Mortgage Free

Idea
Well I have kinda had a few moments over the past few months where I hoped a lottery win wouldn’t be far away and that that my 9-5pm job would be a thing of the past. Plus all the nagging I get from the missus.

We all do it from time to time....go on admit it.... Well it got me wondering on how I could make the life a little bit easier and how I could have some cash in my pocket.

Well it was easy....I needed to get rid of my mortgage. To be honest I hadn’t made it easy for myself recently. I’d taken out a new mortgage to buy a bigger house and in the meantime I remortgaged 11k out of my other home to help finance it..... so the equity I have in my second home has now been reduced.

Painful I know.... as at the time of writing my total debt on my second home is....well actually I don't quite know the exact figure at the time of writing this but it is around £135,000 + £11,400 of additional borrowing. ( I will amend exact figures when I know them) TOTAL = £146,400 (roughly)

I’m going to overpay the mortgage on my rented house, get it paid off ASAP and use the rent from that house to live my life....the aim is to pay it off as soon as possible to benefit either early retirement or to spends some cash on the things I want to do.

So if anyone reading this has any extra ideas on how to make extra £££ to pay it off I would love to hear from you.

In the meantime I will be obtaining extra money from the following

Change I find lying around the house.
Cashback websites
SuperMarket loyalty cards
Matched Betting (then learning how to trade)
Ebay
Savings account cashback and interest
money saved each month
and then anything else I can do to gain some extra pounds £££

I will also keep a diary as I begin this journey with a running total of money saved, which I will update on a weekly basis.

Well the Journey starts here.......Hopefully its a successful one....wish me luck.
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Replies

  • Whilst also debating paying off my mortgage I have decided to make more time for the things I want to do....one of them coincides with earning some extra cash, but it will be a long journey and will not be a quick fix.

    Learning how to trade horse racing....its like the stock market but with horses. It comes from dabbling in matched betting a few years back and after reading forums and reading other blogs I have decided I want to get into it. The only thing that has held me back is time, having my own time to do the things I want to do has been very limited, my job is stressful and very demanding. To over come this, I have to be better at managing my time between, work commitments, home life and myself.

    Due to the large amount of travelling I do for my job I am going to start reading more, I will begin reading 3 books :-

    1) Micheal Carrick - Between the lines

    2) Reminiscences of a stock operator Livermore

    3) Betfair trading made simple - Caan Berry

    I will need to buy the Caan Berry Book to help begin research my trading, I searched the internet and the cheapest I found the book was £7.99 from ebay so I have took a chance and bought it.

    I still cannot find my remortgage statement outlining my debt, I will look this weekend and update this blog with the totals.

    So to help begin paying off my mortgage and to use matched betting I need approx £1000 in my account to be able to lay off a large stake, so do date I have saved £429.39 which I wont break down as it is a combination of me saving money from what is left over from my salary, interest on savings account and from cashback sites like Quidco.

    At the bottom of each post going forward there will be a running totals of money saved and once I begin making a payment off the mortgage I will also add a running total of mortgage debt.

    Matched Betting £0
    Cashback websites £0
    Ebay £0
    Savings account interest £0
    Money saved £429.39
    Total £429.39
  • Its been a tough few days to be honest, I have had the lurgy so money saving has been down on the priority list.

    So since my last post I have purchased for £7.99 the Betfair trading book made simple and I actually got quite excited and ended up reading it on the train last week, although it gives me some useful information it has not helped me understand how to get straight into horse racing trading. I think this is going to take time and I am going to have to study the markets myself and see how and what effects the horse racing prices. The book gave me some tips but I really am going to have to spend some time studying the markets myself. The £7.99 has came out of my totals.

    Another expense that I did not foresee was the alarm in my house would not stop after a power cut and the code did not stop it, I was so annoyed at this as it has been a large outlay to fix. This is not how I expected this diary to start and I definitely had not allowed for. £144 + £50 = £194

    Small profits transferred this week from the interest on my current account £21.80

    Matched betting totals from a Betfair offer and a Betdaq offer total £16.87

    I have also bought merchandise for the tuck shop at work which totalled £15.98 and this comes out of the total to start with.

    Cashback site Quidco paid £6.03, I usually use Quidco to buy all my accommodation and travel for all my work trips which adds up over time and it does take an age to pay.

    So the total is

    saved £60.68
    spent £217.92

    The amount has gone down because of the alarm issue, there should be no more unknowns now going forward, Fingers crossed. Hopefully there will be a few more matched betting offer to start doing and I also have some headphones to sell on Ebay.


    Matched Betting £16.87
    Cashback websites £6.03
    Ebay £0
    Savings account interest £21.8
    Money saved £235.39

    Total £280.09
  • the last couple of weeks has been slow but Quidco paid £1.58 for some train tickets I bought for travel with work. every little helps. it is going to take ages to raise this £1000 for help with the matched betting.

    I do have some items to Ebay aswell...I just need to get to the post office to find the cost of some postage.

    updated totals are as follows

    Matched Betting 16.87
    Cashback websites 7.61
    Ebay 0
    Savings account interest 21.8
    Money saved 235.39

    Total 281.67
  • Well its the 2nd March and it was payday a few days ago and there are some good totals to add since the last post.

    Also I have been reading my Micheal Carrick book and managed to read a fair chunk on the train last Wednesday whilst travelling to London and back for work.

    Opened a new sportsbook account with Betstars for Bet £20 and get 2x£10 bets, profit after bets was £14.69

    Betstars also offered some free spins on a slot game on the casino I won £4.10 and withdrew it.

    There are some existing bookie offers that I need to work out how to do, so I definitely need to read the moneysaving expert matched betting forum and ask some questions.

    The overall total saved is heading towards the £1000 which I need, to do the larger matched betting offers. At that point anything over this amount will be used to overpay my mortgage.

    Quidco paid cashback for a work Hotel stay of £9.49

    Saved money from February was £26 expenses paid and £229.99 left over from Feb salary. also saved was £180 from being owed money from an ex.

    I have also booked this evening a hotel and train tickets to travel to London with work through Quidco so hopefully the cash back pays in due course.

    I am yet to begin learning to trade as I have been so busy with work, hopefully as the busy period dies down, more time should present itself.

    therefore totals since the last post add up as follows

    Matched Betting £18.79
    Cashback website £9.49
    Money saved £435.99
    Total £464.27

    updated totals are as follows

    Source Total
    Matched Betting 35.66
    Cashback websites 17.10
    Ebay 0
    Savings account interest 21.8
    Money saved 671.38
    Total 745.94
  • I have been using Quidco quite a lot for booking work trips and its starting to add up quite a lot. I have been searching around for the most cashback for booking train tickets, hotels and flights. The amount of tracked cashback keeps increasing slowly.

    I have also bought additional stock for the tuck shop which totalled £5.98 and £6 = £11.98

    I probably should report the tuck shop totals in a separate total so I can see when the tuck shop falls into profit. I sell the chocolate bars at 30p and buy them in multipacks when they are on offer. I only make between 5p and 10p on a bar of chocolate. it will be a while before the tuck shop is in profit .

    I have also bought this evening the trading video pack I have so desperately been after. I received an email with a £50 off code, I could not pass up the opportunity to buy it as I had saved a huge amount so far and it will not reduce my bank too much. I still need to reach the golden £1000 to do the larger matched betting sign up offers and begin trading with small stakes. the cost was £97 after the discount

    My bank paid it's interest and Cashback yesterday which totalled £20.64

    I have also been reading my Micheal Carrick book which I am half way through, I have never found the time to ever read a book. It is quite nice having some time to me in amongst working hard and travelling while trying to juggle home life.

    Now that I have bought the horse racing trading book and video pack on how to trade I will download the videos to my macbook and start watching them while on the train to pass the time, I should then be able to start making notes and make a plan on how to begin. I may add this information to my diary/blog in brief notes to show my progress. (I'm expecting this to be slow)

    I have also downloaded an app called Job spotter and Roamler as described on the Moneysavingexpert.com website. For Roamler you need someone to give you an activation code. I have requested one from the facebook page so we will see what comes from the apps. Im a little sceptical that it will be worth it.

    If someone has an activation code I would be extremely grateful.

    Therefore totals since the last post add up as follows

    Matched Betting £0
    Cashback website £0
    Savings account £20.64
    Money saved -£108.98

    Total -£88.34

    updated totals are as follows

    Total
    Matched Betting £35.66
    Cashback websites £17.10
    Ebay £0
    Savings account interest £42.44
    Money saved £562.40

    Total £657.60
  • Struggled to find time to post of late, its been a nightmare

    I have been struggling to find time to post again as the pressures of work and home life are wearing me out. I work all hours god sends and get no help at home. Anyway due to working the long hours I have been struggling to do any matched betting, this has been quite disappointing as I thought that this would become my main source of income during this blog.

    also the apps I downloaded Roamler and job spotter are just not going to work for me, i forget I have them with being so busy. I might have to just give these a miss I think.

    I have been watching the trading videos that I have purchased and are great value for money especially the live trading videos, I have not got all the way through them yet but when I do I will re watch them and begin to take notes so I can make my planned entrance into the markets. I will also have to set myself a budget to begin with.

    My free share finally paid a total of £5.35 so a grand total of £4.35 to add to the funds, I will add this to the money saved total.

    my ex paid her payment of £180 so that gets added into the money saved category.

    I managed to also save £129.09 from my salary in March

    £20.78 is also added from my quidco account, the cashback is starting to add up now that I am booking all my work travel through Quidco. This is mainly hotels and train travel.

    My bank also paid its interest and cashback which amounted to £26.39

    I have also paid for new stock for the tuck shop
    -£19.52 at home Bargins and -£5.00 at Sainsburys.
    I am trying to purchase chocolate bars when they are on offer at Sainsburys so that I can gain the additional Nectar points.
    Total -£24.52

    Matched Betting £0
    Cashback website £20.78
    Savings account £26.39
    Money saved £288.9
    Total £336.07

    updated totals are as follows

    Matched Betting 35.66
    Cashback websites 37.88
    Ebay 0
    Savings account interest 68.83
    Money saved 851.30

    Total 993.67
  • Diary

    As I get older it still amazes me as to how stupid some people are, I guess life would be extremely boring if we were all the same. An example from this week : -

    I was on a flight back from Southampton to Manchester on Thursday, there were two woman, no older than 25 with a large bag that was quite clearly too big for the overhead compartment. One of the woman still tried to shove it into the overhead compartment. It obviously didn't fit and it was quite clear that it didn't yet the woman still persisted to try and shove it in. The funny thing is the handle fell over her head and as she pushed her bag it jerked her head forward, I am surprised she didn't get whiplash ha ha.

    Another thing I have noticed also is that no matter how much of a rush you are in someone or something will always slow you down. people in your way, this is especially when you are on the tube in London. People just get in the way walking along the tunnels between platforms.

    All the travelling for work is becoming a way of earning additional money for this blog so these things are the things that I just have to deal with. It would be good to hear other peoples travelling stories or other ways to earn additional income while travelling.

    If anyone has any other ideas on how to make additional income I would love to hear from you? drop me a message.

    Cashback

    Cash back site paid £15.01 which was mainly from booking hotels, flights and train tickets. I still have an additional £120.29 which has tracked.

    Savings Account

    My bank account paid its cash back and interest which was £26.12, this will probably be one of the last times the interest will be this much because our new house will be ready to move into next month and therefore the money saved in that account will have to be used to pay the huge stamp duty amount, plus the solicitors bills.

    Tuck shop

    the stocks were still pretty high this week so I have not totalled this up this week. There will be no total added for this week. It would be good to hear peoples views on what else to sell apart from chocolate and crisps, which I sell for 30p each and generally only make 5p - 10p on each item. Is that too low or should I charge more?

    Money saved

    I cant justify saving any money this month due to the house move as there are still a large number of things to pay for.

    Totals this post

    Matched Betting £0
    Cashback website £15.01
    Savings account £26.12
    Money saved £0
    Total £41.13

    Updated totals are as follows

    Source Total
    Matched Betting 35.66
    Cashback websites 52.89
    Ebay 0
    Savings account interest 94.95
    Money saved 851.30
    Total 1034.80

    Now that I have made the £1000 limit I can start to overpay my mortgage, I need to find the details on how to do this.
  • Diary

    On route to London again this afternoon to a meeting at 9am tomorrow. these meetings help me boot train and accommodation through Quidco, my tracked total at the moment is £217.92. This total is all from booking hotels and train tickets. It soon adds up, but is not enough for what I need to get this mortgage paid off.

    I have also obtained by mortgage over payment totals as you can only over pay 10% of the balance in particular year. I have two sub accounts due to additional borrowing to raise the deposit for our new house which will be ready at the end of next month. Sub account 01 £12,415.31 and Sub account 02 £1140. the interest on sub account 02 is slightly higher than 01 so I will begin to pay 02 first.

    Matched betting

    I forgot to add a free bet that Befair credited me with which I made £8.64 from which was not bad. the football season has finished now, so there may not be many free bets around until the start of the season.

    Tuck shop

    Bought additional crisps and Chocolate which totalled £15.50 from Sainsurys and B&M.

    Totals this post
    Matched Betting £8.64
    Cashback website £0
    Savings account -£15.50
    Money saved £0

    Total -£6.86


    Updated totals are as follows

    Total

    Matched Betting 44.30
    Cashback websites 52.89
    Ebay 0
    Savings account interest 94.95
    Money saved 835.80

    Total £1027.94
  • LeighofMarLeighofMar Forumite
    459 Posts
    100 Posts Second Anniversary Name Dropper
    ✭✭
    You have a lot going on. But well done with patching it all together. Its the little bits that add up quickly for savings and mortgage ops. Just keep doing your best. ;)
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance end of July 2021 - $28,550.00
    Hope to be mortgage-free by 2023 
  • amydoll83amydoll83 Forumite
    9 Posts
    Fourth Anniversary
    I didn't find the Caan Berry book very useful.
    Peter Webb betangel YouTube videos are very useful, lots of information and easy to understand.
    Books I bought and read are The Disciplined Trader and Trading in the Zone, both by Mark Douglas. The focus of both is financial trading, but I've found them really useful and totally relevant for sports trading.

    Betangel have a free trial period (14 days I think it is) so you can get uae to the interface andyou can practice trades before using real cash.

    If you're not already using the Team Profit page on Facebook, I would recommend joining.

    Good luck ��
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