£170000 in 10 years

Busy_Mee1 · 1 February 2019 at 8:39AM

That is a great result for January Try Harder well done.

I do think regular posting even if it is only once a week helps and we do miss you when you aren't around x

try_harder · 1 February 2019 at 9:33AM

Thank you Busy Mee1 as always . I am going to try i know that it definitely helps me by being accountable.

Today i have a few items to list on ebxy and a few other sites . I also have to go food shopping , i am hoping that i can do a better job than i did last month .

try_harder · 21 February 2019 at 2:22PM

I am really struggling again to stay motivated , one day i think i can do it the next i cant ..I think the problem arises from the fact we do not earn a lot of money so i have to find extra through other means and sometimes it all seems so difficult trying to squeeze a few pounds from here and there , oh dear i do sound very negative today .

Work has commenced on our house with the hope that making it look much more up to date will mean that it is much more likely to sell if we have to downsize due to not having anywhere near enough money in the next seven years to pay off the outstanding balance , everything has to be done which sadly due to no other savings has to come out of our mortgage savings but i am hoping this will be compensated but the rise in value ,everything is being done as cheaply as possible and my husband is doing all the work so that should save a lot of money overall.

I shall carry on trying to save this year for both house renovations and mortgage overpayments .I have decided to take one of my smallest sub accounts which stands at around £8500 and work on that this year and with luck at least half that amount by the end of the year , this amount does not sound as daunting as the others so i think is a good place to start anyway im going to give it a try as i feel i do give myself such high goals and then feel so disappointed when i underachieve then of course i give up ..Sorry for the ramblings , i am feeling rather overwhelmed with the amounts of money going out at the minute plus the fact i am living in a muddle whilst work is going on

Busy_Mee1 · 21 February 2019 at 10:05PM

Hi Try Harder nice to see you posting. I am sorry you are feeling overwhelmed but it does sound as if you have a lot on at the moment.

I think it would be a good idea to focus on your smallest sub account, it will feel a bit more achievable. Try to keep posting...it really helps x

Moneyfordreams · 22 February 2019 at 11:04AM

Building work on our place before Christmas left us feeling out of sorts too. The smallest account to focus on is a great idea to keep your spirits up.

Having just downsized things are better and less stressful in general, but still take some getting used to. Plus I've spent a fortune trying to change the house

try_harder · 1 March 2019 at 12:50PM

Thank you BusyMee1 and Moneyfordreams.

One of these days i will get organised and everything will then fall into place ..Fingers crossed.

Well new month and today i feel motivated , such a pity i cant feel this way every day .
The work on the house is going well there is loads to do but whats done is looking good ,this is the way i am hoping to go about things and how the money will be used each week
A -Pay all bills , food , diesel for both cars.
B-Money for house and all other spending monies
C-Mortgage Overpayment money for sub account
D Mortgage Savings
A is the most important followed by the others , lets see how far down the list i can get each month

Today 1st March we have £15,972.04 as we have spent around £3000 during February in the home but as i said before i am hoping the money spent will all add to the value of the house 355 weeks left until the mortgage ends i want to try and make every week count

jodles16 · 1 March 2019 at 1:36PM

There is a really tricky balance between spending and saving sometimes, I think you are doing amazingly! If the house needs money spending, then that is just as important as paying off the mortgage or saving, as the house is the very foundation! Plus, as you identify this will hopefully mean an increase in value!

Jodles

try_harder · 8 March 2019 at 7:51AM

Thanks BusyMee1 Moneyfordreams and jodles16 for all your positive input

try_harder · 8 March 2019 at 8:15AM

I have had my thread for three years this month and not really progresses much so time to knuckle down and with only seven years left now to pay at least a little off theres no time to lose .

End of week 1 --354 weeks left
A-All bills paid food and diesel for both cars
B-Money spent on house and spending money all paid for
C-£81.89 paid off sub account -Amount now owing £8750
D-Mortgage savings -£268.47 going into bank account
E-savings already got £15,972.04
Savings total +£16240.51
Very pleased with this weeks results now for this week

Busy_Mee1 · 8 March 2019 at 9:02AM

Morning Try Harder

I am not sure that it true to say that you haven't made much progress with your mortgage over the last 3 years. By my calculations you have £16240.51 in savings + you have paid £6250 off the sub mortgage. A total of £22490.51 :T

Just looking at your original post, am I right in thinking your sub mortgage is your repayment mortgage and the main mortgage is IO?

If so, you might be better changing your tactics to pay off the bigger IO mortgage rather than the smaller sub mortgage. This is because the smaller sub mortgage is repayment and so will be paid off by your repayments at the end of your term and will sort itself out by the end of the term. By overpaying this account you will just reduce your payments or your term. Unless you are disciplined and recycle these payment savings towards the bigger mortgage, you won't impact on the bigger mortgage.

Although paying the smaller account might feel more achievable, it might actually better to overpay the bigger IO mortgage. Just a thought.....

Anyway well done. It is great to see you back posting again x

£170000 in 10 years

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