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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 4:39 PM
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    try harder
    170000 in 10 years
    • #1
    • 27th Mar 16, 4:39 PM
    170000 in 10 years 27th Mar 16 at 4:39 PM
    hi first post on mortgage free wannabe site -i have a 170000 mortgage on a house valued at around 230000 we have an interest only mortgage on 155000 and repayments on the other 15000 paying 676 a month total mortgage we are paying 3.88%variable rate.We received a small inheritance that we used to pay a lump sum off of the mortgage we have no limit on what we can overpay which is really good.We are both in our 50s and i am afraid i have never ever been any good with money we have spent every penny that we had spare on cars holiday etc but mostly on our children and now its our children and grandchildren i could have bought 3 houses over the last 20 years with the money i have wasted .We have 10 years left to finish paying this mortgage and if i dont do something now i will end up with no home so i must start now to make changes.I have read through as many diaries as i can and bought folders and notebooks written out budgets etc and now want to work really hard to pay off the 170000 in 10 years i am hoping to do this by overpaying 10 a day equaling 3650 pounds in a year and around 1200 pounds a year is coming off of the balance in repayments after all the interest so total around 5000 a year off the mortgage then save the other 12000 in other ways i have opened 2 isas 2 regular savers and numerous bank accounts.I may not get anywhere near to that amount saved i have never ever saved before but i am very determined and i hope that with the help of everyone on here i can stay motivated i am definitely looking forward to trying
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    • Busy Mee1
    • By Busy Mee1 3rd Nov 17, 1:50 PM
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    Busy Mee1
    Sounds fab - I don't think we will go to any bonfires, we are out on Sunday anyway. We live on a hill and get to see the fireworks for miles around so we won't miss out.
    • try harder
    • By try harder 3rd Nov 17, 2:11 PM
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    try harder
    How funny ,we live at the very top of a big hill too ,great for when it rains it all runs down the hill not so good for the garden though as it slides down too
    • try harder
    • By try harder 22nd Nov 17, 10:39 AM
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    try harder
    I am still on target to reach 17500 .At the minute i am looking to be 80.55 short so i could really do with making my 10 a day target over the last 9 remaining days of the month so more listing for me sadly .Mortgage today is 166,200 savings 17419.45 .Mortgage minus savings equals 148,780.55 ,that sounds so much better .
    I think this will be my final figure for the year 17500 as next month one of our cars is going into the garage for some work and our other car needs a new battery and 4 new tyres .I also still have lots of Christmas presents to buy and we are going out a lot in December for meals and different events so i think it very unlikely that i will have any extra left oh and almost forgot, my husband will be having several days off work so no income on those days so i could end the year on anything between 17000 and 17500 , i must say that i am very,very happy with that .
    Food and diesel budgets all going well .Millionaire challenge at a stale mate and my new business not doing very well but both are to be expected as i havent put any work into either for a few weeks /months really but im not going to think about them too much now until the new year ,neither are costing me anything to run so it wont matter .
    • Busy Mee1
    • By Busy Mee1 23rd Nov 17, 7:33 AM
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    Busy Mee1
    Hi Try Harder I am not surprised that you are happy with your savings totals, you have really turned your finances around in the 18 months since starting your diary. You have done brilliantly well.

    It sounds like December will be an expensive month - it will be in our house too ! I don't blame you for taking a break on the savings, you can start again in earnest in January. What's the target for 2018 ?
    • try harder
    • By try harder 23rd Nov 17, 8:35 AM
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    try harder
    Morning Busy Mee1 hope all is well with you this morning .I hadnt realised that it has been 18 months so i am quite happy with that amount as it means i averaged almost a thousand a month which was the initial aim ,Next year i am going to be very ambitious and aim for 1500 a month ,that will take some work on my part too but i am looking forward to it .I will have 8 years left on my mortgage at the start of 2018 so i will need to aim for 1500 x 96 =144,000 but i am not going to be too disappointed if it turns out to be less as every pound is a pound more than i ever thought i would have .
    Have a good day ,its almost the weekend .
    • themadvix
    • By themadvix 23rd Nov 17, 11:21 AM
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    themadvix
    They're great figures TH and I think that's an ambitious target for 2018 - go for it! Like you say though, if you don't reach it, you'll still have way more than if you hadn't tried.
    OPs 2017 = 3103
    S&S ISA 2017 = 626
    OPs 2016 = 6142.12
    Starting balance 2012: 132000; balance Dec 2017: 96,822
    MFW2017 no. 38
    • try harder
    • By try harder 23rd Nov 17, 11:34 AM
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    try harder
    Thank you as always themadvix for your support .
    • try harder
    • By try harder 1st Dec 17, 7:12 AM
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    try harder
    Thanks mainly to some increases in my ISA i have reached 17500 as of the 1st of December .No savings this month as all extra money will be used for Christmas presents ,going out etc .I am very happy with this amount and looking forward to doing more of the same next year .In 2018 i want to join in several of the challenges ,i have failed miserably in some although i have spent maybe 50 over the entire year on any new clothes so that challenge was very successful .The worst was the target i set myself to overpay the mortgage ,i must work harder on that next year .
    Also make 10 a day has also met its target over the year and i need to keep that up this month too so 310 the aim for this month and i have around 300 listings on ebax but would love to get this number up to 500 if at all possible .
    All bills ,food and diesel for both cars planned for the month i just need to keep to the plan now fingers crossed.
    • Busy Mee1
    • By Busy Mee1 4th Dec 17, 8:00 AM
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    Busy Mee1
    Hi Try Harder, you have done so well with your investments and eb@ying. You have made great progress and I look forward to seeing what you can do in 2018 x
    • try harder
    • By try harder 6th Dec 17, 9:10 AM
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    try harder
    Thank you Busy mee1 .I seem to be sliding backwards i am afraid and i now think that my final figure for the year is much more likely to be 17,000 and that will be if i am very lucky .Two cars need work and money spent on them ,lots of presents still to buy etc ,etc , you know how it is , but i am still very happy with that amount .
    Plans for 2018 ...to save at least 1000 a month and up to 1500 so saving between 12,000 and 18,000 .
    • Busy Mee1
    • By Busy Mee1 26th Dec 17, 8:18 AM
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    Busy Mee1
    Happy Christmas Try Harder, I hope you are having a lovely time with your family. Hope to see you back here soon x
    • try harder
    • By try harder 27th Dec 17, 4:12 AM
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    try harder
    That was so thoughtful of you Busy Mee1, i am having a wonderful Christmas and i hope well i know you are as i read your post yesterday .I loved the part where you said how happy you are with your whole world together under one roof as thats exactly how i feel safe and warm with everyone i love , its a wonderful time and all that really matters.Thank you.
    • try harder
    • By try harder 27th Dec 17, 5:02 AM
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    try harder
    Looking back through my diary and noticing that i didnt post at Christmas last year nor at New Year so no figures to help me but reading between the lines it looks as if i had around 10,000 at that point .
    The final figure for 2017 is 18,000. I have absolutely no idea how i have managed that as i have to be honest and say i have spent much ,much more money over Christmas than i had budgeted for ,i think a big chunk came from the fact that my ISA has done so well showing a rise in parts of 17 % so a great result and i am very happy with this considering numerous purchases and bills have been withdrawn this year from savings too.
    So going forward i have 18,000 saved towards the mortgage but also used for other things if needed.
    Millionaire Challenge still stands at 800 with several items for sale also within the challenge that have sadly not sold and i have not put any effort into this challenge whatsoever in the last 3 or 4 months to be truthful ,so much more effort to be given to this in 2018.
    My Make 10 a day challenge is also going quite well and managed to reach or almost reach the 10 a day target most days throughout 2017.
    My new venture is now up and running but again lots more effort needs to be put into this as so far its been very quiet so much more work needed in 2018 if i want to make any money from it.
    My food budget was raised back up to 100 a week as i had worked hard throughout the year to manage on less than 50 and succeeded but felt i wanted to give myself a cushion so this coming year i will have 100 a week but save whatever is left every week .
    I have set myself a challenge of saving 10 a week for Christmas which i already did and a pay for Christmas with surveys etc so that hopefully next year i wont have to find quite as much money .I have joined quite a few challenges for 2018.
    Well i think thats about it .I will add to the next post if i remember anything else .
    Aim for 2018 to save 1000 a month making 12,000 over the year plus the 18,000 i already have making a grand total of 30,000 but secretly hoping to save more than 1000 a month ,we will see.
    • daisy 1571
    • By daisy 1571 27th Dec 17, 1:14 PM
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    daisy 1571
    They look like really good targets for next year TH, I am sure you will manage them all cos you have done so well over the last 2 years.

    If your isa that gained the 17% likely to go down as well as up? If so, are you tempted to remove some into a 'safe' place to consolidate the gain or are you happy to let it run and see what next year brings ? Just wondering, no need to answer if you don't want to.

    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
    • EatingTheElephant
    • By EatingTheElephant 27th Dec 17, 1:25 PM
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    EatingTheElephant
    Well done on your figures for this year tryharder
    • try harder
    • By try harder 27th Dec 17, 1:25 PM
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    try harder
    Thank you Daisy .I can completely see where you are coming from and the fact that i could lose all gains and possibly all my money but i am happy to sit it out for the long run and hope that over the course of ten years it will do very well .I have my Isa invested in several different companies and this particular one did very well over 2017 making 17 % but the overall gain was slightly over 10 %.I am sure i will panic when it drops but then again my money will buy more shares so its all good but what you suggest does make good sense and i may be tempted in the future no doubt .
    • try harder
    • By try harder 27th Dec 17, 1:31 PM
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    try harder
    Thank you very much EatingTheElephant. I couldnt press the thanks button as it doesnt appear to be there.
    • themadvix
    • By themadvix 29th Dec 17, 9:32 AM
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    themadvix
    Great progress TH and fab targets for next year. Sure you'll smash them!
    OPs 2017 = 3103
    S&S ISA 2017 = 626
    OPs 2016 = 6142.12
    Starting balance 2012: 132000; balance Dec 2017: 96,822
    MFW2017 no. 38
    • Busy Mee1
    • By Busy Mee1 29th Dec 17, 12:29 PM
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    Busy Mee1
    Great targets Try Harder - have a fab New Year x
    • try harder
    • By try harder 30th Dec 17, 10:18 AM
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    try harder
    I am going to try and post every day i have said this before but failed miserably .I have 71.49 left to last today and tomorrow before i start my new budget on the 1st January , i have several friends coming over for a buffet tea today so food to buy plus diesel for one of the cars .
    3 items sold on ebax after days of no sales but it was christmas after all so didnt really expect it ,as i have already calculated this years figures these sales will go onto January takings .
    Also going out tomorrow for lunch so not sure how i am going to stretch that money lets see what i can do we are out in the evening too .
    I have sorted through my fridges ,freezer and now about to sort my food cupboards and list what i have ,oh i am being good today.
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