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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,275Posts
    • 43,341Thanks
    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

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by newgirly; 16-03-2012 at 12:47 PM.
Page 332
    • newgirly
    • By newgirly 16th Jul 17, 8:20 AM
    • 6,275 Posts
    • 43,341 Thanks
    newgirly
    Feeling much better now so am going to try and achieve something today.

    To do list:

    Clean bathroom - only one to clean at the moment

    Ditto rest of house

    Do all washing

    Ironing - not touched an iron for over 2 weeks

    Check over finances again

    Update figures on mfw 2017 thread - may as well update for end of July now!

    Food shop/meal plan

    Cinema if time



    I've also decided on the first mini challenge - stick to a budget of 150 for groceries until the end of this month.
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • newgirly
    • By newgirly 18th Jul 17, 6:59 AM
    • 6,275 Posts
    • 43,341 Thanks
    newgirly
    The new builders start today

    Food budget going well, although miscellaneous budget took a hammering at the next sale bought some boots and a couple of pairs of wide leg trousers to wear when I hit goal weight/size that I have been looking at for a few weeks 39 reduced to 15 WW lady says approx one stone lost equals a dress size, personally I think it's more like one and a half which is my target so they should fit!

    I might take the plunge and set up a direct debit to clear thr mortgage in the new term end date, then its "guaranteed" that I won't go over the longer term. Then I'll do the mini challenges to op odd and ends again and it will feel like the good old days
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • shangaijimmy
    • By shangaijimmy 18th Jul 17, 7:08 AM
    • 2,719 Posts
    • 13,386 Thanks
    shangaijimmy
    Take the plunge...the worst thing that could happen us after a few months you may feel it's too much and have to change it, but you'll be further along by then!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • newgirly
    • By newgirly 18th Jul 17, 7:09 AM
    • 6,275 Posts
    • 43,341 Thanks
    newgirly
    I shall do it before I leave for work then
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • newgirly
    • By newgirly 18th Jul 17, 10:18 PM
    • 6,275 Posts
    • 43,341 Thanks
    newgirly
    Still not done direct debit and am now in bed exhausted so it will have to wait until tomorrow.

    Took the boys and brother to see planet of the apes tonight after work, not bad and no money paid for tickets 2x unlimited cards and 2x meerkat codes little brother beat me to the contactless payment for the popcorn.

    Dilemma time (please look away now if easily offended by overspending!)

    Best friend asked me to too to Tuscany on a girls weekend away months ago, her, her two sisters and a couple of their friends. 350 for a 5 start hotel and flights. I said no as it felt too extravagant and a bit unfair on dh.

    She has text to the to say they are having a meal/meeting this Friday to dicscuss and I could still go (it's sept) she has a twin room on her own and has not asked anyone else, the flight is still available.

    Just had a look and the hotel is amazing,its even been used a film set over the years , but I know it will cost loads when we are there on spa /food /drink etc. Everybody else going is really financially well off. It's a really old building with very modern luxury spa and restaurants.

    Dh says just go, we can afford it (he doesn't do the accounts mind ) but I am worried about various things - the flight, the cost, it seems unfair to spend so much on just me, the kids, the cat

    I also feel very guilty if I don't go, aside from 2 nights in centreparcs for her hen do 15 years ago we have not had a girly holiday since we were teenagers. She is the most amazing friend ever and has not pressurised me at all to go even though I know she really wants me to.

    So what to do?
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • shangaijimmy
    • By shangaijimmy 18th Jul 17, 10:21 PM
    • 2,719 Posts
    • 13,386 Thanks
    shangaijimmy
    Go. You can't put a price on buying time and creating memories.
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 18th Jul 17, 10:30 PM
    • 1,330 Posts
    • 6,187 Thanks
    wishingthemortgaheaway
    Ooh tough one (hello, by the way, just having read through some threads to get some tips really and your post about the holiday really spoke to me)

    I would really struggle with the dilemma of going on the holiday or not, the money, the time away from the family, the fact we could do things for the family with the money would all weigh heavily on my mind.

    But...

    If you can afford it (without worrying) or can save up for it separately. - then do it
    If other half says 'go' then go, your children seem big enough to cope without you (my little 'un is only 1, different situation for us)
    What about asking for money towards the trip for birthday/Christmas?

    I don't know if that's helpful or not. Sorry. (Am subscribing to find out what yo decide.

    Wish
    • newgirly
    • By newgirly 18th Jul 17, 10:45 PM
    • 6,275 Posts
    • 43,341 Thanks
    newgirly
    Hi shanghai jimmy, thanks -one vote for go!

    Hi wishing the mortgage away , thanks for popping by , do you have a diary?

    We can afford it, but it will delay clearing the mortgage by around 2 weeks in theory. It's more how can I be "frugal" and spend money on holidays. The cruise we just went on was a last minute seize the day type thing, that didn't go too well!

    Argh, I'd rather wait until mf, but as dh told me -"you're not getting any younger" I just worry I'll look back when I'm old wondering why I turned down doing something like that with one of my favourite people in the world

    On the flip side you could use that reasoning to spend on anything , and if I'd followed that path we wouldn't be in such a good position with the mortgage and debts that we are now......
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • Debtslayer
    • By Debtslayer 18th Jul 17, 10:49 PM
    • 433 Posts
    • 624 Thanks
    Debtslayer
    Personally I would go, I think you'll regret it more if you don't.
    You are doing brilliantly with your mortgage and as long as you can afford the break then is it such a bad thing?
    Current Mortgage 01.10.17 113,513.88
    MFW Start Mortgage: 114,794.64
    Current MED: 2036 Target MED: 2026
    Overpayment Target for remainder of 2017: 2,000
    Mortgage overpayment savings: 684.80
    MFW No 124
    • newgirly
    • By newgirly 18th Jul 17, 11:00 PM
    • 6,275 Posts
    • 43,341 Thanks
    newgirly
    Thanks debtslayer, another for go
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 19th Jul 17, 6:54 AM
    • 1,330 Posts
    • 6,187 Thanks
    wishingthemortgaheaway
    A two week delay in paying off your mortgage is you spend a weekend having a blast with your friends - do it!!!!

    And I bet it won't add two week'S to the mf date anyway as you will continue to juggle things round.

    Yes, I do have a diary (taking it slowly, doing it well)
    But it's very boring.

    Have a great day, ring your friend and squeal excitedly down the phone at them o say you are going.

    Wish
    • EatingTheElephant
    • By EatingTheElephant 19th Jul 17, 7:38 AM
    • 1,289 Posts
    • 7,060 Thanks
    EatingTheElephant

    On the flip side you could use that reasoning to spend on anything , and if I'd followed that path we wouldn't be in such a good position with the mortgage and debts that we are now......
    Originally posted by newgirly
    This would not just be spending on anything though, it would be creating memories.

    Sorry but I'm another vote for seizing the opportunity. It might possibly have been a different answer if it meant getting into debt for the experience, however I think extending MF date by 2 weeks is an acceptable trade.
    • XSpender
    • By XSpender 19th Jul 17, 9:09 AM
    • 2,969 Posts
    • 30,617 Thanks
    XSpender
    Go, newgirly, it sounds amazing.
    Action Plan Part 1 - Clear First 3 Balances
    Target Debt Lloyds (Me) Part 1 666.22/0
    Target Debt Virgin (Me) Part 1 1176.49/0
    Target Debt Virgin (Me) Part 2 1038/995
    Big black hole of debt - 53,515.15 @ 16.12.17 52,811.64 @ 28.02.18, 50,638.77 @ 28.03.18, 49,778.78 @ 20.04.18, 46,093.32 @ 18.05.18
    • Fortune Smiles
    • By Fortune Smiles 19th Jul 17, 10:59 AM
    • 2,773 Posts
    • 22,966 Thanks
    Fortune Smiles
    I vote 'Go' too Make some memories.

    Fortune x
    Mortgage: 5% paid Overpayments: 592.38 Emergency Fund: 61%

    All we have to decide is what to do with the time that is given to us - J R R Tolkein
    • themadvix
    • By themadvix 19th Jul 17, 11:14 AM
    • 1,663 Posts
    • 9,692 Thanks
    themadvix
    Another 'go' from me - if you're worried, why don't you set yourself a challenge of finding the money from savings elsewhere (or maybe finally brave the ebay selling??
    OPs 2017 = 3103
    S&S ISA 2017 = 626
    OPs 2016 = 6142.12
    Starting balance 2012: 132000; balance Dec 2017: 96,822
    MFW2017 no. 38
    • newgirly
    • By newgirly 19th Jul 17, 11:09 PM
    • 6,275 Posts
    • 43,341 Thanks
    newgirly
    Thanks for the comments everybody

    Well as recommmend by you kind people I am going best friend said she was nervous about going but now can't wait I need to book my flight but was too busy today at work and then round a friend's this evening. The only issue now is apparently we are going hand luggage only for THREE NIGHTS not sure how this is possible? I need to take at least 6/7 pairs of shoes for 3 nights
    MFW 21
    Target for 2018 40k/11,092 paid so far

    Mortgage 38,275 4yrs 1mth left. Total owed 50,898 plan to clear in 14 months
    • themadvix
    • By themadvix 20th Jul 17, 8:00 AM
    • 1,663 Posts
    • 9,692 Thanks
    themadvix
    Easy peasy!! (Although a good case is a must!)
    OPs 2017 = 3103
    S&S ISA 2017 = 626
    OPs 2016 = 6142.12
    Starting balance 2012: 132000; balance Dec 2017: 96,822
    MFW2017 no. 38
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 20th Jul 17, 9:28 AM
    • 1,330 Posts
    • 6,187 Thanks
    wishingthemortgaheaway
    Yay. Brilliant news.

    Have a Google or Pinterest for 'capsule wardrobe'

    I've managed to follow the 5,4,3,2,1 approach (with a couple of adaptions as I'm in the Lake District, not on a beach) for 3 weeks away. Yes, I'm going to wash while I'm here but, nearly a week in and I'm not missing anything.
    • CathT
    • By CathT 20th Jul 17, 11:49 AM
    • 5,546 Posts
    • 38,657 Thanks
    CathT
    Good to hear you booked it, you'll have a fab time. No packing tips from me I'm afraid as I pack for every eventuality!
    May 2018 -
    part 1 - 77,906
    part 2 - 45,391
    Total - 123,297
    • Kittenkirst
    • By Kittenkirst 20th Jul 17, 12:17 PM
    • 1,891 Posts
    • 10,129 Thanks
    Kittenkirst
    Wahoooo! So pleased that you decided to go!

    I'm a total believer in balance: life is for living and making experiences whilst also being prudent and securing your future.

    You're already doing a great job with your mortgage and securing your future so it's important you take the time to make memories that you will treasure e:

    I'm so jealous! Our holiday plans look to be put back until Sept 2018 when we can pay for it outright and be in a better financial situation. You'll have to tell us all about your hol so I can live vicariously through your travels
    2018 MFW #20 - OP 1799.61/ 3000 60%
    Mar: 218 Apr: 528.91 May: 361.07

    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
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