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  • FIRST POST
    • newgirly
    • By newgirly 15th Apr 10, 11:02 PM
    • 6,529Posts
    • 45,431Thanks
    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 373
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 7th Aug 18, 10:01 PM
    • 1,766 Posts
    • 9,008 Thanks
    wishingthemortgaheaway
    If the business has that much history, could you diversify into a tourist attraction, place schools visit or posh experience?

    I get the impression you are printers?? So a group could come, make something then leave with the product. Could school children have their stories printed on a real printing machine?
    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 Dec: 28/100
    MFW 2019 Challenge Member #59: 0/£2860
    • newgirly
    • By newgirly 7th Aug 18, 10:51 PM
    • 6,529 Posts
    • 45,431 Thanks
    newgirly
    Hi wishing, It's a lovely idea but not really suitable, we have diversified into printing in recent years but are traditional bookbinders and although there are lots of hobby enthusiasts, its an industrial environment so would be difficult to open to the public and we would need an awful lot of visitors to cover our massive costs
    MFW 21

    £77,580
    • zcrat41
    • By zcrat41 8th Aug 18, 5:22 AM
    • 1,507 Posts
    • 4,150 Thanks
    zcrat41
    Sorry to read about your business. I can imagine how tough it must be for you x
    Aim: To o/p the mortgage by £131 pm.
    07/18: £254. Smashed it!
    08/18: £219.31 Smashed it again!
    09/18: £131 Acheived challenge
    10/18 £Target £131 plus £50 into savings
    • newgirly
    • By newgirly 8th Aug 18, 6:55 AM
    • 6,529 Posts
    • 45,431 Thanks
    newgirly
    Thanks zcrat41

    Off to work soon, ive spent hours looking online for work and have come to,the conclusion that I really want to work for myself It's probably just because this has all been a big shock and I'm not ready to knuckle down and get in with it yet, but the thought of longer hours, less pay and working nights/weekends over Xmas etc. As I'm probably looking at retail , has not cheered me up!

    In the back of my mind I'm wondering if I could start on online selling business? We are close to London for wholesalers -although I guess most stuff is online now! and a thirty second walk from the post office. Not sure how feasible this is to actually earn money
    MFW 21

    £77,580
    • themadvix
    • By themadvix 8th Aug 18, 9:21 AM
    • 2,030 Posts
    • 11,631 Thanks
    themadvix
    Tempting though it may be Newgirly, bearing in mind you have a mortgage to pay, I'd strongly suggest getting a job to begin with, even if you then start up a side business selling online! I suspect it's hard to find a niche, you'd be competing with the entire world (including Amazon) and it would take time to build up the business.

    I'm not sure retail is wise for you though.... too much temptation! Perhaps you could try some temp jobs - would give you a taste of the options and build up your CV in some different areas without you having to commit too much at this point. Remember, you have lots of transferable skills from dealing with managing a household, helping to manage the business and your work at the business too - you're not a fresh-faced graduate with no actual work experience!
    OPs 2018 = £2090
    Moving savings = £3085
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jul 2018: £91,552
    MFW2018 no. 38
    • AlexLK
    • By AlexLK 8th Aug 18, 1:06 PM
    • 6,105 Posts
    • 32,382 Thanks
    AlexLK
    First time I!!!8217;ve read any diaries in a while. On my phone as eating lunch so apologies for my writing. Really very sad to hear the news about the business. If I recall correctly you own the factory building? Might be worth thinking about developing it as residential, commercial or mixed use depending upon the structure and location?
    2018 totals:
    Savings £11,200
    Mortgage Overpayments £5,500
    • Moneyfordreams
    • By Moneyfordreams 8th Aug 18, 7:01 PM
    • 1,160 Posts
    • 5,730 Thanks
    Moneyfordreams
    changed my post then decided just to wish you well xx
    Last edited by Moneyfordreams; 08-08-2018 at 7:09 PM.
    Mortgage restart June 2018 £119950
    December 2018 cc £5500, £5350, £3000
    Mortgage £115000
    £1700 on DD1s car cc
    • newgirly
    • By newgirly 8th Aug 18, 10:14 PM
    • 6,529 Posts
    • 45,431 Thanks
    newgirly
    Hi everyone thanks for posting, not sure what to look at yet Vix to be honest

    Alex the company owns the building and it was our previous factory (which we part owned) that was sold and redeveloped into flats and shops, our new one is an environmentally friendly brand new building in a development of 21 units so it will go as it is.

    We have somebody coming for a look around tomorrow as dad has lots of commercial property contacts and heard through the grapevine of a guy who has been desperate to buy a unit on our business park and they don't go up for sale often.

    Dh has been offered two jobs so far by the neighbours there, starting as soon as he wants , one our friend next door ( building and maintenance) one a few doors along ( highway maintenance) both just under what we need to tick over so good news. I guess all the time making friends with all the neighbours and helping run the management company have paid off

    We have meeting tomorrow with guys we do work for who have offered to help financially, plus another large customer who said he will talk to his partner about buying us out - building and all. The latter two suggestions I don't imagine will suit us though probably. I wouldn't want a financial investment to keep us going as it's too risky with what ever capital we will have left, anything put in has to be paid back if we go under and hats our lifeboat.

    In more mundane news I've checked the meters and have not submitted a reading since setting up our new octopus account in February, strangely they have not estimated bills and just let us rack up nearly £1000 of credit! I've put in the readings now and it's reduced to £200 odd.
    MFW 21

    £77,580
    • AlexLK
    • By AlexLK 8th Aug 18, 11:00 PM
    • 6,105 Posts
    • 32,382 Thanks
    AlexLK
    NG: Hadn't realised you had a previous factory that you developed, was merely a suggestion.

    Sounds like you have some options and ultimately it's you and your accountant that will know which is the right one for you.

    Also sounds like your husband has some potential sources of income in the pipeline too. Could be worth you asking your neighbours too? He take one of the jobs offered to him and you take the other, maybe? Think about what kind of thing you want to do. I can't see retail being a good option really. Worth trying a few different things - I dropped on what I'm doing now through agreeing to help someone out for a few weeks. You'll both have many transferable skills.
    2018 totals:
    Savings £11,200
    Mortgage Overpayments £5,500
    • newgirly
    • By newgirly 8th Aug 18, 11:17 PM
    • 6,529 Posts
    • 45,431 Thanks
    newgirly
    Hi Alex, all suggestions are very welcome! we didn't have the funds or agreement from other owners to redevelop the last place so it was sold.

    I can't lie Alex, the thought of a full time job does not appeal at the moment, but if I have to do it I will. I'm hoping that once dh has decided what to do that we may be able to get a job for one of the staff too, our assistant manager has a big mortgage two kids and a wife that works two days a week, he could do with it more than me.

    We have been trying to get in figures for all our leases - mega money specialist printers, van, phone systems etc. All of which have long tie ins, how well this all goes is basically down to how much we wil be stung by all of them - fingers crossed it's not too horrendous, the printers alone are probably going to cost the same as a very nice new car
    I may have to find a way of running them from the garden if possible, we have a new tiny vien of customers inherited from a printer friend who has just retired, a bizarre group of spiritual healers, psychics and preachers who hand out their business cards in east London. It's small amounts of money, but may be worth doing if we end up being able to keep the machines for the same price as buying out the contract, not sure if that's even possible when they are in the company's name, more stuff to look into I guess!
    MFW 21

    £77,580
    • AlexLK
    • By AlexLK 8th Aug 18, 11:33 PM
    • 6,105 Posts
    • 32,382 Thanks
    AlexLK
    That's a shame re. the old place.

    re. the leases. Any margin in restructuring the company into one much more heavily focused on printing and finding new clients?
    2018 totals:
    Savings £11,200
    Mortgage Overpayments £5,500
    • julicorn
    • By julicorn 9th Aug 18, 6:37 AM
    • 451 Posts
    • 1,664 Thanks
    julicorn
    Hey newgirly, I've only just caught up with your diary. So sorry to hear about your business
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £184,500
    • newgirly
    • By newgirly 9th Aug 18, 7:29 AM
    • 6,529 Posts
    • 45,431 Thanks
    newgirly
    Not really Alex, we diversified a few years ago into that when dh took over and do thesis binding which kept us afloat, but that's down 44% this year. We are not comeptative enough to focus on printing due to the overheads.

    There are a few ways we could shrink right down again, but it's whether it's worth the risk to get in more debt and the stress on dh taking in more work as the staff can't be kept on. I think it's probably the lesser of two evils to stop, although he feels a big sense of failure, it might be a relief to do a 9-5 job with no responsibility and worry.

    I should add nobody at work sees him as a failure, he kept it going for a further ten years after his best friend and boss died of a brain tumour, he won business person of the year award,, had lunch with the queen, purchased the building and has enabled me to bring up the family whilst he's done most of the work, and we have nearly cleared our mortgage. I have told him this but he still feels rubbish of course!
    MFW 21

    £77,580
    • Moneyfordreams
    • By Moneyfordreams 9th Aug 18, 8:03 AM
    • 1,160 Posts
    • 5,730 Thanks
    Moneyfordreams
    The work life balance is a winner.... working for someone else , without the responsibility of bringing in enough clients

    however I expect it would take sometime to flip into that mindset. As for feeling a sense failure, you have pointed out all of the positives..... sometimes is just the progression of the world

    The stress relief my husband felt when it was all over was amazing, and the paid holidays
    Mortgage restart June 2018 £119950
    December 2018 cc £5500, £5350, £3000
    Mortgage £115000
    £1700 on DD1s car cc
    • AlexLK
    • By AlexLK 9th Aug 18, 8:45 AM
    • 6,105 Posts
    • 32,382 Thanks
    AlexLK
    The thesis binding will be down because a lot of students only have to submit electronically. Way of the world really sums this one up, I think.

    From what I can tell your husband was not really in this as a businessperson rather he took on the company because he didn!!!8217;t want it to close? I get the impression that business isn!!!8217;t really what he wants to do from some of the things you have said over time but the activity of the business and keeping his friends / colleagues in work is?
    2018 totals:
    Savings £11,200
    Mortgage Overpayments £5,500
    • gallygirl
    • By gallygirl 9th Aug 18, 10:42 AM
    • 16,674 Posts
    • 110,010 Thanks
    gallygirl
    Sorry the business is closing NG, as others have said it's no reflection on your hubby's hard work or skills, merely a changing world. For example, there are not many gas light manufacturers still in business! How lovely that hobby has been offered work already - a reflection on how highly he and his work ethic are held . Also really positive on the possible unit sale . All more positive than just 24 hours ago .

    I second the comments on how hubby will have the pressure taken for him - he might even start sleeping at night!
    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 9th Aug 18, 12:42 PM
    • 2,030 Posts
    • 11,631 Thanks
    themadvix
    Sounds like things are moving on in a positive way NG - you have options at least. I'd agreed with MFD and GG that while it might take a while to get used to, the relief from the stress of being responsible for so much/so many people will be huge for your DH.

    Totally get you not wanting to work for someone else though! If it's possible, would the printing in the summerhouse be enough of a top up to what your DH might earn that you'd be able to do that (and potentially start up something else on the side)?
    OPs 2018 = £2090
    Moving savings = £3085
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jul 2018: £91,552
    MFW2018 no. 38
    • newgirly
    • By newgirly 9th Aug 18, 10:22 PM
    • 6,529 Posts
    • 45,431 Thanks
    newgirly
    Hi mfd's , it's good to hear there is light at the end of the tunnel and it worked out ok for you both in the end

    Hi Alex, you are right, dh's previous boss was a workaholic and the business was his life, he found it impossible to delegate and micro managed everything. Therefore dh was thrown in he deep end from basically managing the shop floor to running the company when his boss collapsed one day and was diagnosed with a brain tumour. He's had to teach himself really, with severe dyslexia it has been a challenge!

    Hi GG, hope you are well you are right, things are already looking up from a few days ago, I'm hoping that trying to stay positive is bringing us good vibes

    Hi vix, unsure about the situation with the printers still, if we have to pay anyway it would certainly be preferable to keep them.

    Well today has been exhausting,we went to London to have a chat with a customer who set up a company a couple of years ago, he rented space in our factory for a while and promised us lots of work of which we got a little and then he outsourced to rest. Basically he's setting up another company in Kent and has suggested a plan to move us there and our staff work for him as well as us whilst we still pay the wages, but we should have more work. It all sounded rather sketchy as we expected, but end result is he needs staff and offered dh a job (which he doesn't want) so we put forward our assistant manager who seems keen none of the others want to work for them/ can travel that far. but its a start at sorting them all out

    We have a meeting with another large customer who may want to buy the business and building early next week, no idea how this will go. Had a valuation today and conservative estimate is double what we paid three years ago, it all helps pay the bills at the end

    Other good news is there is movement with the boys looking for work perhaps the thought of penniless parents has guilt tripped them from their x boxes to Job sites 2 applications so far today for ds2 and Dd is knows of a job near her for ds1 and he's going to apply tomorrow. Dd has also offered to take a full time permenant job to help us out bless her - very sweet but over my dead body!
    MFW 21

    £77,580
    • newgirly
    • By newgirly 9th Aug 18, 10:24 PM
    • 6,529 Posts
    • 45,431 Thanks
    newgirly
    Ps. Thank you so much to everyone for the support and kind words as well as offers of help, it really has helped me to keep positive, what a lovely bunch of friends you all are
    MFW 21

    £77,580
    • CathT
    • By CathT 9th Aug 18, 10:34 PM
    • 5,812 Posts
    • 40,676 Thanks
    CathT
    Haven't been on this forum much this week and have just seen your news newgirly. Sorry to hear of the business closure but glad to also read you have had some positive news.
    Dec 2018 -
    part 1 - £73,558 part 2 - £44,554
    Total - £118,112 111 months to go!
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