It’s new year time, so of course it’s only natural that thoughts turn to possible resolutions.

At this present time, with all that’s happily financially in the world and with the doom-mongers promising more of the same (if not worse) lying ahead in the upcoming year my mind has been turning to resolutions revolving around finances.

I’ve not set anything in stone as far as the resolutions go, but doing a few sums has brought up some sobering figures.  Firstly, the mortgage is obviously the biggest millstone around most people’s necks so it’s there most of the horror figures lie.

We all pay off a set amount every month, see the direct debit disappear and then forget all about it.  Looking into it further, only a small amount of this is actually paying off what is owed - by far the majority of monthly payments are going towards the interest owing.  Over the lifetime of the mortgage, we will actually pay off roughly twice what we borrowed - cripes!

At the moment, that interest works out at approximately £12.00 per day.  Yep - per day!!! 2009 may be the year of the overpayments on the mortgage methinks…