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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,659Posts
    • 46,304Thanks
    newgirly
    Pay off mortgage and start having fun!
    • #1
    • 15th Apr 10, 11:02 PM
    Pay off mortgage and start having fun! 15th Apr 10 at 11:02 PM
    I have been reading other peoples posts for a while,trying to get myself in the right frame of mind to start overpaying on the mortage.DH and I have a house worth about £220,000 with a mortgage of £159,000 although we only paid £120,000 for it (£93,000 mortgage) to start. So as you can see we have been not so great in the past! Last year we also owed about £20,000 on credit cards which is now down to £10,000. I really want to get rid of the mortgage before our youngest turn 18, the twins are nearly 10 now. So any words of encouragement would be great, I need keeping on the straight and narrow.

    Xmas paid for by saving £1 a day minimum in a sealed tin, plus homemade/sale stuff.
    Birthdays now in monthly budget, plus extra vouchers earned

    I am taking part in the earn £2012 in 2012 challenge on the up your income board, so whatever earned from that will be split between op's and holidays fingers crossed.

    Budget from may 2012 onwards:

    income.................2092.00
    child benefit..........188.60
    child tax cr..............0 no longer!
    total....................£2280.60

    mobiles x 2...........32.00
    tv licence..............12.37
    elec/gas................140.00
    water....................60.00
    council tax............125.83
    home insurance.......11.83
    pension..................21.90
    life ins....................15.17
    sky ........................21.00
    car tax....................15.83
    car ins.....................22.00
    car maintenance.........8.33
    petrol.......................60.00

    school dinners............48.00 (1 dinner/1 bacon sarnie each pw)
    pocket money.............20.00
    clothes.......................30.00
    birthdays....................50.00

    grocery.......................250.00
    (food/pets/cleaning)
    DH's money.................100.00
    0%cc ................................32.35
    mortgage interest.........425.00
    mortage overpayment....778.39


    money in: £2280.60
    money out:£2280.60







    This Forum Tip was included in MoneySavingExpert's weekly email

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    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 388
    • greent
    • By greent 4th Mar 19, 10:59 AM
    • 7,905 Posts
    • 80,451 Thanks
    greent
    Belated birthday wishes, newgirly!!

    Have some more cake...Ö - it's ok, though - this one's calorie free

    xx
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £1100/£5K
    Net sales 2019 £54.70/£500
    • newgirly
    • By newgirly 4th Mar 19, 8:40 PM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    Mmm thanks greent

    Finances checked over, the first part of the £20 a day challenge is completed and I have £4.57 left second part starts tomorrow and will again be £20 a day from 5/3 - 5/4.

    Ive squeezed and extra £40 into premium bonds in top of the usual £50pm that is part of the mfw op target (£300 pm is savings) so itís all going ok.

    Weight loss this week 3/4 of a pound, amazing considering what Iíve eaten this weekend
    MFW 21

    £79,000 left, target £16k in 2019
    • kaycastle
    • By kaycastle 4th Mar 19, 8:53 PM
    • 50 Posts
    • 104 Thanks
    kaycastle
    That's so horrible about the attack, very sad news. Can't imagine.

    Nice one on premium bonds. I still have the 100 my parents put in there all those years ago and I still get small wins sometimes. It makes me smile as its something I forget about until I get those winning letters
    Starting mortgage Oct 2017: £228,041.09 (2 years fixed @1.74%)
    Current mortgage Feb 2019: £215,765.98
    • newgirly
    • By newgirly 6th Mar 19, 6:49 AM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    They have just reduced the minimum purchase price to £25 kaycastle, previously it was £100 or £50 via standing order. I like them, I don’t play the lottery or save a lot but there’s always that chance

    Spent £43 in mr t last night - yesterday and today’s budget and £3 out of Thursdays. Made lots of pancakes which everybody except dh enjoyed as they cat stole his and ate them
    MFW 21

    £79,000 left, target £16k in 2019
    • newgirly
    • By newgirly 8th Mar 19, 7:37 AM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    Iím very lucky to be off to a spa day today, best friends dh likes to buy her a voucher for Xmas and itís always for two I have even bought a new swimming cozy to wear as mine about as old as my children

    Not much to report financially except I have spent rather a lot of money on garden furniture we currently have a wooden six seater table and chairs thatís old but fine, but I wanted a couple of sofas as there are often more of us at weekends. They can be very expensive and I want to buy cheap ones. Yesterday I found some rattan armchairs in the sale at b&q reduced from £100 each to £4O each so I bought six, unfortunately they had sold out of the coffee table, so I ended up buying one from an eBay seller, bit dearer than I wanted to pay - £82 but I think the whole set will be very comfy and hopefully get used a lot if we entertain a bit more.

    Not quite sure how Iím paying for it yet, if I canít work it out I will use birthday money and a bit of savings
    MFW 21

    £79,000 left, target £16k in 2019
    • newgirly
    • By newgirly 11th Mar 19, 9:56 AM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    [QUOTE=newgirly;70636818][QUOTE=newgirly;70261012]
    FEBRUARY update!

    Start figures 1st jan 2019

    Mortgage £79,000

    Savings pot £0


    Total at 28th Feb 2019

    Mortgage £77,856

    Savings pot £600


    Net figure £77,256


    Total reduction so far this year: £1,744

    Total Feb reduction :£909
    Originally posted by newgirly
    MFW 21

    £79,000 left, target £16k in 2019
    • newgirly
    • By newgirly 11th Mar 19, 10:04 AM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    Phew, finally updated for Feb. Not a terrible month considering Iíve done a lot of spending, all of the extra cash Iíve allowed has gone on the deopit for a trip to centreparcs for dd when she finishes uni and garden sofas and coffee table.

    More temptation today as my aunt is selling her convertible beetle, itís old (2004) but like a brand new car, under 40k miles. So Iím probaly going to buy it for £2000. I should sell the Mercedes we have but think we will probaly give it to a friend at work as heís done loads for us over the years and down the have much money and has always wanted the car. He currently has a 2007 Ford Ka whch we could swap it for for then kids to learn to drive in and share.

    Itís all unplanned spending though even if it does seem like a good plan. it will have to come from the kitchen pot, but as we are still waiting to get the bedrooms done it seems it wonít be too imminent!
    MFW 21

    £79,000 left, target £16k in 2019
    • daisy 1571
    • By daisy 1571 11th Mar 19, 10:48 AM
    • 438 Posts
    • 5,268 Thanks
    daisy 1571
    The swapping round of the cars all seems like a great idea, shame you are having to pay for the beetle but im sure Alex would tell you to go for it !!! Lol

    Daisy xxx
    "Never save something for a special occasion. Every day in your life is a special occasion" Take hold of every moment by anon

    The difference between what you were yesterday and what you will be tomorrow is what you do today
    • newgirly
    • By newgirly 11th Mar 19, 2:18 PM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    Thanks daisy, not sure Alex would approve of a beetle, itís bit girly itís pale blue and comes with bluebelles in a vase on the dash so I will be calling her Belle

    Went for coffee and a wander round the shops with dd this morning, bought myself a white cotton thin robe for the cruise, some short pjs and bought some underwear, a top and primarni converse for Dd (all with a birthday gift card I recieved which is a bit naughty).
    MFW 21

    £79,000 left, target £16k in 2019
    • newgirly
    • By newgirly 12th Mar 19, 6:56 AM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    Not a great week for weight loss - 2.5 lb on ive lost weight every week since starting (7 weeks ago) up until now! Birthday chocolates and cake has caught up with me perhaps
    Hopefully I can turn it around, this Friday Iíll be starting a clubbercise class

    Iím feeling a little worried over the money the new car will cost along with insuring the ka for the kids, it feels like right thing to do but is so much unplanned spending we have the money in the kitchen pot, but realistically we wonít be able to get the kitchen done on a £3500 budget! The bedroom budget is only £1700 for both rooms including floors/electrics /plastering etc. (After I bought all new beds and furniture) I think even with the builder doing it at cost price for labour and materials itís very optimistic.

    Not sure what to do really as I knew the budgets were tiny anyway but thought weíd have everything done in a basic way. As the builder is doing it as a favour itís virtually impossible to get a price, he just says Iíll do it cost as a favour

    Itís much harder having the factory mortgage finances effectively connected to the home mortgage. We are hoping to add the personal mortgage to the business one in three years time. But Iíve just found out itís a five year term at the moment with penalties for early repayment.

    Iím not sure if I shouldnít have just extended the home mortgage term a lot when we emptied the offset to lend to the business? I miss not making regular little ops and am slightly worried about being able to flip the mortgages in three years time.

    The long term home improvements we have waited years to do we donít really have enough for now, itís a little frustrating as next month would have been our mf date. The business mortgage will be gone in five years and the rent will be an extra £2k before tax coming in per month a tax least.

    Iím not really sure what to do, dh and I have been talking it over for the last few days. The only thing Iím not prepared to do is go full on extreme oping at the moment as I want to help the kids with driving lessons.

    Sorry if this is a bit of a ramble, any input would be greatly received
    MFW 21

    £79,000 left, target £16k in 2019
    • Moneyfordreams
    • By Moneyfordreams 12th Mar 19, 7:29 PM
    • 1,238 Posts
    • 6,065 Thanks
    Moneyfordreams
    Think we have been in similar positions. It really is a challenge to not to do everything for your children. Can't they take responsibility for themselves? for driving? We had a lifetime of saving £10 pcm for our girls. So about £3k half for car and half for insurance. but the was her 18 birthday present ( 7 years ago ) same for DD2 but she wasted hers on her doomed uni experience. DD2's 21st present was driving lessons. She's an adult now so a car is her responsibility. We are the fools who gave dd1 a deposit for a house (around £8k ) and are continually her child support. I understand it's really difficult to separate encouragement and independence to doing it for them.

    House wise wanting our renovations more quickly has meant I've put things on ccs... not great , but I'm only just getting back in control. however , different jobs have become apparent. and our blue 30yo bathroom can last a bit longer whilst I get myself straight. equally the kitchen can last another 6 months because I want plastering and a patio laid first. How many months will it take you to save the difference?

    I caved on newer car too after OH car died. I can live with 6 months delay on bigger jobs to recoup and deal with the changes. can you wait 6 months
    Mortgage restart June 2018 £119950
    Feb 19 mortgage £112650, £5150cc, £7047, £1100, car £7550 (holy cr@9 )
    Dd1s car £1569
    Dd1s £170 owes me
    friend £200
    • newgirly
    • By newgirly 12th Mar 19, 9:41 PM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    Hi mfdís, your two are lucky you have given them so much help,itís hard not to sometimes isnít it

    I do want to help them with the driving lessons, but we wonít be buying them each a car, I think a twelve year old ka between them is plently

    Saving for or renovations is harder as so much needs doing and is very overdue. I guess because we held off on everything over the time since I joined mse (2010) except for the loft room.

    So itís not just decor really, for example the kitchen floor tiles are broken and move, cupboards have had mould in a few of them and cant be used for food etc. stuff that we thought we would do this year after clearing the mortgage. Everything is really in need of doing properly now

    It will take years to save enough to do it all properly so Iíve not done anything about it.

    Not sure what the answer is really, it seems like we have gone past the point we can not spend on the house and just overpay.


    This is life I guess, all the best laid plans etc.

    I WILL make a long term decision we are both happy with and then I WILL stick to it.....
    MFW 21

    £79,000 left, target £16k in 2019
    • themadvix
    • By themadvix 14th Mar 19, 1:25 PM
    • 2,219 Posts
    • 12,614 Thanks
    themadvix
    This may not be a popular thought (sorry ) but perhaps you might need to scale back on the experience-based spending to be able to get the work done.... No one can afford it all, unless they're millionaires!

    Do all your (grown-up) children want to learn to drive? I get the impression that where you live it might not actually be that necessary with the public transport links. If you were ferrying them about a lot, it would definitely be worth helping them all out with car and lessons, but perhaps if they're fairly independent on their own, maybe not so much? Could you 'buy the Ka' (I know it's a swap, but you're paying for the beetle) and ask them to contribute by paying you back for it somehow? Or are they paying for the insurance? I don't think you should have to pay for insurance, car and lessons!
    OPs 2018 = £2090
    Moving savings = £3085
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jul 2018: £91,552
    MFW2018 no. 38
    • daisy 1571
    • By daisy 1571 14th Mar 19, 3:29 PM
    • 438 Posts
    • 5,268 Thanks
    daisy 1571
    Ng I've been pondering your dilemma and I feel the long and short of it is......like the majority of us you dont have enough money to cover your 'wants'.

    Only you can decide this but I feel it's back to the notebook/flipchart/spreadsheet and list EVERYTHING you 'want' to do. Get it all down, with realistic prices. Kitchen break into chunks maybe: floor, cabinets, walls plastering, walls painting. Kids driving lessons: x many per child per cost.

    Prioritise what is better for everyone ie you all use kitchen so if public transport, as noted above, is not an issue then maybe that should be higher up the list.

    Then start investigating cheaper alts that get you a similar outcome but will do for the next few years ie hire a car with dual control for driving practice (I dont know anyone who can afford to get lessons plus driving practice all thru a driving instructor and it can be cheaper hiring a dual car as the insurance to put a young person on your car insurance can be expensive), offcut of lino rather than retyling kitchen floor, etc etc.

    Add that up.

    Getting closer? If not then I'm afraid the things at bottom of your list have to wait. Or you can maybe do 2 cheaper things that will give more benefit than 1 dearer thing. Only you know what is better for your family.

    Sorry I don't have a magic wand or a spare 50grand to send you. It's also up to you whether you take on more debt to fund some of these things. Just remember the title of your diary. You wanted rid of the mortgage.....so you can start having fun. Maybe you still want that, maybe you dont. It's all about your choices.

    Hope that was helpful (in a cold bucket of water sort of way!!!) In other words I dont have the answers, you do but its boringly grown up to face that hence my pondering in case I could come up with something brilliant.

    Daisy xx

    Ps if I do win April's top premium bond prize I will send you some of it so you can throw your list away and do it all!!! )
    "Never save something for a special occasion. Every day in your life is a special occasion" Take hold of every moment by anon

    The difference between what you were yesterday and what you will be tomorrow is what you do today
    • greent
    • By greent 14th Mar 19, 4:13 PM
    • 7,905 Posts
    • 80,451 Thanks
    greent
    I'm lost as to where you're at nowadays - how much you owe, expiry date, rates etc. Also whether any of the children contribute to the household budget? - or at least cover their own costs, such as travel and mobiles?


    Perhaps, echoing madvix, you need to cut back on some of the 'wants' spending, such as holidays/ days out/ Harry Potter stuff/ 'big' presents for your children, eating out, etc and switch it to the more necessary spending (kitchen? - sounds like that's a more practical need from which everyone will benefit) Without wishing to sound rude, you've not missed out much on fun spending - mini breaks, cruises, Harry Potter, eating out (even if cheap it is still more expensive than eating in) etc.. Maybe time to go properly hardcore for a year/ 18 months to make some inroads? (sorry - I don't mean to sound harsh - your diary is truly one of my favourites - it's like chatting with a lovely friend x)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £1100/£5K
    Net sales 2019 £54.70/£500
    • newgirly
    • By newgirly 14th Mar 19, 11:28 PM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    Hi Vix, Daisy and greent

    Thanks you all for posting, I really apppreciate it even if it is like a bucket of cold water

    The business needing so much money and messing up our mf plans has thrown me more than I first realised. I am struggling to prioritise and also struggling with the fact that I have no control over the business finances. Itís something which is causing a bit of stress with dh and I currently, the two have always been seperate and now they are properly intertwined with me wanting to put surplus in the home mortgage and dh wanting to build a massive cushion.

    As for the kids, ds1 has been told by his boss he needs to drive ASAP as they want to take him on full time but they want him to drive often so it would help a lot. Dd is not so fussed but we offered to pay for lessons for her 17th birthday which was nearly five years ago so sheís not in too mch of a hurry. Ds2 also wants to drive.

    Iíve offered to pay for one hour a week each (unlikely Dd at this point) which they donít expect to be honest, but I just want to help as I was bought a car and had lessons. Living like I currently do (er, out quite a bit ) this is more important than my social life defiantly.

    The kitchen however - not sure what to say about that! If I could get a proper idea of cost it would help, but you are right in saying that I need to be prioritising repairs instead of galavanting about so much

    Really thinking about it probably home repairs should be coming first over everything including ops, as they will now be way more overdue than first planned.

    Iíll spend a bit of time tomorrow looking at everything, I also want to ask dh about taking a regular payment from the monthly surplus we are building up in the old company. Dd is not currently paying rent as sheís at uni and doing work placements, the boys are both paying rent though.

    I will update with all expiry dates / rates etc. not sure if Iím brave enough to add income but am taking on board all advice and tough love, oh and also am willing to accept any premium bond wins

    Thank you x
    MFW 21

    £79,000 left, target £16k in 2019
    • CathT
    • By CathT 15th Mar 19, 7:08 AM
    • 5,962 Posts
    • 41,605 Thanks
    CathT
    Sounds like another financial review could be well timed. There's only so far you can stretch finances newgirly and hopefully another review will help you prioritise and set some short-medium-long term targets.
    March 2019 - part 1 - £70,912 part 2 - £44,104
    Total - £115,016 105 months to go!
    • newgirly
    • By newgirly 15th Mar 19, 7:14 AM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    Indeed thanks cath
    MFW 21

    £79,000 left, target £16k in 2019
    • gallygirl
    • By gallygirl 15th Mar 19, 8:27 AM
    • 16,758 Posts
    • 110,433 Thanks
    gallygirl
    Oh great, we all love a new series of plans from NG .



    As others have said, you need to be clear of what your priorities are, but also be realistic. We can all recall previous plans where you allowed tuppence ha'penny for holidays then booked a cruise three days later . You need to list EVERYTHING you can think of and then decide what is high/medium/low priority and then whether it is short, medium or long term. Let's be honest, here's no point coming up with a plan that doesn't include holidays or a decent Christmas budget, is there .
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    Mortgage Balance = £0
    "Do what others won't early in life so you can do what others can't later in life"
    • newgirly
    • By newgirly 15th Mar 19, 9:01 AM
    • 6,659 Posts
    • 46,304 Thanks
    newgirly
    Haha yes I shanít do a tuppence haípenny budget for holiday season and Xmas!

    Have managed to get a good quote for the ka in dhs name (no no claim so bonus discount) without the kids on for the moment as it could take them a long time to pass if they take after their mum (ahem 4 tests ) £280 is the best price so far.

    Off to clubbercise from the first time in years now, will continue financial planning when I get back.

    Hope you are really well GG, great to hear from you xxx
    MFW 21

    £79,000 left, target £16k in 2019
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