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  • FIRST POST
    • try harder
    • By try harder 27th Mar 16, 4:39 PM
    • 787Posts
    • 3,058Thanks
    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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    • michelle09
    • By michelle09 30th Mar 18, 9:39 AM
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    michelle09
    Happy 2 year anniversary try harder! Even if it's not the target you were hoping for, £13k a year is still an incredible achievement.

    BMs advice is good, I'm trying that with OH now. We're going to put £500 / month into regular savers on 5% and OP that as a lump sum when the 12 months is up.
    • try harder
    • By try harder 2nd Apr 18, 6:22 AM
    • 787 Posts
    • 3,058 Thanks
    try harder
    I am going to try to post more regularly to keep myself motivated and accountable

    Food budget on target
    Free money £11.78 ...Great start
    Big savings target £18.14 ..On target

    Thanks everyone ,its been a great two years and i have learned such a lot from everyone on here

    This morning i have written out the grocery shop for the month and meal planned ,listed everything in my two fridges and once its light outside i can get to the freezer and sort through it , i know its full to the top so thats handy . Now i need to hope for some more sales on Ebax today fingers crossed
    • Busy Mee1
    • By Busy Mee1 2nd Apr 18, 11:45 AM
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    Busy Mee1
    Sounds like a great focussed start TH - I hope you do post more often-we miss you when you aren't around much x
    • themadvix
    • By themadvix 3rd Apr 18, 10:25 AM
    • 1,776 Posts
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    themadvix
    What Busy Mee said!
    OPs 2018 = £2090
    Moving savings = £1345.52
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jun 2018: £92,000
    MFW2018 no. 38
    • try harder
    • By try harder 3rd Apr 18, 10:47 AM
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    try harder
    Well what a washout yesterday was , i had an item returned as buyer changed their mind and i had to refund their postage and another buyer didnt pay and no other sales to compensate for it ,never mind these things happen and it didnt really matter it was just that i now have to deduct them from my running total to my saving

    On a more positive note food budget is still on track even though we have only had two days so far this month but i am keeping a very close eye on it all as this and the diesel savings will make up the bulk of my savings this month i am guessing .

    Please let me get motivated and list on ebax,even thinking about Busys suggestion has not convinced me nor spurred me into action i am so lazy and find it such a chore and then with so many problems with selling lately it really does put me off .

    Thank you Busy Mee and themadvix for your kind words i will make a very good effort to be around every day .
    • themadvix
    • By themadvix 4th Apr 18, 11:07 AM
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    themadvix
    What a pain about the ebax sale. But don't let it knock your motivation!

    That's great about the food budget though
    OPs 2018 = £2090
    Moving savings = £1345.52
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jun 2018: £92,000
    MFW2018 no. 38
    • try harder
    • By try harder 8th Apr 18, 8:57 AM
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    • 3,058 Thanks
    try harder
    Thank you themadvix.

    One week in to the new month and heres how things are standing at the moment
    Food budget ..On target
    Free money...£19.38
    Savings from other sources...£62.15
    Diesel budget ..On target

    Im very happy with that so far .

    I cant find any bank switches that seem applicable to me so that wont be happening this month after all sadly ,i do need to set up a couple of DD in another account ready in case something suitable does come along in the future though.

    The job for a friend will not be happening this month either as no longer needs doing

    Never mind i will still carry on with hopefully an overall savings this month of between seven and eight hundred i am still very happy with that but will still keep the £1500 target as my goal
    • Busy Mee1
    • By Busy Mee1 8th Apr 18, 9:02 AM
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    Busy Mee1
    Nice to hear you sounding a bit more positive TH and you are doing really well.

    I noticed on someone else's thread that they have a challenge to list 10 things a week on Eb@y - I don't know if that would work for you, you could set your own number x
    • try harder
    • By try harder 8th Apr 18, 9:21 AM
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    • 3,058 Thanks
    try harder
    Thank you that is a very good idea , i think if i could list ten a week it would soon add up and i would only have to think of one thing a day and some days two so it wouldnt seem so overwhelming and would add up to forty plus a month ,that really is a great idea thank you ,i just hate the thought of it but one o two is definitely doable ,i dont know why i have gone off the idea of selling so much i guess its because of so many problems with buyers or maybe it just feels that way .I will add it to my targets ,thank you as always Busy Mee
    • shangaijimmy
    • By shangaijimmy 8th Apr 18, 9:30 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    Our technique for listing, is to spend 20mins taking a load of pictures on the ipad. Then when i feel like it (mainly when Mrs SJ is watching a horror film), i may list a few items. In reality once the pictures are done it only takes 3-4mins to do a listing. Doing it this way never feels too demanding/overwhelming when we have a full bag of stuff. And on that note i think i may well get a few listed tonight whilst watching the early stages of the golf!
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction £43,102.24
    Aug 2009: £163,051 // Current: £92,897.77 // Avg Daily Interest £4.17
    MFiT-T4 #8 - 74.24% of £41,000
    • michelle09
    • By michelle09 8th Apr 18, 4:14 PM
    • 790 Posts
    • 4,416 Thanks
    michelle09
    That's a pain about the ebay sales TH. Sometimes you have good patches and sometimes not, hopefully the next ones will be better!
    • try harder
    • By try harder 15th Apr 18, 10:28 AM
    • 787 Posts
    • 3,058 Thanks
    try harder
    Thanks SJ and michelle09 ,great advice .

    Two weeks in to April and...
    Food budget totally blown
    Diesel budget still on target
    Free money ..0000 this week
    Savings from other sources £43.93

    Savings from my lovely husbands wages have been well and truly spent as we decided to go away on holiday which was absolutely lovely but means our overall savings this month will be very low ,never mind i will be very happy if i can reach my target of £22,000 by the end of April so lets see how things go .I need to find £155.04 in 16 days in order to do this .
    • themadvix
    • By themadvix 16th Apr 18, 9:41 AM
    • 1,776 Posts
    • 10,264 Thanks
    themadvix
    Life *is* for living as well as saving money! If it was absolutely lovely then I think it's money well spent - and will refocus you for getting on with the rest!
    OPs 2018 = £2090
    Moving savings = £1345.52
    OPs 2017 = £3103
    Starting balance 2012: £132000; balance Jun 2018: £92,000
    MFW2018 no. 38
    • try harder
    • By try harder 20th Apr 18, 8:09 AM
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    try harder
    Morning and thank you themadvix ,yes that is absolutely true life must be lived and enjoyed and a balance between the two must be made.

    This month has been very ,very spendy for us and alongside almost a thousand pounds going out of the bank for car insurances another holiday has been booked and a lot of the money had to come out of the savings so instead of having £22000 this month it looks much more likely to be back to £21000 ,i am just happy that i have the money available and of course it saves money in the long run as i dont have to pay in instalments so thats all good.

    Looking forward to May and thinking about my Mortgage i will have 91 months left ,i owe around £165,000 and £10,000 is on a repayment so i need to concentrate on the £155,000 IO minus £21,000 i have saved leaving £134,000 to find divided by 91 remaining months which means my new target from May will be £1472 a month .I need to have a good think about how i can achieve this massive number
    • Busy Mee1
    • By Busy Mee1 21st Apr 18, 7:18 AM
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    Busy Mee1
    Hi Try Harder, I hope you are well and enjoying the sunshine.

    I wonder have you worked out how much interest you would save if you actually paid £20k off of your mortgage and the "snowball effect" if you then continued to make the same regular payment to your mortgage.

    I know it would be quite a wrench to effectively lose your savings but this could help you in a number of ways. It means that that is £20k off your mortgage forever, and you will save the interest and effectively be able to use that saving to pay down more of your mortgage.

    It would also stop you from dipping into your savings, I think having the money sat there is possibly making you feel well off, but it is your mortgage money you are spending.

    It may also focus you again on your saving to try and build your savings accounts up again.

    You like us, are running out of time to get you IO mortgage paid off and I just wonder if this different approach would help. X
    • try harder
    • By try harder 22nd Apr 18, 7:44 AM
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    try harder
    Morning Busy Mee1

    You are as always absolutely right of course but im not sure what i can do about it .I feel very reluctant to put the money into the overpayment as it is the only security we have but i can completely understand what you are saying regarding the savings in interest over the remaining years and the fact that more money then will be going towards the debt each month ,the trouble is the money has become my security blanket ,the other problem is that i have been putting all money into one pot and have to take money out when an expense appears .I dont think though that i could part with all the money and start again i would feel dreadful and out on a limb ,knowing i have that money there makes me feel happy even though as you rightly say its not mine it belongs to the bank .I think the best idea is to have another account which i will use for my four pots , holidays ,cars which will be include the cost of buying a car and the cost of MOT work and the like ,all my health and fitness expenses and lastly my caravan replacements so a four way split .It will of course mean less money going towards the Mortgage but at least it will be more of a true reading.

    I have set them all up this morning and moved some of this weeks takings into the four pots so that they are up and running .I will post numbers later .Thank you BM for your help and support as always
    • shangaijimmy
    • By shangaijimmy 22nd Apr 18, 8:01 AM
    • 2,759 Posts
    • 13,729 Thanks
    shangaijimmy
    My thoughts, or questions... what reason does it have to be all in or nothing? You could drip feed it in over a few months, and that way you would be adding to the savings at the same time so the impact mentally isn't as bad? Not sure on your number but for example £500 to mortgage from the savings pot, whilst you !!! £250 each month to savings. Little bit of the best of both. Perhaps track a net worth figure each month to give you a clearer picture of how it all works in sync (I have a very simple spreadsheet for tracking that intend to update on the 1st of each month, and am willing to share if you would like a copy)??
    MFW: Turning June 2036 into March 2025... 40//120 Payments Challenge, Diary Reduction £43,102.24
    Aug 2009: £163,051 // Current: £92,897.77 // Avg Daily Interest £4.17
    MFiT-T4 #8 - 74.24% of £41,000
    • try harder
    • By try harder 22nd Apr 18, 8:33 AM
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    • 3,058 Thanks
    try harder
    Now that is a brilliant idea SJ ,why didnt i think of that .Drip feed along with saving ,the best of both worlds.It would certainly work ...Thank you that would be very helpful and a great motivator...Sometimes i find it hard to see the wood for the trees
    • greent
    • By greent 22nd Apr 18, 10:17 AM
    • 7,147 Posts
    • 72,720 Thanks
    greent
    Agree a dual approach sounds a good idea
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £2772.47/£4000
    Net sales 2018 £542.92/£1000 PAYDOX18 (#15) Done £18918.90
    • try harder
    • By try harder 22nd Apr 18, 1:17 PM
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    • 3,058 Thanks
    try harder
    Thank you greent.

    This weeks money as follows
    Food budget totally blown
    Diesel budget totally blown too
    Free money 0000
    Savings £48.26

    I will be very pleased to finish the month on £21,000 after an incredibly expensive month all round and one which i would rather forget about to be honest

    In May i will start out with £20,000 set aside in savings ,i will also hopefully have the following or thereabouts
    £1,000 in cash
    £211.45 in my Millionaires challenge pot ..Yes i have spent some oh dear
    £131.42 which is my pot for House and garden ,holidays ,cars and health and fitness ,i need to add £150 a week to this in order to keep up with what i need each year but whatever i have will be divided out in order of importance this money will come from Ebax sales mainly
    Free money to carry on as before and is going to OP on my SA2 which is almost below £10,000 now
    Monthly money aim to save £1472 with a mixture of possibly £1,000 to savings and £472 to Mort OP also to SA2 but i am happy with saving anything above £500 and this will be my new aim ,it may be lower now as i have to put the £150 aside a week .

    Lets see how i get on with this ,i am finding this all a case of trial and error and thank you to everyone for all your help and advice along the way
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