Baby steps to mortgage freedom for beanielou.

A question about : Baby steps to mortgage freedom for beanielou.

My first thread on the MFW board!!
My mortgage has 6 & 1/2 years left to run.
My income seems to decrease more & more & it becomes more & and more of a challange to pay my hefty(to me) mortgage.
I have managed an overpayment last month as I got some ЈЈЈ's unexpectedly.
My biggest fear is not being able to pay my mortgage & loosing my home.
So I have decided that baby steps are the way forward~even a fiver or a tenner overpaid in a month is better than nothing.

Best answers:

• Well it sounds like a good start.
  When I first started overpaying my mortgage I created an excel spreadsheet which I still use today. search for excel PMT fuction in a search engine.
  I found it a big help to be able to see how much that extra Ј10 paid off saved me over the length of the mortgage.
  If you don't want to create your own spreadhseet i'm sure you can download some ready made ones.
  Check with your bank but my overpayments could be clawed bank into my current account or used to pay future months principle payments. So once i got a few months worth of overpayments together i felt a lot more secure, as at any time i could get the money back, or use it to have a payment holiday.
  So for me you get the boost of paying less interest, and a nice safety buffer against future income issues.
• Welcome to the MFW boards Beanielou (I'm an old user under a new name). The spreadsheets are very addictive, but they are very motivating. Good luck on your journey.
• Hello Beanie, I've seen you on other threads, so I'm glad you've started your own diary
  All the little payments soon mount up
• Thank you for the lovely warm welcome
  Goldie~~your savings are just awesome
• YAY!!!!
• Good news today~~
  I checked my free noodle credit report today & my mortgage has just dipped into the Ј29,000's.So I am quietly happy with that
  I am getting a wee refund from my energy suppler so will send that when it hits my account.
• Good luck
• beanie - welcome to MFW
  Good luck and...
  Happy shiny new diary
  MWCx
• Great day today.
  Got a refund from my energy company so I have paid it all of the mortgage, even though I am very very skint.I dident have it before so in theory shouldent miss it!!!!
• Just treat that mortgage like you did your weight and you'll have it cleared in no time. Glad to see you have a diary. I'll be cheering you on as it was you how kept me and I'm sure many other plodding on with my diary
• Good luck to you. When you feel in need of treats, just remember how hard you work to earn the money to pay for them, and they don't feel like treats any more.
  Squirrel x
• I think my biggest problem is that I live very close to the bone anyway & really dont have any spare money.
  Anyway every little helps
  Thanks for the encouragement everyone
• A wee payment today.
  It all adds up
• Well done. I didn't believe just how much it adds up until I stopped faffing about and started to op.
• Hiya Beanie great to see you on MFW. Gosh you are in the 29s every Ј10 makes an impact and you will be able to see it. Good luck.
• Another teeny weeny payment today
  Two quid better in their pocket than mine!!!
• Beanie! I'm so sorry I didn't see your thread before - I'm terrible for only looking at threads I'm subscribed to, I must go to the forum itself once a week or something.
  Anyway, welcome here its a very lovely place.
  And I know exactly what you mean about income going lower and still trying to pay things off, thats the boat I'm in. I'm looking at m.b.ing to help me
  Subscribing.
• Thanks karmcat