10k reduction challenge a year

Barny1979

Add me to the £10k in 2010

Frozenace

I'm going to start as well, paying lump sums when funds become available. I got rid of all my cc and overdraft debt (4x more expensive than the mortgage).

start 150k, now 136k, target: 125k by end of 2010.

Also got a pay rise 86/pcm extra after tax.

JohnnyJet

Unfortunately I won't get anywhere near my target this year due to a builder taking all my savings and more. Still interested to see if anyone else is making their targets though.

Mrs_Optimist

Sorry to hear about your problems with the builder.

Although I don't post often, we decided to try the 10k in a year. So far we have paid 5k off our mortgage since January so are on track and also put 6k in savings so we have made the target (sort of). DH job is uncertain at present so unsure whether to transfer the 6k to the mortgage or leave it in savings. We currently don't have any other savings to am erring more to the side of caution although we can manage relatively well on my income. Mortgage rate is 1.45% and savings rate is slightly higher. Mortgage balance is currently £75,800. Monthly payment £335.

We host foreign language students which gives us an income of £400-£800 pcm and are booked up until Christmas so am happy that the mortgage payments will be covered for next 6 months without dipping into my wages, if DH does get made redundant but still in a dilemma as to what to do for the best.