Mortgage free target is under 10 years

dipdap
dipdap Posts: 6,181
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edited 15 January 2022 at 7:56AM in Mortgage-free wannabe
I’ve been here before, over on the debt free board a while back.
Quick link to my last diary

https://forums.moneysavingexpert.com/discussion/5073831/working-towards-being-debt-free-and-a-new-house/p1

I’m back because we need a little motivation to stay on track :) our mortgage has 23 years left to run, I’d love to be able to clear it in 10.
We moved into this house in 2015 and took out a help to buy loan in order to be able to afford it.
Fast forward a few years and our income wasn’t high enough for us to be able to remortgage to pay off the help to buy, so we’re still carrying the debt at 20% of the value of our house (my estimate is £60k needs laying back).
I know it’s not the worst debt in the world, I just don’t like the value of it increasing every month as the value of our house goes up :(
I’m currently on maternity leave, been off work for nearly a year (SMP is now down to zero for the next few weeks) and due back to work part time, in a couple of months.

We overpay our mortgage every month (may sound counter productive - some may say we should be saving that) and put money into savings every month so it’s not like we don’t have any money saved, we just need to be better with the money we do have and spend.
Fingers crossed this diary gives me the motivation to stop spending money on needless things (takeaways definitely have to go!!)
Thanx for reading!

Will keep a running total of how our savings are going here :)

£5,000 - current account
£2,400 - savings 1
£454    - savings 2
£250    - savings 3
£300    - savings 4
£300    - savings 5

Total saved so far £8,704
Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
Mortgage started June 2015 = £170,000 January 2022 = £134,000
Saving for Xmas 2022= . . Amazon £55
If you focus on what you have left behind, you won't see what lies ahead - Gusteau
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  • killerpeaty
    killerpeaty Posts: 2,614
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    Happy new diary dibdap. I'm sure you'll be brilliant at clearing the mortgage. How many littles do you have?
  • dipdap
    dipdap Posts: 6,181
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    Hey KillerPeaty
    I have 3 littles here that keep me on my toes :smile:

    So this is the third day of the New Year, my motivation is still high (so far so good!)
    I’m keeping a spending diary to help me spend less every day than I have been.

    Saturday 1st - I managed a NSD, woohoo! DH bought some new tools but he had Christmas gift vouchers to purchase them so they didn’t cost us anything

    Sunday 2nd - Picked up a few bits of shopping today. I’ve downloaded the cash back shopping apps so added in a few free items. Spent £7.10 and should hopefully get back £4.92 in cash back, so today only cost me £2.18. DH used the rest of his Christmas vouchers to treat himself to some new smellies.



    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    Mortgage started June 2015 = £170,000 January 2022 = £134,000
    Saving for Xmas 2022= . . Amazon £55
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
  • dipdap
    dipdap Posts: 6,181
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    Good morning!

    I was as good as I could be yesterday, had to nip out to get some food shopping in, but didn’t go too nuts as the chest freezer still needs running down and cleaning out (think we’re about half way there).
    I downloaded a free sharing app a while ago and finally got around to using it yesterday. Somebody local was offering free bread and cake items so I popped over and grabbed 4 or 5 different things. I’ve never used it before and they were really friendly and sent us home with loads of goodies. The kids had bagels and doughnuts for lunch and couldn’t have been happier! A free lunch = happy Mum :)

    Kids back to school today, so just me and the littlest one here. Gonna go through the fruit drawer and mash a load of apples and bananas for the freezer before they go off.

    3rd January - spent £59.85 on grocery shopping, got £11.02 of that as cash back already so wasn’t too bad a shop. Had to nip back out to the shops to grab a light bulb for the bathroom, so spent another £1.80. Total spend for the day £50.63 so not the end of the world. Will see how much we’ve spent by the end of the week as always need top up food shopping.


    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    Mortgage started June 2015 = £170,000 January 2022 = £134,000
    Saving for Xmas 2022= . . Amazon £55
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
  • dipdap
    dipdap Posts: 6,181
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    edited 6 January 2022 at 4:55PM
    Good evening 

    I’ve been pretty good today, kids went back to school so enjoyed a quieter house (DH still working from home - same as he has been for nearly 2 years now!)
    Got a pile of books to get rid of, need to sit down and ziffit them to make a bit of spare cash
    A lot of bills went out today, including all the standing orders to the various saving accounts (we have several accounts with our savings spread across them to try and earn a little bit of interest)

    4th January - Swung by the supermarket on the school run to grab some cash back freebies. Spent £8.83 but £2 of that was on 6 Christmas bottle bags and 5 rolls of wrapping paper in the sales. Should get £5.50 back in cash back so not a bad day for spending :) Overall total spend for the day is £3.33
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    Mortgage started June 2015 = £170,000 January 2022 = £134,000
    Saving for Xmas 2022= . . Amazon £55
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
  • dipdap
    dipdap Posts: 6,181
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    edited 6 January 2022 at 9:18PM
    Evening :)

    Well today has been reasonably productive. I’ve done lots of walking (my feet really hurt now) which is good as I still have baby weight to lose. Fresh air is good for the mind too
    Managed to get some nice bits from the food sharing app. Grabbed some oranges, pastries and a loaf of bread so lunch was free again. Oranges will do the kids for tomorrow’s lunch 
    Had a free vegan bake on my Greggs app which I enjoyed for lunch

    5th January - swung by the supermarket on the school run and grabbed a couple of reduced price Yankee candles to put in my present cupboard for Christmas. Spent £10.38 today and should get £2 back in cash back. I think we’ve bought 4 different kinds of non dairy milk to try now (they’re free after cash back!) the kids seem to like making milkshakes and hot chocolate from them. Overall spend for today was £8.38

    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    Mortgage started June 2015 = £170,000 January 2022 = £134,000
    Saving for Xmas 2022= . . Amazon £55
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
  • killerpeaty
    killerpeaty Posts: 2,614
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    You're doing really well with picking up Gifty bits. Are you finding them in big or little supermarkets?
  • dipdap
    dipdap Posts: 6,181
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    edited 12 January 2022 at 8:54PM
    Hey Killerpeaty
    I got them from my local big supermarket. Only managed to get one type, but they’re good to put away for later in the year 🙂

    6th January - little bit of shopping again today, spent £9.53 with £6 cash back, loving the little freebies, got some nice chocolate desserts to try today. Made wraps for dinner using the free stuff from yesterday plus some chicken and salad.
    DH fuelled up the car, will have to wait for that to appear on my bill as he can’t remember how much it was - edited to add it was £53.96. Makes overall spend for today £57.49
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    Mortgage started June 2015 = £170,000 January 2022 = £134,000
    Saving for Xmas 2022= . . Amazon £55
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
  • dipdap
    dipdap Posts: 6,181
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    Evening!

    Having an early night tonight, little one had me up early so been awake since 4am

    7th January - shopping again, needed some bread and bin bags so grabbed that and some cash back items. Spent £11.40 and got £7.90 cash back. Overall spend for the day £3.50 :smile:
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    Mortgage started June 2015 = £170,000 January 2022 = £134,000
    Saving for Xmas 2022= . . Amazon £55
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
  • dipdap
    dipdap Posts: 6,181
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    Happy Saturday!
    Had a lazy day today, little one was up at half 4, so ended up having a Nanna nap this afternoon to catch up on my sleep  :)

    8th January - popped out to grab some bread and milk, spent a total of £10.65 and cash back should be around £6.40 so overall spend of £4.25.
    Won’t be grabbing one of the plant based milks again (was free with cash back) as it curdled in a cup of hot choc. Had only been open a couple of days. At least these things aren’t costing us anything to try :)

    Spending seems to be going ok so far this year (8 days in, so far so good!)
    I still have over £300 in supermarket gift cards from Christmas, £30 love to shop vouchers and just over £120 in Amazon credit, so that will help with some of the shopping going forwards :)
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    Mortgage started June 2015 = £170,000 January 2022 = £134,000
    Saving for Xmas 2022= . . Amazon £55
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
  • dipdap
    dipdap Posts: 6,181
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    edited 12 January 2022 at 8:50PM
    Well I haven’t popped back for a few days, it’s been pretty hectic here
    One of the kids has tested positive for Covid so they’re currently bored out of their brains because they can’t go school.
    Everyone else is either under 18 or double jabbed so we can all carry on as normal (thankfully!)
    Better recap on our spending from the last few days….

    9th January - grabbed some shopping for dinner, spent £13.76 and got £2.60 cash back so overall spend of £11.16

    10th January - got a couple of big bags full of free stuff from the sharing app, 5 loaves of bread have gone in the freezer and the kids spent 2 days eating pastries (they loved it!)
    Had to go out and buy a stair gate as the little one is exploring everywhere. Spent a total of £55.03 today (expensive day) and got £5.50 cash back, overall spend of £49.53

    11th January - managed a no spend day today - woohoo! Managed to get a free bag of potatoes and some cereal today via the app.

    12th January - had to venture out today as had a couple of appointments, spent a total of £12.34 today on bus fares and shopping

    Will grab a calculator and work out how much we’ve spent in the last couple of weeks at some point. It actually doesn’t feel like it’s been too bad, I’m managing to pay all the current bills so far
    Historic Debt August 2009 = £63,600 10th March 2017 = £0 100% paid all gone!
    Mortgage started June 2015 = £170,000 January 2022 = £134,000
    Saving for Xmas 2022= . . Amazon £55
    If you focus on what you have left behind, you won't see what lies ahead - Gusteau
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