Mortgage Free Wannabe - Diary under way!!

Amy56

Secret_Saving_Squirrel wrote: »

Well done on making a start. Every pound overpaid is a step towards freedom. And why should the banks have the money that you have worked for? If you can afford to overpay and still have a good life, it is crazy not to!

Good luck!

Thank you for your encouragement

I can see that there are probably even better ways of saving, eg the suggestion above about the higher interest savings - but I really like the snowballing spreadsheet approach and I know that if I pay the money straight to the mortgage it will be gone and forgotten, if its in a savings account it will be too tempting to go off track when the novelty is wearing thin and the sunshine in far flung places appeals!!;)

Good luck everyone on your journeys too - I'm funding your diaries really inspiring!!:T

Amy56

Hi all:)

So I feel like I've had quite a productive day!;)

I managed to get my haircut (I HATE having my haircut and HATE paying a lot for the privilege!!;)) - So I've avoided it so long that the split ends were taking over :rotfl: I was also trying to avoid spending the £35 it usually costs. So I've been asking around and someone recommended a really cheap one in town - so I've been in there today and paid £10!! :T. TBH I hate it - but then I always do just after its been done, and at least this time I saved £25!!

I then came home and rang my house/contents insurers and was pleased to hear there was no charge for cancelling my policy mid year and so I managed to switch companies, saving myself £14.76 a month!!:T (I should have switched at renewal, but it came through at Christmas and we were out of the country, so never got round to it - but better late than never!!):)

Finally, I rang my mortgage lender to check my mortgage balances and to check that my overpayments were showing (thought I'd better be sure they were actually getting to my account- and yes they are!

So my total mortgage debt as at 1/4/14 =£136,247 (down £2,253 from 1/2/14!)

SillySod

If you really want to chase the pennies then redirect all your overpayments to mortgage 4 (up to the limit that incurs early repayment charges).

Amy56

SillySod wrote: »

If you really want to chase the pennies then redirect all your overpayments to mortgage 4 (up to the limit that incurs early repayment charges).

Thank you:) - you're right I need to sort that out - having realised mortgage no 4 was the one that needs clearing first, then I should have reverted all of the others to their minimum payments and used all the overpayments for no 4 -doh!!;)

Amy56

So have changed it all round, so that all my overpayments are coming off of debt no 4 (the highest rate) - feels good - like I'm getting somewhere!!:T

Amy56

Hi all - so today was pay day, so I transferred a £455 overpayment to our mortgage this morning:j and £150 to our savings a/c- it feels so good to actually be properly on the MFW journey now!:T