Ev's new MFW challenge!

evab_2

Hi all :wave:

I started a MFW post ages ago but didn't really think about other priorities then and needed to sort a few things out so haven't made an overpayment on my mortgage for ages.

Currently I have littles pots of money going into a £6000 emergency fund and other savings for things such as house repairs and a holiday (so long since last one my suntan lotion has gone off!)

However I want to make overpayments again to bring down the whole amount and reduce the term of the mortgage every couple of years.

My current mortgage is as follows:

Mortgage 101,628.18
Secured Loan 6,897.07
Unsecured Loan 11,165.69

Total outstanding: 119,690.94

We can remortgage in 21 months time so I would like to overpay significant amounts so we can reduce the term as mentioned. I was thinking of trying to pay off the unsecured loan but think I would be better to try to clear the secured part first and much more feasible.

So the challenge is pay off as much of £6897.07 as possible in 21 months, interest rate is currently 6.99% :eek:, using the overpayment calculator I'll need to pay off £350 a month to achieve this!

So the challenge is to make an extra £350 per month i.e. from ebay, amazon sales, surveys, clicks, money from comps (well you've got to dream!), and usual being frugal, mileage payments from work, and anything else I can think of...oh change jar too.

So thanks for reading, wish me luck, I'm gonna be here for quite a while!

Ev x

Kaz2904

Good luck with this!

cazmanian_minx

Good luck - nice to have another challenge thread to follow

Caz

setmefree2

Godd luck from me too! Keep us posted.:money::T

evab_2

Had email today from Amazon depositing £17 from book sales so will add this when received, will round up to £20 me thinks. I'm going to go up it the attic later to start going through boxes to put items on ebay, needs a good clear out up there.

dobs

wow never thought of tryint to sell books on amazon - just send three binsacks of them to charity shop as they didn't sell on ebay/car boots!
Good luck anyway!

setmefree2

Feels nice to do something for charity too though:money:;)

evab_2

You can also sell games and dvds on Amazon too! Lovely hubby has given me 11 games to sell on Ebay today so have spent the last hour listing them all. Fingers crossed they all sell.

evab_2

Hi all,

I've had some vouchers through this week from a survey site £40 altogether so will put the cash in the mortgage pot when I get paid on Friday.

Have a few bids on the games on ebay and lots of watchers, they all end tomorrow so hopefully a few nice pennies to add.

Right off to update my current total :T

Ev

evab_2

Evening all!

Ebay lots have finished, not all sold as some games old but never mind. After paying ebay fees and postage I reckon that I've made about £17, I'll round it up to £20. Pay day tomorrow so will be able to take out £60 to put in the mortgage pot.

I also got £29.88 for mileage this month so again round up so another £30! I keep forgetting that I should claim for the excess mileage from tax office, can claim for the last 2 years so that will be a nice bonus. Just need to get all the monthly figures!

I've also started doing matched betting again, so that should progress nicely but I won't add any off that until I have a nice lump sum to withdraw.

So current total is now £158 :T, not a bad start

Ev x

evab_2

Hi everyone,

November already where did the last 10 months go :eek:

Mortgage fund is a bit stagnant for a few days as car and prezzies to pay out for, oooh and an assignment for my PGCE due in! So I haven't put anything else on Ebay or Amazon as no time to go rumaging in the darkest depths of my attic.

Some survey sites are building up nicely but will wait until I have a bit more in them before I request a payment.

So I've now got 30 days to make an extra £192.

Ev