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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,661Posts
    • 46,320Thanks
    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 389
    • greent
    • By greent 15th Mar 19, 9:41 AM
    • 7,913 Posts
    • 80,496 Thanks
    greent
    Ah - I was hoping gally would come along

    I only put my 2 on my insurance after they'd passed - and that was expensive enough! Both mine passed with only their lessons and no extra practice - DD even passed first time - goodness knows how!!!

    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
    • daisy 1571
    • By daisy 1571 15th Mar 19, 10:30 AM
    • 438 Posts
    • 5,268 Thanks
    daisy 1571
    Lol love it. I'm sorry ng, maybe you need to start up again under a new user name, sounds like we all know you too well!!!

    Brilliant, get going with the plans, open a strong coffee and put your brave pants on before posting!!

    With love

    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 15th Mar 19, 12:48 PM
    • 6,661 Posts
    • 46,320 Thanks
    newgirly
    Thanks guys

    Itís mega money just having them as named drivers isnít it greent at least you only had to pay for one test of your Dd , thatís fantastic

    Hi Daisy, Iím putting my brave pants on now
    MFW 21

    £79,000 left, target £16k in 2019
    • daisy 1571
    • By daisy 1571 15th Mar 19, 3:47 PM
    • 438 Posts
    • 5,268 Thanks
    daisy 1571

    Hi Daisy, Iím putting my brave pants on now
    Originally posted by newgirly

    We will be kind

    Dxx
    "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 15th Mar 19, 5:38 PM
    • 7,913 Posts
    • 80,496 Thanks
    greent
    Thanks guys

    Itís mega money just having them as named drivers isnít it greent at least you only had to pay for one test of your Dd , thatís fantastic

    Hi Daisy, Iím putting my brave pants on now
    Originally posted by newgirly
    Yeah - but 3 for DS1 (and 2 theory tests for him, too)

    Hope the brave pants aren't too uncomfy 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 16th Mar 19, 1:13 PM
    • 6,661 Posts
    • 46,320 Thanks
    newgirly
    Weíll lots of chatting with dh now the planning is done

    To start with ....

    We rent a small storage space to a supplier in the factory, the current bosses are (unbelievably) ok for this to continue. Dh has now agreed we can use this money to op our home mortgage , itís £360 pm after tax. Any other surplus from the main rent will stay in the business to cover tax and accountancy fees. Clearly this may change at any point and less ops will be made.

    So the main priorities are:

    - oping the mortgage of course

    - paying towards driving lessons and getting a runaround with the kids named as drivers (more on that later. !)

    - home improvements, kitchen/bedrooms/garden/living room

    - saving a bit to give Dd towards moving out/wedding in the near future (not worried about that with the boys yet )

    - holidays


    As we currently have a healthy float in the business account ive persuaded dh to pay us £3k from it to put towards home improvements.


    So the boysí renting will be split between a savings pot for dds moving out etc. holidays. Ds2 currently pays £45 pw and ds1 it varies.
    Ive already got a regular saver set up with £1500 in it to start this off.

    So budget wise :

    £649.52 bills

    £700 credit card - food/petrol/misc.

    £250 driving lessons/tests etc.

    £200 car savings /tax/ins for kids

    £100 socialising and fun fund

    £200 Xmas/birthdays

    Which leaves £989.48 for the mortgage.

    If I add dhs £360 to the mortgage ops that gives us a balance of £31,042.42 due at the end of the term in April 2022. Or If I extend the term by 2 years it continues in at the same cost until April 20204.

    The factory mortgage finishes about sept 2023 I belive.

    Clearly this is dependant on the extra rental money, however dh is building up a small sideline with the new bosses permission to earn himself some extra, so thatís something else to help hopefully.

    The car swap has fallen through as basically the garage have said the KA is a heap couldnít really just give our car away so friend is now buying it for £1500. I shanít get anything from the kids for a while yet now and the £200 pm earmarked for tax/ins for them will start off as a car savings pot first.

    So total cash pot is (bar holiday dd pot) £ 7,650

    £ 1,700 bedrooms

    £300 garden

    £2000 living room (electrics/plastering/floor etc.)

    £3650 kitchen plus £3k from business


    Not sure how realistic the kitchen pot is but there we go

    Current mortgage rate is 2.19% with unlimited ops as itís an offset.

    Term end date April 2022. Age 44 and 46 currently

    Hopefully all monthly allocations for things are on the genourous side so more ops can be made. Phew , got there in the end
    MFW 21

    £79,000 left, target £16k in 2019
    • Moneyfordreams
    • By Moneyfordreams 17th Mar 19, 10:20 AM
    • 1,241 Posts
    • 6,077 Thanks
    Moneyfordreams
    Well done for wading through it.
    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 17th Mar 19, 5:09 PM
    • 6,661 Posts
    • 46,320 Thanks
    newgirly
    Thanks mfdís, planning is one thing, sticking to it is another

    We collected the new (well 15 years new!) car today itís pale blue with a black roof and seats, very pleased and the hour long journey home was ok, itís automatic again which is good as Iím getting old and lazy net cost of £500 after we sold the old car. Her name is currently bluebell which Iím not keen on, I need some ideas

    £14.07 requested from tcb today which I shall op, £20 a day budget going very well, in credit by £112 today due to underspending but not for long as Iím doing an online shop soon.
    MFW 21

    £79,000 left, target £16k in 2019
    • CathT
    • By CathT 19th Mar 19, 6:13 PM
    • 5,966 Posts
    • 41,631 Thanks
    CathT
    Does she have a new name yet?
    March 2019 - part 1 - £70,912 part 2 - £44,104
    Total - £115,016 105 months to go!
    • greent
    • By greent 19th Mar 19, 7:17 PM
    • 7,913 Posts
    • 80,496 Thanks
    greent
    She's a blue Beetle, yes?

    Betty? Beatrice/ Beatrix? Betsy? Bob? Bernard? (any sex items randomly get called Bernard in this house!! ) Beattie? Belle? Bathilda? Beedle? Bellatrix?
    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 19th Mar 19, 9:35 PM
    • 6,661 Posts
    • 46,320 Thanks
    newgirly
    Still no name cath, mind you Dd was nameless for a whole three weeks after she was born

    Some good suggestions there greent, I like the idea of a Harry Potter theme, our cat is aunt petunia and the cat no longer with us was mrs. Norris

    Great news though, the car with no name passed its mot today always a relief.

    I had a disappointing night at the royal opera house last night, it turns out you canít pay £32 pp and expect to see the stage four in a box (2 chairs and two stools behind) we had to rotate as some seats had a view of about a quarter of the stage, plus it was not as good as I expected and was three hours long, followed by our train line being closed on the way home so it was tube the whole way, a very late night.

    Still under budget with food, Iím not really sure how as Iím not exactly taking much care to spend less atnthe moment.

    Oh and £5 off a £25 spend today only on amazon
    MFW 21

    £79,000 left, target £16k in 2019
    • gallygirl
    • By gallygirl 20th Mar 19, 7:15 AM
    • 16,760 Posts
    • 110,439 Thanks
    gallygirl
    Some good suggestions there greent, I like the idea of a Harry Potter theme, our cat is aunt petunia and the cat no longer with us was mrs. Norris
    Originally posted by newgirly
    Got to be Dobby surely
    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"
    • themadvix
    • By themadvix 20th Mar 19, 8:55 AM
    • 2,229 Posts
    • 12,650 Thanks
    themadvix
    Bernard? (any sex items randomly get called Bernard in this house!! )
    Originally posted by greent
    The mind boggles!!

    I like Dobby
    OPs 2018 = £2090
    Moving savings = £3085
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jul 2018: £91,552
    MFW2018 no. 38
    • the cross rabbit
    • By the cross rabbit 20th Mar 19, 9:29 AM
    • 412 Posts
    • 2,490 Thanks
    the cross rabbit
    BERNARD !!!!!! why ?????
    CRx
    Mortgage £82,000, due to end July 2036. 18/1/2019 Mortgage £79,150.55
    #67 mortgage free wannabe 2019 £157.48/£800
    • greent
    • By greent 20th Mar 19, 10:15 AM
    • 7,913 Posts
    • 80,496 Thanks
    greent
    OH just randomly calls anyone Bernard (and anything - so cars are usually female (although my fave car was called Ronald) but could still get called Bernard here) Not sure why...…
    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 21st Mar 19, 7:11 AM
    • 6,661 Posts
    • 46,320 Thanks
    newgirly


    Well she has a name now -Geraldine it was nearly Dobby, but Dd loved Geraldine and we are both fans of the Vicar of Dibley, the car is happy with her new name.

    Day off today going out for small amounts of shop mooching and large amounts of sitting an drinking coffee and chatting with best friend

    Dh has transferred money from the business to our current account I could see the pain on his face as he did it so thatís an extra £361 pm to the mortgage for the time being. I need to check all the accounts and make some payments and reconcile everything. Food budget is still under what was budgeted for and Iíve not even spen5 my birthday money still. Although that may change today as thereís is a new massive Zara just opened in our shopping centre
    MFW 21

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