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  • FIRST POST
    • Couldsavemore
    • By Couldsavemore 13th Oct 18, 4:15 PM
    • 18Posts
    • 56Thanks
    Couldsavemore
    Aiming for 1200 overpayment this year
    • #1
    • 13th Oct 18, 4:15 PM
    Aiming for 1200 overpayment this year 13th Oct 18 at 4:15 PM
    In August I remortgaged on to a better interest rate with the same company and they let me keep my repayments the same.

    This cut my mortgaged life from 19 years to 17 years.

    So I thought if I started some overpayments then I could reduce this further.

    I'm otherwise debt free and currently put away 600 in saving a month which I am saving for trip to Disney / new kitchen / new car!

    So I though I'd challenge myself to find 1200 extra to overpay on the mortgage but not to take it out of my savings (if that makes sense). I'm hoping to do this in 12 months. So thats 100 a month target.

    I started last month and cut my weekly spend ( food, entertainment etc) down to 80. As it was a 5 weekend month... that gives 100 so far.

    I need to frequently change how I'm cutting back or I get board.

    My household is me, my son, super spaniel, terminator cat and the fish!

    Will do a thorough budget and come back to this.

Page 1
    • Couldsavemore
    • By Couldsavemore 14th Oct 18, 10:10 AM
    • 18 Posts
    • 56 Thanks
    Couldsavemore
    • #2
    • 14th Oct 18, 10:10 AM
    • #2
    • 14th Oct 18, 10:10 AM
    My income 2193 after tax
    Child support 350

    So i have a monthly budget of 2500 but I try to not include the child support in long term planning as he keeps saying he's goung to quit work etc so I want a budget where its spare.

    Parents 200 (paying back house deposit) and I have done since I took out my mortgage 5 years ago.
    Mortgage 317
    Savings 600
    Council tax 85
    Tv 13
    Water 31
    Charity 30
    Dog insurance 42
    Lottery 10
    Phone 10
    Gas n elec 61
    Diesel 50
    Food / entertainment 100 per week
    School meals 40
    After school club 50

    Leaves 200-300 spare per month so use this pay for clothes / car repairs

    The cat is no longer insured as she has terminal cancer..

    Child support is ususally used for... car insurance

    Ohh lets be honested wasted!

    Honestly... i think I'm good with money then look at this and I'm like somebody slap me!

    This months child support will cover the car insurance, next month's (honestly... christmas presents for my son)

    Let the cut backs begin...

    Starting target 1200... current saved 100

    Feel free to point out areas I could cut back etc
    • mikenolan
    • By mikenolan 15th Oct 18, 1:25 PM
    • 39 Posts
    • 68 Thanks
    mikenolan
    • #3
    • 15th Oct 18, 1:25 PM
    • #3
    • 15th Oct 18, 1:25 PM
    I think the next step is to work on a more detailed budget. You've got 433/month on "food/entertainment" but how does that break down between regular supermarket shopping / eating out / cinema trips etc? Child support is "usually used for car insurance" but there's 4200 coming in and I can't imagine that's all going on insurance!

    On the face of it the other figures you've said seem not unreasonable but I worry there's lots of hidden spending.

    I use the MSE budget planner spreadsheet and it includes prompts for all sorts of monthly and irregular spending so you can get a proper view of what you're spending and identify where you might be able to cut back.
    • Couldsavemore
    • By Couldsavemore 15th Oct 18, 6:48 PM
    • 18 Posts
    • 56 Thanks
    Couldsavemore
    • #4
    • 15th Oct 18, 6:48 PM
    • #4
    • 15th Oct 18, 6:48 PM
    The child support gets used on large bills, this month car insurance, last month on an electricians bill.
    But yes, i absolutely need to hold myself more accountable for it.

    400 for food and entertainment.. wow..
    I think i need to track this more.
    We hardly ever eat out! My food bill is 40-50 a week. Needless to say you can't move in my cupboards... i could probably just by fresh fruit and veg next week!
    200 on entertainment... well i do pay for lots of activities for my son but thats probably under 100 a month.

    I'll definately focus on these 3 areas over the next few months.

    I'm doing this diary as theres a lot of unaccounted spending goung on.

    Hope you've all had a good day!
    • Couldsavemore
    • By Couldsavemore 15th Oct 18, 8:42 PM
    • 18 Posts
    • 56 Thanks
    Couldsavemore
    • #5
    • 15th Oct 18, 8:42 PM
    • #5
    • 15th Oct 18, 8:42 PM
    So to help me sort myself out.

    I took 80 on friday...

    I've bought food
    We went to the trampoline park
    I've been swimming

    I've currently got 23 pound left.

    Hoping to have some of this left to add to my overpayments fund.
    Only planning on going swimming so fingers crossed no other soends
    • louby40
    • By louby40 15th Oct 18, 9:22 PM
    • 1,377 Posts
    • 3,757 Thanks
    louby40
    • #6
    • 15th Oct 18, 9:22 PM
    • #6
    • 15th Oct 18, 9:22 PM
    I'd get rid of the charity donation and lottery, that's 480 a year!
    • Couldsavemore
    • By Couldsavemore 16th Oct 18, 9:31 PM
    • 18 Posts
    • 56 Thanks
    Couldsavemore
    • #7
    • 16th Oct 18, 9:31 PM
    • #7
    • 16th Oct 18, 9:31 PM
    Loudy 40..

    Yeah its suprised me a bit when you see it like that, but I'd rather claw back 30 quid from my food budget.

    I take your point over the lottery though.

    I'm going to focus on the 100 pound a week and where thats going as well as where the rest of the 'spare' money goes!

    We were talking budgets at work.. was stunned by those saying they spent 50-70 pound a month on alcohol. I don't think I spend that in a year!
    • Couldsavemore
    • By Couldsavemore 20th Oct 18, 10:47 AM
    • 18 Posts
    • 56 Thanks
    Couldsavemore
    • #8
    • 20th Oct 18, 10:47 AM
    • #8
    • 20th Oct 18, 10:47 AM
    So managed an unimpressive saving of 5 this week!

    Not looking good for an underspend thus week!
    Ended up spending 20 on fireworks..
    Plus 20 on beavers uniform.
    But I've still got 20 left for the week...

    Still managing to cut back to 80 rather than 100 each week.

    Did some christmas shopping...
    Had been given a 25 pound voucher for a shop I don't shop in. So got 3 bottled of prosecco.

    I have a 30 pound one for another shop I don't use so off christmas shopping on that!.

    Need to check online for car insurance. Tge quote including break down is a whooping 480.. its only a c max!! Hopefully i can get that down a bit or a lot and can chuck the saving at the mortgage!
    • selloptape
    • By selloptape 20th Oct 18, 3:51 PM
    • 478 Posts
    • 2,069 Thanks
    selloptape
    • #9
    • 20th Oct 18, 3:51 PM
    • #9
    • 20th Oct 18, 3:51 PM
    I think it's amazing that you save 600 each month!! Good luck on your mortgage free journey - I'll be following with interest as have similar mortgage repayments and also an ex who wants to leave his job
    GC Oct 213.34/327.70
    2 Savers Club #59 58
    MFW 2018 #49 700/3,000
    MFiT T4 #21 - reduce mortgage by 20k over 3 years
    • Couldsavemore
    • By Couldsavemore 21st Oct 18, 4:03 PM
    • 18 Posts
    • 56 Thanks
    Couldsavemore
    Hi Sellotape...
    The reason I save it is that when I started out after my marriage failed I could only find a low paid job. So learned to cope on thus wage.
    As I've had time to change jobs and build up my career.. my wage has increased but I've tried to save this money.

    I know I can do better than I currently am!

    Ex's are definately stressful!:eek:

    It's been a good weekend for getting free money!

    I had tried in sept to change my bank account but there was a problem with my application. I went in on saturday to sort this out and they are going to put 50 into the account as an apology. Plus the free 150 for opening the account.

    I've also saved 100 on my car insurance!

    I'm going to ring the mortgage provider tomorrow about how to do over payments!

    Hope everyone has a good sunday eve
    • owen_money
    • By owen_money 21st Oct 18, 6:36 PM
    • 567 Posts
    • 647 Thanks
    owen_money

    Honestly... i think I'm good with money then look at this and I'm like somebody slap me!
    Originally posted by Couldsavemore
    Happy to slap you if it helps
    One man's folly is another man's wife. Helen Roland (1876 - 1950)
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