MFi4 wannabe

patrick_bs15

OP £537

£21,745.08 to go... or 22 months(ish) if I can overpay at current rate...

evab_2

Fantastic OPs well done, you've really make a great effort

cod3

Brilliant diary, Patrick. You make chucking chunks of money at the balance look so easy!! You have really inspired me

cod3

...yep so inspired, in fact, that I am just off the phone to the bank! Have fixed my rising SVR to a 2 year fixed term and arranged to overpay a little over £100 a month until further notice. It doesn't sound much but it is a small mortgage (£31K) and I only have a small income. It will knock 7 years off my 17 year term. Thanks Patrick for unwittingly giving me the nudge I needed.

(Sorry to hijack your thread, but I am stupidly excited about this lol)

patrick_bs15

cod3 wrote: »

...yep so inspired, in fact, that I am just off the phone to the bank! Have fixed my rising SVR to a 2 year fixed term and arranged to overpay a little over £100 a month until further notice. It doesn't sound much but it is a small mortgage (£31K) and I only have a small income. It will knock 7 years off my 17 year term. Thanks Patrick for unwittingly giving me the nudge I needed.

(Sorry to hijack your thread, but I am stupidly excited about this lol)

My pleasure. It's lovely that we can inspire each other online like this. It is amazing what impact overpaying can have too - the very best of luck cod3. I'm going to be hit by a £729 bill for service charges from the management company of my flat next month so am living VERY frugally this month, so that I can pay that off in one go and continue paying exactly £1000 a month towards the mortgage
Off to Lidl now to get special offer stuff and will pop in to Asda to get reduced to clear stuff too (walking, of course!)

I have even started reading extracts from Kath Kelly's awesome book 'How I lived on a pound a day' to my Year 6 primary school class in an effort to influence them. They hate it of course! It's not the message they want to hear - but as it's based on someone in our home town of Bristol even the boys who claim to have no interest in it whatsoever ask me lots of questions about it. I'm in charge of maths in my school and after the SATs I'm going to do a lot of financial education in maths - as well as lots of Olympic Games stuff

I can't recommend Kath Kelly's book strongly enough to anyone - it has had a massive effect on my way of thinking and even where I want to live in Bristol when I next move... with another small mortgage to pay off when this challenge is done...

trevorsminted

Are you a maths teacher Patrick or adding in the 'maths' bit to curriculum? good idea though teach them early, unsure how the would think about living on a pound a day since they all think money grows on trees and is a case of mum/dad putting card into hole in wall and simples money a plenty

cod3

£729 bill for service charges from the management company of my flat

Yikes! All the more reason to strive to own your own house and garden. You will be the master of your own property

patrick_bs15

Hi - it's a lot of money, isn't it? At least they're very good at responding to issues quickly and effectively... and they didn't increase service charges for the next financial year.

My plans have changed now: just want a slightly bigger 1 bed flat closer to work / city centre. Will require small extra mortgage, but when that's paid I will be able to afford to go part time I value time more than money.

@trevorsminted - as a primary school teacher, I teach every subject. Personally I'd love to axe religious education and replace it with financial education!

patrick_bs15

£287 OP
plus another £50 on Mon
Just over £21,000 to go...

patrick_bs15

OP extra £100