I Want To Be Mortgage Free !!!!!!!

CHARD_2

Hi there,

iv'e read the threads regarding some, and i have to say great achievements with paying your mortgage off, i'm sure there plenty like me out there, 140,000 mortagage, with the normal family bills coming in etc, and not far off max'd out with the monthly income, credit cards, etc.:eek:

can anybody offer some real initiatives,that have worked for you? the MORTGAGE PIG is great getting one today!!!

again everybody is different but, motivation is always key, and case histories, for me give motivation.

Thanks to all in advance

do_it_today!

Hi :hello:
check out mortgage in 8 years by funky gibbon and martins love childs - post for ideas.
Also the great making money on the side thread

Kaz2904

As a general rule of thumb you should pay off the debts with the highest interest rates first. If you have credit cards then these generally cost more than the mortgage. Once you have cut the amount of interest you are paying out you need to look at your spending and try to cut the cost of that.
If you don't have the money to buy something then you shouldn't buy it. That doesn't mean that you shouldn't buy on credit because if you want to get a car/telly/whatever and have the money but it is on 0% then you should take the credit and stick the money in a high interest earning account. If you have an offset mortgage then stick it in here and make your monthly repayments from the account. You are then earning money on money that isn't yours!
Next is to look at your day to day spending. We all have to buy food and utilities but you need to make sure you are getting the best deal possible. Go shopping with a list and only buy from the list. Don't buy food when your hungry etc.
When you need to buy anything like insurance you need to go through a cashback website and get the cheapest deals.
If you need to open up a new bank account ie Alliance and Leicester for a 1 year 0% overdraft then check out the cash back available from referals or quidco.com.
Then you can look at transferring your spending to a cashback credit card or one which has the longest period between spending and statement. That way the money sits in your current account for longer and earning more interest (or paying less interest).
Once you have followed these steps you will now have a new amount for your BUDGET. This budget must include yearly items such as insurance, birthdays, christmas, holidays, car expenses and other infrequent items such as dentist, haircare etc. You should then set aside an amount for yourself, your spouse and the family to have for leisure or unnecessary spending.
When your budget is set you know how much money you have left to save/overpay debt with.
You then go to www.whatsthecost.co.uk/snowball.aspx and enter details of all of your debts and include the amount that you have available to repay each month. This will then tell you the best order to repay it in to clear it whilst paying the least interest.
You will then find other ways to cut cost such as joining pigsback.com and earning vouchers towards christmas presents. Shopping for gifts in the sales. Making personalised gift hampers for cheaper than buying a rubbish present. The best one yet is the tesco clubcard system where points are worth 4 times as much when used on deals. It is possible to use these for many things and good for saving towards holidays.

Don't forget that when you earn interest on any money that is not "there" you should save it in a high interest account. Most of the good current accounts will allow up to £2500 which seems a reasonable emergency fund and will net you around £7 a month interest. Once it is full you should skim the monthly interest and chuck it at debts.
Phew what an epic post. If it crashes now when I hit submit I am going to cry!