MY MORTGAGE OVERPAYMENTS 🏡
Yesterday I discussed why I thought mortgage overpayments were a must if your aim is to be financially independent.
Today I wanted to give you a little bit of a breakdown as to the effect they can have, and have had, using my mortgage as an example in the hope of inspiring some of you to take action ❗
Before you read on if you haven't checked out my blog post from yesterday go check it out ⬆️ as I go into more detail there and if you're not following me I'd greatly appreciate it - we're so close to 250 followers.... (Can't believe it face --> 😲)
⚠️ EXAMPLE ⚠️
At the end of 2018 I had a mortgage balance of £206,500 and paid approximately £515 in interest (per month).
Following an overpayment of £20k that interest payment reduced to £470pm.
12 months of overpayments later and the interest has now reduced to £415pm.
The compounding effect has meant that in year two despite overpaying less each month my monthly interest bill reduced by £55 compared to the £45 in year one.
I hope that helps to show why the sooner you start overpaying debt, the sooner you'll start to see your minimum payments work for you.
Now instead of 3/4 of my minimum payment going towards interest, more than half is going towards the principle! By January 2020 the interest payment below £4️⃣0️⃣0️⃣ for the first time and the snowball ☃️ will keep picking up momentum.
🔹️ How much have you reduced your interest payments by this year?
🔹️ What's your goal for debt reduction in 2020?
⬇️ Leave a comment below and let me know!
1 71 hour ago
The first 200 (179 left) people to claim their spot in the FinanceOnDemand membership can lock in the rate for $20.20 a month instead of $47.99 a month!
first training is happening this coming Tuesday at 8 PM CST and we will be talking about how to create your financial strategy for 2020! (All trainings are available for replay if you miss out in the membership)
If you want to claim your spot, click the link in my bio before the price goes up.
Millionaires stay rich while the poor get poorer because unlike the poor they invest most of their money and live below their means.
If you found this post helpful share this with a friend
Save this post to remind you of how you should be allocating your money
1 31 hour ago
Have you prepared your 2020 budget yet? I'm sure you heard it before - Failing to plan is like planning to fail. Yesterday, I met with some clients that I've started working with fairly recently.Our first step is to get their cash flow squared away to eliminate late and overdraft fees. To do so, I showed them a super simple way to project and manage their cash flow. It's an easy process that will literally save them thousands of dollars over time. Do you struggle with managing your cash flow? That can be so stressful! Let's talk. It doesn't have to be that way!
Treat your loved ones to a gift that's perfect for pampering this Christmas with The Body Shop's sweet-smelling body care treats 🧖♀️
1 42 hours ago
Anyone else smuggle their own food inside the movies?🤔 I’ve literally snuck in Dairy Queen blizzards, smoothies, and sub sandwiches before😆 I rarely ever drank diet soda until I met my husband, but we’ll typically get one to share (still crazy to be that these are like $6😳). Aside from that, I’m too damn cheap to buy theater food...plus, I hate popcorn☺️ Savannah is getting to the age where she loves the movies & can actually sit through one, so here’s a little example of options I bring for her. Healthier and saves us a few bucks🙌🏼 Anyone else bring their own food or do you follow the rules? My husband used to think I was so weird😆 What’s the craziest thing you’ve ever brought?
This post is really for me, but maybe it’ll speak to you too.
3 63 hours ago
While you’re making a budget part of your monthly routine, why not pick specific dates for other expenses? .
Set up auto drafts out of your checking account to pay bills, and buy your groceries on a set day every week or twice a month. .
When you know what to expect and when to expect it, you take a lot of stress and potential pitfalls out of the picture.
Happy Sonday !!!! Yesterday we had sooooo much fun learning to extreme coupon with the one and only @flojo97 ! She is such an amazing teacher. Couponing can be overwhelming but not with her. She’s one of a kind and full of knowledge and wisdom !
Our Credit Education company is unique in many ways. Let me explain.
1. When you enroll in our company you are not paying anything the same day. You will pay a week after you enroll and right now we are having a December special for only $147 to sign up. After that, if nothing is deleted, then you don’t pay and we actually refund you the enrollment fee in 180 days if there are no items removed. I hear horror stories all the time of people paying companies $1,000 to $3,000 who are “guaranteeing” results and getting them tradelines and saying they will remove all the charge-offs in 30 to 90 days. When it sounds too good to be true, it usually is.
2. We focus on removing the inaccurate negative items on your credit report to get them remove permanently. If we are successful in removing late payments or inquiries then we charge only $10 per item removed. If we remove any other account such as collection accounts, charge offs, bankruptcies, etc.. then it’s only $50 per item removed. Stop letting these companies take your money before the work is done. We do the work, then charge you.
3. Whatever can’t be deleted and has a balance, we will advise you if a settlement needs to be made. You don’t want to leave accounts with balances lingering on your credit report because it can turn into a judgment and eventually can garnish your wages or levy your bank account.
4. It’s important to build credit as well. So we coach you on applying for the right accounts to get you approved so you can maximize your credit scores. These are your accounts and not some authorized user accounts other people have you purchase from people you don’t even know.
If this is something you can see yourself doing, just click the link in my bio to schedule a call with us so we can get you enrolled in our program.
15 1863 hours ago
The Ibotta app currently has $3 back on Walmart grocery pick up! The link in my bio will take you to sign up for Ibotta. If you do not know what Ibotta is it's an app that pays you back for purchases. Tons of stores are on their including online stores. #groceryshopping@ibottaapp#budgeting#deals#ibottarebates
1 74 hours ago
Don’t let this be you!!
We can help with:
1. Disputing collections to have them permanently removed.
2. Advising if a settlement should be made.
3. Suing them if they violate the law in attempts to collect the debt.
Click the link in my bio to schedule a call with us to get you enrolled in your program.
All under $20 🤗
I bought these bamboo toothbrushes in a pack of 12 for about $14. They work really well. Fair warning, though: they came wrapped in plastic! I couldn’t believe a company that sells bamboo toothbrushes would do that. Gotta be careful and find out which companies are really about sustainability, and which just want to be on trend.
These mesh produce bags were also under $20, and they replace the plastic bags you use at the store. This is an easy little switch you can feel good about.
Brian and I also switched to half and half, which we can buy in a large carton with no plastic, instead of flavored creamers that come in plastic. That being said, we did make an exception for this holiday flavored creamer in December.
Switching to the menstrual cup a few months back has also reduced a ton of the waste I used to think was just a fact of being a woman with a period. 💁♀️
I also included a picture of all the plastic we do still buy, to a) show that we definitely aren’t perfect and b) put it out there in case anyone has good switches for them! I also forgot to put our coffee bags in the picture. Any suggestions? 👇
I feel it’s important to say that corporations are the real enemies when it comes to producing waste and harming our planet. That being said, we can all make simple switches and vote with our dollar to not be complicit. It’s also important to remember that reducing plastic is a huge deal, but reducing meat and fast fashion consumption go ever further. 🌍 ⠀⠀ #dfcdc#dfc#debtfreecommunity#debtfreejourney#debtfree#money#personalfinance#sinkingfunds#sinkingfundstracker#savingmoney#saving#savingmoneytips#budgetplanner#budgeting#budgettingtips#budgetingtips#teacherlife#teacherthings#teacheronabudget#teachersonabudget#teacherbudget#sustainable#zerowaste#green#sustainability#ipreview via @preview.app
Have you downloaded the @fetchrewards app? You can earn points to redeem for gift cards just by scanning your receipts after shopping! You can even link your account to Amazon to capture ereceipts😮
Download the app and sign up using referral code 5CCGF to earn bonus points🤑
Early bird gets the worm! Aldi haul this morning to get everything we need for the week. Snagged some deals on flatbreads. I got 2 packs of these last week, and we loved them for making homemade pizzas. So I snagged 4 packs this week, and straight to the freezer they go! Also snagged deals on ground beef and chicken with $2 off each package. Total spent - $93, which is WAY higher than usual, but lots of great deals and we needed some stock up items.
Meals this week include:
- slow cooker beef and vegetable soup
- taco bowls
- homemade pizzas
- ham, roasted potatoes, and green beans
- egg bake for dinner
What’s on your menu this week?
4 3436 hours ago
Many restaurants have tacos on their bar or dinner menu. Last night we were out with friends and I ordered tacos (at a whiskey bar). Why?
Generally tacos are a less expensive option because you order per taco. Rather than ordering a full meal you won’t be able to finish, tacos allow you to order the perfect amount. Even if you order too few they are generally quick if you need to add another.
Even more expensive tacos are generally significantly less than a burger for a full meal. I paid $8 last night and was completely content.
What are some of your favorite things to order at a restaurant that generally cost less?
I love gifts, I love choosing the perfect gift and seeing the person you care about open it and their face light up. I love generosity, I think we all can be more generous and as a society, we are very self centred. But plan generosity. Make an affordable Christmas budget and stick to it. I’m not saying don’t give gifts,
But think about the last Christmas, how many gifts did you give? And how many did you receive? How many do you actually remember? And how many completely changes your life? And how many did you pop in the cupboard and use only once or twice? Or maybe completely forgot about all together, if you were truly honest.
Don’t go into debt to purchase the perfect gift for someone this year and start the new year in debt. Don’t try and “keep up with the Jones”. Be true to yourself and only spend what you can afford. #livingdebtfree#christmasbudget#budgetingtips
My lovely office is located in central West Perth! If you'd like to make an appointment to talk over any of your finances this week, call or email me at firstname.lastname@example.org.
I can't wait to work with you. 😄
This post seemed especially appropriate today while I’m recovering from my husband’s work Christmas party 😂😂😂 I recently ordered my first @nakedwinesaus box, and so far the ones I have tried have been delicious 😍 Using coupon code AMAZON18 and password JPW156 entitles first time Naked Wine customers $100 off their first order of $159.99 or more, meaning you can buy 12 bottles from just $59.99 plus delivery. I chose a case of whites, which came to $85 incl delivery. It worked out to approx $7 a bottle due to the discount, and it will definitely come in handy this Christmas 😊 Check out the second pic for the full info and T’s and C’s
1 1311 hours ago
Let’s talk. Should you or should you not get an air fryer? I was not convinced easily. It took months of scrutiny. My decision was not driven by price - I just don’t buy things I am not 100% sure I’m going to love and use. I’m pretty traditional with my cooking style. Stove and oven👌🏼
The temptation of crispy homemade schnitzels made FAST and without oil was too enticing to resist so I purchased the Maxkon Air Fryer off @catch_au - This was recommended by @geminigirl2018 (adore you ❤️). I was considering the Kmart Air Fryer based on its reviews but went for this one as it’s bigger and an incredible price (less than $100).
My first few experiences were terrible, I was drying my food out and my schnitzels were coming out anaemic. I was not digging it… I persevered and started looking up air fryer specific recipes and practicing. Temperatures play a huge part in cooking your meal perfectly. In addition to this, respraying with oil/turning half way through the cooking process makes a huge difference in the result of many recipes.
The verdict? I use my air fryer multiple times a week and I would buy it again had I the choice. Home-made schnitzels, homemade chips, roasted vegetables, meatballs, air fryer baked fish, crispy bacon, roasted chicken, kebabs… The options are limitless. I made these chicken thighs in both the oven and air fryer to compare. The air fryer produced much crispier chicken and equally succulent results in half the time the oven did.
What are your thoughts on air frying? Do you have one? Love it or hate it?
We're super proud to have just bought this new(to us) car with CASH in hand!!! It took me lots of years and a handful of cars to learn that borrowing money for something that drops in value like a rock is a TERRIBLE idea.
If you're going to make a payment on something monthly it better be an investment in yourself and your future!
Put plainly... The first option robs your future because it takes up valuable cash flow in your budget and causes your net worth to head in a negative direction; or stagnant at the very best.
The second secures your future. It raises your net worth. It gives you peace of mind and options(Can't you see the peace of mind on Megan's face?😂). Our lives changed when we made the decision to STOP borrowing money. Yours can too. PAY CASH!!! P.S. WE'RE STILL HERE!!! We've been absent here on social media lately. We've been busy hustling and dialing in our business to where we want it. Don't worry... We will be back soon!!! #budget#budgeting#budgetingtips#money#hustle#hustlehard#cash#cashflow#freedom#bestlife#merrychristmas#christmas#volkswagen#tdi#sportwagen
I hope everyone is enjoying this glorious Sunday & all of the festivities leading up to Christmas 🌲 It is such a busy but beautiful time of year, so take your time, be kind & make the most of every moment 💕
#budgetingtips from someone who worked HARD to get her finances in order before she turned 30. Christmas shopping doesn’t stress me out and I’m not worried about how to scrounge extra money. I opened a separate checking account, and with each paycheck I have a set amount of money auto-deposited into a “Christmas fund” all year. How did I come to find that number? I have a list of everyone we buy for, I set a budget of how much we plan on spending on each person, and divide that equally with how many checks I get in a year. It has changed my financial life, and as you can see, I’ve done it for several other accounts as well. Hope this helps someone! #money#budgeting#budgetplanner#budget#frugal#frugalliving
In the last 2 weeks I’ve spent $242.9 on takeaways! I really regret working that out now 😂 daaaang.
3 1818 hours ago
I love dropping financial knowledge with these young ladies. We talked about saving, budgeting, investing and side hustles. This collaboration with @midithings and @goddessfoodjax was awesome. Their questions on the topics were spot on. We ended with a panel of the speakers where they asked questions about our journeys, a fun game of kahoot to help them remember what we discussed and a tons of amazing photos. Each attended received and autographed book, a tee, giveaways and lunch. I huge thank you to all of the sponsors. #FinancialEmpowerment#jacksonville
1 419 hours ago
Time is great teacher and age makes you wiser!
Both are part of life, but you either have one or the other. ..
I wasn’t so wise and made lots of financial mistakes in my 20’s!
Some days I get into the “if only rut”:
- if only I started saving earlier than SPENDING on indulgences. - if only started investing at a young age - if only I realized the value of debt free
- if only I was financially informed —-
If I met my 20 yr old self, I’d probably advise her to start a sinking fund and a budget plan. I’d also teach her the importance of a 401k! —-
But alas, time is something we can not get back and age is something we look forward to. But don’t fret!
I’m sure time, experiences, and life has taught you and
It’s never too late to start! —-
If you could go back in time, what what would you tell your 20 yr old self about finance? ❤️ Share your thoughts below! —- Now is your time! Now is mine!
Keep doing it! You got this ❤️
Good morning, friends! 😽 I thought I’d post a timeline of how this whole journey got started. I do want to give credit to my awesome friend Kayla @budgetingmommy for the inspiration! 💓 She posted a timeline in September and I meant to post one myself, but never got around to it until now. Her post also gives credit to @imperfectfinance, so I’d like to show her some love and credit as well!
I’m glad I decided to create and post this timeline now. As I get closer and closer to finally achieving debt freedom, now is the perfect time to show you all the events that have led me to where I am today. A lot of you are seeing the end result and not the process.
Looking back, I’d probably be debt free by now if I never moved out, but I’ll never regret anything in life because I strongly believe that it all works out to our advantage in the end. I grew so much in a matter of six months and I genuinely love spending time with myself. I took my budgeting skills to the next level, learned how to keep my expenses low, and the bond/relationship between my mother and I grew immensely. I do miss living alone, but as you can see above this journey has required a lot of sacrifice. What’s a little more sacrifice at this point?
I can see the finish line, but I still can’t believe it’s so close! As corny as it sounds, I feel like crying. I am beyond blessed to have had all of the privileges and resources available to me to make this possible. I really hope this motivates you to either get started or keep going. Thank you so much to each and every one of you for following and encouraging me! Now, back to the grind baybeeee! 💃🏽💰
Its crazy because the other day me and my boyfriend were just talking about this. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
I threw away my Christmas tree I had for 10+ years because it was just falling apart and I told myself I would buy one this year buttttt I didn’t save for it! 😩🤦🏾♀️ Trees are so expensive and I thought maybe waiting for Black Friday deals I’ll get one but I have to put other stuff 1st right now that I did budget for! So I’m thinking no Christmas tree for me this year! 😩 BUT maybe I can get a killer deal after the holidays are done for next year! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
He told me just to get it but honestly I have to pick and choose on what I get. I told myself You’re not poor yuri, You just didn’t budget for it. And that’s okay. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
I’d rather get people I love gifts to go under their tree then me have a tree with no gifts under it! ⠀⠀⠀⠀⠀⠀⠀⠀⠀
This budgeting game can be HARD and Make you feel like I have money so I’ll just take it from this envelope and I’ll be okay but honestly I have a trip to Vegas this weekend and I’d rather use that money to enjoy in Vegas like how I’ve been saving for! 💕 ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Allll I know is my Christmas tree next year is going to be Lit 😉🤪🎄 ⠀⠀⠀⠀⠀⠀⠀⠀⠀