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First post, however one year in.....
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HotDog2020
Posts: 593 Forumite
Hi All,
I would like nothing more then to become mortgage free, I bought my property for £108,000 with a deposit of £50,000 leaving £58,000 mortgage plus fees.
By the end of 2017 I owed £57273.88
For a large part of 2018 I have overpaid I have just received confirmation that I now owe:
£54400 wahoo! or YIKES!
Using Martins initiative I am now going to stop overpaying my mortgage and instead put the money aside in a pot for emergencies. However I have decided to do this itermittantly, one year save, one year over pay mortgage.
I have 5 year fixed rate and what happens at the end of the five years i.e interest rates going up or down, stay the same will determine the next course of action.
I have to get my eating under control, it seems when I try a diet I end up over eating, so I need to stop dieting and just curb myself a little - mission not buy anything additional to the main shop.
Also I need to try and curb my spending as much as I can, I would like to have a car fund but before that I would like to pay off furntiture debt of about £500, I am currently paying on finance £17.86 for 3 years, I would like to get this paid sooner.
Also I would like to go to Australia to see my friend but this feels like a distant dream with everthing else.
Plan of action for 2019
1) £200 per month from Feb to emergency fund for full year
2) Pay off £500 furntiture debt with extra money saved from disposable income (£100 per month plus council tax holiday)
3) Once furntuire piad off start to save for a car, £100 per month for one year to start - minus car service, mot, ground rent which all comes out of this pot.
4) Try to save more disposable income through not buying extras such as popping into sainsburys on the way back from workin doing so stopping increase in weight.
5) Change the mindset, not what have you got to spend, but do i need to buy this! martins money mantra!
Start 2018
Mortgage debt: £54400
Emergency pot: 0
Car pot: £50
Australia pot: £0
Debt: £500 odd
Best wishes to all.
I would like nothing more then to become mortgage free, I bought my property for £108,000 with a deposit of £50,000 leaving £58,000 mortgage plus fees.
By the end of 2017 I owed £57273.88
For a large part of 2018 I have overpaid I have just received confirmation that I now owe:
£54400 wahoo! or YIKES!
Using Martins initiative I am now going to stop overpaying my mortgage and instead put the money aside in a pot for emergencies. However I have decided to do this itermittantly, one year save, one year over pay mortgage.
I have 5 year fixed rate and what happens at the end of the five years i.e interest rates going up or down, stay the same will determine the next course of action.
I have to get my eating under control, it seems when I try a diet I end up over eating, so I need to stop dieting and just curb myself a little - mission not buy anything additional to the main shop.
Also I need to try and curb my spending as much as I can, I would like to have a car fund but before that I would like to pay off furntiture debt of about £500, I am currently paying on finance £17.86 for 3 years, I would like to get this paid sooner.
Also I would like to go to Australia to see my friend but this feels like a distant dream with everthing else.
Plan of action for 2019
1) £200 per month from Feb to emergency fund for full year
2) Pay off £500 furntiture debt with extra money saved from disposable income (£100 per month plus council tax holiday)
3) Once furntuire piad off start to save for a car, £100 per month for one year to start - minus car service, mot, ground rent which all comes out of this pot.
4) Try to save more disposable income through not buying extras such as popping into sainsburys on the way back from workin doing so stopping increase in weight.
5) Change the mindset, not what have you got to spend, but do i need to buy this! martins money mantra!
Start 2018
Mortgage debt: £54400
Emergency pot: 0
Car pot: £50
Australia pot: £0
Debt: £500 odd
Best wishes to all.
0
Comments
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Great start
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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.1
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