Single mum - sink or swim!

selloptape

Thanks for the reassurance everyone, so glad to hear I'm not the only one

hiddenshadow wrote: »

I like to apply all "found" money as OPs to speed up my progress - change on the street, unexpected savings while shopping, cashback, etc. Even though they're small amounts (I did a £2.37 OP the other day) over time they really add up.

Ooh that's a good tip hiddenshadow and you've made me realise that I've written a list of things to do to increase the mortgage and totally forgotten any things to do to increase income. Oops! Best go back to the drawing board/notepad :rotfl:

Luckyinlife

Well done on the over payment :]

I need my remortgage to sort it self out so i can chip away at it keep me motivated

I find if you tell people in the real world 99% of them wont care but if you ever tell someone your mortgage free i bet 1000% they ask how lol i know i do

I wish one or 2 of my family and friends like this my old man loves to chat about money things but not really interested in the mortgage free overpaying but hey i cant force anyone just do my own thing

gallygirl

selloptape wrote: »

Just sent an overpayment of £243.16! So excited! Told some friends and family about my plan to overpay but they weren't that impressed so going to keep it on here until I get nearer the end...

Will be back tomorrow with a monster to-do list of money saving ideas, thought I could post the list and then cross them off as I work through them. I've also done an SOA so might post this too if I feel brave

X

Well done on starting your journey :T. My one piece of advice would be to not become blinkered about the mortgage. Look at WHY you want to pay it off - if it is so you can retire early then overpaying is probably not the best way to go - look at pension contributions, ISA's, 5% bank accounts etc. Really spend some time thinking about your long term goals and research on how to achieve them.

In the meantime though - every £1 you pay off your mortgage is £1 you'll never pay interest on again - that's worth celebrating :j:j:j.

hiddenshadow

Luckyinlife wrote: »

I find if you tell people in the real world 99% of them wont care but if you ever tell someone your mortgage free i bet 1000% they ask how lol i know i do

I don't understand this question. :undecided What do they expect to hear, that the Mortgage Fairy came and sprinkled interest-free dust while you were sleeping? :rotfl:

Luckyinlife

The question
Obviously to be talking about mortgages ect id have to know the person well i wouldn't ask any random

I don't expect to hear anything in particular Just interest me

send me some of that dust haha

hiddenshadow

Luckyinlife wrote: »

The question
Obviously to be talking about mortgages ect id have to know the person well i wouldn't ask any random

I don't expect to hear anything in particular Just interest me

send me some of that dust haha

Yeah, sorry, I didn't mean a dig at you - I'm happy to ramble on with like-minded people all day about this sort of thing.

I just don't understand people who seem confused by the concept - you get mortgage-free by living within your means, paying off the debt (or investing and becoming mortgage neutral), etc. There is no magic bullet (or fairy dust), sadly.

CathT

Hi selloptape, just wanted to welcome you and wish you luck with your goals. Best thing about this forum is being understood by like-minded people. Having your own diary is really motivating, keep posting and securing your future.

selloptape

No more overpayments made so far but I've tried to focus myself with this monster to-do list that I can come back to cross things off and add new things... I've probably missed a few


Attack the Mortgage - To Do List


Budgeting and Planning

Maintain spending diary
Update SOA every year? 6m?
Monthly budget plan
Future plans (house needs work, car on last legs/wheels, son might want to go to Uni, I want to pack up work ASAP, etc)


Cutting back

Shop around and if I can get cheaper pay the difference to mortgage (or save when /if interest rates tip the balance)
Insurance - car/home
Mortgage deal
Energy providers
Mob tariff
Line rental and net
Frugal challenges
Grocery Challenge
Take lunch to work
Use public transport/ walk instead of driving
BUY LESS CLOTHES


Increase Income

Ask for pay rises at annual reviews, if not granted look for better paid work (eek!)
Take on temp pt roles when not too tired
Maximise bank interest, shop around, look at cycling £ round ac's
Start using cash back sites
Investments
Save £2 coins
Sell excess stuff on EBay


Constantly monitor savings/investments - if interest gained is higher than interest lost to mortgage then need to look at offsetting instead of OPing.

selloptape

LIL hope you get a great deal! I'm already counting down to when my mortgage deal ends so I can apply for a better deal

gallygirlthanks for the advice - I do need to think about the long game a lot more, plus I don't want to be OPing if I can make more on savings

hiddenshadow maybe if I leave my mortgage statement under my pillow the mortgage fairy will drop off £76k - gotta be worth a try right? :rotfl: :rotfl: :rotfl:

CathT Thank you for the welcome, it's so inspiring being around like minded people

Right... Off to fill out my SOA and think about budgets x

hiddenshadow

selloptape wrote: »

hiddenshadow maybe if I leave my mortgage statement under my pillow the mortgage fairy will drop off £76k - gotta be worth a try right? :rotfl: :rotfl: :rotfl:

I haven't gone that far yet, but maybe that's the step I'm missing! Here, mortgage fairy, nice fairy. *whistle*