Aiming for 1200 overpayment this year

Couldsavemore · 13 October 2018 at 4:15PM

In August I remortgaged on to a better interest rate with the same company and they let me keep my repayments the same.

This cut my mortgaged life from 19 years to 17 years.

So I thought if I started some overpayments then I could reduce this further.

I'm otherwise debt free and currently put away £600 in saving a month which I am saving for trip to Disney / new kitchen / new car!

So I though I'd challenge myself to find £1200 extra to overpay on the mortgage but not to take it out of my savings (if that makes sense). I'm hoping to do this in 12 months. So thats £100 a month target.

I started last month and cut my weekly spend ( food, entertainment etc) down to £80. As it was a 5 weekend month... that gives £100 so far.

I need to frequently change how I'm cutting back or I get board.

My household is me, my son, super spaniel, terminator cat and the fish!

Will do a thorough budget and come back to this.

:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j

Couldsavemore · 14 October 2018 at 10:10AM

My income 2193 after tax
Child support 350

So i have a monthly budget of 2500 but I try to not include the child support in long term planning as he keeps saying he's goung to quit work etc so I want a budget where its spare.

Parents 200 (paying back house deposit) and I have done since I took out my mortgage 5 years ago.
Mortgage 317
Savings 600
Council tax 85
Tv 13
Water 31
Charity 30
Dog insurance 42
Lottery 10
Phone 10
Gas n elec 61
Diesel 50
Food / entertainment 100 per week
School meals 40
After school club 50

Leaves 200-300 spare per month so use this pay for clothes / car repairs

The cat is no longer insured as she has terminal cancer..

Child support is ususally used for... car insurance

Ohh lets be honested wasted!

Honestly... i think I'm good with money then look at this and I'm like somebody slap me!:mad::mad::mad:

This months child support will cover the car insurance, next month's (honestly... christmas presents for my son)

Let the cut backs begin...:beer:

Starting target 1200... current saved 100

Feel free to point out areas I could cut back etc

mikenolan · 15 October 2018 at 1:25PM

I think the next step is to work on a more detailed budget. You've got £433/month on "food/entertainment" but how does that break down between regular supermarket shopping / eating out / cinema trips etc? Child support is "usually used for car insurance" but there's £4200 coming in and I can't imagine that's all going on insurance!

On the face of it the other figures you've said seem not unreasonable but I worry there's lots of hidden spending.

I use the MSE budget planner spreadsheet and it includes prompts for all sorts of monthly and irregular spending so you can get a proper view of what you're spending and identify where you might be able to cut back.

Couldsavemore · 15 October 2018 at 6:48PM

The child support gets used on large bills, this month car insurance, last month on an electricians bill.
But yes, i absolutely need to hold myself more accountable for it.

400 for food and entertainment.. wow..
I think i need to track this more.
We hardly ever eat out! My food bill is 40-50 a week. Needless to say you can't move in my cupboards... i could probably just by fresh fruit and veg next week!
200 on entertainment... well i do pay for lots of activities for my son but thats probably under 100 a month.

I'll definately focus on these 3 areas over the next few months.

I'm doing this diary as theres a lot of unaccounted spending goung on.

Hope you've all had a good day!

Couldsavemore · 15 October 2018 at 8:42PM

So to help me sort myself out.

I took £80 on friday...

I've bought food
We went to the trampoline park
I've been swimming

I've currently got 23 pound left.

Hoping to have some of this left to add to my overpayments fund.
Only planning on going swimming so fingers crossed no other soends

louby40 · 15 October 2018 at 9:22PM

I'd get rid of the charity donation and lottery, that's £480 a year!

Couldsavemore · 16 October 2018 at 9:31PM

Loudy 40..

Yeah its suprised me a bit when you see it like that, but I'd rather claw back 30 quid from my food budget.

I take your point over the lottery though.

I'm going to focus on the 100 pound a week and where thats going as well as where the rest of the 'spare' money goes!

We were talking budgets at work.. was stunned by those saying they spent 50-70 pound a month on alcohol. I don't think I spend that in a year!

Couldsavemore · 20 October 2018 at 10:47AM

So managed an unimpressive saving of £5 this week!

Not looking good for an underspend thus week!
Ended up spending £20 on fireworks..
Plus £20 on beavers uniform.
But I've still got £20 left for the week...

Still managing to cut back to £80 rather than £100 each week.

Did some christmas shopping...
Had been given a 25 pound voucher for a shop I don't shop in. So got 3 bottled of prosecco.

I have a 30 pound one for another shop I don't use so off christmas shopping on that!.

Need to check online for car insurance. Tge quote including break down is a whooping 480.. its only a c max!! Hopefully i can get that down a bit or a lot and can chuck the saving at the mortgage!

selloptape · 20 October 2018 at 3:51PM

I think it's amazing that you save £600 each month!! Good luck on your mortgage free journey - I'll be following with interest as have similar mortgage repayments and also an ex who wants to leave his job

Couldsavemore · 21 October 2018 at 4:03PM

Hi Sellotape...
The reason I save it is that when I started out after my marriage failed I could only find a low paid job. So learned to cope on thus wage.
As I've had time to change jobs and build up my career.. my wage has increased but I've tried to save this money.

I know I can do better than I currently am!

Ex's are definately stressful!:ee:jk:

It's been a good weekend for getting free money!

I had tried in sept to change my bank account but there was a problem with my application. I went in on saturday to sort this out and they are going to put £50 into the account as an apology. Plus the free £150 for opening the account. :j

I've also saved £100 on my car insurance! :j

I'm going to ring the mortgage provider tomorrow about how to do over payments!

Hope everyone has a good sunday eve

owen_money · 21 October 2018 at 6:36PM

Couldsavemore wrote: »

Honestly... i think I'm good with money then look at this and I'm like somebody slap me!:mad::mad::mad:

Happy to slap you if it helps

Aiming for 1200 overpayment this year

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