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    • Thriftmaster1973
    • By Thriftmaster1973 13th Aug 17, 5:53 PM
    • 51Posts
    • 133Thanks
    The Journey Begins...
    • #1
    • 13th Aug 17, 5:53 PM
    The Journey Begins... 13th Aug 17 at 5:53 PM
    Hi, got a few things out of the way (weddings, stag do's etc) and now I want to start putting extra down and clear the mortgage.

    I want to do this within 5 years or less (I will be 48 y/o). Here's the state of play....

    £52,365 owing, house valued at £150.000.
    9 years remaining (on 2.54% fixed for another 3 years)
    10% of 64,000 can be overpaid without penalties.

    There are no other debts, only this mortgage.

    I am going to be aiming for £333 overpayment every 4 weeks (13 times a year) and add more overpayment as the mortgage decreases.

    House runs on a ultra low cost operating model (implemented by me).

    All variable outgoings (apart from shopping)are monitored weekly. Milage, mpg, actual fuel spend, water usage, gas, electric are all monitored so I can try to become even more efficient.

    I know I sound a skinflint and I know it's not trendy running a house like a business but I need to have a journey to financial freedom.


    £1800 take home every 4 weeks so get 13 pay packets a year. 1800 divide by 12 = 150.
    So could call take home pay £1950 on a monthly basis.

    552.90 mortgage
    96.00 council tax (10 month, other 2 month's pay for car tax)
    70.00 gas & electric
    70.00 car fuel
    15.30 broadband and landline
    10.00 mobile
    120.00 food
    175.00 maintainance payment
    12.12 TV licence
    20.00 car insurance
    20.00 building contents insurance
    19.61 life insurance
    39.99 gym / swimming
    32.86 redundancy / sickness cover
    13.00 union membership
    10.00 mot
    25.00 water
    26.43 boiler insurance.

    £1328.21 outgoings per month.

    £472 left over (4 weekly)
    Last edited by Thriftmaster1973; 17-08-2017 at 2:08 PM. Reason: Mistake
Page 4
    • selloptape
    • By selloptape 25th Feb 18, 7:56 PM
    • 457 Posts
    • 1,890 Thanks
    Fab diary! Maybe your family will cut you some slack now that you’ve saved your sister so much money
    GC May £235.52/£290 GC April £240.65/£300March £322.53/£350
    £2 Savers Club #59 £58
    MFW 2018 #49 £600/£3,000
    MFiT T4 #21 - reduce mortgage by £20k over 3 years
    • Thriftmaster1973
    • By Thriftmaster1973 13th Mar 18, 8:40 PM
    • 51 Posts
    • 133 Thanks
    Well it just goes to show how much money can go to waste when u take your eye off the ball.
    She was shocked when she looked at the amount wasted over several years.
    £50,134 owing December 2017 , now @ £47,717.
    • Thriftmaster1973
    • By Thriftmaster1973 13th Mar 18, 8:50 PM
    • 51 Posts
    • 133 Thanks
    Noticed some outgoings are now on the up.
    My broadband/line rental with sky going up from £18.99 to £20
    Also had the council tax bill, up near 6% on last year, about £6 per month.
    Gas and electric increasing around 6%.
    Noticed food even in Aldi is slowly creeping up.
    I know the value of the pound has fallen but I'm sure many businesses are cashing in and using Brexit as an excuse to ramp up the price of everything.
    £50,134 owing December 2017 , now @ £47,717.
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