Pennypincher’s Pantry

frugal recipes & ideas, menu planning, retro collection and Nigella Lawson recipes

Mortgage pig!!

 

Good Evening :)

Been back at work today, after 4 days off. It wasn’t so bad, the new team I am working with are soo lovely, which really does make a difference, to staff moral and keeping motivated!

With keeping motivated in mind, I have decided to set up a ‘Mortgage Pig’. As you can see from my picture of the blue pig, it is actually a pig, but any pot or jar would be ok to use. My intention is to put any  spare monies into the pig, every month, then make an overpayment on our existing 12 year  mortgage! 

To find out how quickly you could pay your mortgage of, this way, there is a brilliant calculator here:     

egg.com. I have calculated that by paying extra every month, we could possibly pay ours off in 5 years, instead of 12!! By doing this you can save a fortune in interest and then off course have more free money!!

I have had to get my ‘thinking cap’ on, as to ways in which I can fill this pig, these are some ways:

Sell on ebay again!

sell unwanted books on amazon

put any loose change from pockets into pig daily

put any left over money at end of month into pig!

continue with menu planning, order food online and home cook as much as possible

hang washing out in the summer, not using tumble drier, only in an emergency! 

I will let you know how this is going and I need encouragement!! :)   

 

June 16, 2008 - Posted by pennypincher | money saving tips, mortgage pig | | 4 Comments

4 Comments »

  1. That is a really good plan. Wouldn’t it be fab to have your mortgage paid off! I need to generate some cash so I think I need a pig too.

    Comment by lazylol | June 18, 2008

  2. Hi Lazylol,

    I think the pig is a visual prompt to paying off extra every month! I have it on my breakfast bar next to my computer, where I spend alot of time.

    are you going to find one to use??

    Comment by Megan | June 18, 2008

  3. This is something we need to think about. I looked at the mortgage calculator last night with DH and we ended up having a fight about who spends all the money in the house!! (me)

    Comment by Jane | June 18, 2008

  4. hi jane, sounds like me & oh!!! lol

    lazylol,your blog won’t let me post a comment, it keeps saying invalid email ????

    Comment by Megan | June 21, 2008

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