Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,466Posts
    • 44,975Thanks
    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 372
    • FloppyDisk
    • By FloppyDisk 1st Aug 18, 3:07 PM
    • 638 Posts
    • 4,259 Thanks
    FloppyDisk
    Sorry to read about the business difficulties - do you have any way to map out your pipeline of committed and prospective work? I'm trying to come up with something like that so I can work out when to really switch to sales mode.
    you definitely can manage anything, you have a whole toolkit to get you through.

    Mortgage Apr 18 417,894
    Mortgage now --- 412,214
    BTL Mar 18 162,857
    BTL now --- 162,143
    • newgirly
    • By newgirly 1st Aug 18, 8:34 PM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    Hi floppydisc and vix, thanks for posting

    We have looked into new unconnected lines but without spending a lot on marketing we can't compete with some of the high end retailers (who, we currently make albums for ironically!)

    Dh has got somebody who has been recommended he met with today who has experience in our industry and marketing and has links that will help for a small commission.

    We don't ever really get work booked in for the future just waves of work often dependant on budget timescales, it makes it very hard to plan ahead. When dh took over he diversified into printing and delivering thesis daily into London, that helped but also has a limited shelf life. Our work is for certain types of customers, many of whom have had their budgets slashed since the reccession, government bodies, police etc. Its the bulk work we need to cover the costs, dh could probably earn a nice living doing small jobs alone, but that's not an option, he can't let it go!

    Oh and as for the highlights I don't know anyone that can do it at home, the few I've tried have never responded to texts to book, they must be very busy. I'll settle for a cut and blow dry every other time to save a bit
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • newgirly
    • By newgirly 2nd Aug 18, 8:11 AM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    My week is not getting any better, ds 2 came home with a tattoo last night He is an adult but I'm disappointed he didn't tell me although he knows I don't like them. It's of the number 42 (the meaning of life) as he loves hitchikers guide to the galaxy. I went to bed early to calm down and try and keep some perspective

    Oh a brighter note I'm starting with a fresh slate financially today for the month as the Tesco shop went on last months statement and luckily there was just enough to cover it in the current account, so a full 800 on the cc

    Plans today are to take Dd to work at the shopping centre and have a quick mooch about, need to buy some Tupperware for all the home cooking I'm going to do, I may even tackle the big blue and yellow Swedish shop if I have to.
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • newgirly
    • By newgirly 3rd Aug 18, 8:50 AM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    Spending so far :

    12 poundland , kitchen bits and food

    1.99 Tesco bread and rolls

    29.50 clothes for dds boyfriend's birthday

    20 jeans for ds1

    4.50 black reduced jeggings for me

    6 thin jumper for me

    3 stocking fillers Xmas

    1 my little pony socks x3 for me

    1.70 2 white pillowcases

    4.50 Xmas cards (3 boxes of hammmark nice ones reduced from 5.99 each in the works)

    3.99 ear drops for ds1

    Total spending 88.18/800


    I'm trying to spread out what we need for winter and Xmas from now on
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • Moneyfordreams
    • By Moneyfordreams 5th Aug 18, 11:45 AM
    • 1,105 Posts
    • 5,495 Thanks
    Moneyfordreams
    hope things turn around for the business for you NG
    Mortgage restart June 2018 119950
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
    • newgirly
    • By newgirly 5th Aug 18, 1:02 PM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    Thanks mfd's

    Deleted the first post while trying to do a link

    So it's been a lazy Sunday, dh off to see mission possible alone today as I really don't fancy it, we went to see antman last night which was good though

    Spending this weekend:

    8.85 strawberries, apple juice and veg at farm shop

    5.09 beans and hairspray

    I've found a stunning house I really want but it's a pipe dream for many reasons , but if anyone is a fan of Art Deco it's a lovely sunspan house https://www.rightmove.co.uk/property-for-sale/property-55524537.html#
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • Moneyfordreams
    • By Moneyfordreams 5th Aug 18, 4:32 PM
    • 1,105 Posts
    • 5,495 Thanks
    Moneyfordreams
    I like it.... it seems reasonable for your area... what's the catch... as I clicked off there was something about reservation fee?
    Mortgage restart June 2018 119950
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
    • newgirly
    • By newgirly 5th Aug 18, 4:49 PM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    I think the catch is that's the starting price and they won't publish the reserve and I'm sure it will go for a lot more, even if we could afford it, it's a bit too far away from 'home'
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • newgirly
    • By newgirly 6th Aug 18, 12:15 AM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    I may need a second mortgage (well third if you count the factory) as I clearly need a flat to live with my cat in. My three children - yes they are officially now all adults but, well children is more apt, are working as a tag team to make sure I don't sleep.

    Tonight it's Dds turn to ring the home phone at 11.15 as she had forgotten her key again - home phone is on ground floor and we are on second (with our mobiles which for some reason she didn't ring) then half hour later I get to open the door. Ds 2 popped out for a beer about 5pm, he is still waiting for a bus now ds1 attended the london beer festival last night and rolled in about 12.30. Friday night was an impromptu nightclub visit until 5 am when they returned with two friends who slept in the living room - until late....

    I am turning into a very bad tempered old woman very fast. I know I shouldn't let them get on with it but I really can't sleep until they are in, I've watched too many true crime serial killer documentaries, it's my own fault.
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • newgirly
    • By newgirly 6th Aug 18, 9:04 AM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    That was a bit of a rant last night!

    Moving on, Mondays plans

    * no work - hooray!

    * meal plan for the week

    * meet mum and aunt for coffee

    * strip beds

    * check finances

    *arrange ladies night to see mamma Mia (taking realatives)
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • themadvix
    • By themadvix 6th Aug 18, 7:07 PM
    • 1,943 Posts
    • 11,215 Thanks
    themadvix
    House looked lovely, pity that that's the starting price - it did seem too good to be true!

    Perhaps you need to try some relaxation techniques to get you off to sleep? You're right, they are adults now and reasonably sensible! And get some sort of system so that you know that they're in when you wake in the night - like they tick themselves in on a sheet on something that's outside your bedroom door.
    OPs 2018 = 2090
    Moving savings = 3085
    OPs 2017 = 3103
    Starting balance 2012: 132000; balance Jul 2018: 91,552
    MFW2018 no. 38
    • newgirly
    • By newgirly 6th Aug 18, 10:02 PM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    Hi vix, the system is text when you leave wherever you are and text when you get home, they just always come home later than the alarms I've set to check

    Well today has not been great. Dh went to the accountant to go through everything and although we made a profit last year, looking at this year he is of the opinion we should probably cease trading and cut our losses.

    We don't know what to do at the moment, he knew it was bad but we have been here many times before and survived, dh is the one now saying perhaps we should close

    The staff we have left are very close to us, one is my little brother and the other two full timers have been there over thirty years and are very good friends, it makes it so much harder.

    In theory we can sell up and have some equity left in the building afterwards, ideally though we would like to hang on to the building to rent out, I don think that will be possible though.

    Dh has never worked anywhere else and is dyslexic so will find it hard to find another job, and I'm not sure I'm much good at anything really!
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 6th Aug 18, 10:06 PM
    • 1,699 Posts
    • 8,571 Thanks
    wishingthemortgaheaway
    Oh no, how sad and worrisome.

    I hope you are able to come to some decisions in a peaceful way.
    The 100 payment countdown (each payment = 400) 2018 Starts at 13/100 o/s 34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 1600ish/2,500
    • juliejim
    • By juliejim 7th Aug 18, 6:41 AM
    • 7,574 Posts
    • 151,579 Thanks
    juliejim
    Sorry to hear that - hugs
    NST #10 Steps 7K 2/30 10K 2/12 5 a day 3/30 NSD 0/20
    MBNA 5500
    • themadvix
    • By themadvix 7th Aug 18, 8:24 AM
    • 1,943 Posts
    • 11,215 Thanks
    themadvix
    So sorry to hear that NG I hope you work something out. And I'm sure you'd both be able to find work - don't be so hard on yourselves, you've got lots of skills!
    OPs 2018 = 2090
    Moving savings = 3085
    OPs 2017 = 3103
    Starting balance 2012: 132000; balance Jul 2018: 91,552
    MFW2018 no. 38
    • Moneyfordreams
    • By Moneyfordreams 7th Aug 18, 1:57 PM
    • 1,105 Posts
    • 5,495 Thanks
    Moneyfordreams
    I think its good he is getting sound advice...

    one thing I wished for would have my husband and his accountants to be more clear... would have saved time and thousands...
    Mortgage restart June 2018 119950
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
    • daisy 1571
    • By daisy 1571 7th Aug 18, 6:12 PM
    • 296 Posts
    • 3,643 Thanks
    daisy 1571
    Hi my

    You said on last page that he could find enough work to keep himself going - is that a serious option perhaps ?

    I loooooooove that house, my ideal house indeed. Wonder what it will go for.

    As far as the tattoo goes, it's almost people without who are in the minority nowadays, they ain't just for sailors anymore I am hoping he got it in a discrete place so he can show out if he wants rather than on his hand or neck however even that appears pretty mainstream these days. Also I think you answered your own question why he didnt discuss it with you. At the end of the day you're his lovely mum and he doesn't want to fall out but he does want to do what he wants . I texted my mum to tell her about my first, giving her info about style, size and location so she had all the salient facts before I saw her next.......and I think I was 39 i tjink the most important thing about them is you don't get something on the spur of the moment you will get fed up of. I think you all have been fans of that kind of prog for long enough that it means a lot to him and he will be happy with it for a long time. (And don't worry about the old but what will it look like when he's 80 chestnut - none of us will look that great at 80, a 42 isn't going to change that by much )

    Daisy xx
    "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 7th Aug 18, 6:50 PM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    thanks Daisy, it's on the inside of his arm, so it could be worse I guess!

    Not a great day today, after a lot of talking it looks most likely we will be closing soon we have spoken with all the staff individually and together so they know as much as we do at the moment. We will try and finish and send out the work in hand we currently have, but further than that I'm not sure yet.

    Initially we were going to try and get an insolvency practitioner to help, but I'm not sure that will be the best route as we could keep the lease and mortgage payments ticking over from our personal offset account until we can sell up - I think us taking control is preferable to stopping payments and the bank taking control of selling.

    It's very early days though and we have a lot to sort through and work out.

    The staff were upset but not as shocked as we thought, my 52 year old co worker has only ever had this job, since he was 17
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
    • Moneyfordreams
    • By Moneyfordreams 7th Aug 18, 7:54 PM
    • 1,105 Posts
    • 5,495 Thanks
    Moneyfordreams
    Facing up to things is the way forward..... you all have loads of transferable skills and probably loads of contacts... at least there is equity (if I remember rightly )
    Mortgage restart June 2018 119950
    zero personal cc
    6x166 for sofas ending November 2018
    2500 on DD1s car cc
    • newgirly
    • By newgirly 7th Aug 18, 8:51 PM
    • 6,466 Posts
    • 44,975 Thanks
    newgirly
    Thanks mfd's , there will hopefully be equity but probably not enough to clear our home mortgage after everything.

    Dh is in a very bad way, he didn't sleep at all last night and blames himself. I feel strangely calm, even though we know it was getting worse it's been a big shock. Stupid as it may sound im glad we just had the month we did enjoying ourselves and partying with the kids for their birthdays, it may be the last chance for a long time!

    It does all feel odd though as we were getting so close to having money for the first time ever really next year, but I guess it wasn't meant to be that way for us!

    I'm trying to look on the bright side and work out what to do now. First thoughts were to use our personal offset money to pay off staff and make lease payments, now I'm thinking we should keep that in reserve for us to live on for however long we need to.

    Even if we could find jobs quickly we have a three story factory to clear that cost 10k in specialist movers to get the heavy machinery in, it's not going to be easy sorting it out! So much history everywhere it's so sad, we have photos up of staff working on the same machines in the fifties onwards everywhere, some of whom dh worked with in later years.

    It's been going since 1895 - the same year West Ham football club was founded and was originally in the road next to the ground in Upton Park. The lady I took over from lived there her whole life and was in the same class at school as the krays (who she said were horrid unsurprisingly!) it really is an old fashioned business. Sorry I think I'm waffling a bit now, it's just been a sad day
    MFW 21
    Target for 2018 40k/13,632 paid so far

    Mortgage 36,193 3yrs 9 mths left. Total owed 47,059 plan to clear in 12 months
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

43Posts Today

3,356Users online

Martin's Twitter