Snowball calculator says 5 years... will I do it?

bigbeff
bigbeff Posts: 1,119 Forumite
First Post Name Dropper First Anniversary
edited 28 September 2020 at 2:03PM in Mortgage-free wannabe
Hi all,
I have decided to start this diary in order to focus my mind and basically put in writing what my plans are. I have a couple of different debts and my aim is to knock them all down and be mortgage free by the time I am 45....I'd love to do it by 40, but I think 3 years is a push.

I have 2 mortgages,
£55000 on a rental property (rent pays mortgage and tax bill each year but not much else!)
and
£69000 on my house at a very reasonable fixed rate of 1.79% for another 2 years.
I also have £4500 of other debt on 0% card (just transferred so 28months).

So, my first aim is to concentrate on my mortgage, the rental property ticks along nicely - and only has 7 years left on it.
I have had my mortgage for 2.5years and in that time, I have reduced it by 86000 to 69000.... so I have paid off £17000 (seems positive to say that :)) In order to hit my target, I need to be paying off about £750 a month including interest, so I think I'd need to overpay by about £300 a month.
The question is how.....
So. A bit about me. I teach part time at an FE college (once upon a time I was a full time teacher in a school, but I went through a really rough time and decided I needed my life back). I have started my own business tutoring maths and this works for me. Hours are a bit of a pain as it needs to be evenings, but I am so much happier and more relaxed than I was. The tutoring income is good, but I obviously need to keep some separate for tax and its good for 9 months of the year. I also now do exam marking to earn me a little extra - I will get paid for some of that in Feb and that will go straight to mortgage.
I'm taking part in a few of the savings challenges - I get a lot of cash so the £2 challenge could be lucrative.
I have started recording what I am spending for Jan, to get a feeling of where I am at.

All in all, my finances are in a good situation, I just need to think of as many ways as possible of squirrelling away the pennies.
I'm thinking about setting up a webpage for my tutoring and offering some kind of online tutoring for people abroad/homeschooled.... and maybe blogging/creating video resources etc although there is a lot of it out there and I don't really know how to start. So research needed.
Anyway, that is me. I will try and update weekly to keep my mind focused. I appreciate any support that can be offered or any advice :)
Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
«13

Comments

  • Have you thought about a Facebook page for your tutoring services? It's nice and easy to set up, and no overhead costs. Might be easier to reach your target market that way, too!
    Debt Totals July 2019::
    [STRIKE]£350 Natwest Credit Card [/STRIKE]/ ]Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £7,000 £5,000 sister loan/ Now £0[STRIKE]£500 train ticket loan from parents [/STRIKE]/ Now £0 (paid off 16/02/18)[STRIKE]£2,000 Overdraft[/STRIKE] Now £0 (paid off 09/03/18) £1,967.83 Barclays 0% card Now £0
    Total £7,000
  • bigbeff
    bigbeff Posts: 1,119 Forumite
    First Post Name Dropper First Anniversary
    Have you thought about a Facebook page for your tutoring services? It's nice and easy to set up, and no overhead costs. Might be easier to reach your target market that way, too!

    Thanks for the idea, I do already have a facebook page set up. I can't really fit any more students in currently (evenings filled) so I was looking for ways to use my talents during my days off as well. Obviously most students are at school during those hours. Any ideas welcome!
    Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
  • bigbeff wrote: »
    Thanks for the idea, I do already have a facebook page set up. I can't really fit any more students in currently (evenings filled) so I was looking for ways to use my talents during my days off as well. Obviously most students are at school during those hours. Any ideas welcome!

    I think there are websites for tutors to sign up to, which helps you find foreign students to tutor. It might be worth doing this for a while, building up your tutee(?) base and then going completely on your own afterwards?
    Debt Totals July 2019::
    [STRIKE]£350 Natwest Credit Card [/STRIKE]/ ]Now £0 (paid off and closed 04/2017) £15,500 postgrad loan from parents/ Now £7,000 £5,000 sister loan/ Now £0[STRIKE]£500 train ticket loan from parents [/STRIKE]/ Now £0 (paid off 16/02/18)[STRIKE]£2,000 Overdraft[/STRIKE] Now £0 (paid off 09/03/18) £1,967.83 Barclays 0% card Now £0
    Total £7,000
  • bigbeff
    bigbeff Posts: 1,119 Forumite
    First Post Name Dropper First Anniversary
    An update, more for myself :)

    This week I have been religiously putting taking part in the 365 day penny challenge with savings up to £35 so far.
    My £1 a day for christmas challenge is being done through tandem bank round ups, so I don't even notice - problem is I am not using my card enough because I am trying not to spend so I have to top it up each week.
    The £2 challenge is not really taking off - so far I haven't seen a £2 coin since I started collecting!
    I have been doing surveys on prolific academic and am up to £8 since the new year.
    And I have taken on two new tutees this week.

    Aim for this week - sort out my wardrobe and put anything worth selling that I don't wear on either facebook or ebay, which do you all recommend?

    Hope you are all having a good week :)
    Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
  • bigbeff
    bigbeff Posts: 1,119 Forumite
    First Post Name Dropper First Anniversary
    So, I’ve just done a snowball calendar and it reckons I could be mortgage and debt free by 2025.... if I pay off £1200 a month so that’s my plan. For the first few months I will be focusing on paying off my cc and overdraft as well as my regular overpayment of £100 on my mortgage. 
    I’m looking for ideas on how to save a bit. I already do prolific surveys to do a bit. I am a member of Quidco, but I’m trying not to spend so not accumulating much there. 
    Listed a few bits on Facebook, no takers yet, but hopefully someone will soon, maybe it’s not the weather for warm coats 😉 
    Quite excited for what might be 😀
    Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
  • bigbeff
    bigbeff Posts: 1,119 Forumite
    First Post Name Dropper First Anniversary
    Decided last night that every monday I'd round my bank account down to the nearest 50 so a payment of £41.13 made yesterday :) 
    Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
  • bigbeff
    bigbeff Posts: 1,119 Forumite
    First Post Name Dropper First Anniversary
    Today I have made more progress on my squirrelling skills. I feel like I am juggling plates at the moment! I have just reinstated my yougov account (although I can't find any paid surveys on that, maybe I need to wait for them to send me links?!) and I have been checking my prolific academic survey account. 

    Tutoring is going well at the moment :) obviously the time out of school has made people panic a bit. Good for me, its just a shame it has to be all after school hours! I could fit many more in otherwise!! 
    Obviously with concerns that life may go tits up again (COVID!) I am building myself a savings pot at the same time... so I need to decide, do I put little odds in savings pot, or do I put them on debts/mortgage? Currently putting away £250 a month into emergency pot. 
    Oh and I've had 4 no spend days this week :)
    How is everyone else doing?
    Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
  • bigbeff
    bigbeff Posts: 1,119 Forumite
    First Post Name Dropper First Anniversary
    Today was coffee and cake with the girls. Although I did stop myself buying a lovely top in a charity shop - was new and £10 but I didn't need it so a saving made there 😊
    Drawing up a menu plan for the week to reduce wastage and hopefully reduce shopping costs. 
    No biscuits because I need to lose a few pounds in other areas 😂
    Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
  • caeler
    caeler Posts: 2,605 Forumite
    Mortgage-free Glee! Photogenic Name Dropper First Post
    2025 will be here in a flash! Good luck. 
    You previously asked about squirrelling away techniques. For me I keep meticulous records of where all my money goes and I try to be really frugal. Over a few years I’ve got my bills down to the lowest I think I can. I like you are very focused on the mortgage, not much else matters! 
  • bigbeff
    bigbeff Posts: 1,119 Forumite
    First Post Name Dropper First Anniversary
    I've got a little notebook now. I'm going to start writing down everything I spend. I was thinking about doing myself a cash budget each week, that way I can't over spend. Although I know some people are reluctant to take cash at the moment. 
    Debt busting 2022 Total £15842.68 £0 (100% paid since 1/1/22)
Meet your Ambassadors

Categories

  • All Categories
  • 342.9K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235K Work, Benefits & Business
  • 607.7K Mortgages, Homes & Bills
  • 172.9K Life & Family
  • 247.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards