our forever patch challenge

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  • SmlSave
    SmlSave Posts: 4,911
    First Anniversary Combo Breaker
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    Congratulations Sammy70, so glad the day and weekend went well
    Currently studying for a Diploma - wish me luck :)

    Phase 1 - Emergency Fund - Complete :j
    Phase 2 - £20,000 Mortgage Fund - Underway
  • sammy70
    sammy70 Posts: 961
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
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    edited 2 October 2013 at 9:30AM
    whoops, sent post twice!
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/03/24 - £134,744.42. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • sammy70
    sammy70 Posts: 961
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    Forumite
    My list of targets for the next 36 months!

    :)mortgage balance 1/10/13- £40,558.52 :eek:

    Target 1 = save £30,000 to completely pay off mortgage in 36 months from today!! 1/10/13- £3,500..

    Target 2- £10,000 in emergency fund- 1/10/13 - £1,250.

    Target 3- £4,500 in diy fund to replace tatty kitchen, re-carpet and decorate in preparation of house sale in 36 months! 1/10/13 - £20

    Target 4 - Save £5,000 for horse.. forever home is going to be more rural to allow for this.. 1/10/13 balance- £20:)

    Here goes, month 1!
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/03/24 - £134,744.42. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • sammy70
    sammy70 Posts: 961
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    Forumite
    edited 8 October 2013 at 2:33PM
    :) The jfirst overpayment of the month- £2.33.. every little helps!

    We arent back at work until Monday, then any cash leftover from honey moon spends/wedding gifts will be divided between house savings and an overpayment i think..

    x sammy x
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/03/24 - £134,744.42. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • Crumpets
    Crumpets Posts: 1,014 Forumite
    Congratulations on being a Mrs Sammy70 and good luck with your plans.

    Crumpets x
    Mortgage March 2011 £143,927.6
    Mortgage Feb 2019 £78,323.18
  • sammy70
    sammy70 Posts: 961
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    Forumite
    Thanks Crumpets!

    Another overpayment to the mortgage today,£67.89, im going to continue making overpayments when i can, though the savings targets ive set are going to be tough, so ill have to see how i go, savings are priority to meet my 36 month targets!

    This month wont be as bad, as we had cash spare from honey moon fund, ive paid today £250 to the emergency fund, so that stands at £1500, and the £67.89 was the other leftover spends.. So savings for month 1 of 36 are well underway!

    To meet my £30,000 to settle mortgage in 36 months target im going to have to save £736 every month, on top of the £3,500 we have saved already, along with kitchen/diy of £125, £250 emergency, £138 horse and £183 car, so total every month £1425!:eek:
    Dont know if its all achievable, im certainly going to give it my best shot!
    X sammy x:)
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/03/24 - £134,744.42. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • gallygirl
    gallygirl Posts: 17,228
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    Forumite
    No point setting easy targets :D. Good luck :T.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • LisaLou1982
    LisaLou1982 Posts: 1,264
    Chutzpah Haggler
    Forumite
    Good luck Sammy!!

    You WILL do it! :) x
    £2 Savers Club #156! :)
    Looking for holiday ideas for 2016. Currently, Isle of Skye in March, Riga in May, Crete in June and Lake District in October. August cruise cancelled, but Baby due September 2016! :j
  • sammy70
    sammy70 Posts: 961
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    Forumite
    :) Today we have paid £65 into our mortgage savings, this was a Refund from RBS for mistakes they made updating my husbands credit file.
    My husband had a DMP when i met him, which we paid off well over a year ago.

    Does anyone have experience of how long to wait before successfully obtaining a mortgage after clearing a DMP?
    All debts were completely cleared 2 years into the 5 year plan.

    x Sammy x :j
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/03/24 - £134,744.42. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
  • sammy70
    sammy70 Posts: 961
    First Anniversary Combo Breaker First Post Mortgage-free Glee!
    Forumite
    :) hi folks!

    Todays money saving towards mortgage freedom- cancelled both my and hubbys gym membership, totalling £65 a month, last direct debit payment today, had to give a months notice, so next month a little extra cash to direct towards mortgage savings!

    My next plan is to look at food shopping. At the moment we are spending approx £140 a week on groceries, thats one tesco shop, and bits from shop throughout the week. The fatal "just nip in for bread/milk" that leads to £10 spent on"bargains", usually chocolate!
    Im trying to cut back on the goodies we waste cash on, so hopefully this will lead to a few pounds lost in weight too, so its for our health aswell as wealth!

    My first plan for this week, is to draw £140 cash, and do the big shop, then use leftover cash to last all week,(no goodies) and hopefully by shopping more carefully, each week reduce the spending, and any cash left over, save, at the middle of the month when i need motivation, make another payment into the house savings using spare cash.

    Next week, i plan to draw £130, and see if i can just reduce the overall spend, even £10/£20 a week will make a big difference!

    x Sammy x
    current official end date of mortgage= 2037-aiming for 2030. mortgage balance start of challenge- 25/11/2016 £245,695 mortgage balance 01/03/24 - £134,744.42. 2024 challenge- get mortgage balance to £115,000 by xmas eve 2024, and a years outgoings in premium bonds again
    Make £13,968.47 in overpayments in 2024,save £15,000 for water system
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