My Mortgage Reduction and Savings Diary

SuiDreams

Updated spending diary unfortunately, I am over spent by £250 so far this year. Hoping to not spend much this week or next week or when I'm on Holiday the week after and hopely it won't take me long to get back on track again.

Planted my herbs out in a big pot last night, no more buying herbs from the supermarket now.

Also must remember to cancel veg delivery for the week that we are away.

Still waiting for some items on Quidco to changed to recieved I've been wainting since January its very annoying, and also still waiting for some piggy points as well.

Don't feel like I'm getting very far at the moment. Anyway its pay day on friday.

evab_2

I'm waiting for 5000 piggy points to be added, these sites drive you mad when you're trying to pay off your mortgage!! :-) Don't they know every penny counts!

Ev x

SuiDreams

evab wrote: »

I'm waiting for 5000 piggy points to be added, these sites drive you mad when you're trying to pay off your mortgage!! :-) Don't they know every penny counts!

Ev x

you know thats the exact amount of piggy points I am waiting for as well. Plus £44 from quidco. I'm getting a bit fed up now.

TighterThanTwoCoatsOfPain

SuiDreams wrote: »

I think I'll need approx £3000 to cover 3 months bills, or £4800 to cover monthly salary,

Not sure if i'm getting the wrong end of the stick, but if your ambition is to get completely debt free, why on earth are you paying such a tiny amount on your mortgage over such a lone period of time when the balance is so low?

Unless i'm reading wrong, you take home £1600 a month (4800/3 so would have thought you can comfortably manage £700 per month on payments easily?

This would have seen you mortgage free just a few years, whereas you seem to have tied yourself down to a product you cant overpay on?

Like i say, to have chosen a 15year term with such a low overpayment limit i must have missed something..

SuiDreams

TighterThanTwoCoatsOfPain wrote: »

Not sure if i'm getting the wrong end of the stick, but if your ambition is to get completely debt free, why on earth are you paying such a tiny amount on your mortgage over such a lone period of time when the balance is so low?

Unless i'm reading wrong, you take home £1600 a month (4800/3 so would have thought you can comfortably manage £700 per month on payments easily?

This would have seen you mortgage free just a few years, whereas you seem to have tied yourself down to a product you cant overpay on?

Like i say, to have chosen a 15year term with such a low overpayment limit i must have missed something..

Unfortunately I can't manage payments that high, I just don't have that much left after paying bills. I have only recently become debt free and have very few savings at the moment. Currently salary is only from 1 April due to a 10% pay rise this year. When I remortgaged last year, I still had some debt, but reduced the term by 2 years, I wasn't really in a position to tie myself into higher payments. I will be making additional overpayments when I can afford to. I'm only tied in for another 3.5 years so anyway, so hopefully I'll be able to save enough to pay it off once the deal ends. Once the deal ends I can make unlimited overpayments, I am only limited to 10% of the initial loan amount for the length of the deal. Plus at the time this was the best deal I could get from current mortgage company without large fee's. It would have been difficult to remortgage elsewhere with such a low loan amount without any fee's. Even now I'm not sure I can save enough to pay it off in 3.5 years.

SuiDreams

Wasn't having a good day, but then logged onto quidco and £24 of the £44 has gone to recieved Yippeee. Fingers Crossed the othe £20 will come in this week. Got activation code for BM esaver by email this afternoon, so hoping the username comes quickly so that I can get the account p and running before I go away.

chickadee

Hi there Sui, I just thought I'd pop into your thread to give my support. You sound as though you have a plan you can stick to and seem very motivated to do it. Good Luck and have a good holiday (but don't overspend ).

chickadee
x

SuiDreams

Not having a good weekend, broadband was off Friday and Saturday (someone actually came round on Saturday to look at it and told us it was fixed but still couldn't use it till sunday). and now thw boiler isn't working and can't get someon in tomorrow as have to go and look after sisters dog as well as work and looking after my own two, but at least i can have a shower there after work. Not done any packing yet and am going away on saturday. Feeling very stressed and its stopping me from concentrating on paying the mortgage off.

SuiDreams

Been really busy since getting back from Holidays. on the day I got back I had a letter from EOn saying Gas and Electric Prices have been increased (so I'm looking to switch again if possible). Plus had recieved a Credit Card statement early as they hadn't changed the date as requested. Then updated MS money to find that Grocery shopping had increased by £100 in one month. So going to try and reduce spending if possible, but according to my spending diary the overspend is increasing not decreasing. Also going to go back to keeping a daily log of Gas and electric usage to see if I can reduce this as much as possible. On the plus side have opened the Halifax 10% regular saver so thinking of increasing savings targets, which means less being paid off the mortgage, but with the rate being so high this should be a better plan. Hopefully will start feeling a bit more organised soon.

SuiDreams

Well still trying to combad food price rises, bought some mixed salad leaves seeds, and plan to plant these over the weekend just need new pot and some more compost. I've probably spend a bit this year on Pots, compost, herb plants and seeds, but will recoup the cost by not having to buy any herbs, plus next year I won't have to buy the pots or compost, so it won't really cost anything to do this next year.

Going to check costs for pet insurance as current policy is up for renewal sometime in July. Will hopefully get some cash back for this.

Still waiting for 5000 piggy points, apparently this could take quite a few weeks.

Appart from that its just concentrating on current spending and trying to get that down as much as possible.