My Overpayment Diary: It's a slow and Steady Race!

aliwali

Hi all

Decided it's time to start a diary to try and focus me. Have started this overpayment journey a few times, so thought this time I will document my progress to try and stay inspired.

Our situation
Repayment Mortgage: £73,053.30
Remaining term: 14 years 3 months (I think)
0.48% above base rate so currently 0.98%:)

DH and I have 3 children (10,8 & 4), DH is a teacher and I am a childminder. We don't earn loads and kids are expensive so it really will be a slow and steady plod and our overpayments will not be huge, but knocking a few months of is still good right?

Starting by tidying my current account daily be rounding down to nearest £1. Also going to be ebaying, NCT sales, boot fairs if I can face it. Also going to be more careful with groceries.

So my targets for August/September as already halfway through Aug

Account tidies: £40
NCT sale: £100
Ebay: £50
Grocery budget: £85 per week

It will probably just be the account tidies that go directly to mortgage. I have a regular saver with a £200 commitment and better rate than mortgage so the rest will probably go there for now. Definitely not as organised as some of you, but I'm sure I will get there eventually (I've got 14 years;)).

aliwali

Not going great guns but am at least moving in the right direction.

Food budget: £80.12 (budget £85):T
Account tidies: £6.72 (target £40)
Ebay: £0 (target £50) but listed my Phil and Teds pushchair so hope to cover that this week.

Also £75 saved to savings this week, which will go towards the £200 for my regular saver next month.

Not a bad week, only 12 days until the kids go back to school. That's when I'll start labelling NCT bits. It takes forever, but should bring in some pennies.

WishIwasstill25

A great start.

Have you a Mfw date? Or are you like me, as long as it's sooner than they say and I don't pay as much interest......

aliwali

Hi WishIwasstill25, thanks for stopping by. Haven't quite got as far as a mortgage free date. I worked out that if I were to pay off £400 a month then I could finish in 8 years, but 1. Not sure if I can maintain that and 2. Interest rates will definitely increase at some point.

Need to think about that some more........

yukkibear

Welcome to your journey. Any OP no matter the amount is an OP towards the end, and is less you have to pay on interest. Good luck.

gallygirl

Great start, well done :j

aliwali

Hi everyone, thanks for reading:)

Up to £11.85 in my account tidies pot.

Also sold my beloved Phil and Teds pushchair. With fees taken off I made £90. Also sold kids activity tunnel, tent thing on local selling page for £7.

Trying to get back into Eb*y, but my mojo is certainly lacking. I have a couple of things listed for local collection.

We're having a new kitchen in October, which we desperately need. I had to pay the £500 deposit this week, so that feels like a set back but the extra I'm making will soften the blow.

1 week today and the kids are back at school :j. My youngest starts this year so may be a bit emotional, but I'm looking forward to finally having some time to have a proper clear out at home.

Crumpets

Hi aliwali, your making a great start! I've recently got my eBay mojo back- just in time the fees increase:mad: I've quite a few things listed at the moment but it's very hit and miss. I've started to list the kids autumn and winter stuff, I'll be glad if goes though as I'm fed up of it hanging around :rotfl:

My youngest starts pre school in September and like you I'm looking forward to having time to sort things out - on my own! :T

aliwali

After a very long afternoon and evening of messages back and forth I managed to sell an old mirrored wardrobe door on the auction site for £12. Very random what some people will buy, last minute decision to sell was going to the dump:D.

Even more time consuming was my local selling page, but I managed to sell my daughters Little Tikes Cozy Coupe for £20.

Overspent on groceries this week, but did get some extras for next week so I guess it might be less.

Oh and I've got to find 2 50p's tonight as both DS's lost teeth today :eek:.

Overall I'm pleased with progress so far.

aliwali

I've been playing with the overpayment calculator to try and set some goals.

In order to pay off by the time I'm 50, I need to OP £80 per month
In order to pay off by time eldest DS is 18 I need to OP £450 per month.

£80 definitely possible. I'm currently aiming to save £100 per week so at least £80 could go to mortgage. £450 well that may be tricky, but would certainly be a challenge, and I wouldn't be here if I didn't like a challenge:D.

WishIwasstill25

:j

Sounds like saving and de cluttering are going well.

Have a great weekend.

Wish