My road to being a millionaire - I wish

auntie_brenda

I'd advise against interest only as well. However, if you want to know the costs try www.egg.com and go to their mortgage calculator. You can put in the basic details then fiddle around. Maybe you could consider increasing the term for a short while - this would reduce your monthly payments but you would still be reducing the capital?

Don't beat yourself up about the charity payment. I've stopped mine but I consider it as another debt - but whereas my other debts reduce each month that one increases. As soon as I've paid off all my other debts I'll be 'repaying' the charity all my missed payments.

Good luck!

millionaire_in_training

aaaaaaaa( big scream) Had a big post all writen and lost it.

Right I was saying thanks for all the words of advice they are much appreciated. I get a warm glow whenever anyone posts on here as I find it amazing the way we all pull together and share our experiences and knowledge with strangers.

I have decided not to go onto interest only as I really want to reduce the capital during the next couple of years as well as pay off my debt.

I can afford all the payments at the moment its the silly spends I need to stop. Really really want another bedroom and cant do it until I clear the decks a bit. A friend of mine swears by interest only as she has no intention of paying off her capital. She has 2 properties and rents one out. She just wants to use the profit to climb the property ladder and then when they die the house can be sold and any profit will go to her child. I dont share this ideal I'm afraid. I want it paid off before I retire.

Have also taken on board the comments re decluttering and really going to go mad here and get rid of loads. I have cleared out my linen cupboard today and have got about 10 full sets of bedding for a car boot sale. Absolutely ridiculous to have that many lying about. Going to clear out a drawer and a cupboard each day for the next couple of weeks and really get rid of loads of stuff. I also have loads of clothes that are too small for me so I am going to keep my very favourite outfits and sell the rest on e-bay. The chances that I will ever get into them again are pretty small anyway as I like my grub too much:rotfl: .

Had to spend money today to feed kids pals. They both have a friend here for lunch and dinner and although I can easily tell my kids to eat what they get I cannot do that to others.
My neighbour's son is getting married and kids and I are invited to the wedding so I have been artistic with their gift. They had a list in Debenhams and I bought htem a champagne bucket. I then made them a hamper with bucks fizz ( I won this in a tombola), 2 champagne glasses ( 99p from e-bay), 2 packs of pot pourri that I bought in bulk and repackage. Total cost about a fiver plus £20 for bucket. Well please as it easily looks about £50 worth. Ok will stop rambling on now and go empty a drawer lol.
Will be back later no doubt

hypno06

Glad you have come to a decision over the mortgage and as for your friend - will she keep remortgaging until she is 93 if she lives into old age. No, I don't think so!!

Good work on the wedding present. I am sure it looks a treat.

millionaire_in_training

Oh I think she is mad and will eventually settle. I will keep working on her and pointing her in the direction of this board and she will see sense at some point.

millionaire_in_training

I have another quandary. I have 2 cards that are offering me 10 month and a year respectively for balance transfers at 0%. They are both charging 3% transfer fee. I know everyone here seems to love the 0% transfers but all I can see is that I am paying 3% to get it and it sticks in my craw a wee bit to pay them even more money. Am I being daft??

auntie_brenda

Yes, you are being daft . 3% is a lot less than you're paying at the mo so bite the bullet!

Well done on the pressie - and they'll be touched you put some thought into it as well!

millionaire_in_training

ha ha thats me told then. Right will have to work out which way to do this then. Will have a wee look and then update my snowball etc. Thanks Auntie Brenda

millionaire_in_training

Mortgage/Rent - £237.13
Council Tax - £89
Gas - £20
Electric - £27.50
TV License - £11.41
Virgin- £55.00 ( house phone, 2 mobiles, broadband and tv)
Food - £250.00
Petrol - £90
Life insurance- £9.00
Gas services- £25.70
Comp insurance-£3.99
Savings- £15.00
Dancing- £28.00
Childcare- £80.00
Contingency-£50
p money-£10

Total: £1001.73

credit cards-

Name- %-Balance o/s- Balance Allowed- Monthly pymnt
M&S -3.9 lob 1796.66 2000.00 54.00
New Look 25.9 44.18 150.00 5.00
Halifax 4.9 lob 8804.89 9200.00 175.00
Sony 24.9 23.16 3800.00 5.00
Barclaycard 6.9 lob 1477.46 3300.00 33.00
Argos 25.9 61.08 1080.00 5.00
Total

12207.43
Monthly Payment total- £277.00

Loans:
Secured - £21000.00 – 6.4% - £153.41
Mum - £400.00 - 0% - £40 / month
Credit union- £910.00 - 3% approx - £ 50/ month
Car - £ 8500.00 - 6.5% - £156.91

Overdraft 1 - £79.09- will clear on Tuesday
Overdraft 2 - £1000.00- will keep going at the moment.

Total outgoings = £1679.05
Excess = £160.95

OMG I put these figures using the excess into my snowball and can be cc clear by Nov 2009. Probably not do-able but by god I am going to try. Doncha just love snowballing??:j

taxi73

Hi M.I.T...you are doing really well...it's amazing what we can do when we put our minds to it..isn't it.I wish you luck not that you need it as I can see you are determined.

bananakinz

Morning!

Which debt would you put onto the 0% card? as it looks like you have got some good life of balance deals at the moment. imo only transfer what you are GOING to clear for definate in the 10 months/12 months otherwise you'd have to change again for another 3% fee or face higher interest rate.