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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 780Posts
    • 3,002Thanks
    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
Page 23
    • try harder
    • By try harder 4th Mar 18, 6:58 AM
    • 780 Posts
    • 3,002 Thanks
    try harder
    Day 4 of a new month and things are not going too well.Due to the snow my husband cannot work so today will be 6 days with no pay ,The money that we need for daily life is coming out of savings thank goodness we have some but its going to be hard this month as there are no signs at the minute that it is going any time soon .

    Food budget on target for the much reduced amount
    Diesel budget on target too ,mainly due to the fact that two cars have not moved for days again due to the snow.
    Ebax sales flat ,no sales and now on day 4
    Surveys still being done as and when they turn up in an attempt to make some money this month

    Thank you Busy Mee1,shangaijimmy ,themadvix and michelle09 ,i am trying to stay motivated but feeling a bit deflated at the minute i so desperately wanted to make the 21,000 target i set myself this month

    I am having problems themadvix with my switch ,the second of my DD that i set up at the beginning of Feb is still not showing in my account and i think the offer ends in less than two weeks ,i am just waiting now to see if it appears in time
    • Busy Mee1
    • By Busy Mee1 4th Mar 18, 7:51 AM
    • 596 Posts
    • 2,695 Thanks
    Busy Mee1
    Morning Try Harder, I am so sorry your husband's business has been hit by the bad weather. Let's hope the weather improves soon, although it is snowing again here this morning.

    Thank goodness you had the savings though, I am sure you will soon be able to put back what you have taken and out...don't get disheartened, get determined !
    Last edited by Busy Mee1; 05-03-2018 at 2:05 PM.
    • EatingTheElephant
    • By EatingTheElephant 4th Mar 18, 8:05 AM
    • 1,289 Posts
    • 7,055 Thanks
    EatingTheElephant
    I hope the weather improves soon so your husband can get back to work. Thank goodness you have savings, I know it is painful to have to use savings, but imagine if you had none.

    Your savings are climbing nicely even with little blips coming along to mess up your plans

    What also stood out was that your husband does not have a very high hourly rate. Is there anyway he can increase it slightly? Maybe some market research into what competitors are charging. Employed people often get yearly pay increases but it is not that simple for us self employed people is it? I am often wondering what to do about this.
    • themadvix
    • By themadvix 5th Mar 18, 9:30 AM
    • 1,638 Posts
    • 9,594 Thanks
    themadvix
    Increasing rates is difficult isn't it, but I find my clients are understanding when I point out they've not gone up since XX and costs have risen.

    I like BM's 'don't get disheartened, get determined!' - I need that today too.

    Hope the snow is melting for you now TH and your DH can get back to work.
    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 13th Mar 18, 7:18 AM
    • 596 Posts
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    Busy Mee1
    Morning Try Harder - hope everything is OK ? You haven't been around for a while
    • try harder
    • By try harder 13th Mar 18, 10:06 AM
    • 780 Posts
    • 3,002 Thanks
    try harder
    Good Morning Busy Mee1 ,EatingTheElephant and themadvix i am still here and reading all your diaries to keep myself motivated in this difficult month that saw us without any money for seven days due to the weather but all has returned to normal now thankfully.

    My bank switch now appears to be going through so if all goes well i will have 125 to add to my monthly target although i expect it will be several weeks before it shows in my account .

    I had decided to put all my free money into overpayments to the mortgage i thought i would start in April but then decided to start this month instead .I am starting with SA2 which stood at 10,264.13 and i have paid in 7 from surveys and 6 from a refund so it now stands at 10,251.13 .This is a Repayment Mortgage whereas the rest of my outstanding mortgage is IO so i thought i would start with this as it is by far the smallest and i will just use free money .

    Savings took a battering so no idea what the final outcome will be this month i just hope that i can add some to bring the total back up to where it was at the end of last month we shall see .

    Food and diesel budgets both going really well.

    Thank you for the advice on raising my husbands wage i dont think he has changed his rate for 10 years at least and unfortunately i cannot talk him in to asking for more but i will definitely be doing so with new customers i think and he seems happy to do that so thank you all for that .
    • Busy Mee1
    • By Busy Mee1 13th Mar 18, 4:39 PM
    • 596 Posts
    • 2,695 Thanks
    Busy Mee1
    Glad to hear you are still here Try Harder and it sounds like you are back on track after the bad weather.

    Great idea to start chipping away at your mortgage with "free money". I am going to start doing this in April but will need to do it in bigger chunks as I have to ring up every time to get the term reduced, otherwise they just reduce the monthly payment, which rather misses the point. X
    • themadvix
    • By themadvix 16th Mar 18, 8:42 AM
    • 1,638 Posts
    • 9,594 Thanks
    themadvix
    Thought I'd move over here, rather than monopolising BM's thread

    I can see why it's tricky trying to keep a track of everything if you receive the money daily. When I first started out as SE jobs were few and far between (I was living at home, so fortunately costs were few and far between too) and I tended to pay myself as and when I got paid (because I receive so many foreign payments I've always had to have a business account, so it was always 'paying myself', IYSWIM). However, the difference it made when I switched to paying myself monthly was huge - it makes it much easier to budget and know what I've got in the way of income for the month.

    It might be worth trying this - even if you start a week at a time to start the transition. It would also mean on the days when your husband can't work for whatever reason, you have a bit longer to adjust to the lack of money/rejig the budget - as you'll be paying yourselves a week/month after the gap in work.
    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 16th Mar 18, 8:57 AM
    • 780 Posts
    • 3,002 Thanks
    try harder
    Thank you for that themadvix i can definitely see how that could work and as you say it will be easier to recoup any money we lose for any reason over the month or even two months .I would have to guess the first months money as my husbands earnings are variable every day but i would have the exact figures written down for the subsequent months so would become much easier from month 2 .I had thought about doing this several times before but will look at the numbers today to see how much i would need to withdraw to start the ball rolling ,might be a good idea for the first of April.Thank you for that
    • themadvix
    • By themadvix 16th Mar 18, 9:51 AM
    • 1,638 Posts
    • 9,594 Thanks
    themadvix
    You're very welcome. It'll take some sorting, and unlike others I don't have 'set' income per month still (i.e. I don't pay myself X amount regardless of how quiet or busy it's been), but it does help even things out a bit!
    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 27th Mar 18, 7:01 AM
    • 780 Posts
    • 3,002 Thanks
    try harder
    Today i have been on the group for two years so i thought it would be a good idea to see how things are going .In 2016 my mortgage was 170,000 today it is 165,414 a difference of 4586 making an average of 2293 a year not brilliant but better than nothing i guess.My savings today Stand at 21,405 making an average of 10,702 a year .Mortgage OP plus savings =12,995 a year .

    With 8 years to go although i am very pleased with what i have this is not going to be enough ,my mortgage 165,414 minus my savings would be 144,009 with 8 years to go means a figure of 18,000 a year would be needed or 1500 a month so from April this will be my new target ,i have no idea how i will ever be able to get close to this amount but i will try .

    NEW TARGET ...1500 a month ....34905 by the end of 2018.
    • Busy Mee1
    • By Busy Mee1 27th Mar 18, 7:37 AM
    • 596 Posts
    • 2,695 Thanks
    Busy Mee1
    Happy two year Anniversary Try Harder and what a difference you have made to your finances in those two years.

    Thank you also for all your support and encouragement you have given to me and others in those two years, it really helps.

    Great new target to focus your mind, I am sure you can do it !
    • try harder
    • By try harder 27th Mar 18, 7:50 AM
    • 780 Posts
    • 3,002 Thanks
    try harder
    Thank you so much Busy Mee1 thats such a lovely thing to say .I have really struggled this month with everything especially money so have not posted much so thank you for your encouragement as always and i will be following you as usual for my inspiration .
    • Kittenkirst
    • By Kittenkirst 28th Mar 18, 6:07 AM
    • 1,885 Posts
    • 10,108 Thanks
    Kittenkirst
    Wow- happy two year anniversary and what fantastic figures for the two years so far!

    I've been impressed by your determination in your diary so have no doubt that you will work your hardest to smash your new monthly target figure- keep on going, we're all here wiling and cheering you on
    2018 MFW #20 - OP 1465.85/ 3000 49%
    Mar: 218 Apr: 528.91 May: 27.31

    Emergency fund 4.2k/ 6k
    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • try harder
    • By try harder 28th Mar 18, 7:42 AM
    • 780 Posts
    • 3,002 Thanks
    try harder
    Thank you Kittenkirst for your encouragement and support
    • shangaijimmy
    • By shangaijimmy 28th Mar 18, 7:55 AM
    • 2,702 Posts
    • 13,328 Thanks
    shangaijimmy
    Well done. Spend some time celebrating your 2yr diary and enjoying the progress you have made.
    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
    • try harder
    • By try harder 28th Mar 18, 8:01 AM
    • 780 Posts
    • 3,002 Thanks
    try harder
    Following on from yesterdays figures with savings of 21,405 Aprils target will be 1500 ,this will be how i will try to achieve it

    411.35 left over after full bills incl 100 a week food and 40 a week diesel
    214.28 savings on food bill meaning a budget of 50 a week instead of 100
    61.42 savings on diesel over the month so we will be very careful with both cars usage over the month and walk if nearby or use the more economical car as much as possible
    75 ? Estimated .For work we are doing for a friend
    125 . Estimated .Bank switch .I havent decided which switch to try as yet
    84.28 Free stuff ,shopping coupons ,money off ,surveys etc again estimated
    528.67 .This is the big one and will come from all selling via ebax ,gumtrex etc .

    If i can reach my average 1000 i will be very happy ,the 1500 target will mainly depend on my motivation so heres hoping that i will soon find some ,not sure where its hiding at the moment
    • Stressedouthomebuyer
    • By Stressedouthomebuyer 28th Mar 18, 8:23 AM
    • 2 Posts
    • 5 Thanks
    Stressedouthomebuyer
    Sounds old fashioned but we got one of those big water bottles you get from the machines. And we put anything 50p and under in it. Within a couple of months we had 200, which doesnt sound alot but we either buy something we need for the house or we bank it. You will be suprised what you can save!
    • themadvix
    • By themadvix 28th Mar 18, 8:30 AM
    • 1,638 Posts
    • 9,594 Thanks
    themadvix
    Happy two year anniversary TH! And you should be pleased with what you've achieved. It might not be enough yet, but think about where you've come from. And that looks like a great plan for April (how are we nearly in April already!?!)
    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 28th Mar 18, 10:10 PM
    • 596 Posts
    • 2,695 Thanks
    Busy Mee1
    Hi Try Harder. I don't know if this would work for you but I now turn things around and prioritise my monthly savings using standing orders to savings and then just manage with what is left. I treat my savings like a regular monthly outgoing, rather than just saving what is left at the end of the month. This approach might give you the motivation to ramp up your eb@ying, because if you don't you won't eat A bit drastic I know but a different approach might help
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