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  • FIRST POST
    • Couldsavemore
    • By Couldsavemore 13th Oct 18, 4:15 PM
    • 56Posts
    • 280Thanks
    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
    • 56 Posts
    • 280 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
    • 40 Posts
    • 70 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
    • 56 Posts
    • 280 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
    • 56 Posts
    • 280 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
    • 1,387 Posts
    • 3,775 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
    • 56 Posts
    • 280 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
    • 56 Posts
    • 280 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
    • 514 Posts
    • 2,293 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 Dec 88.61/306.25
    2 Savers Club #59 74
    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
    • 56 Posts
    • 280 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
    • 614 Posts
    • 723 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)
    • Couldsavemore
    • By Couldsavemore 23rd Oct 18, 6:04 PM
    • 56 Posts
    • 280 Thanks
    Couldsavemore
    Well I've officially made an overpayment!!

    Rang my mortgage provider, who were really helpful on how I could overpay.

    So...
    Op 100 underspend in sept
    OP 100 saved shopping around for car ins

    Total OP 200
    Left to pay 1000

    Am feeling well chuffed with self!

    Have decided to join the frugal thread in debt free wannabe... i will I WILL cut back!!
    • Couldsavemore
    • By Couldsavemore 26th Oct 18, 5:46 PM
    • 56 Posts
    • 280 Thanks
    Couldsavemore
    So I got my new bank cards for my new bank account!!
    Feeling a few steps closer to getting that free money!!

    I managed to under spend from my 80 quid despite buy beavers uniform!

    Food shop cost me 36 this week so surely I'll come in under budget this week.

    Also looks like there will be a few pounds left in my bank account to make a small OP.

    Will also attack my change jar. Normally cash it in in november to help towards christmas but I've been organised and budgeted so it can go on over spend!
    • Couldsavemore
    • By Couldsavemore 28th Oct 18, 5:00 PM
    • 56 Posts
    • 280 Thanks
    Couldsavemore
    I've started listing stuff on ebay.
    So fingers crossed there will be a small pot to add to my OP's
    • Dobbibill
    • By Dobbibill 28th Oct 18, 7:28 PM
    • 3,418 Posts
    • 4,444 Thanks
    Dobbibill
    Well done on your OPs - you sound very determined and just wanted to stop and wish you well.

    Use sites like TCB and/or Quidco to make net savings on home/car insurance, even Xmas shopping. (sorry I didn't see your post to tell you about this before you renewed last week )
    • Couldsavemore
    • By Couldsavemore 31st Oct 18, 5:47 AM
    • 56 Posts
    • 280 Thanks
    Couldsavemore
    Thanks Dobbibill. Am trying to look at how I've been spending so can save more!

    Well... my bank account was in tge black at the end of the month. Huge yeay to me. I've had some heavy expenses this month so whilst U've made OP's its been due to getting hold of extra cash not by being more frugal.

    I've emptied my change jar, bagged it up and been to the bank...136 for over payment pot.
    Also noticed that I got an extra child benefit payment this month as it gets paid every 4 weeks that means 13 payments a year. Thats 82 for the OP pot.

    I've spent a lot of time looking at money saving forum threads.
    I've joined the november grocery challenge at 150 and ir's a 5 weekend month for me... super ekk!
    I've also joined the frugal living thread... This months aim is to live on 300 (including my 150)
    The only other spend is to be on a games console for small persons christmas pressie... hoping can use nectar points towards this ( when they do the double point vouchers if not I've a 30 John Lewis voucher I can use)

    E bay listings update... some have a bid already... well 4 out of 16 do! I'll update on sunday when auctions are finished!

    I've also started a proper spending diary.. Old school pen, pencil and calculator style... hopefully that will help!
    I know a spread sheet could be lovely stylish and do the math for me but I'd probably be too lazy to log on!

    Fingers crossed to be 'well in the black' in 30 days time!

    Ohh and if anyone does actually read this and knows how to add a signature I'd be greatful for help.

    Ohhh and since I used a comparison website for car insurance, I got a years worth of 2 for 1 cinema... so saved 5 yesterday when we went to see Bohemian Rhapsody.
    • Couldsavemore
    • By Couldsavemore 31st Oct 18, 5:53 AM
    • 56 Posts
    • 280 Thanks
    Couldsavemore
    Over payment has now offically been made.

    Thats 218 OP made!! Whoop whoop��

    OP's so far.. towards 1200 target! 418.

    418 / 782.

    Aiming high to hit 750 at the end of november!!
    • Dobbibill
    • By Dobbibill 31st Oct 18, 6:18 AM
    • 3,418 Posts
    • 4,444 Thanks
    Dobbibill
    Ohh and if anyone does actually read this and knows how to add a signature I'd be greatful for help.
    Originally posted by Couldsavemore

    Adding a signature is in the 'user control panel'. You can also get to it via the 'quick links' heading.

    When posting you can choose whether to tick/untick the box to show your signature.
    • Couldsavemore
    • By Couldsavemore 2nd Nov 18, 7:59 PM
    • 56 Posts
    • 280 Thanks
    Couldsavemore
    Thanks Dobbihill. I now have a signature!

    Had a quiet spending week. Able to put 10 in my 'spare' envelope and some change into my sealed jar!

    Started tge november GC.
    Did well only spent 18.50 ( due to some Mr M saving stamps I found in a draw!) So 131.50 left for the rest of the month.

    Tomorrow will take out my ebtertainment / clothes budget.

    Hopefully just using cash will make me realise where the money that evaporates from my bank account goes too!

    Happy weekend!
    Mortgage overpayment target is 1200
    768 / 432


    SPC #80
    • squirrelgirl
    • By squirrelgirl 3rd Nov 18, 4:46 PM
    • 327 Posts
    • 1,737 Thanks
    squirrelgirl
    Hi couldsave more

    I think that you are doing really well and that the spending diary is a really good idea! It's something that I really need to start doing, particularly as I have just found out that our food budget this month has already had 80 used from it after a week!! No receipts kept by dh either so that's pretty annoying....

    Well done on the op!!
    15 Month Challenge: House - 13585.85/25300; Mortgage - 1160/17000 ;
    MFW No. 167
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