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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 787Posts
    • 3,036Thanks
    try harder
    £170000 in 10 years
    • #1
    • 27th Mar 16, 4:39 PM
    £170000 in 10 years 27th Mar 16 at 4:39 PM
    hi first post on mortgage free wannabe site -i have a £170000 mortgage on a house valued at around £230000 we have an interest only mortgage on £155000 and repayments on the other £15000 paying £676 a month total mortgage we are paying 3.88%variable rate.We received a small inheritance that we used to pay a lump sum off of the mortgage we have no limit on what we can overpay which is really good.We are both in our 50s and i am afraid i have never ever been any good with money we have spent every penny that we had spare on cars holiday etc but mostly on our children and now its our children and grandchildren i could have bought 3 houses over the last 20 years with the money i have wasted .We have 10 years left to finish paying this mortgage and if i dont do something now i will end up with no home so i must start now to make changes.I have read through as many diaries as i can and bought folders and notebooks written out budgets etc and now want to work really hard to pay off the £170000 in 10 years i am hoping to do this by overpaying £10 a day equaling 3650 pounds in a year and around 1200 pounds a year is coming off of the balance in repayments after all the interest so total around £5000 a year off the mortgage then save the other £12000 in other ways i have opened 2 isas 2 regular savers and numerous bank accounts.I may not get anywhere near to that amount saved i have never ever saved before but i am very determined and i hope that with the help of everyone on here i can stay motivated i am definitely looking forward to trying
Page 1
    • greent
    • By greent 28th Mar 16, 7:44 AM
    • 7,075 Posts
    • 72,080 Thanks
    greent
    • #2
    • 28th Mar 16, 7:44 AM
    • #2
    • 28th Mar 16, 7:44 AM
    Welcome !
    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. 2018 OPs (#18) £1068.37/£4000
    Net sales 2018 £519.32/£1000 PAYDOX18 (#15) £18459.38/£18918.90
    • muddywhitechicken
    • By muddywhitechicken 28th Mar 16, 7:57 AM
    • 3,915 Posts
    • 35,984 Thanks
    muddywhitechicken
    • #3
    • 28th Mar 16, 7:57 AM
    • #3
    • 28th Mar 16, 7:57 AM
    Welcome to MFW and good luck
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£30,000
    Current total overpayments: ~£128,250
    • crazy_lady2009
    • By crazy_lady2009 28th Mar 16, 10:17 AM
    • 404 Posts
    • 3,461 Thanks
    crazy_lady2009
    • #4
    • 28th Mar 16, 10:17 AM
    • #4
    • 28th Mar 16, 10:17 AM
    Good luck Try Harder! I'm also starting out on this journey today. Just seeing your screen name is inspiring. Heres to the first overpayments.
    • newgirly
    • By newgirly 28th Mar 16, 10:22 AM
    • 6,323 Posts
    • 43,592 Thanks
    newgirly
    • #5
    • 28th Mar 16, 10:22 AM
    • #5
    • 28th Mar 16, 10:22 AM
    It's never too late to start, you are by no means the only one on here with regrets of being bad with money and punishing yourself over money wasted in the past.

    Now is your fresh start and once you get going you may well find you enjoy the journey and the support you get from everyone on the mfw board, all the best
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,319 4yrs left. Total owed £48,358 plan to clear in 14 months
    • brizzledfw
    • By brizzledfw 28th Mar 16, 10:49 AM
    • 7,275 Posts
    • 35,710 Thanks
    brizzledfw
    • #6
    • 28th Mar 16, 10:49 AM
    • #6
    • 28th Mar 16, 10:49 AM
    It's never too late to start, you are by no means the only one on here with regrets of being bad with money and punishing yourself over money wasted in the past.

    Now is your fresh start and once you get going you may well find you enjoy the journey and the support you get from everyone on the mfw board, all the best
    Originally posted by newgirly
    As NG said...this is a great place to post and to keep yourself focussed on the goal.

    We have all made mistakes..me more than most..but the main thing is you're on track now.

    Welcome to these boards
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 £25/£500 NSDs Target 10 for March 02/10 Trying to be a Frugalista
    • try harder
    • By try harder 28th Mar 16, 12:06 PM
    • 787 Posts
    • 3,036 Thanks
    try harder
    • #7
    • 28th Mar 16, 12:06 PM
    • #7
    • 28th Mar 16, 12:06 PM
    What a lovely surprise i had this morning to see the warm welcome i have been given thank you too everyone thank you greent muddy white chicken crazy lady 2009 newgirly and brizzledfw im not brilliant on the internet age thing sorry so i do hope i have written this correctly.I do not know where the day goes this morning i woke up to find that i had sold 7 items on ebay now since friday and have spent all morning firstly finding them big job then printing them for posting my hermes another big job and then wrapping them they are all small items mostly around 5 pounds one was 20 pounds these nicely covered my 10 pounds a day overpayment after i had ordered more bubble wrap and ink for my printer . I try very hard to use both my oh 20 free listings and my own and as many as i can of the 100 free listings we both get offered .My house is overflowing with things i have collected over the last 30 odd years i am a hoarder but i am hoping this will pay the 10 pounds a day overpayment on my mortgage and possibly more for this i keep another book which shows the sale and charges then the amount i transfer to the debt each day.For my savings i am using the money from any overtime my oh does and any sales i have myself from any of my various hobbies.I am so looking forward to this challenge but it does seem to be very time consuming but then you dont get anything for nothing in this life so you have to put in the time to reap the rewards so thank you to everyone and i will now continue with my listings as the offer ends today i believe
    • try harder
    • By try harder 30th Mar 16, 8:51 AM
    • 787 Posts
    • 3,036 Thanks
    try harder
    • #8
    • 30th Mar 16, 8:51 AM
    • #8
    • 30th Mar 16, 8:51 AM
    2 good days selling on ebay my ten pounds a day target is going well thanks to 20 free listings a month and 100 free listings offers but it is also very time consuming.I have opened 2 new current accounts and 2 regular savers i am very excited about these as i have never had savings before and never earnt interest only paid interest.I also have a budget and book for my food and fuel spending and will try quidco today to see if they have any offers on food shopping i saw a 12 pounds cash back offer on asda just before easter for new customers but sadly i forgot to do the list and missed it does anyone know if you can get regular coupons or codes off of food shopping if you are not a new customer please
    • Kittenkirst
    • By Kittenkirst 30th Mar 16, 9:57 PM
    • 1,897 Posts
    • 10,183 Thanks
    Kittenkirst
    • #9
    • 30th Mar 16, 9:57 PM
    • #9
    • 30th Mar 16, 9:57 PM
    Hi TryHarder
    Afraid I don't know the answe to the above grocery question but wanted to welcome you to the boards, you sound like you have some plans & are all organized. Best of luck
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • greent
    • By greent 30th Mar 16, 10:53 PM
    • 7,075 Posts
    • 72,080 Thanks
    greent
    I take the sheets of bubble wrap from supermarket fruit boxes - there's usually quite a bit lying around in our local ones! I never buy it for ebay selling - and I hoard other packaging / newspaper to help it along But - then again - I don't do much selling nowadays - it's a bit different if you're selling a lot of items, I guess!


    Freegle/ freecycle sometimes has bubble wrap/ jiffy bags on when people have a clearout - perhaps worth a wanted post on your local sites?


    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. 2018 OPs (#18) £1068.37/£4000
    Net sales 2018 £519.32/£1000 PAYDOX18 (#15) £18459.38/£18918.90
    • try harder
    • By try harder 2nd Apr 16, 6:58 PM
    • 787 Posts
    • 3,036 Thanks
    try harder
    thank you kittenkirst for the welcome and thank you greent for the advice i have seen jiffy bags on freecycle before but have alwas missed out maybe i should put on a wanted ad great idea thanks. I have had a good week and have been very lucky making at least 10 pounds a day towards the mortgage .All bank accounts up and running and aprils savings have all been taken for the month its lovely to see how quickly they add up .My food budget is being kept to budget and i am happy that everything is going to plan i have written out a plan for this year also for 5 years time and then for 10 years time does anyone else write out a 5 or 10 year plan and have you kept to it more or less would be very interesting to hear
    • try harder
    • By try harder 8th Apr 16, 3:05 PM
    • 787 Posts
    • 3,036 Thanks
    try harder
    had quite a good week although i am struggling some days to make my 10 pounds a day target from selling even though i have hundreds of items lying around the house ready to sell. It is quite hard to stay on budget with food shopping too we often have friends and family come over for meals which means more money for meat etc and sometimes extras that we wouldnt normally buy so i am finding it hard .My savings accounts are all up and running and i made £3.95 interest on one that i have only had for around a month so it must be paying it monthly this is the first time i have ever made any interest in a bank or building society account and i was very pleased i sent it straight to my mortgage i was so very pleased .This is a great site and i have learnt such a lot from reading through threads and diaries is there anyone else like me on here in their 50s with a big mortgage to pay would be interested to hear all of my family and friends have paid theirs off so i am in the minority
    • jodles16
    • By jodles16 8th Apr 16, 4:42 PM
    • 1,315 Posts
    • 3,971 Thanks
    jodles16
    Fantastic news on your first interest earned and well done on the £10 a day challenge, thats amazing! Are you part of the challenge on the Debt Free Wannabee Challenges? I like it over there! Also with the grocery budget might be worth popping to the Old Style boards, they offer lots of advice over there! Think there is a section on here as well which shares coupons, vouchers and any special offers as well!

    Welcome and congrats on making such great headway already!

    Jodles
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (£156,000)
    2016- Jan-£177,472, Apr-£173,195.04, July- £171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • try harder
    • By try harder 9th May 16, 1:40 PM
    • 787 Posts
    • 3,036 Thanks
    try harder
    thank you very much jodies16i will look at both of those -its great on here so much help and information.I am struggling to meet my target april was very dismal lots of expenses turned up with my car mot and a £250 garage bill 2 car insurances 2 new tyres for my husbands cara large family party etc etc hopefully now i am budgeting and putting the money aside each week the money for all of these will be there in the bank next year.I am hoping may will be a better month
    • EatingTheElephant
    • By EatingTheElephant 13th May 16, 6:36 AM
    • 1,298 Posts
    • 7,107 Thanks
    EatingTheElephant
    Hello and welcome, if you hang around the board you will find lots of inspiration and support.

    I know you mention that you regret the past, but you are doing something very constructive about it now. I know people who are a similar age to you that are still remortgaging to release equity to buy 'stuff'!!

    Well done on starting your journey
    • Busy Mee1
    • By Busy Mee1 13th May 16, 7:30 AM
    • 609 Posts
    • 2,770 Thanks
    Busy Mee1
    You are doing really well Try Harder and better to start now than not at all. Once you have the "bug" though you will start to make some great progress with becoming MF. Impressed with your £10 a day challenge - I really need to start selling some stuff again on fleabay
    • try harder
    • By try harder 15th May 16, 1:36 PM
    • 787 Posts
    • 3,036 Thanks
    try harder
    Thank you so much eating the elephant and busymee1 this past week has been a lot better and i have met my £10 a day target plus more and sold a sofa so its been a great week all savings met and another overpayment made i do hope this week will be just as good.I was left some money a few months ago which i used to overpay my mortgage which brought it down to round about £170000 and have kept a small amount as the basis of my savings plan and am trying to add to it every week within the budget thank you everyone for your support
    • try harder
    • By try harder 23rd May 16, 11:42 PM
    • 787 Posts
    • 3,036 Thanks
    try harder
    This week has been good and bad i made my £10 a day target but my food shopping has been very high i seemed to run out of everything and i am very disappointed with myself at my overspend.I have filled in quite a few surveys this week which is good and taken a bag of coins to the supermarket but feel i am struggling at the minute its so strange how a really good week where i feel really positive can be followed by a very poor one .Never mind tomorrow is a new day and lots of things to list on ebay so hopefully it will be a good one .
    • Busy Mee1
    • By Busy Mee1 24th May 16, 7:28 AM
    • 609 Posts
    • 2,770 Thanks
    Busy Mee1
    That sounds like a good week to me TH, you hit your £10 target ( so over £70 in a week ?) and cashed in a load of coins. Don't beat yourself up about busting your food budget - it happens to all of us and actually I find it evens itself out, so if I have an expensive shop one week, the week after is not so bad. I find meal planning and making a list helps, but my biggest saving has been switching from Sainsbreeze to Ald@. I reduced my food bill by at least a third.
    • try harder
    • By try harder 24th May 16, 3:10 PM
    • 787 Posts
    • 3,036 Thanks
    try harder
    Thank you busyme1 for all your encouragement its just so disappointing when you set yourself some targets and you miss them by a great distance.Yes i did make my seventy pounds so that was good and i should be pleased i think its just because the outstanding amount on my mortgage is so big it just seems to make no impact but i have paid 240 pounds per week off of my mortgage for the last 3 weeks so it is all adding up and i dont want to wish away time .I went to aldxx twice this week and was amazed at what i can get for the money i live a minute away from waitroxx so tend to shop there sometimes for convenience but mostly at tescxx.Its a beautiful day here today and all my washing is on the line i dont have a tumble dryer so i try and hang everything out when ever its slightly warm or windy and its all blowing nicely. I am so grateful to have this forum to chat on it definitely keeps me motivated.
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