Starting to plan ahead

paddyz · 12 February 2017 at 1:08AM

Hello MFW forum

I've had a tough few years broke up with my husband and had to pay him his share invested in the house, but extremely lucky to have kept my house even with the expenses involved but happy to say my future feels much more secure now

So plan is to smash my mortgage to bits, currently on 11 years but hoping to over pay every month £100, I've already set up the additional monthly over payment and also hoping to put any extra cash i save into it too,

I'm quite good with my finances and love planning, Find it very satisfying saving a few bob here and there, plus im trying to cut down on my vices (meals out etc) but still want to enjoy life, ideally id love to be mortgage free in 8-9 years or even less if everything goes to plan.
:A

Kittenkirst · 12 February 2017 at 11:14AM

Hey Paddyz!

Sorry to hear about your marital split, if sounds like you are in a good space now though which is ace

What areas are you focussing on reducing spends and have you got an emergency savings pot (in currently Overpaying & saving my emergency fund back up)

paddyz · 13 February 2017 at 9:04AM

Kittenkirst wrote: »

Hey Paddyz!

Sorry to hear about your marital split, if sounds like you are in a good space now though which is ace

What areas are you focussing on reducing spends and have you got an emergency savings pot (in currently Overpaying & saving my emergency fund back up)

Hi Kitten, Thanks for replying Yes im feeling so much more in control of life now I'm single again, I currently have a emergency pot of £945 ideally id like that to grow some more.

Areas that i need to reduce are impulse buying of clothes, shoes and make up, I'm going to try to sell some of my old stuff to get a little money back and free up wardrobe space

Im planning a foreign holiday and a weekend away this year so also need to save for those, I should get my weekend away hotel free via tesco vouchers so that's a bonus.

Maiden_Mum · 13 February 2017 at 9:34AM

Hi paddyz, we have a mortgage of similar size and term and I would also like to pay it off early. The only thing is though I also want lots of other things and also at the moment as the interest rate on our mortgage is so low, I'm not sure its even worth doing tbh! For me, it would probably be more cost-effect to have the money in savings accounts but my concern with that is that it would actually end up being used on something else! I have sold some clothes on a facebook page fairly successfully and obviously there's no fees payable for that but my aim for this week is now to advertise some stuff on flea-bay.

paddyz · 13 February 2017 at 10:23AM

Maiden_Mum wrote: »

Hi paddyz, we have a mortgage of similar size and term and I would also like to pay it off early. The only thing is though I also want lots of other things and also at the moment as the interest rate on our mortgage is so low, I'm not sure its even worth doing tbh! For me, it would probably be more cost-effect to have the money in savings accounts but my concern with that is that it would actually end up being used on something else! I have sold some clothes on a facebook page fairly successfully and obviously there's no fees payable for that but my aim for this week is now to advertise some stuff on flea-bay.

Hi Maiden mum

I think its about your own personal priority, i know mine is paying of my mortgage, i view it as a big debt and need it payed up asap, having it in other accounts would mean id be tempted too ! so better to tackle the big debt

DesignNotDefault · 13 February 2017 at 1:49PM

Hi paddyz,

Sorry to hear about your marriage - glad you were able to keep your house though.

You sound like you know what you're doing and are focused, this is brilliant and I wish you all the best :-)

Jelllibeanz · 13 February 2017 at 2:47PM

Good luck Paddyz x

paddyz · 13 February 2017 at 6:34PM

Thank you designnotdefault and jelliebeanz

paddyz · 14 June 2017 at 5:22PM

Still going forward, have been paying in extra regularly and budgeting well, have the holidays around the corner so I'm guessing a bit of expense over the summer but I'm ok with that, need to enjoy life, I've also lost a stone since last post, so happy with that and feeling much fitter and looking well.

Maiden_Mum · 14 June 2017 at 5:43PM

Well done on the weight loss, I am very jealous! Did you follow any particular plan or just generally cut down? Did the dieting help or hinder on your grocery spends?

paddyz · 19 June 2018 at 12:31PM

Weight is struggling up again but will try harder to fight it over the summer, just set up another overpayment so now putting in 200 pounds extra a month, really hope i stick to this it should save me over 2k in interest and mortgage free in 7 years and 5 months

Starting to plan ahead

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