All I want to be...is Free!

juststuff123

I've never posted on a forum before so please bear with me.

I bought my flat in 2010. I took a £66k mortgage and a 0% £15k loan from my parents. I also have my student loan to repay £5k left. My goal is to have all these debts paid by Dec 2018. Or at least have enough money in savings to be able to pay off all these debts if I want to by Dec 2018 (will depend on the interest rates etc at the time).

I live alone so this will be a real achievement for me is I can pull it off (lets skip over the parental help). I have a budget, and several spread sheets to keep me on track. I'm very tight with money and I've just dipped my toe into the Stoozing pool but any tips and advise would be welcome. Fingers crossed.

sweetdaisy

Just wanted to wish you well on your MFW journey . 2018 isn't far away at all and look forward to seeing how you get on.

clippy_girl

Good luck on your journey! To clear it so quick after taking it out will be amazing

juststuff123

Thanks Clippy Girl, congratulations on clearing your debts. It's good to know it can be done!

clippy_girl

Hehe that was just the debts- only just starting on the mortgage

juststuff123

Got a great deal on some fancy Chocs last week, Normal price £22.95 per box + £6 worth of fee extras so £28.95 woth of chocs. The advertised discount from a Coupon I recieved from a Dorothy Perkins purchase (On sale and through topcashback) was for £6.95 for the lot. Great, but then as I went onto the website I got another discount offer for free delivery woth £3.95, to in total I paid £3 for the lot! Yippee. I had to join the Chocolate tasting club but it was easy enough to cancel my membership once the chocs arrived. I don't think the rest of May will be so good, I've got several outings planned inc. a baby shower and a Wedding!

julliff

Hi JustStuff

Good luck on your journey, I absolutely love your user name!

juststuff123

Got a haircut Saturday. £28.90 for a dry trim - Not impressed. May as well have thrown my money it in the bin! I only had the trim because I'm going to a wedding in a couple of weeks and the bride wants the bridesmaids to have long hair. I'm sick of my long hair and want a complete change but my regular lady has gone on Maternity, so now I have to find someone new, and it's scary to do that with a new hairdresser.:eek:
Also went to a double birthday & baby shower party, managed to keep costs to about £20 for the event including making a giant fruit salad for the buffet. It was a good afternoon / evening and we had samba drums to try. I was rubbish, couldn’t keep time at all. But it’s something new!
I also sent a birthday present to a friend, I sent her a bracelet I got for free when I signed up for the weekly emails before Christmas – wow I’m a cheap skate!

juststuff123

I've been reading other people's diaries, and noticed how lots of people calculate the daily interest, this got me thinking. I currently overpay by £50 per month. I have worked out how much interest I pay over the year subtracted my £50 overpayments and have just paid the difference, so now I know that for the rest of the year all my mortgages payments are going straight off the capital! I've just put £810 into my Mortgage.

edinburgher

What type of student loan do you have? Because if it's the currently 1.5% interest variety, it's one of the cheapest forms of borrowing and I'd be in no rush to pay it off

juststuff123

Hi Edinburgher,


It's the 1.5% student loan, I'm not overpaying on it. I'm only paying what I have to, I keep having those head vs heart debates. But the head always wins!
Based on projections it should be paid off in 2018 around the same time as my 0% parent loan.
I've included it in my signature because I consider it a part of my debt neutral project.