Pay it down!

Hello Dear Readers,

Thanks to the so so many of you who sent me lovely messages about the ways that you too are frugal! After my scintillating weekend of dismantling pallets, chopping firewood and not shopping! (Other than food) I came home to my mortgage statement today. Due to being a total tightwad, I’ve now reduced my monthly interest payments by £100 a month. You can imagine what I’m going to do with that ‘spare’ £100! You bet……it’s going to go straight onto the capital repayments! I can only pay 10% of the balance a year and next month’s payment will see me do that for this year. I’ll then put away December’s payment, into the savings pot, until the new year, when I can start to pay off another 10% of the balance.

It takes some doing! As I type, whilst there is a fire alight downstairs, there is no heating else where. My taps run cold and then I recycle the water for the loo. There are days when all of this is utterly dispiriting and I could just turn all the lights on, the central heating on and run round bare foot. Then I realise what has to be done, shake myself, pull myself together and just get on with it. Paying off a hoofing great mortgage is a pain in the proverbial but I signed the papers! No one made me. No one said……….go and buy a house in a nice district, with low crime and lovely open countryside, oh and by the way, that’ll make it really expensive. Dreams are all very well but they don’t come cheap.

I really enjoyed the comments yesterday and I smiled as most of the money saving things we do are part of the game I play. Winning that game means I can pay anywhere up to 1% of the balance of my house capital each month. Sometimes, it isn’t that much and as little as 0.5% of the balance but every month it decreases. It’s tough, no one said it would be  easy but I’m living proof that it can be done.
Now over to my fellow froogles………..what do you do that’s tough, that’s part of life’s game and that you know will be worth it in the end.
Until tomorrow,
Love Froogs xxxx
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13 thoughts on “Pay it down!

  1. We lead a relatively frugal life in order to pay off the mortgage in 2012 (fingers crossed) and fit in some world travel (off to Botswana next summer during school hols).

    Going without things that don't matter to achieve things that do!

    Keeping your eyes on the prize I call it!

    Sft x

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  2. Several years ago we changed our mortgage to an offset one and thus were not constrained by the 10% rule. In September we paid the final mortgage payment and are now mortgage free having taken 10 years to pay off a mortgage we started in 2001.
    Paying off the mortgage has allowed me to take early retirement from teaching.
    Being retired has meant the frugality continues but it is so worth it. No longer do I have to say 'No, I can't come/do something because I need to finish school marking/preparation', I am free to pursue my interests and am stress free. I certainly recommend it

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  3. So if you wanted to walk into the bank tomorrow and pay off your mortgage, they wouldn't let you because it is more than 10%?? What a scam.

    I froze my mastercard today(couldn't bring myself to cut it up). I just used it too freely for convenience, and it is time to stop. I will be paying down my debt slowly but surely. You blog is my biggest inspiration.

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  4. another good post Froogs, its not easy and I can empathise ,some days I just want to turn on the heat,the lights and have a takeaway and bottle of wine. I did do it once and you know what? It wasnt half as good as I thought it would be! Beating the system is sooooo much more satisfying.
    Take Care and enjoy your life!
    Joto

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  5. I'm still paying off the debts and it is bloody boring being in and being good and making the effort but it is the right thing to do and I'm always buoyed by yoru wonderful spirit and I too will one day be making the 10% payback.

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  6. I have central heating and a gas fire in the living room. House is all open plan apart from bathroom and the two bedrooms.

    I discovered I could put the heating on manual (new controls) and also stick the HW on for an hour. Previously I would have the heating on from about 6 to about 10 and hot water at same time. Now I cut the HW down to once a day only unless husband (who has REALLY dirty job) wants bath. I also haven't had heating on yet and have gas fire on low. It's really not been that cold either and I haven't missed the heating.

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  7. Froogs, A couple of hints from a woman who is always cold. If you tuck your shirt/turtleneck/whatever into your jeans, you will be a bit warmer since air is not circulating up your midsection. Trust me on this one!

    If you are a knitter, knit yourself some wool socks. They are amazingly warm. My grands use them for bed socks. Me, with my perpetually cold feet, live in them from Oct until the weather gets warm again. You have all the fun of knitting them, and then your feet will love you.

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