Clarey008's Seven Year Plan

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!
Mortgage Dec 2015 - £21545 Apr 2016 - £19930
Crazy Clothes Challenge 2016 £79.98/£150
«134567

Replies

  • Ali-OKAli-OK Forumite
    4.1K Posts
    Part of the Furniture Debt-free and Proud!
    Forumite
    Hi Clarey,

    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 :)
    Back on the DFW Wagon:

    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
  • A_Frayed_KnotA_Frayed_Knot Forumite
    3.3K Posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
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    Welcome and Good Luck with your plan. You have a great mortgage balance and would imagine you could reduce the term when you are ready to remortgage.

    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.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • I used to spend so much on clothes - its surprising that if you decide not to purchase anything new for, lets say, 6 months - its not a difficult challenge at all and in fact you end up discovering things you already have and making full use of them.


    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 !
    Mortgage Start - August 2013 £145,000 ************ Balance at April 2017 - £59,000

    Target - Overpay by £2,500 each month ************** Mortgage free by December 2018!
  • Clarey008Clarey008 Forumite
    158 Posts
    Forumite
    Hi Ali-Ok

    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.
    Mortgage Dec 2015 - £21545 Apr 2016 - £19930
    Crazy Clothes Challenge 2016 £79.98/£150
  • Clarey008Clarey008 Forumite
    158 Posts
    Forumite
    Thanks Fresh Cotton and A Frayed Knot, I have just signed up to another two year fix. I do think with such a low balance I should be able to get rid of it quickly, on the other hand my salary isn't huge and I don't have that much over each month. My wardrobe is quite full and I think I could make use of accessories (of which I have quite a lot already to make my outfits look different).
    Mortgage Dec 2015 - £21545 Apr 2016 - £19930
    Crazy Clothes Challenge 2016 £79.98/£150
  • Ali-OKAli-OK Forumite
    4.1K Posts
    Part of the Furniture Debt-free and Proud!
    Forumite
    On the DFW board, there's a Crazy Clothes Challenge that runs annually that you'd be welcome to join. Think I managed £62 spend in the whole year for both DS and I ! I did exclude school shoes and bought DS clothes using Nectar points that year :)

    I've got a diary (don't know how to do links though :o) and aiming for somewhere between a 2023-2025 finish too, which is 2-4 years earlier than the original end date.

    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 :)
    Back on the DFW Wagon:

    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
  • Clarey008Clarey008 Forumite
    158 Posts
    Forumite
    Sounds a good idea, I will check out the Crazy Clothes Challenge.
    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.
    Mortgage Dec 2015 - £21545 Apr 2016 - £19930
    Crazy Clothes Challenge 2016 £79.98/£150
  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    Forumite
    Good luck on your journey clarey sounds like a great target :]

    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
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • Watty1Watty1 Forumite
    3.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
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    the idea of a Crazy Clothes Challenge is somewhat scary to me. I vowed no spending on clothes till the mortgage was cleared but still did anyway (sigh).
    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......
    Made it to mortgage free but what a muddle that became

    In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!
  • Clarey008Clarey008 Forumite
    158 Posts
    Forumite
    Lucky in Life I agree and sometimes it is hard to get the balance between being frugal and enjoying life. I took my nieces out for the day, Ice Skating in the morning, Pizza restaurant for lunch and free play park in the afternoon. I don't see them often as they live abroad, so I didn't mind having quite a spendy day with them. For me, part of the journey is to make sure I enjoy life and have nice experiences and not waste money on "stuff". Have to admit being a little sore after a few crashes on the ice.


    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.
    Mortgage Dec 2015 - £21545 Apr 2016 - £19930
    Crazy Clothes Challenge 2016 £79.98/£150
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