Mortgage Magic

AnnaBeth

Need a new shiney thread to help me get motivated ASAP.

DH has been researching financial options - buy to let, extension, buying bigger house and have both come back to the same conclusion that we need to magically make our mortgage decrease to get mortgage free!

Have flirted with the idea before but while we have overpaid our mortgage we have never got it consistently reduced to MF levels.

Hoping for motivation to come with writing and reading others for mutual support.

Have a good day everyone!

AB

icontinuetodream

welcome aboard and good luck on your journey!

AnnaBeth

The summer is always expensive for us, food bills increase and we tend to do more as DH has to take July and August off for work as they are closed during those months.

Here is an idea of what we have given ourselves as a spending budget for a typical month:

Bills - £1,045
Petrol - £160
Window Cleaner - £9
Pets - £15
Haircuts - £8
Household maintenance - £15
Dry Cleaning - £5
Clothes - £65
Car maintenance - £160
Holidays - £30
Xmas - £35
Pension top up - £20
Savings baby boy - £50
Life cover - £13
House insurance - £15
Food - £410
Other spending - £580

Typing this makes me feel bad as it seems like such a lot of money that we either spend or put aside, this was me originally thinking i had set a fairly tight budget.
The realisty is we don't spend this much most of the time and then some months over spend.
I am keeping spending accounts in full, with the budget decreasing as I spend as I found just recording it wasn't enough - I actually need to see that I am running out of money!
Having said that this month we are overspending and I'm not sure seeing that has helped the amount that we are spending.

I have just started maternity leave, our plan is to live off my DH salary and split the amount the gov't provide into 12 month amounts, I am then saving the smallish amount my employer gives so I can either return to them at the end of mat leave and not return to work or to save it hopefully to pay a chunk off the mortgage.

Hope this makes sense to other people as well as myself ,I will endeavor to keep this updated!

Mortgage is currently running at approx £126,000 need to find exact figures.

jodles16

Good luck!

I love reading these diaries for motivation and inspiration!

Thrugelmir

AnnaBeth wrote: »

DH has been researching financial options - buy to let, extension, buying bigger house and have both come back to the same conclusion that we need to magically make our mortgage decrease to get mortgage free!

Sacrifice is the word I would use. As you'll only reap what you sow. So think small and chip away with the overpayments every month. Make your own good fortune.