10 years to go .... maybe, with a fair wind 5 February 2020 at 11:29PM in Mortgage-free wannabe 135 replies 8.8K views

Lauraebrad

Hi,
I've been lurking on here for years, but finally decided I should post a diary - more for my own sake than anyone else's!!

So a little about me and my house ... I'm a 40 year old single mum with a lively 7 year old son. We live in a fairly ordinary terraced house on the edge of a large northern city, just a close walk to the countryside.

I've been overpaying the mortgage sporadically for a while - with the aim of overpaying £1,200 last year, which I managed, and hopefully £1,800 this year.

Ideally, I'd love to pay off the mortgage in around 10 years. That would make me 50, and be just before the small one sets off for uni if he chooses that route. Who knows what life will be like in 10 years time, judging by the changes in the last 10, but I'd love to go into my 50's with more financial freedom.

As at 01/01/2020 the mortgage stood at £69,701.80. House is worth around £175,000.

My monthly basic payment is £400, but I make a static payment of £450.

So far this year's ideas for squirrelling away money for overpayments are:
1. Quidc0 from insurance renewals etc
2. 2 x months when there are no DD's for Council Tax or Water
3. Interest from stoozing money on a 0% credit card
4. Ebay sales
5. Be my eye
6. prolific
7. random money left in cash in my account at the month end.

More ideas always welcome!

beanielou

No more ideas but just popping in to say happy new diary

Lauraebrad

So on a stormy Sunday another £5 ebay sale and £10 from opening a 'chip' app.  Also not been outdoors to spend any money!  Hoping to get a hefty chunk of this year's £1,200 target overpaid in the early part of the year, so I can put some extras towards a holiday later in the year ..... all about balance!

Grogged

Have you thought about saving extra on payday and seeing if can live without it, especially if you have random money at end of the month.
You could make it a challenge if that helps!

Lauraebrad

Thanks Grogged - that's probably a better idea than waiting to see what's left over!! I'll try it in March and see how it goes ... 

Bargainhunter30

Good luck, sounds like you're doing great already. I've just started matched betting and team casino, influenced by mse and so far it's a great way to make tax free extras, £700 for me so far in just 2/3 months and not much time per day x

Bennettxoxo

Great start Lauraebrad! I'll be following along with you

savingholmes

Good luck. 50 would be a great age to be mortgage free. Wish I'd started earlier.

beanielou

Also wish I had started earlier.

Grogged

How's the March planning going Lauraebrad?
No pressure 😆

Lauraebrad

Not too badly Grogged.  Decided to make a list of all likely expenses and see what's left over.  Since I did that I've then remembered loads of extras such as Mother's Day, school dinners, dentist etc 
Never mind. Just got £10 bonus from setting up a Chip account, and moved £6 something from Prolific.  
Half term is a bit spendy so next week until payday is going to have to be a bit tighter!