36/100 payments into MFW - SOA for review

runninglea

About 3 or 4 years ago I split the mortgage balance into 100 and vowed to overpay every time I had saved up.

The balance of mortgage was in the 160'sK so I rounded up to £1700.
Up to now I have paid 36 overpayments leaving 64 to go. This still leaves my balance at well over 106K.

I am becoming a bit despondent as although I have made 36 payments , in reality I should have made at least 48.

Last year I got into a habit of working in my job for 3 days a week with the other two days I was self employed. However I was typically working just one of those and going for bike rides or runs etc on the other. Nice but expensive.

This year so far I have worked everyday (5 days per week) and also took on some book -keeping work which I can do in evenings or weekends.

I live with my OH and 3 children. OH works 3-9pm so I have children in evenings etc and I typically don't eat until 9.45pm which is not good.

My plan is to continue working both days and no sloping off to do a bike ride etc (at least until weather gets better). This will give me an extra £1000 per month along with the additional bits which amount to £300/400 per month.

I have just remortgaged so monthly payment gone down by £100.

The 64 payments should in reality take me 5 1/2 years. However with the extra work I should be able to speed up this process.

My first job today or tomorrow is to go through my expenditure. One job I need to do is either cancel sky or review it. It must be close to £100 per month.

I just thought I would write it down and any ideas would be great.

I will be 51 in 5 years but still have young children (they will be 12)

bexster1975

Hello runninglea

I would say from the tone of your post that maybe you should give yourself a break. I don't think taking a day for going on a bike ride is a waste of time. I agree it could be expensive, but it is important to take care of yourself. Working five days a week, looking after children all evening and doing book keeping sounds like a huge amount to take on. I have no idea what your outgoings are, but could you look at cutting spending rather than keep earning more? Is there a reason your mortgage has to be paid off earlier than 5.5 years? 51 would still be young to be mortgage free, especially with pre teen children. I have found with more time, I can cut costs by shopping around, YS shopping, comparing costs of utilities etc, growing my own fruit and veg, cooking from scratch etc. Of course you don't need to do all of this, but any will help save you cash, so mean you can afford to work a bit less.

I hope you have some relaxing plans for the weekend

Bexster

bexster1975

Oh, I'd also cancel sky. That and the £100 saving on remortgage is another £200 a month you can pay off the mortgage ( even if you get Netflix or Amazon prime it's still over £190 extra a month for OP.

Bexster

runninglea

bexster1975 wrote: »

Oh, I'd also cancel sky. That and the £100 saving on remortgage is another £200 a month you can pay off the mortgage ( even if you get Netflix or Amazon prime it's still over £190 extra a month for OP.

Bexster

Hi Bexster and thanks - yes sky is a drain but I do tend to watch the sports until she comes home from work in the evening. It includes my house phone, internet.

I am looking through DD and also pay £38 for gym membership. I never go and if I do go I use the shower and run outside!!

runninglea

bexster1975 wrote: »

Hello runninglea

I would say from the tone of your post that maybe you should give yourself a break. I don't think taking a day for going on a bike ride is a waste of time. I agree it could be expensive, but it is important to take care of yourself. Working five days a week, looking after children all evening and doing book keeping sounds like a huge amount to take on. I have no idea what your outgoings are, but could you look at cutting spending rather than keep earning more? Is there a reason your mortgage has to be paid off earlier than 5.5 years? 51 would still be young to be mortgage free, especially with pre teen children. I have found with more time, I can cut costs by shopping around, YS shopping, comparing costs of utilities etc, growing my own fruit and veg, cooking from scratch etc. Of course you don't need to do all of this, but any will help save you cash, so mean you can afford to work a bit less.


I hope you have some relaxing plans for the weekend

Bexster

Thanks - I was meant to be doing a duathlon tomorrow but I'm injured so going to rest. Twins are back at sailing this afternoon (sounds expensive) but is only £2.50 each and can go on from 1pm till 5pm weather depending.

You are right about expenditure we spend an absolute fortune on food, gas and electric have just been moved so another £10 per month better off.

Whilst the twins are sailing I can do a spread sheet of all our expenditure. My OH is working today and she won't be back till 3pm

bexster1975

Bet there are loads of places you could cut costs. You should consider posting a statement of affairs. People could offer suggestions. £38 a month is also a good saving. If you could reduce you Sky by that amount, keeping what you want, then you would still have £200 extra to OP

Good luck

Bexster

runninglea

bexster1975 wrote: »

Bet there are loads of places you could cut costs. You should consider posting a statement of affairs. People could offer suggestions. £38 a month is also a good saving. If you could reduce you Sky by that amount, keeping what you want, then you would still have £200 extra to OP

Good luck

Bexster

Sorry but is there a link to SOA to fill in anywhere?

bexster1975

http://www.stoozing.com/calculator/soa.php


Above! Hopefully!

Bexster

bexster1975

Brace yourself for some very honest responses! People are generally trying to help, not all are as gentle with that as they might be.

In the end, how you spend your cash is up to you. In terms of food shopping, I'd recommend meal planning, trying Aldi or Lidl if they are close by and YS hunting in local supermarkets. That and cooking from scratch could see you half your food budget potentially ( depending on what you currently spend/ special diets).

Sorry to hear about your injury, probably why your OP seemed quite defeated when what you should be saying is I've made 36 payments, not I should have made at least 48.

Hope you have a productive afternoon

Bexster

runninglea

bexster1975 wrote: »

Brace yourself for some very honest responses! People are generally trying to help, not all are as gentle with that as they might be.

Sorry to hear about your injury, probably why your OP seemed quite defeated when what you should be saying is I've made 36 payments, not I should have made at least 48.

Hike you gave a productive afternoon
Bexster

Yes just hope sailing is on - its actually too windy I think.

I think people might be horrified with how much we spend - sky, gym and I also pay a cleaner which might horrify some people

bexster1975

Lol! No doubt! But don't be put off posting it. As I said, what you spend your money on is your business. It's normally possible to save a good deal of money without cutting anything noticeable if you've taken your eye off the ball.

Bexster