My Single-interest only-mortgage journey

A_Frayed_Knot

Hope reading the diaries inspire you.

Even if it's only one "project" at least you can concentrate on that for a week/month - however long you feel.


Pick a theme - ebaying? batch cooking? packed lunches? or anything else you think of that may save you some pennies.
Dance classes - a fortune

Monkeychops16

A_Frayed_Knot wrote: »

Pick a theme - ebaying? batch cooking? packed lunches? or anything else you think of that may save you some pennies.

Dance classes - a fortune

Marvellous advice thanks. I know Imagine what I could do with an extra £250!

A_Frayed_Knot

Let us know, which one you decide on, I'll be watching

Monkeychops16

Still trying to talk DD2 out of dancing. She says she's undecided.... Paid up for this month so have one last class this week essentially for her to make her decision.
A few weeks ago the boyf decided he wanted to try and move to a bigger house with a garden! We've talked it through and realised it's really not possible and we would be seen in quite a negative light. By this I mean: self employed and me only working part time, 2 children, 1 mortgage already, a family 'loan' and extortionate dance classes it would be very hard to get a new mortgage. Also I think we are silly to go from a relatively low payment to double if we got a bigger house, whilst our circumstances are like this (as mentioned above).
Therefore, I would like to make the most of this house. I still need to mark my territory and from day one I've asked to re do the bathroom. It's functional, but is tiled in blue old fashioned tiles, brown fittings and the shower is leaking as it's one of the overhead ones in the bath. The children also hate it as they say it's very cold. I asked him if we could use his savings but he said no we need to save up for it!
SO this is one new goal.
The second goal is that we have decided to try and pay back the family loan within 5 years. Boyf has given his dad his savings so reduced the balance to £55,000.
To pay that back in 5 years we need to be paying off £916.67 a month.
My half then would be is £458.33 and I already pay £200 so I will need to find £258.33 a month.
At the moment it seems impossible, I can't even get my money to last pay check to pay check but I have to try. He says he will aim to make more money too!
I've cancelled a hotel stay (for a wedding) and we're going to try and sell some concert tickets to get some money back.
Thus, I am going to shelve this diary and start a new one with the hope of paying the debt down.
I will come back when it's time to pay some attention to the interest only debt.

:T:T:T:T:T

Monkeychops16

Well I've not been on here in such a long time! All plans have changed feel like I just go round in circles! Initially I wanted to chip away at this mortgage. Then I wanted to work together with my partner to try and repay a large family debt he had for his house (the house I moved in to). Then he thought we should try and move. Then we realised we don't want to get in any more debt but will redo the bathroom as it's foul (with partners savings). Then I felt under pressure to repay some of my own family loan that swings between being written off to being called for.

Oh and now i'm 6 months pregnant!!!!!!

**********************

So current status:
Borrowed £1000 off my boyfriend to give my dad to pay off smidgen of debt to him
Repaid £300/£1000 to boyfriend
Had quote from builder for bathroom £5200
Paid a teeney tiny o/p amount to my mortgage this month of £12.94
We currently don't have to pay back in-laws their debt at the moment whilst we decide firmly about moving/home improvements etc

My first goal is to repay my boyfriend. He's taught me how to micro manage my money with spreadsheets which is really helping combined with using YNAB religiously.

Hopefully I can repay this asap without dragging on :-)