BachSoon's future plan to be mortgage free

BachSoon

Hello :j

I just thought I would introduce myself after lurking for a long time! I'm BachSoon and am aiming to be mortgage free as soon as possible. I brought my house last year and straight after I brought it, ended up with a large unforeseen expense that I hadn't budgeted for! 2 weeks after moving in, ended up in debt to my overdraft and to my mum

Having been rather frugal for the last year, I have now paid off those debts and am now aiming to be mortgage free. OH moved in with me a few months ago and I now have some rent coming in. I am setting up (tomorrow) a regular overpayment of £100, as I'm hoping that it'l become normal and I won't notice it too much I've been getting motivated by the overpayment calculator that says I'll pay off my mortgage 11 years faster :T reducing 34 years down a lot. I'm planning to throw as much as it as possible so that I can become mortgage free. OH and I have decided that when we (and future babies) outgrow this 2 bedroom, we're going to purchase our forever home and rent this one out. We have it planned out :rotfl: We just need to save now!

A few months ago I took a lower paid job, but saved my sanity so it's been well worth it, even though I now earn less . However, with much lurking on the various boards here, I have made several changes that I think have saved me a fair bit:

1. No spending on clothes unless absolutely necessary. I've not brought any since before buying my house, which I'm thrilled with :rotfl: although I shall soon have to buy some work tights now that the weather is getting nicer and the woolly ones will have to go away for a while :rotfl:
2. Batch cooking and freezing.
3. I have dusted off my OnePoll account.
4. I may dust off my dooyoo account for birthdays and the such.
5. I have disallowed myself from buying cosmetics until I use up the full shelf (granted mostly presents).
6. Heating is now off.
7. No lunchtime trips to the spar for chocolate :rotfl: also good on my waistline!
8. Keeping 'date night' dinners strictly to places with vouchers

I plan to carry on with this because it's gone well so far. The plan to overpay starts here! I shall continue reading all your diaries as they are full of helpful bits and pieces :j

Luckyinlife

sounds like you got a great life plan there :]
how much you got left to pay

BachSoon

Luckyinlife wrote: »

sounds like you got a great life plan there :]
how much you got left to pay

Thank you Luckyinlife. I'm pleased with it as a plan. I have £95,800 to go. I want to get it as low as possible as we plan to rent this house out for a bit of extra income when we have kiddies and I've heard a lot about Buy to let mortgages, mostly that they are expensive!

Today I set up an overpayment for an extra £120, so step 1 has officially happened. :T

MM10

Hi Bachsoon,
Your plan looks all nice and nicely done. Your starting out early with good financial planning. Time is on your side:)

BachSoon

It's true, I do have time on my side, which I'm pleased with. I'm glad I've found these forums early on.

I've now found that reducing my outgoings/saving/debt busting is really quite addictive.

OH is away this weekend and so i've been bulk cooking, baking and cooking. He finds my methods amusing but my freezer and cooking approach means we very rarely waste anything.

I'm also trying to build up some emergency savings and general savings. Having done some calculations, as long as we do not need to buy any more food in the next two weeks (before payday), I should have £35 left over, yay. That will be transferred into my savings on payday.

Firegirl

I always cook and freeze for the days I'm working and for the days I can't be bothered cooking!!! Less waste and less hassle! Lol

It is addictive and since reading these boards I do 2 no spend days a week.

Good luck!

BachSoon

Hello!

I am back with some numbers on repayments and getting very excited! I have now had my regular overpayment confirmed at £118.76, which I know sounds a little odd but it makes a nice round number on my statements and in my budget.

According to the repayment calculator, I will pay my mortgage off in 22 years instead of 34 :T I will of course increase it in time but for now it'll stay as it is so that I can build some savings and an emergency fund. It'll also save me just under £42,000 in interest :eek: That's as far as my maths goes, I'm not very mathematically able

I think I've had quite a MFW week. Last week I did a food shop, spending £31 in Aldi and made that into some meals for the freezer and had planned out all of this week just gone and next week, which I'm pleased about as it will take me past payday.

MFW things I have done this week:
1. Took my own lunch to work everyday. I say that like it's an achievement when in reality I've been doing it since I started secondary school :rotfl:
2. Had a good week on OnePoll, I have earned about £2.50 in surveys.
3. No spend days all week except today - £1 for dress down friday (it's for charity, would have been rude not to :rotfl: ) and brought the curry sauce at £1.75. I had planned to make it from store cupboard ingredients, but OH is getting up at 4.30 for work at the moment and he desperately needed an early night.

I am absolutely thrilled today because I got home to a lovely border dug in our garden. Since we moved in (11 months ago), our garden has been merely a green rectangle. I've been wanting something to brighten it up :T I feel a trip to the garden centre coming on! Within budget of course I have also talked him into digging a veggie patch as well :T

Also after moving house last year I have finally got rid of my overdraft from the emergency new boiler (:mad:) So I am officially considering myself debt free as have also paid off the loan from my mum.

My count down is now on until holiday time :j OH and I are off on holiday in a few weeks and we're definitely in need of it! After a year involving moving house, me starting a new job and my grandpa getting really poorly with several hospitalisations, I can't help but feel that we medically need this holiday :rotfl:

Right, I now intend to move myself of the sofa and do something useful like the washing up, the ironing and make OH's sandwich for work. So far, since OH went to bed at 8, my productivity has extended to finishing the book I was reading - Mr Darcy's secret. I highly recommend it

I must say I've been enjoying reading everyone else's diaries too :j people are doing brilliantly in their MF missions!

Luckyinlife

to finish 12 years early would be amazing great work :] im sure at a put you can get that down to under 20 years :]

keep us updated with how you get on :]

Firegirl

42k savings!!!!!! amazing!!!!

I moved last year too. Use the calculator on this site, it's addictive to plug numbers in and see what you can save.

BachSoon

Happy Sunday! :wave:

My first mortgage overpayment goes out in a few days... exciting stuff!

I have taken several (small) steps to being mortgage free

1. I have (eventually ) cleared my overdraft after a year of trying. I finished last month in credit so can officially stop budgeting for overdraft fees :j
2. I have shopped around for my home insurance and have got a quote for £115, down from £400 :eek: (this years quote).
3. I have dug borders ready for my veg patch, borrowed seed trays from gran ready to plant some veg :T
4. I have got on board the YS concept. I did the shopping at 7pm and filled the freezer with some YS burgers, veg etc. Just a large bag of carrots left to peel, blanch and freeze... for 20p! :T
5. Have registered with YouGov and earned 250 points already. Ploughing on with OnePoll also

I am of course avidly following all of your diaries for more inspiration and I'm so incredibly impressed! :rotfl:

Firegirl

Well done on your home insurance!!!!! That's a cracker saving!!! :0)