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  • FIRST POST
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 16th Oct 18, 10:30 AM
    • 61Posts
    • 102Thanks
    OhtobeMortgageFree
    Mortgage free by my own merit
    • #1
    • 16th Oct 18, 10:30 AM
    Mortgage free by my own merit 16th Oct 18 at 10:30 AM
    I've finally plucked up the courage to start a Mortgage Free thread here after being inspired by so many. I'm hoping that the accountability will help keep me focused and on the straight and narrow to hopefully see my Husband and I mortgage free before I turn 40. (It's my 34th birthday at the end of this month.)
    Our current mortgage is 132,829.12 and we have 20.5 years left with our current provider. We're in a 5 year fixed deal with four years remaining, paying 685.64 per month at the moment. So far we haven't overpaid our mortgage but this is something I want to start looking into.
    My husband works full-time and I was a full-time teacher before leaving school to start a family. I now work a variety of part time jobs (night work in a supermarket, exam marking, resource writing, a newspaper round and website design) around my two year old son who I have at home with me six days a week. (He's in nursery on the other day.)
    My husband and I put together a large safety net of savings before I finished my teaching job but my Mum got really sick last year and so along with my son I traveled to visit her three-four days each week for several months before she died. She lived 100 miles away so our savings quickly turned into petrol money and soon disappeared.
    Every time I mention wanting to be mortgage free to my Dad he comments that it's not something I should think about as he intends on leaving me property when he dies but being mortgage free is something I want to achieve by my own merit, not just because I inherit something further down the road. I want my son to grow up knowing the true value of money as well and seeing that hard work does pay off.

    Husband salary: 1895
    Supermarket wage: 400
    Child allowance: 80.40
    Other income (minimum): 100
    Total income: 2475.40

    My husband and I each keep back 200 of our wages (not added in above) to pay for personal things such as our mobile phone bill, clothes and hobbies.

    Monthly outgoings:
    Mortgage - 685
    Council tax - 155
    Water - 52
    Gas/Electric - 88
    Phone/internet bill - 50
    Food/household shopping - 200
    Car expenses (2 cars) - 500
    Gifts - 50 (this includes money we put away each week for all our nieces/nephews
    Cat - 15
    Swimming lessons - 40
    Nursery - 188 (although we use Childcare vouchers so don't pay tax on this)
    Home Insurance - 30
    Netflix - 8
    Savings/Emergency fund - 500

    Total outgoings: 2422
    Last edited by OhtobeMortgageFree; 05-01-2019 at 8:59 PM.
Page 2
    • pinknsparkly
    • By pinknsparkly 23rd Nov 18, 10:03 AM
    • 350 Posts
    • 824 Thanks
    pinknsparkly
    Hi O2BMF!

    Your plans are very inspiring - I'm hoping to also start mortgage OPs in the new year like you. But will also be limited by wanting to rebuild our emergency savings and do work to the house. The purchase is currently going through at the moment.

    You mentioned using your Tesco clubcard points to go away for UK holidays - what do you use them for exactly? I've previously only really used them for meals out or days out but we're not likely to be having any big holidays for a few years so if I can use my points for UK holidays instead then that would be fab!!
    MFW 2019 challenge #99: 6,325.45 / 6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: 6,325.45 / 30,000
    Save 12k in 2019 challenge #99: 10,325.45 / 30,000
    2019 keep moving challenge: 232 / 1000 miles
    Last updated: 06/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Oct 2052
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 25th Nov 18, 5:33 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    Hi O2BMF!

    Your plans are very inspiring - I'm hoping to also start mortgage OPs in the new year like you. But will also be limited by wanting to rebuild our emergency savings and do work to the house. The purchase is currently going through at the moment.

    You mentioned using your Tesco clubcard points to go away for UK holidays - what do you use them for exactly? I've previously only really used them for meals out or days out but we're not likely to be having any big holidays for a few years so if I can use my points for UK holidays instead then that would be fab!!
    Originally posted by pinknsparkly
    Ah you sound in a very similar situation to me - although we have a pot of emergency savings at the moment, the new garage conversion in January will mean that this pot takes a big hit and will need topping up again.

    OK, so Clubcard points - we usually go away for a short 3-4 night break each year at hotels in the UK for free (or at a very small cost) using the points. They offer stays at a wide range of hotels around the country, just check their website. Whilst there we make sure to have switched clubcard points to restaurant vouchers for at least two of the nights and usually we try and go to a couple of nearby attractions on vouchers from the clubcard scheme as well.
    We have a joint Tesco clubcard which we pay off in full each month and use purely to get the points for these breaks away. Everything we can buy on credit card, we do!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 3rd Dec 18, 2:59 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    I've been feeling rather overwhelmed today with the whole money situation.
    Tomorrow is the day our direct debits come out for the month and I had a text from my bank earlier to say that there wasn't enough money in our current account to pay all the outgoings due tomorrow. (Mortgage, gas, electric, council tax, water and credit card bill.) In total more money is going to come out tomorrow than went in on pay day. (I've transferred from savings to cover it.)
    I had been thinking how proud I was of how organised we were being when it came to money. My husband is salaried, but I can increase the amount I earn by taking on more work. On Friday, as well as my paper round I delivered some leaflets in town, then sold a load of Christmas craft bits that have been sat in our spare room for several years. In the evening I worked on some design work for a client. On Saturday I worked an extra night shift and then tonight I'm back in for my regular night shift. In total I brought in more than 500 over the weekend but I'm absolutely exhausted. I feel like all I ever do is work, housework or parent at the moment and rarely get any downtime.
    Yet still we find ourselves scrimping and saving for everything, never treating ourselves and feeling guilty if we have to replace something in our wardrobe. I really want this mortgage gone but at the same time my husband and I are left wondering how the hell everyone else manages to get by with new cars, nights out and regular holidays abroad? Are they just all living on credit? Or are our earnings really so much less than everybody else's?! Both my husband and I have ended the day feeling rather miserable and helpless.
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • Betterthanever
    • By Betterthanever 3rd Dec 18, 5:27 AM
    • 582 Posts
    • 3,843 Thanks
    Betterthanever
    I feel your pain and have had many months just like that. Many years in fact. It is all one big juggling act isn't it? On paper it works, but reality tells us different. My suggestion is to get a spending diary going, if you don't already have one. Be honest about writing everything down to see where it differs from your budgets. If you can see it, you can tackle it. Otherwise you will exhaust yourself trying to work 24/7 as well as the mental exhaustion of worrying about it.

    And while you get straight, don't fret about overpaying. Not forever, just while you work out where you are. A month or two delay in being MF is nothing in he grand scheme of things, and once you are straight again you will probably catch that up with your renewed control.

    You've got this.

    Current balance 219,990.00. Offset 0. 219,990.00 needed to be mortgage neutral!
    End date - 12/28 but aiming for 12/23 - 2019 Overpay & Offset 0
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • beanielou
    • By beanielou 3rd Dec 18, 4:33 PM
    • 63,681 Posts
    • 282,182 Thanks
    beanielou
    It can seem like that sometimes sadly.
    Keep plodding
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 5th Jan 19, 7:01 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    I feel your pain and have had many months just like that. Many years in fact. It is all one big juggling act isn't it? On paper it works, but reality tells us different. My suggestion is to get a spending diary going, if you don't already have one. Be honest about writing everything down to see where it differs from your budgets. If you can see it, you can tackle it. Otherwise you will exhaust yourself trying to work 24/7 as well as the mental exhaustion of worrying about it.

    And while you get straight, don't fret about overpaying. Not forever, just while you work out where you are. A month or two delay in being MF is nothing in he grand scheme of things, and once you are straight again you will probably catch that up with your renewed control.

    You've got this.
    Originally posted by Betterthanever
    Thank you. I've spent a couple of weeks just not focusing on trying to overpay but instead trying to just keep ticking by without the pressure. Still remaining sensible (as sensible as you can be at Christmas when you have nine nieces and nephews!) but not stressing over it all. Spending diary is back in force this week!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 5th Jan 19, 7:06 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    It can seem like that sometimes sadly.
    Keep plodding
    Originally posted by beanielou
    Glad it's not just me!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 5th Jan 19, 7:15 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    OK, feeling a little less overwhelmed with it all now.
    I set up another new bank account for a portion of our savings with TSB (5% interest!)
    I have taken on two more part time clients with some freelance social media work.
    I've been having a major declutter ready for our garage to be converted into a playroom for my son. (Work starts later this week.)
    I've been gradually building a pile of items to sell at a carboot once the weather gets nice enough again. The pile has been rapidly growing over the last few weeks, so I'm hoping to make a fair bit when I do eventually get round to it! Fingers crossed!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 7th Jan 19, 7:40 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    I've just discovered the Money Dashboard app...this is going to become so addictive!!! (And hopefully provide a clearer insight into our spending habits too.)
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • penguineater
    • By penguineater 7th Jan 19, 8:47 PM
    • 54 Posts
    • 13 Thanks
    penguineater
    Have a few questions for you:


    Monthly outgoings:
    Water - 52 Looked into a water meter?
    Gas/Electric - 88 Used comparison sites to get the cheapest deal?
    Phone/internet bill - 50 What are you getting exactly, broadband or fibre? Which company, price - And what phone deal?
    Food/household shopping - 200 Seems you have this locked down! Are you able to get lots of reduced food near closing?
    Car expenses (2 cars) - 500 Comparison sites used recently?
    Home Insurance - 30 Comparison sites? If you pay annually it's usually cheaper (maybe you are)
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 11th Jan 19, 7:53 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    Have a few questions for you:


    Monthly outgoings:
    Water - 52 Looked into a water meter?
    Gas/Electric - 88 Used comparison sites to get the cheapest deal?
    Phone/internet bill - 50 What are you getting exactly, broadband or fibre? Which company, price - And what phone deal?
    Food/household shopping - 200 Seems you have this locked down! Are you able to get lots of reduced food near closing?
    Car expenses (2 cars) - 500 Comparison sites used recently?
    Home Insurance - 30 Comparison sites? If you pay annually it's usually cheaper (maybe you are)
    Originally posted by penguineater
    Thanks for your comment and for encouraging me to delve further into our budget.
    Just double checked my water, as that seemed a little high, and I got it wrong. I'm actually paying 39 per month, not 52. I'm not sure where I got that figure from.
    Gas/Electric - we changed providers last year. We pay 88 per month for both each month but a couple of times each year after a meter reading we get reimbursed with money we haven't spent. (We got 41.82 returned back in October.)
    Phone/internet - My husband set up this package as he needs a good connection for when he frequently works from home as a Network Manager. (I think that's his job title?!) He did convince the company to have six months reduced costs at the start of our term so it worked out as a good deal overall but I've left this to him.
    As I work nights in a supermarket, any unsold food is actually given to staff at the start of our shift and I need to be more vigilant in checking the trays when I arrive as I could really use this to our advantage.
    Car expenses - unfortunately the main expense for us is the petrol we put into the cars as we both travel so frequently. My husband has a season ticket for the football 100 miles away near where his family live. I have cut back on visits to my Dad, also 100 miles away. (I was visiting 3-4 times a week when my Mum first died, but now only visit every 3 weeks, and I'm intending to drop this back to every 4 over the next few months so that should save another 40 or so each month.
    Home insurance - we do pay annually, and yesterday received our renewal quote in the post for the end of January so plan on having a proper hunt to find the best deal there too.
    Tweaking the budget a bit further!!!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 11th Jan 19, 8:01 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    Pay day today from my supermarket job. Just over 500. I also am due another cash out on Prolific. (I tend to cash out every 20 when it becomes free to do so.)
    This week I also secured a regular weekly morning slot updating social media for a small company for 200 each month which I can do on the morning my son goes to nursery.
    I need to make more effort monetising my blog. That's on my list of things to try and get round to doing this month. It's been up and running for about 7 years now and occasionally brings me in dribs and drabs of money, but I've never really made it a focus.
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 11th Jan 19, 12:26 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    Also I've just billed another client for 180 for the work that I have done for them over the past couple of months and swapped the money from my toddler's piggy bank (175!) for an IOU note, which I have paid into the bank. (May as well be earning some interest rather than just gathering dust in the piggy bank!)
    I managed to lose my credit card last week, so we've had to put a block on our account whilst they arrange to have new cards sent out to us. I've been told that it could take up to 10 days. Ten days without being able to spend any money is no bad thing right now!
    I've got some extra ad hoc work for a race tomorrow morning. It's all still coming in! (Shame it is all still going out though as well!)
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 18th Jan 19, 10:50 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    Our credit card bill has only come 640 this month. It's usually around 1200 as we put everything onto the credit card (which we then pay off at the end of each month). We've purposefully thought really hard each time we've gone to spend money over the last few weeks whilst we've been without the credit card and potentially made a saving of several hundred pounds (tbc). Things are still incredibly tight money-wise as work on our garage conversion starts on Monday and we will need to have the garage paid off in full when completed in three weeks time but I'm working hard to bring in the extra pennies!
    Unfortunately due to the time of year there is no current overtime available at my nightshift job this month, but I have managed to get some more design work for a company I have worked for previously so hopefully that work will be completed and paid off before the garage bill comes in.
    I'm headed to Birmingham for The Running Show both days this weekend but will not have a single penny to spend. I'm hoping to try and blag some freebies and get an idea of things I would like to add to my birthday list in October instead! It will be hard though. I've always had enough money coming in that I have never had to think twice about whether or not I can afford to spend something before. Watching my son grow up is a higher priority to me than returning to work full time for that extra money though. And having our mortgage paid off before we hit our forties would give us so much more freedom than having more clutter in the house. I know I'm making the right decisions for our family.
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • beanielou
    • By beanielou 18th Jan 19, 11:50 AM
    • 63,681 Posts
    • 282,182 Thanks
    beanielou
    Can't say better than that
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • Clarity1972
    • By Clarity1972 19th Jan 19, 7:30 PM
    • 17 Posts
    • 39 Thanks
    Clarity1972
    ......having our mortgage paid off before we hit our forties would give us so much more freedom than having more clutter in the house. I know I'm making the right decisions for our family.
    Originally posted by OhtobeMortgageFree
    You're so right OTBMF. I really wish we'd thought about overpaying much sooner. Hats off to you for starting it early on.
    C. X
    OP target 2019 1618.80/7000
    3260 days to go........
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 25th Jan 19, 10:56 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    You're so right OTBMF. I really wish we'd thought about overpaying much sooner. Hats off to you for starting it early on.
    C. X
    Originally posted by Clarity1972
    It's so hard to think about overpayments and stretching our pennies at times when we see our friends jetting off on holidays and driving around in cars they have on credit but as long as we keep talking about our end goal it keeps it real for us and gives us the incentive to carry on.
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 25th Jan 19, 11:00 AM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    I accepted my first job with Red WigWam today. 29 for two hours taking photos of some houses. Should be fairly easy work hopefully and there's the potential for follow up jobs on the back of it.
    I also listed my Prolific referral code on my blog this week and have had 30 people use it to sign up so far so hopefully that will generate a little more income over the coming weeks too.
    We have just had the first of three payments leave our bank this morning to pay for our garage conversion though. 3400. Still, it's something that needs doing and that we want completed in order to finish our house. I'm working hard to make sure the cost doesn't hit us too much.
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 8th Apr 19, 2:07 PM
    • 61 Posts
    • 102 Thanks
    OhtobeMortgageFree
    I've been quiet for a little while as I've been finding it really hard going. We paid 10200 out for a garage conversion at the start of the year - which was very needed to create more downstairs space in our house as the garage space was just wasted. Some money will still need to go out at some point for basic furniture and a carpet but we're trying to recoup some of our savings first.
    I've taken on a fair bit of social media and graphic design work over the past couple of months and have also taken on a second paperround but the constant juggling of a number of jobs, taking care of the household and bills, marathon training and fundraising for charity has really been getting me down. I feel exhausted all the time and this is without overpaying at the moment.
    The mortgage will finally be < 130,000 by the end of the month which is a nice motivator though.
    Just keep ploughing on I guess!
    Mortgage free start date: 16th October 2018
    Original mortgage total: 132,829.12
    Current mortgage total: 128,952.81
    Total overpayments so far: 200
    • beanielou
    • By beanielou 8th Apr 19, 7:00 PM
    • 63,681 Posts
    • 282,182 Thanks
    beanielou
    Keep plodding
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
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