Hiya All
13 may be unlucky for some but there's only 13 days left to the start of The Mortgage Free Challenge - T2 and it feels like Christmas is coming early, I'm that excited!!
I know this sounds crazy but since joining the Mortgage Free Challenge on Martin Lewis's Money Savings Expert website, I've never felt so focused in my life - OK, obsessed is probably a more accurate description but if it means my family and I become Debt Free sooner rather than later, then that's OK with me.
My last Mortgage Payment before the challenge begins is due to go out next week and I can't wait to ring up the Mortgage Provider for an Outstanding Balance quote. I've already set an objective but I think it's a touch too optimistic. I will be making a final decision next week and will update with my Starting Mortgage Balance along with a new End Target Balance.
I have talked of a spreadsheet I have created (thanks to financialbliss!) that helps to calculate the effect of the Mortgage Payments, but more interestingly, the effects of Mortgage Overpayment's - it's so addictive that I am playing about with different figures the whole time.
Although this challenge is for 3 years, I have extended this spreadsheet to the end of the term of my Mortgage. Interestingly, I have worked out what my Outstanding Mortgage Balance will be at the end of my 5 Year Fixed Mortgage Deal I have in place now. The Outstanding Mortgage Balance after 5 years will be significantly less after making the Mortgage Overpayment's - which is great - but it also means I will have a better Loan-To-Value Ratio (LTV) and as you all know, I'm sure, this will help me find a better deal next time, meaning my Mortgage Overpayment's will work even harder in future!
13 Days and counting - Role on 12/12/09!!!
Px
Sunday, 29 November 2009
Thursday, 26 November 2009
Mortgage Challenge - Birthday Spending Spree - a record number of requests to take out a store card!!
Hiya All,
Welcome back to my Mortgage Free Challenge
Where are the weeks going?!! Four weeks today and it's Christmas Eve!! Sorry everyone, didn't mean to frighten you.
As you know, it was my birthday last week and as part of my celebrations, I went to Leeds to engage in some serious Credit Card shopping!! And boy did I have a great time doing it (OK, so some slight guilt was felt wondering how much each spend could potentially help with my Mortgage Free Challenge, but hey, it was my birthday!!)
What surprised me, however, was the number of shops who were (almost hard) selling their Store Cards. I take it they must be on some sort of commission? I didn't mind because I know I have benefited from these Store Cards in the past. Opened it, took the generous benefits including the use of the vouchers you are sent with the first mail out, paid off the balance in full then never used the Store Card again.
In fact, only today I read on Martin Lewis' Money Saving Expert website that it's not too bad an idea to take out store cards to take advantage of the opening offers -remembering to pay off the balance in full. So if it's good enough for Martin, it's good enough for me!
So do you want to know how many times I was offered a store card, told of the benefits (even though I said I wasn't interested!) then reminded again of the fantastic opening offer? Eight, that's right, eight different shops were in effect offering me their credit at hugely inflated APR which, had I been any younger (I wish!!) could have landed me into some serious debt.
I managed to "get them off my back" after about the 3rd shop that offered me their card by simply saying I already have their card. OK, so they then ask you if you would like to use their Store Card to pay today (even though I've already handed over a card) to which I politely reply, "no thanks"
Px
Welcome back to my Mortgage Free Challenge
Where are the weeks going?!! Four weeks today and it's Christmas Eve!! Sorry everyone, didn't mean to frighten you.
As you know, it was my birthday last week and as part of my celebrations, I went to Leeds to engage in some serious Credit Card shopping!! And boy did I have a great time doing it (OK, so some slight guilt was felt wondering how much each spend could potentially help with my Mortgage Free Challenge, but hey, it was my birthday!!)
What surprised me, however, was the number of shops who were (almost hard) selling their Store Cards. I take it they must be on some sort of commission? I didn't mind because I know I have benefited from these Store Cards in the past. Opened it, took the generous benefits including the use of the vouchers you are sent with the first mail out, paid off the balance in full then never used the Store Card again.
In fact, only today I read on Martin Lewis' Money Saving Expert website that it's not too bad an idea to take out store cards to take advantage of the opening offers -remembering to pay off the balance in full. So if it's good enough for Martin, it's good enough for me!
So do you want to know how many times I was offered a store card, told of the benefits (even though I said I wasn't interested!) then reminded again of the fantastic opening offer? Eight, that's right, eight different shops were in effect offering me their credit at hugely inflated APR which, had I been any younger (I wish!!) could have landed me into some serious debt.
I managed to "get them off my back" after about the 3rd shop that offered me their card by simply saying I already have their card. OK, so they then ask you if you would like to use their Store Card to pay today (even though I've already handed over a card) to which I politely reply, "no thanks"
Px
Thursday, 19 November 2009
Money Saving and Paying off Debt to one side Please :-)
Hiya All!!
Every now and again, I put saving money and paying off debt to one side and embrace the now well established charity evenings that have become so part of our calendar that I just couldn't imagine life without them. What am I talking about? Well it's Children in Need of course!! It's my birthday today and every year, around my birthday our lives are surrounded by the one and only Pudsey Bear!!
All my money saving thoughts go down the drain and my thoughts turn to donating a few pounds to these great causes - well, quite a few ponds to be honest, I go a bit mad with my donations!! I sit and watch the entertainment so why shouldn't I pick the phone up and give something back? My husband has sent a text to 70077 tonight and straight away, £5 was donated to Children in Need.
I'm soooo lucky to have 2 very happy, healthy boys, but not everyone is as lucky as I am. So if I can help in any small way possible, I will - and I urge you to do the same - go on, it makes you feel great you know!!
Px
Every now and again, I put saving money and paying off debt to one side and embrace the now well established charity evenings that have become so part of our calendar that I just couldn't imagine life without them. What am I talking about? Well it's Children in Need of course!! It's my birthday today and every year, around my birthday our lives are surrounded by the one and only Pudsey Bear!!
All my money saving thoughts go down the drain and my thoughts turn to donating a few pounds to these great causes - well, quite a few ponds to be honest, I go a bit mad with my donations!! I sit and watch the entertainment so why shouldn't I pick the phone up and give something back? My husband has sent a text to 70077 tonight and straight away, £5 was donated to Children in Need.
I'm soooo lucky to have 2 very happy, healthy boys, but not everyone is as lucky as I am. So if I can help in any small way possible, I will - and I urge you to do the same - go on, it makes you feel great you know!!
Px
Wednesday, 18 November 2009
8 in 10 Savings Accounts Lose Cash
Hiya all
I was reading a headline in one of the papers today and it read 'Eight in 10 savings accounts LOSE cash: Inflation goes up - but banks still pay interest rates just above zero'
On closer inspection, it was referring to banks which are part-owned by taxpayers, such as the Halifax and Lloyds, as these are among the worst of the 'savings sinners', paying rates as low as 0.05 per cent.
So for example, a basic rate taxpayer with a £10,000 nest egg, will earn £4 a year after tax - or £3 for a higher rate taxpayer.
Is this totally crazy or what?!!
Have a look back to one of my earlier posts about playing free daily scratchcards with certain bingo sites. I worked out that as long as I log on to the website and play the free daily scratchcard, I will earn a minimum of £78 a year.
Now I've got no where near £10,000 in savings and I know it would be rather nice if I did, but it does put a little smile on my face when I think I'm earning nearly 20 times as much cash (for nothing!!) than they'll earn for probably not touching that capital.
Remember that I said I make a MINIMUM of £78/yr. That's based on making 10p per go per day (twice on a Sunday with one of them) Now if I analyse how much I actually earn on a scratchcard each day and do my sums correctly, I am probably making in the region of £132.60 per year (which will be paid off my mortgage)- for nowt.
So - who says you can't get something for nothing :-) Having said that, I do play bingo every, now and again (it's very exciting, especially when you win!!). It wouldn't be right to just take, take, take, now would it ;-) Px
I was reading a headline in one of the papers today and it read 'Eight in 10 savings accounts LOSE cash: Inflation goes up - but banks still pay interest rates just above zero'
On closer inspection, it was referring to banks which are part-owned by taxpayers, such as the Halifax and Lloyds, as these are among the worst of the 'savings sinners', paying rates as low as 0.05 per cent.
So for example, a basic rate taxpayer with a £10,000 nest egg, will earn £4 a year after tax - or £3 for a higher rate taxpayer.
Is this totally crazy or what?!!
Have a look back to one of my earlier posts about playing free daily scratchcards with certain bingo sites. I worked out that as long as I log on to the website and play the free daily scratchcard, I will earn a minimum of £78 a year.
Now I've got no where near £10,000 in savings and I know it would be rather nice if I did, but it does put a little smile on my face when I think I'm earning nearly 20 times as much cash (for nothing!!) than they'll earn for probably not touching that capital.
Remember that I said I make a MINIMUM of £78/yr. That's based on making 10p per go per day (twice on a Sunday with one of them) Now if I analyse how much I actually earn on a scratchcard each day and do my sums correctly, I am probably making in the region of £132.60 per year (which will be paid off my mortgage)- for nowt.
So - who says you can't get something for nothing :-) Having said that, I do play bingo every, now and again (it's very exciting, especially when you win!!). It wouldn't be right to just take, take, take, now would it ;-) Px
Tuesday, 10 November 2009
Spending on my Tesco Credit Card has earned me £158!!
I use my Tesco credit card to pay for everything! It helps that Tesco is my main supermarket but using their credit card has many more advantages than just the credit side of things. In fact, the credit side of things is my least tapped into benefit of using it (if you can call being in credit card debt being a benefit!!)
OK, so like I said, I use my credit card to pay for absolutely everything I purchase. I would only spend, however, if I know I can afford it. I build up the debt then each month, I make sure to pay off the full amount.
The benefit? Well, I don't freak out at receiving my credit card bill each month (OK, well that's a bit of a lie 'cause even though I think I know all payments are covered, even I'm surprised how quickly those little spends soon add up!!)
Well the other big benefit, especially as Tesco's have kindly been giving us shoppers double club card points for the last month or so, is the fact that this morning I received my clubcard vouchers - a grand total of £39.50!!! I am made up because, if you've been following my blog, you'll know I like to convert these vouchers into Bella Italia vouchers worth 4 times as much.
Soooo, my £39.50 in clubcard vouchers = £158.00 in Bella Italia vouchers!!! Boy am I going to enjoy some great meals out courtesy of the Tesco Credit Card. Thank you Tesco!!
Px
OK, so like I said, I use my credit card to pay for absolutely everything I purchase. I would only spend, however, if I know I can afford it. I build up the debt then each month, I make sure to pay off the full amount.
The benefit? Well, I don't freak out at receiving my credit card bill each month (OK, well that's a bit of a lie 'cause even though I think I know all payments are covered, even I'm surprised how quickly those little spends soon add up!!)
Well the other big benefit, especially as Tesco's have kindly been giving us shoppers double club card points for the last month or so, is the fact that this morning I received my clubcard vouchers - a grand total of £39.50!!! I am made up because, if you've been following my blog, you'll know I like to convert these vouchers into Bella Italia vouchers worth 4 times as much.
Soooo, my £39.50 in clubcard vouchers = £158.00 in Bella Italia vouchers!!! Boy am I going to enjoy some great meals out courtesy of the Tesco Credit Card. Thank you Tesco!!
Px
Sunday, 8 November 2009
£200 paid today results in £232.53 overpayment after 3years
OK, so I've got to the 8th November and most of my direct debits have been paid out. Surprisingly, there's £200 that I can afford to take out without it affecting our budget. I've just logged onto my internet banking and paid off another £200 off the mortgage.
Now if you've been reading my blog, one of my earlier posts talks about a spreadsheet I use to caluclate the effect of the overpayment. I calculated the effect of that £200 overpayment and to my surprise, it actually takes off a further £32.53 over the £200 by the time I reach 12/12/12 - the end of the 3 year challenge.
Well I think that's crazy!! Not too sure how it all works but when you see figures working for you like that, it makes you all the more determind to keep overpaying!!
I think this is going to help me get back on track - yeahhh!!!!
Pintsized 1 x
Now if you've been reading my blog, one of my earlier posts talks about a spreadsheet I use to caluclate the effect of the overpayment. I calculated the effect of that £200 overpayment and to my surprise, it actually takes off a further £32.53 over the £200 by the time I reach 12/12/12 - the end of the 3 year challenge.
Well I think that's crazy!! Not too sure how it all works but when you see figures working for you like that, it makes you all the more determind to keep overpaying!!
I think this is going to help me get back on track - yeahhh!!!!
Pintsized 1 x
Thursday, 5 November 2009
Going off Track a Little
Hiya Everyone
Sorry I've not posted for a few weeks but life has been a bit hectic to say the least! So, how have I been doing with gearing up for my Mortgage Free Challenge? Well, not very well to be honest! I've recently spent a large amount of money on a family holiday - and rather than making me feel guilty and wishing I'd saved it or over payed a little bit more on the mortgage, it's making me feel REALLY excited!!
I've not been abroad for over 5 years for one reason or another (mainly down to some very serious operations) and my main motivation has been my 3 year old son. He is desperate to go on an aeroplane and this has made me feel more guilty than the spending of the money. My eldest son (who is now 9) had been on numerous holidays including a cruise round the med by the time me was 3 years old.
OK, so I've not bought the holiday on credit and I can afford to pay it off now if I so wished - I'm not made of money but do have a little savings account that's for rainy days - well I decided last week that this was my rainy day. The way it has made my boys feel and knowing we have the excitement leading up to the holiday is totally worth it in my eyes.
I've not lost sight of what I want to do in terms of the mortgage but every now and again I have a look at what I've got and where I am in my life and I think, my boys come first - I want them to have these memories to look back on. But it's not only them, it's me and my husband who will cherish these memories that will be made on our 1st summer holiday as a family of 4 next year - so roll on May 2010!!
Px
Sorry I've not posted for a few weeks but life has been a bit hectic to say the least! So, how have I been doing with gearing up for my Mortgage Free Challenge? Well, not very well to be honest! I've recently spent a large amount of money on a family holiday - and rather than making me feel guilty and wishing I'd saved it or over payed a little bit more on the mortgage, it's making me feel REALLY excited!!
I've not been abroad for over 5 years for one reason or another (mainly down to some very serious operations) and my main motivation has been my 3 year old son. He is desperate to go on an aeroplane and this has made me feel more guilty than the spending of the money. My eldest son (who is now 9) had been on numerous holidays including a cruise round the med by the time me was 3 years old.
OK, so I've not bought the holiday on credit and I can afford to pay it off now if I so wished - I'm not made of money but do have a little savings account that's for rainy days - well I decided last week that this was my rainy day. The way it has made my boys feel and knowing we have the excitement leading up to the holiday is totally worth it in my eyes.
I've not lost sight of what I want to do in terms of the mortgage but every now and again I have a look at what I've got and where I am in my life and I think, my boys come first - I want them to have these memories to look back on. But it's not only them, it's me and my husband who will cherish these memories that will be made on our 1st summer holiday as a family of 4 next year - so roll on May 2010!!
Px
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