Dipping my orange toes into the water..

Where to begin..
I have loved reading other people's mfw diaries and been so inspired so thank you for sharing your journeys and your advice. 

My DH and I and our two children live in the insanely expensive South East, so we have a beast of a mortgage despite our modest home. 329,999 to be precise. Our house is roughly worth 700k so we do have around 50% equity, which is good going given 8 years ago when we bought our first house we only had a 45k deposit.

Up until recently overpayments were not possible but for the last two years we have managed two lump sum overpayments. 10k in 2019 and 5k in 2020 (less this year as we are about to replace our very old shower room).  However, this year I am working more hours so I want to start making overpayments on a regular basis and I hope that this diary and the support of the community will help us do that! 

The aim is to overpay £950 per month, which will cover the interest, plus £470 ish overpayment. This way we will fingers crossed be mortgage free in 10 years! 

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Comments

  • This month, after Christmas is a very tight one financially. My husband is thankfully very anti debt, so we do not have any credit card debt but I haven't yet got into the habit of saving for Christmas so January is always a tough month. 
    Food is one of our biggest expense and we spend about £500 a month on groceries. We get Tesco delivery as it saves time. Sadly our nearest Lidl and also are 20/30 minutes drive so we can only use them when it is the holidays.

    This month I'm hoping to spend £400 max, which will ease the budget slightly.
    If anyone has any grocery saving tips do let me know! 
    Have a great day everyone and stay safe! X 
  • Kittenkirst
    Kittenkirst Posts: 2,563
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    Hi Orangetoes! Your aims sound fab, and sounds like you’ll be clearing that mortgage in no time!

    Groceries and food is our biggest expenditure too- I find that if I do a full check of cupboards for the staples before shopping is key to prevent overstocking & overspending. I check on our regular items: Tinned tomatoes, purée, garlic, pasta, rice, veggies, oats and flours/lentils. This way I know whether we need to top up, otherwise I found myself adding items ‘just in case’.

    Also, by reviewing what you have in you can formulate any meals you can whip up out of your existing stores, and then only add in meals that you really need. 

    Another thing we have done is make a note of the cost per kg of some of the more expensive items (coffee mate, decaf and standard coffee for examples) and then when shopping if there is a deal on these items we know straight away whether its a decent offer or not :)

    I’m not sure the kind of meals your family eat, but remember sometimes more simple meals can be really delicious, and helps to save money. We often do a ‘on toast’ nights which is something that feels naughty and isn’t for everyday!
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • yogavibes
    yogavibes Posts: 99
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    welcome! I also have a beast of a mortgage :) we can do this!
    MFW #69 Mortgage remaining Jan 2021 £221,644; Jan OP £1000;
  • Welcome orange! I too have just started a mfw diary after being inspired by reading others! I can sympathise with the food bill- we spend far more than we should. Do you do a meal plan? ( I don't actually do this but I am going to start) that might help reduce wastage? I also shop online but like it as I don't have to walk down the virtual biscuit/ cake aisle... so I avoid buying them which I wouldn't if I went in store. 
  • Orangetoes
    Orangetoes Posts: 342
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    Thanks for the support @yogavibes. Yes we can do this!!
    Thanks chocolate tea pot. I do meal plan but I think I need to batch cook more. I got a ninja blender and soup maker for Christmas so I'm going to try and use this to make up a load of meals to pop in the freezer. Good intentions and all that!! 
  • Orangetoes
    Orangetoes Posts: 342
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    Today's spends -
    £8.60 on coffee and teas after a 7.5 mile walk. 
    Trying not to only spend £50 this week, barring the weekly shop and bills etc.
    £41.40 left.

  • Orangetoes
    Orangetoes Posts: 342
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    Well the one positive is that I will spend less money this month! 
    I'm a teacher so can't say I'm looking forward the whole teaching online and trying to home educate but we are all healthy and hopefully this will help more people to stay well.
    Unsurprisingly today will be a NSD!
    Spends - £41.40 remaining 
    Food budget - £92.08/£400
    Hope everyone is coping! 
  • longway2go
    longway2go Posts: 1,006
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    Hi Orange, 
    You can definitely do this. 
    In relation to saving on shopping I have just started subscribe and save with a3az0n. If you set up 5 products to arrive at the same time you get a further discount, it is easy to canx items but keep an eye on the prices so you know you are getting the best offers. 
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • Orangetoes
    Orangetoes Posts: 342
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    Thanks Kitten, only just saw your post for some reason.
    Good advice on the cost per kilo and being stuck at home it is the perfect time to stick check and not over buy! 
  • Orangetoes
    Orangetoes Posts: 342
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    Thanks longwaytogo every little helps! 
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