My mortgage free mission...

MissionMoney

Okay so here goes!
I have poured over the threads and finally taken the plunge and writing my own! :eek:

I'll try and explain my situation first...
I'm 25. I have a mortgage with my parents on their home. I encouraged them to buy their council house 5 years ago (they were reluctant) when I was working for a bank. The mortgage was only £40k. With houses in their street making between 65-80k. Bargain.

Fast forward, and I left the bank, went to uni and am now a Nurse. :j:j I have also met my wonderful fianc!, and get married next year! "We" bought a flat this year, although I am not on the mortgage as I was still a student at the time.

My mission is to get the mortgage on my folks house paid off ASAP. I have 12 years left on my mortgage, as I took a fairly short term initially anyway. I want to make it possible to get a nice forever home with hubby to be & stinky puppy. Maybe even kids one day Don't tell him I said that!! :rotfl:

So! Here is my diary..... Wish me luck guys!

MissionMoney

Also, I'm thinking that it is more important getting the mortgage paid off than my credit cards (which are interest free currently) and my personal loan, which has 2 years left and paying money into it will not reduce the interest I pay anyway. It's on an old staff rate of 6.9%, which is more than the mortgage

I will however pay off my student overdraft as although that beasty is free just now, by Sept next year it'll revert to a normal account and will cost £1 a day for the overdraft :eek:

Does my plan sound okay? Fresh set of eyes always helps!

clippy_girl

Hello :wave:

Welcome to the boards! Think the plan seems like a good idea as long as you ensure that when the 0% runs out you have the cash so you don't get charged. Boo to the loan rate

MissionMoney

Thank you clippygirl! One card has a huge 27 months 0% on it from first direct :T the other has 9 months but if it's not all paid then I could switch it again to another card I have which always seems to have bt offers.

bexster1975

Very good luck MM!

I am also a MFW- just never started a diary here!

Bexster:)

MissionMoney

Here is a run down of the dreaded finances...

Debt:

student overdraft £1400
Creditcard1 £1470
Credit card 2 £145
Credit card 3 £1925
Loan £2790
Mortgage £31860

:eek::eek:

Monthly payments out:

Dog insurance £18.03
Loan £173
Mobile & insurance £50 :eek:
TV insurance £8
Union £8.20
Money to OH £200 (towards flat bills)
Food/toiletries/petrol/everything else £300
Credit card payments £115
Total around £870
(without payment towards student overdraft)

Salary fluctuates hugely.
Basic is £1200 after tax, but I often work an extra day per week, and I get extra for weekends & unsociable hours. None of which is guaranteed and varies.

This month has been horrendous for spending. OH invited both set of parents to ours for Xmas and his brother & fianc!. So food budget has been blown out the water.:mad:

Also I always buy all the gifts, so spent on that. Although I started buying bits and pieces throughout the year in sales or reduced, so probably not spent as much as last year in comparison.

We also got a tree for £5! OH's friend from work can't fit his 7.5ft tree in his new flat so gifted it to us! Bought some fudge and shortcake for £5 for him to say thank you

MissionMoney

Thanks Bexster. I feel that having the diary will really help me. My spending is my downfall, so hoping that writing the diary will provide some extra willpower! :rotfl:

Just spent the last 3 years as a student AND saving for a wedding so you'd think I would be a budget expert by now, but soooo not! :wall:

bexster1975

Hello

Don't know where you food shop but I am a Lidl convert over past 6 months. Excellent value and quality.

Never had a diary as some "real life" people know who I am on here. Maybe I will start one under a different name! Have subscribed and will follow your journey with interest. How long is your mobile contract for?

Bexster

MissionMoney

Bexster it's a new contract I took out in a rush when I broke my old phone without any insurance. So at least 20months still! It's bad I know!:eek:

I shop about everywhere, I am gluten free and have other intolerances so there are things that I can get in some shops but not others. We have an aldi nearby and often go there for veg!
I do often end up with food waste though, so I know I should plan meals better. My shifts often change at the last minute though and OH has a 9-5 job but also runs a small business so we are guilty of grabbing a quick takeaway from time to time...

bexster1975

Sorry to hear about new phone contract. Food intolerance/gluten free must be a gaff and potentially expensive. Might I direct you to the Old Style board who will help stop you spending on everything. They have a grocery challenged on there if food is a spending issue. They are very friendly and I am certain there is nothing that they can't help with. A
Also, keep a written spending diary for a month helped me. Just write in all your day to day spends ( not DDs and the like) but coffee magazines, choccie bars. It really adds up. Also drawing out cash and spending that rather than using cards made a huge difference ( psychological clearly). Tell the old stylets how old you are- loads will tell you how they wished they had been as smart at your age! What you did for your parents was both very smart and very kind.

Just a Warning, you will get hooked on this site

Bexster

MissionMoney

Thank you Bexster!

I'm sure i will get hooked on here!
Not ventured over to other areas of the forum yet but i fully intend to


Managed to sell a few bits on ebay today, missed the post office though Better get myself organised for work soon. At least i can't spend money there!!:rotfl: