October Side Hustle Report and mortgage over-payments

“Do what you love and the money will follow.” — Marsha Sinetar.

During my massive blogging break something magical happened to myself and Mr Fire. Something suddenly clicked with us about overpaying our mortgage. Myself and Mr Fire often talk about what random news google tells me I’d be interested in and for some reason we were discussing the interest rate on our mortgage. Mr Fire helpfully explained (possibly for the fifth time but using different analogies) that if we overpaid £5 a month off our mortgage then it isn’t actually just £5 a month that we reduce our total repayable amount by since it decreases the amount of interest we pay on the capital value (I may still have that wrong Mr Fire?…..)

1

The proverbial penny seemed to drop for both of us that we actually shouldn’t be waiting for the mythical £2,000 spare that we had envisioned for the future (that we actually cant get now thanks to me)  but we should be aiming to put lots of little amounts together.

I have a lot to catch up on with this blog since my reselling has started and is actually going quite well.  I’ll give a full update towards the end of the month but I managed to sell quite a lot of books, DVD’s, old consoles and CD’s using a combination of music magpie, CEX and a variety of other online places.

Some rather exciting news as well! I had my first Oddsmonkey affiliate link this month! I remember just a few months back I was desperate for someone to use it if only so I knew it worked! Oddly enough we aren’t actually sure if we are using the affiliate money for overpaying the mortgage! We have quite a few business ideas that we are looking at setting up so we are holding the money back for now whilst we see where these ideas lead. Sadly this is Octobers side hustle report so I cant include it…..

Here’s my October Side hustle income report:

Overview 

Side Hustle Income

October 2018

Side Hustle Income month

Reselling

House post

So I’m currently selling off all our old things that we don’t use/want anymore. Once (If) I ever get rid of it all I’m hoping to turn this into a profitable little side hustle of buying and then reselling items I know I can make a profit on. First things first though – sell our old stuff! There is still a good few boxes left to be sold.

Each Way Sniping

MB Front page

Mr Fire is doing really well at this! Unfortunately we came and went with this over the past few months so the money that we had allocated for this has dwindled down to a mere for hundred pounds. Reinvesting the profits is key now and we also want to make sure we use our Oddsmonkey subscription! I will be going back to posting our monthly updates next month!

Oddsmonkey Affiliate link

Oddsmonkey

I’ve already spilled the beans on next month!

Mortgage Over-payment

I haven’t finished designing my fancy all singing all dancing over payment tracker (you know a pie chart in excel) but we did pay £105.86 off our mortgage in October!

How are you side hustles going?

16 thoughts on “October Side Hustle Report and mortgage over-payments

  1. Hi LMF,

    Overpaying my mortgage was just one of the most satisfying things I have every done. I’ve always hated any kind of debt so that was part of it, but it was also the deep satisfaction of knowing that once it was done there would always be a roof over our heads.

    Even away from the emotional side on the maths side it was just SO satisfying to know that each pound I overpayed would mean MASSIVE interest savings over 25 years or so.

    Best of luck with it!

    Liked by 1 person

    1. Hi Caveman,
      WOW how long did it take you if you dont mind me asking? Yes I HATE DEBT AS WELL. My mum raised me with the mindset if you cant afford to buy it then you shouldn’t – doesn’t quite work for mortgages!

      Like

    2. I think about 8 years or so, but it was all of our savings (except for our emergency fund) and we deliberately absolutely beasted it. It helped that I had a decent promotion part of the way through that and we put all of the pay rise against the mortgage as well.

      We did a few other things that helped as well.

      Firstly we deliberately moved to a place that didn’t have (relatively) expensive housing. Secondly we bought a house that cost less than the banks would have been happy to lend us. Thirdly we rented in the area did out research and were very patient about finding the right place and walked away from a few places rather than overpay. That last bit was hard, but worth it in the long term.

      Liked by 1 person

  2. Sounds like a good month! How do you figure out which online platform is best for reselling each item? There are so many options, and I wonder if it makes sense to maximise profit by checking out the possible resale value on different platforms, or just try to flog it all on eBay or Amazon? I have so many books and CDs waiting to be sold in my mum’s house…

    Liked by 1 person

    1. Hi Mindy,
      Good question. I felt the same and I usually always sell all my stuff on eBay just through force of habit. I was very focused on getting the best price and checked on a fair few sites before parting with my items. My favourites are Ziffit, CEX, we buy any books and music magpie. I’ll try and do a post on my process as it didnt take as long as you think!

      Liked by 1 person

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