Try again and try harder

Suffolk_lass

I'm the same. Got my cousin to put his aside (self employed gardener) - his is technically below the tax threshold and at the £4 per week rate for NI but will boost his state pension several times over in three years time

try_harder

Week 10.
£400 saved in Isa .£4000 in ten weeks ,i wonder how much longer i can keep this up ,so very pleased to have got this far 
Week 3 for my two new businesses and 
Business B took £12.34 which gives a total now of £43.38 and 
Business F took £13 which gives a total now of £78.08
Food budget was mostly brought in on target 
So good to have somewhere to write this down and then to be able to see the progress over the weeks ..Its good to have my own small businesses too as i can please myself and do as little or as much as i want to and not feel under any pressure ,this week as can be seen by the numbers not much effort has been put in to them but its ok its just how i like it 

Suffolk_lass

I put lots of my updates in my signature as a way of recording progress too.

try_harder

Suffolk_lass said:

I put lots of my updates in my signature as a way of recording progress too.

I am not brilliant with technology so wouldnt know how to do that SL ,i will ask one of my children to show me when i can .Thank you 

Suffolk_lass

Top right of the screen is a Profile link - just choose edit profile then edit signature in in a list on the left

try_harder

Thank you SL
Week 11
£400 saved again this week .I have decided that yes i will put £200 a week over to the mortgage so this week it was £200 to the ISAs and £200 mortgage overpayment 
Week 4 
Business B took £3.77 ..Total £47.15 
Business F took £31.61 ..Total £109.69
These are both building up very gradually and i am very happy with how they are both going
Food budget slightly over this week 

try_harder

Well five months have passed and once again i seem to be falling behind with everything ,so frustrating but there always seems to be something else to do that keeps me from being focused, never mind lets see how things stand now .

Firstly i now only have around 52 months left before i must either pay off my IO mortgage or sell my house which is looking much more the likely option as i still owe £96,0000 ,the aim at the minute is to pay £200 a week OP this year followed by the 10% payments the following years putting the difference aside as the OP becomes smaller this will equate to 225 weeks x 200 £45,000 leaving me with a shortfall of around £50,000 !!!! The good news is that the value of my house has risen to £350,000 but that is only because house prices are booming at the moment and may be completely different at the time we sell.The other option is to take out another mortgage when the IO ends .Anyway at the moment i need to concentrate on making the £200 a week ..I do have an emergency fund and some money in my ISA  which i will need if i move to pay for costs ..Any advice would be very helpful please

LadyWithAPlan

Hi, I am certainly not the expert but I can imagine in 5 years your house will have risen in value rather than down so then a remortgage on repayment or on an offset mortgage will be easier as your LTV will be low.
I am looking at offset mortgages when I finally get to that low step -(years away for me) but it may make a lot of sense for you.

This ideas of being mortgage neutral so investments equalling the mortgage is quite 

Also it sounds like your businesses are steadily growing and hopefully will be in 5 years bringing you loads in plus over 5 years I am sure your hard working husband will have a pay increase . So rather than worry (which I do) I think your plan is focused, doable and the more you get your small businesses up the better.

Do look at your pension as well, as well as ensuring your Class 2 NI is paid each year.
Children and people who don’t pay tax can also make pension contributions of up to £2,880 a year. With basic-rate tax relief this will make a total contribution of £3,600 a year into the SIPP or other pension.
fThe Vanguard SIPP is low cost and very easy and lots of global low cost funds to invest in. Vanguard make you pay £500 the first time but then you can drip feed in much smaller  amounts  eg £10;)

South_coast

You might be able to look at moving to a repayment mortgage before the term ends, as long as you pass affordability. I'm sure this is what newgirly did recently, as she was coming to the end of an interest-only mortgage too

try_harder

Thank you both for your help ..I guess i will have to wait until closer to the time to see what options are open to us meanwhile as you say i will continue to try to make money myself to add to the pot and try to take some of the weight off my husbands shoulders