£170000 in 10 years

Busy_Mee1

Hi Try Harder I am sorry I am just probably being really thick but I wasn't clear whether you were you were going to carry on saving all your spare money because you get a better interest rate than 3.88% or you were now having got £10k saved start focusing on throwing your spare money at the mortgage on the basis that you need to reduce the interest you are paying.
With the progress you are making hopefully you won't need a plan B but always good to have one. My favourite plan is to win the lottery, pack in work and go travelling ! Unfortunately that is unlikely so I will stick to plan A and pay the mortgage off !
Have a great weekend x

Firegirl

Well done on your progress this year TH! You should be really cuffed with yourself!!!

try_harder

Morning Busy Mee1 .My plan has always been to 1-save -Save enough money over the 10 years to pay off the mortgage at the end of the 10 years if needed but 2-overpay the mortgage so that the mortgage is paid off by the overpayments and savings will be left free for us .That was the plan but the overpayments are just not happening so that will mean we have to use our savings to pay off the mortgage at the end of the 10 years .Sorry for the muddle up .Hope you are having a good day.
Thank you Firegirl that is very kind of you .

try_harder

Well this morning i woke up very early so thought i would go through allmy finances and add up all my savings in my many pots and i found that i actually have £12,000saved and not £10,000 ,i have money in so many different accounts and investments that i had forgotten about one so that means i have saved £12,000 over the year that i have been on here and bought a car and paid for roof repairs and overpaid the mortgage by over £4,000 wow i am so pleased ,this is almost all down to my wonderful husband who works so hard and never takes a penny for himself and religiously listing items for sale on ebax and gumtrexx which is very tedious but seems to work plus the small amounts of rewards and interest on current accounts and savings .Now if i could find a way to make some money for the overpayments that would be wonderful .

themadvix

That's even better TH! You've done so well this year. Don't give your husband all the credit though - I'm sure he works incredibly hard, but it takes time, effort and consideration to manage money well and make the most of it - that's what you've been doing. I'm sure it's the equivalent of a part-time job a lot of the time. That's without even factoring in the mindset shift you've been through

Busy_Mee1

Madvix is right TH you really don't give yourself enough credit for all the work that you do. You have actually saved a similar amount to us and we have two salaries coming in. Saving the amount you have takes a lot of effort and focus.

try_harder

Thank you themadvix that is very kind of you ,i must say i do feel that i spend a lot of time at my desk with my laptop ,notebooks of which i have many and calculator but at least i have the easier of the jobs plus i get to sit down a lot ,not sure if that is a good or bad thing .Thank you Busy Mee1 i am trying very hard i have a lot of lost time to make up for ,i will watch you avidly for inspiration and ideas and mostly motivation .

try_harder

I am almost at the end of another week in my financial world .The savings today stand at £12,042.16 .This weeks £10 a day target or £70 a week potted £52.02 .Food budget went over this week due to eating out once and a takeaway for the children .Savings were made earlier in the week of £200 which was put into my isa and £25 into a regular saver so on target with savings.An overpayment was made on the mortgage this week of £43.92 this was applied to sub account 2 which is a repayment mortgage and i now owe £11,200 this is the smallest of my 3 mortgages and the other 2 are interest only .I am concentrating on the repayment mortgage first and any spare money left over after savings will go to that.

originalmiscellany

Nice thread here, just reading your situation as the amount and time are what I would aspire to, in terms of clearing our mortgage but the amount we owe is less, the time we will be able to realistically do it is a lot more, and we are a few years younger! Am getting back into the mindset of reading posts here to encourage me to get into the culture of overpayments, so reading your positive journey is just the tonic.

try_harder

Thank you .You are definitely in the right place here for encouragement and inspiration .I am so happy with how well things have gone financially during my first year on this thread i can see you have been here a lot longer than me so know already how supportive everyone is but it is always nice to read of others in a similar situation owing similar amounts and with the same time scales for paying it back .I wish i had been as focused years ago as i am now although i definitely never would have had the time to do quite as much then as i do now with all the children .Good luck on your journey with your new home .