£170000 in 10 years

Busy_Mee1

Morning Try Harder, I am so sorry your husband's business has been hit by the bad weather. Let's hope the weather improves soon, although it is snowing again here this morning.

Thank goodness you had the savings though, I am sure you will soon be able to put back what you have taken and out...don't get disheartened, get determined !

EatingTheElephant

I hope the weather improves soon so your husband can get back to work. Thank goodness you have savings, I know it is painful to have to use savings, but imagine if you had none.

Your savings are climbing nicely even with little blips coming along to mess up your plans

What also stood out was that your husband does not have a very high hourly rate. Is there anyway he can increase it slightly? Maybe some market research into what competitors are charging. Employed people often get yearly pay increases but it is not that simple for us self employed people is it? I am often wondering what to do about this.

themadvix

Increasing rates is difficult isn't it, but I find my clients are understanding when I point out they've not gone up since XX and costs have risen.

I like BM's 'don't get disheartened, get determined!' - I need that today too.

Hope the snow is melting for you now TH and your DH can get back to work.

Busy_Mee1

Morning Try Harder - hope everything is OK ? You haven't been around for a while

try_harder

Good Morning Busy Mee1 ,EatingTheElephant and themadvix i am still here and reading all your diaries to keep myself motivated in this difficult month that saw us without any money for seven days due to the weather but all has returned to normal now thankfully.

My bank switch now appears to be going through so if all goes well i will have £125 to add to my monthly target although i expect it will be several weeks before it shows in my account .

I had decided to put all my free money into overpayments to the mortgage i thought i would start in April but then decided to start this month instead .I am starting with SA2 which stood at £10,264.13 and i have paid in £7 from surveys and £6 from a refund so it now stands at £10,251.13 .This is a Repayment Mortgage whereas the rest of my outstanding mortgage is IO so i thought i would start with this as it is by far the smallest and i will just use free money .

Savings took a battering so no idea what the final outcome will be this month i just hope that i can add some to bring the total back up to where it was at the end of last month we shall see .

Food and diesel budgets both going really well.

Thank you for the advice on raising my husbands wage i dont think he has changed his rate for 10 years at least and unfortunately i cannot talk him in to asking for more but i will definitely be doing so with new customers i think and he seems happy to do that so thank you all for that .

Busy_Mee1

Glad to hear you are still here Try Harder and it sounds like you are back on track after the bad weather.

Great idea to start chipping away at your mortgage with "free money". I am going to start doing this in April but will need to do it in bigger chunks as I have to ring up every time to get the term reduced, otherwise they just reduce the monthly payment, which rather misses the point. X

themadvix

Thought I'd move over here, rather than monopolising BM's thread

I can see why it's tricky trying to keep a track of everything if you receive the money daily. When I first started out as SE jobs were few and far between (I was living at home, so fortunately costs were few and far between too) and I tended to pay myself as and when I got paid (because I receive so many foreign payments I've always had to have a business account, so it was always 'paying myself', IYSWIM). However, the difference it made when I switched to paying myself monthly was huge - it makes it much easier to budget and know what I've got in the way of income for the month.

It might be worth trying this - even if you start a week at a time to start the transition. It would also mean on the days when your husband can't work for whatever reason, you have a bit longer to adjust to the lack of money/rejig the budget - as you'll be paying yourselves a week/month after the gap in work.

try_harder

Thank you for that themadvix i can definitely see how that could work and as you say it will be easier to recoup any money we lose for any reason over the month or even two months .I would have to guess the first months money as my husbands earnings are variable every day but i would have the exact figures written down for the subsequent months so would become much easier from month 2 .I had thought about doing this several times before but will look at the numbers today to see how much i would need to withdraw to start the ball rolling ,might be a good idea for the first of April.Thank you for that

themadvix

You're very welcome. It'll take some sorting, and unlike others I don't have 'set' income per month still (i.e. I don't pay myself X amount regardless of how quiet or busy it's been), but it does help even things out a bit!

try_harder

Today i have been on the group for two years so i thought it would be a good idea to see how things are going .In 2016 my mortgage was £170,000 today it is £165,414 a difference of £4586 making an average of £2293 a year not brilliant but better than nothing i guess.My savings today Stand at £21,405 making an average of £10,702 a year .Mortgage OP plus savings =£12,995 a year .

With 8 years to go although i am very pleased with what i have this is not going to be enough ,my mortgage £165,414 minus my savings would be £144,009 with 8 years to go means a figure of £18,000 a year would be needed or £1500 a month so from April this will be my new target ,i have no idea how i will ever be able to get close to this amount but i will try .

NEW TARGET ...£1500 a month ....£34905 by the end of 2018.