard maintaining less lavish lifestyle!

pmk741

SeriouslySeekingtoSave wrote: »

Small continuous payments are just as good as the occasional larger one . It's the fact that people think 'Oh it's just £15, that's nothing, it's not worth paying that amount, I'll just spend it and I'll think about paying it off early when I have a proper sum' and they don't sit down with a mortgage calculator and do the hard sums. I swear if more people just saw the figures right in front of them there would be a lot more MFW's out there, steadily chip, chip, chipping away.

My thoughts exactly thanks for the encouragement!:D

newgirly

Hi pink, that's an amazing amount of years to knock off for a £15 a week op. best of luck with your diary