All the single ladies vs 145k

kittieviolet · 3 January 2018 at 3:37PM

Me too, I have been overpaying my mortgage alone for 9 years. So far I have paid off 81K with 10k to go.

zackyv6661 · 3 January 2018 at 4:24PM

That's a great plan, and what an achievement already by having your own place!!

I am 31 this year. I live with my parents after moving back home after a bad break up last year. If all goes to plan this year, I will be 100% debt free by November and I then plan to start saving for a deposit for my own place. It seems like it is so far away right now, but I know it is getting closer and that is keeping me going! So it is great to hear of fellow singletons who have managed to get on the property ladder

robgoode · 3 January 2018 at 4:41PM

zackyv6661 At this moment in time it might seem far away but honestly it will fly over. This month I've just cleared my last bit of debt and due to move to a new house in May with my partner.

I saved into a HTB ISA as i cleared £7k worth of debt over 12 months. I made a lump sum payment at the beginning of each month, then my ISA payment. It was so good to see the debt amount drop quite quickly as the months rolled by.

sofarbehind · 3 January 2018 at 5:05PM

kittieviolet wrote: »

Me too, I have been overpaying my mortgage alone for 9 years. So far I have paid off 81K with 10k to go.

Wow Kittie! :beer: You are so close. Hearing these success stories really helps me to see what I can achieve if I put my mind to it. You must feel so proud of yourself all you single MFWs.

zackyv6661 · 3 January 2018 at 5:07PM

robgoode wrote: »

zackyv6661 At this moment in time it might seem far away but honestly it will fly over. This month I've just cleared my last bit of debt and due to move to a new house in May with my partner.

I saved into a HTB ISA as i cleared £7k worth of debt over 12 months. I made a lump sum payment at the beginning of each month, then my ISA payment. It was so good to see the debt amount drop quite quickly as the months rolled by.

That's what my mother keeps telling me - that it will fly by! And I do hope so

would you say the HTB ISA was beneficial to you then? It is something I have been looking into

sofarbehind · 3 January 2018 at 5:13PM

zackyv6661 wrote: »

That's a great plan, and what an achievement already by having your own place!!

I am 31 this year. I live with my parents after moving back home after a bad break up last year. If all goes to plan this year, I will be 100% debt free by November and I then plan to start saving for a deposit for my own place. It seems like it is so far away right now, but I know it is getting closer and that is keeping me going! So it is great to hear of fellow singletons who have managed to get on the property ladder

Hi zackyv6661, thanks for stopping by. It is very doable on your own. You are well placed to do it by moving back home and paying off all the debt means that you have already learned the budgeting skills you need. When you know you are saving for something so positive you get very motivated when the numbers start to rise and it sort of snowballs upwards. I was in such a bad place financially at your age but I pulled it back and saved over 50k by the time I bought. One of the things that helped most was retraining for a better paid job. I felt ancient but it was the best thing I ever did and now is really paying off. If I hadn't found MSE and changed my ways first I KNOW I would have wasted the extra money. Don't underestimate the power of your new financial skills. I don't know about your circumstances but it may be something to think about. Keep going and you will be on here too before long.:)

zackyv6661 · 3 January 2018 at 5:20PM

sofarbehind wrote: »

Hi zackyv6661, thanks for stopping by. It is very doable on your own. You are well placed to do it by moving back home and paying off all the debt means that you have already learned the budgeting skills you need. When you know you are saving for something so positive you get very motivated when the numbers start to rise and it sort of snowballs upwards. I was in such a bad place financially at your age but I pulled it back and saved over 50k by the time I bought. One of the things that helped most was retraining for a better paid job. I felt ancient but it was the best thing I ever did and now is really paying off. I don't know about your circumstances but it may be something to think about. Keep going and you will be on here too before long.:)

Thank you so much for the reply sofarbehind. I have been searching for higher paying jobs, and have considered changing career too in order to achieve this, so it is not out of the question! I love hearing positive stories like yours though, so will be keen to follow your progress!

sofarbehind · 3 January 2018 at 5:30PM

zackyv6661 wrote: »

Thank you so much for the reply sofarbehind. I have been searching for higher paying jobs, and have considered changing career too in order to achieve this, so it is not out of the question! I love hearing positive stories like yours though, so will be keen to follow your progress!

I think you are doing all the right things and will definitely get there. I also spent a lot of time on here reading about other people's saving success. I would join the 12k in 1018/9 thread when you are saving, it helped me sooo much. Tara on there has saved 120k ON HER OWN!! Amazing. I really wouldn't underestimate the importance of the financial skills you have learned, when you do find a better job you will make good use of the extra money. One of the things I did was give up living alone and go back to house shares. :mad: Challenging at times but totally worth it, don't live alone if you move out of your parents. Suck it up and put the extra money into your deposit. I expect you to come here and let me know when you start saving for that deposit and when you get your keys. :T We are all cheering you on and that moment when you pick up the keys is an amazing feeling.

zackyv6661 · 3 January 2018 at 5:55PM

sofarbehind wrote: »

I think you are doing all the right things and will definitely get there. I also spent a lot of time on here reading about other people's saving success. I would join the 12k in 1018/9 thread when you are saving, it helped me sooo much. Tara on there has saved 120k ON HER OWN!! Amazing. I really wouldn't underestimate the importance of the financial skills you have learned, when you do find a better job you will make good use of the extra money. One of the things I did was give up living alone and go back to house shares. :mad: Challenging at times but totally worth it, don't live alone if you move out of your parents. Suck it up and put the extra money into your deposit. I expect you to come here and let me know when you start saving for that deposit and when you get your keys. :T We are all cheering you on and that moment when you pick up the keys is an amazing feeling.

£120K on her own? Wow!! :eek: that truly is amazing! I will need to take some time to read that thread! I will definitely update you once the savings have started and with the progress from there! I cannot wait! Thank you for the motivation/inspiration!!

robgoode · 3 January 2018 at 8:59PM

zackyv6661 wrote: »

That's what my mother keeps telling me - that it will fly by! And I do hope so would you say the HTB ISA was beneficial to you then? It is something I have been looking into

Without a doubt, it been worthwhile. Me and my partner started one each in May 2016 and have over £12k combined.

Although I was paying off my debt I still made sure to pay into the ISA. I just did without certain things a month and cooked more often from scratch. The way I saw it was the ISA was free money to gain from the government just by saving each month.

As sofarbehind mentioned earlier, you do start to get motivated when you start to see you debt decrease. Every time I passed below a £1k level it felt like a challenge to hit the next level. The first month I felt like it was going to take a lifetime to pay off as it seemed so much money. Now having paid off the last of my debt it seems like the time has flown by. It does help I think knowing I've gone from having debt to now being debt free with a large sum saved for a deposit.

Everyone will advise differently but I'd say pay off as much of your debt per month and still pay what you can into your ISA. I could have been debt free a few months back had I not paid into the ISA but I'd have less saved for my deposit than I do now. My debt was 0% interest which helped. Also the other positive to paying off your debt is a healthier credit rating :beer:

All the single ladies vs 145k

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