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  • FIRST POST
    • Miss Money Magnet
    • By Miss Money Magnet 3rd Apr 13, 9:44 AM
    • 120Posts
    • 407Thanks
    Miss Money Magnet
    I have a dream...to be a money magnet!
    • #1
    • 3rd Apr 13, 9:44 AM
    I have a dream...to be a money magnet! 3rd Apr 13 at 9:44 AM
    I have never posted on any kind of forum before, but have been reading other peoples diaries and thought I would have a go...
    My plan is to try to overpay my mortgage for the next 4 years until my current mortgage deal ends, then to buy my 'dream' house.
    I have already increased my monthly overpayment by £130 per month. I find increasing the payment works for me, because spare money seems to get swallowed up!!!
    I have been more careful with my money and last month stayed in credit for first time for as long as I can remember!! I am trying to live off cash and that seems to help me.
    Using martins PPI letters i am due a refund of £540 which is going to be split with £400 to pay off my holiday, £100 to decorate hall and £40 as my first ever ad hoc mortgage payment (unless i weaken and spend it).
    Other steps so far... Have set up Halifax fiver reward account and have begun to use top cash back although i am still waiting for rac and post office to track.
    So.. My name, 'miss money magnet' is an attempt at positive thinking.
    I know they say 'like attracts like' and I do feel that the more careful I am being the better I am doing.. I.e PPI refund, interest (paltry as it is) on ISA etc, so fingers crossed. Quite annoyed that the only time ive had any savings the rates keep dropping!
    I thought starting a diary would keep me on track!
    Todays money magnet activities: park afternoon with son and sister and children, tea from freezer, try not to spend more than the £3 odd change in purse...
Page 6
    • EatingTheElephant
    • By EatingTheElephant 21st May 17, 8:43 AM
    • 1,290 Posts
    • 7,068 Thanks
    EatingTheElephant
    Hi MMM, you are doing great staying focussed after moving. It really is the little things that are needed when you first move in that add up.
    Our mortgage amounts are similar, I'm just trying to get online access to ours now so I can keep an eye on it and watch the OPs hit it!
    • Miss Money Magnet
    • By Miss Money Magnet 3rd Jun 17, 6:46 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    Hi Eating the Elephant, thanks for the encouragement. Its good to know people have similar sized mortgages! It does seem huge at the mo but I am thrilled with the house. I want to start overpaying more aggressively soon but cant just yet!

    We have booked next years holiday and its under budget so Im happy about that. I have kept the food budget on track so far this month which is a good start. I also made myself cancel an Amazon order for gardening stuff as we've got so much to pay for indoors!

    I am conscious of cutbacks and redundancies and am determined to get us in a strong position before my fixed rate expires in 5 years.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • BiBi
    • By BiBi 3rd Jun 17, 7:49 AM
    • 12 Posts
    • 84 Thanks
    BiBi
    Great info here.... I hope all remains well.
    Last edited by BiBi; 03-06-2017 at 8:12 AM.
    • Miss Money Magnet
    • By Miss Money Magnet 29th Jul 17, 6:17 PM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    Haven't posted for a while. Plodding on with refurbishments! I am managing a few tilly tidies and am trying to do a regular overpayment of £100 a month just as a starter. Nothing else is possible until all the renovations are paid for.

    I can't find the calculation for daily mortgage interest. I used to have it written down. Any help with this would be appreciated.

    I ordered 2 dresses today for a night out, planning to keep one. However, do feel a bit guilty and may return both. We will see how strong my willpower is when I try them on in a minute!
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 5th Aug 17, 11:43 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    Our mortgage is now down to the £234000's (frightening!!!)
    I scraped together another £80 to overpay to round the outstanding balance down.

    I read somewhere the other day that most people massively overestimate how much they can overpay in one year and massively underestimate the amount they can overpay in five years.

    As my main goal is to make sure we are in a really good position in five years when our fixed rate is up I found this reassuring and keep making little overpayments when I can.

    I returned one of the dresses. The other one I love and will wear lots.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Viking_mfw
    • By Viking_mfw 5th Aug 17, 3:01 PM
    • 120 Posts
    • 524 Thanks
    Viking_mfw
    [QUOTE

    I read somewhere the other day that most people massively overestimate how much they can overpay in one year and massively underestimate the amount they can overpay in five years.
    [/QUOTE]

    That is incredibly comforting
    • Miss Money Magnet
    • By Miss Money Magnet 20th Aug 17, 10:19 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    Hi Viking, I am hoping all my little overpayments will add up over time!

    I have managed our standard overpayment of £115 this month, plus amazingly another £140 in bits and bobs. I scraped together an extra £40 by rounding down bits of different accounts to meet my year 1 target.

    I had an update on my stocks and shares ISA and it has done so well that Ive had to rethink things. As I go forward I want to put some money there and some into overpaying the mortgage.

    According to my calculations actually Id be better off putting everything into my s & s Isa but I like overpaying the mortgage so I am going to do a bit of both.

    Hopefully a nsd as I plan to paint the living room at the new house today. Quite excited to see how it looks! Cleared a big pile of post and found a fiver co-op voucher so thats a bonus! (Sad I know)

    I am going to set myself some kind of strict no spend challenge in Sept... will give it some thought.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 24th Aug 17, 7:20 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    Ok, as of now I am going to try not to spend anything unless it is absolutely essential, until 27th Sept. I am going to try to update on here daily to keep myself on track.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Feefeefalloo
    • By Feefeefalloo 24th Aug 17, 5:42 PM
    • 60 Posts
    • 3,525 Thanks
    Feefeefalloo
    Really enjoying reading everyone's posts. We have around £80k left on our mortgage but have just increased payments by £100 a month - couldn't actually add to current rate so set up a standing order instead. Also means if we are struggling one month we can cancel without too much trouble.
    • Miss Money Magnet
    • By Miss Money Magnet 29th Dec 17, 9:01 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    Getting into the January mindset!!
    Thanks for posting Feefaloo!!! I hadnt updated since so only just saw your post. I love reading other peoples diaries!!
    We have been in our new (“dream”) house a few months now and I completely love it although we still need to do lots of bits, I do feel back in control.
    I am back on the overpaying mission, in a very small way at the mo but hope to increase as soon as I can. Ive done a few Tilly tidies. I am due to replace my car shortly and hope I can free up some monthly cash for regular overpayments.
    I read somewhere about finances that it was about saving ‘one pound at a time’. I find that a helpful mentality. I did this before..i.e. if I couldnt resist eating out or something I would but Id go for a cheaper option, for example having a nice prawn sandwich for £2.10 instead of a McDonalds for £5.99.

    I have also kept up my £200 a month to my stocks and shares ISA because it seemed to do so well last year (I go through an advisor I trust, I don't pretend to be an expert-I have a basic grasp!!)

    My aims for 2018 are:
    -use up leftovers/reduce food waste, stay in grocery budget
    -try to use what Ive got instead of buying where possible
    -start to make regular overpayments
    -rebuild pots including emergency fund
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 2nd Jan 18, 9:38 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    I am going to try to watch every penny this month. Need to go food shopping shortly but have gone through cupboards and made a list to use up freezer bits.

    I have done a little tilly tidy.

    I have checked all accounts including mortgage. We now have an ltv of 70% which is nice to know.

    Hope to be in a position to set up a regular overpayment at the end of this month.. hopefully of at least a few hundred.

    I am keen to reduce mortgage before this deal ends in 2022 in case interest rates have increased.

    Happy New Year to you all.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 4th Feb 18, 9:45 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    I have realised that unless I start prioritising overpayments it is NEVER going to happen. I budgeted £100 this month so that has been overpaid straight away. Ive also done a few tilly tidies.

    I am trying really hard not to spend anything if I can.

    Itll be a tight month.

    I am selling some bits on facebook selling pages. Made £20 last week.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 17th Feb 18, 9:11 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    I have done really well so far this month and have really cut back but I am starting to feel myself weakening!!! I wil have entirely got rid of my overdraft if I keep going until payday.

    I have budgeted to overpay £110 next month. I feel better now I have started a regular overpayment again.

    I am saving up for some furniture-a bit each month and facebook sales. Glad I resisted the option of buying on credit!

    I then have to start really focusing on getting rid of my tesco credit card balance-built up getting final essential house bits done so we could move in.

    Its good to feel my finances are getting back under control!
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 23rd Feb 18, 8:03 PM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    I have more or less stuck to my guns and not overspent. I did give in today in town and spent £4.69 for some Millies cookies.

    I have battled with the !!!8216;eating out!!!8217; urge and so far I have won!!! I love eating out!

    Overall, with one week to go, Im pleased with this months efforts.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 3rd Mar 18, 8:32 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    Morning All!!

    I have done my ynab budget for the month. I am working really hard to get rid of the small amount of debt accumulated on our credit cards during th last few weeks of getting our house finished. I have left myself a bit tight possibly but will give it my best shot.

    Ive overpayed £115 which I know isnt probably the most financially savvy way to do it but psychologically Imlike mnkwing Im back on my mortgage free journey so it suits me!

    I have been selling unwanted stuff on facebook and am please with how thats going. I have also bought 2 great pieces of furniture off facebook, at a great price. Very please with myself. The house is starting to look more homely.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 17th Mar 18, 12:55 PM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    I have been really careful with money this month but its around now I start slipping!! Im really trying to be good!
    Ive set myself a really tight April budget which if I stick to it will mean I clear the balance on my credit card. We then just have a small balance on a zero percent card so Ill just pay that off a set amount each month until its gone. I feel much more in control now... we spent much more than expected on renovating the house and I started feeling a bit out of control but now we are in and our outgoings have settled down Im getting back on an even keele.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 14th Apr 18, 7:22 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    A tight month. My credit card will be paid off fully when I get paid next which is brill. I can then just pay a set amount each month to the interest free card until its cleared.

    I love our new home so much. Starter to feel more organised and have continued to declutter.

    Ive overpaid £110 again this month plus a few tilly tidies.

    Ive left myself a bit tight but if necessary I will pinch a bit from another account (hols or xmas) and repay on payday.

    Had the loft boarded out last week and looking forwards to putting some boxes up there. Ive gone through everything though and got rid of loads.

    I have done loads of batch cooking. When I did the shopping I didnt think it had saved me much, but when I realised how many meals I was ending up with I was pleasantly surprised. In fact I may be able to save a fair whack on the food budget if I can keep it up.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
    • Miss Money Magnet
    • By Miss Money Magnet 14th Apr 18, 7:27 AM
    • 120 Posts
    • 407 Thanks
    Miss Money Magnet
    Meant to add... I continue to use ynab and I love it. I dont quite do the whole steps but I love planning the budget for the month and do try to stick to it.
    "Never underestimate the power of small amounts"
    New Mortgage started March 17 £236,000 (28 years) NOW £231,500 March 3 18. 68% LTV
    Regular overpayment of £130 (reduces to 22 years)
    Target extra overpayments: ..??
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