Diary of our £230,000 mission

chelseablue

Just made the first overpayment! £278


Our normal payment is £722 so by sending an extra £278 means we're paying £1,000 a month


To try and save more money we've started shopping in Aldi, really liking it so far

LadyGnome

Well done on the first OP:T

I too have SE sized mortgage as we are in London so you are not alone.

My children are a bit older and I split the spare cash between the mortgage, holidays and saving up for the children. I also allow a monthly budget for going out / sports clubs etc. My children are 8 & 12 so I do want to be able to do fun stuff with them. This may mean I live with the mortgage for a bit longer but at least I will have plenty of happy memories.

chelseablue

LadyGnome wrote: »

Well done on the first OP:T

I too have SE sized mortgage as we are in London so you are not alone.

My children are a bit older and I split the spare cash between the mortgage, holidays and saving up for the children. I also allow a monthly budget for going out / sports clubs etc. My children are 8 & 12 so I do want to be able to do fun stuff with them. This may mean I live with the mortgage for a bit longer but at least I will have plenty of happy memories.

Good plan!


I realise I wont be paying off £230k any time soon but would like to at least send them an extra £278 a month.


What I may do going forward is split any spare cash 3 ways;


1/3 mortgage overpayment
1/3 Santander 123 account (want to build it back up to 20k)
1/3 Fun fund (holiday's, days out with our son) Might as well enjoy children while their young, when he's a teenager he wont want to know us :rotfl:

EatingTheElephant

Well done on your first OP :j

Definitely a good plan to split your money to allow for a Fun Fund.

chelseablue

Good morning!


Just checking in with my progress.


My months run from the 16th when I get paid, so whatever is left on the 15th is used for overpaying, decorating the house etc


This month there is £1,200 left


Not sure how to split it so all suggestions welcome!


At the moment I'm thinking:


£300 mortgage overpayment
£300 to my credit card
£300 for our night away at the end of May (Sounds a lot for 1 night but it's £100 for the hotel, plus we're going to a concert that night so drinks will be expensive, plus will need taxi to and from hotel, plus buying dinner. aaargh)
£300 to keep for spending money for our caravan holiday in July

chelseablue

Not sure I'll be able to do an overpayment in May now; we are having some work done on our chimney tomorrow that is costing £370.


Plus its our sons birthday today so family are popping round Saturday = need to buy party food (Aldi here I come!)


Then beginning of June its my birthday and I desperately need my hair done (although hopefully birthday money will cover this) and my OH wants us to go out for meal in the evening = more money.


Feeling disheartened and I've only had the mortgage since February!

abi_a_mfw_mum

Don't be disheartened, it's a marathon to pay off the mortgage, not a sprint and you'll get there in the end.

We use ynab to budget and I find their concept of budgeting for your true expenses really helpful. It helps me realise that not all the spare cash can go to the mortgage, and not get depressed when other bills come up as we've hopefully already budgeted for them. The tricky bit is working out what your true expenses are!

Also, as others have pointed out, you need to have some money for meals out etc or you won't stay motivated. I'd give up too quickly if there was no fun money.

chelseablue

Not made an overpayment since April!


And the next month is looking like a very expensive month!


Car insurance for both cars is due on July 4th, current provider wanted £1,500 to renew (already told them to Foxtrot Oscar)
Shopping around the best I can find is £900, will be using savings to pay it.


8th July we are going on holiday (well a long weekend). Fully paid for but will need to take spending money, not been on holiday for years so any advice on what's a good amount to take gratefully received


Then (yes there's more!) at the end of July its the OH's birthday and he's hired a boat for the day for him and his mate's (that's another 200 quid!)


Oh and just remembered its Father's Day this Sunday


On the plus side I got £150 for my birthday so might be a total saddo and send it to Mr Halifax as an overpayment

pollyanna24

I haven't made any (significant) overpayments in a few months.

I'm still decorating and sorting out the house in general. But I'm not going to be beat myself up over it. I have (one of) the mortgages for another 30 years, so if the overpaying can't start till 2017, it's not really going to make a difference.

Once I have finished painting and carpeting and general stuff like that to do up the place, I will try and put on random £10 here and there to make me feel better.

chelseablue

It's nice hear of people in the same boat as me (a boat I'll be on for the next 30 odd years!)


Decorating is such a long process when your working full time, lived there since February and not even finished one room yet :rotfl:


I like your idea of sending small amounts whenever possible, I might try that.