Clarey008's Seven Year Plan

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Hi Everyone
I have decided to start a diary to focus my mind and stop frittering away any spare cash.
My mortgage currently has 15 years left and is standing at £21545. I am hoping I can reduce the term to between seven and ten years. Recently I have set up a £50 OP per month. I live with my teenage son and need to balance overpaying with saving a bit of spare cash for his driving lessons and university etc. Either way I need to be frugal and I think the areas I can save are our food bill and random cosmetics and clothes purchases!
I have decided to start a diary to focus my mind and stop frittering away any spare cash.
My mortgage currently has 15 years left and is standing at £21545. I am hoping I can reduce the term to between seven and ten years. Recently I have set up a £50 OP per month. I live with my teenage son and need to balance overpaying with saving a bit of spare cash for his driving lessons and university etc. Either way I need to be frugal and I think the areas I can save are our food bill and random cosmetics and clothes purchases!
Mortgage Dec 2015 - £21545 Apr 2016 - £19930
Crazy Clothes Challenge 2016 £79.98/£150
Crazy Clothes Challenge 2016 £79.98/£150
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Welcome aboard and you're in good company - am a single parent too with a teenage DS and having the same juggling with OPing and saving for the same things as you.
Good luck with your journey and am subscribing to follow
CC - £3,300 on 0% til 04/2020
CC - £4,500 on 0% til 02/2019
Loan - £12,063.84 as at 4/1/18
Just last Sept I had 14/15 years left on my mortgage, so when I re-mortgaged with a much better interest rate, what I was saving on interest plus upping payments meant I could reduce term from 14/15 years to 8 years.
I once went a full year and purchased nothing new and it was a walk in the park (and I looked well presented too).
Good luck !
Target - Overpay by £2,500 each month ************** Mortgage free by December 2018!
Thanks for subscribing, do you have a diary? Over the years I have paid off quite a lot. However I do feel I have lost focus over the last few months and treated myself quite a bit. Hopefully now I am stocked up with Christmas gifts and vouchers I can avoid the shops as much as possible. I thought I would start my diary on a NSD.
Crazy Clothes Challenge 2016 £79.98/£150
Crazy Clothes Challenge 2016 £79.98/£150
I've got a diary (don't know how to do links though
It's all relative with salary vs mortgage size and OPs, what we've all got in common is shaving off outgoings to get a step closer to being mortgage free
CC - £3,300 on 0% til 04/2020
CC - £4,500 on 0% til 02/2019
Loan - £12,063.84 as at 4/1/18
I have decided on two New Years resolutions, one to OP on the mortgage and keep up the diary and the other to keep the house tidy and clutter free, well I guess maybe that's three but the first two are kind of tied in together. The last one is also nicely tied in with not buying so much stuff!
I met a friend for a walk today (we are training for a sponsored walk) she had initially mentioned getting brunch but then seemed to have forgotten, so £10 saved. Put together my son's bike he got for Christmas only for the chain to fall off and get jammed when he first rode it (not my fault as I hadn't touched the mechanism). That resulted in a trip to Half0rds who fixed it for £4 which I thought was a bargain and we spent £7 on a pump.
On Tuesday I will use some of my Christmas money to OP, I am hoping I can sneak it in before my 2 yr fix starts on Jan 1st and I can only OP 10% per year. I say only, I would struggle to OP 10% but one can dream.
Crazy Clothes Challenge 2016 £79.98/£150
still enjoy the nice things in life if you can tho :]
It defiantly is a case of everyone is so different with salerys amount owed
Just do the best you can
Emergency fund 23k
One thing that really helped me was a major clothes declutter though. I revamped a lot of stuff by removing sleeves, shortening dresses and liberal use of dye and my wardrobe suddenly seemed very full of new look stuff
I might see you on Crazy Clothes Challenge. I feel I should at least look......
In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!
Watty1 I am going to do the crazy clothes challenge, I agree - scary. I am just deciding on the budget to set myself, probably £150. I do like seeing other peoples signatures with their challenges, so I am hoping a few on my signature will motivate me.
I have managed not to go food shopping yet since Christmas, I am going to use some left over ham and mix with couscous, peas and mushrooms for dinner. I also melted down some mini marshmallows which were leftover and would have gone all hard, to make rice krispie squares.
Crazy Clothes Challenge 2016 £79.98/£150