The BIG Plan...

gallygirl

Fantastic :T.

PrincessLou

:dance::dance::dance: Woohoo!!! Well Done!! :dance::dance::dance:

MummyEm

Thank you gallygirl and Princess Lou. Getting sub £260k (keep needing to say it!) is still fueling a MFW push so have revisited the budget and squeezed out a few more OP's

- £1 interest paid to old savings account
- £43 refund to credit card from something that was paid for last month but that I returned. Was accounted for last month so seems a sensible use of the money
- £0.97 had a little extra put aside for this month's CC bill.

As normal now, same amount saved to family loan repayment account. Signature updated so total OP for May stands at £481.47. Not sure I will manage to top last month's OP, but I'll keep plodding on and see what comes up over the next week.

Off to have a catch up of diaries to see if it inspires any money making/finding ideas.

MummyEm

For some motivational thinking...

Currently OPing standard £134.54 monthly. Continuing to do this every month over the term of our mortgage will mean we are MF 2 years and 6 months early.

By OPing £500 a month total we would be MF 6 years and 11 months early.

If we can ever get to regular OPs of £1000 a month we would be MF 10 years and 5 months early.


£1k a month isn't achievable whilst we are paying back the outstanding £20k on our family loan, but £500 could be. I managed this last month and may manage this by the end of this month too. In effect reducing our overall debt by £1k a month anyway as matching Mortgage OP's with same amount to savings to pay back loan.

Certainly food for thought.

Muser1

Well done on getting below 260 :T:T:T

MummyEm

Muser1 wrote: »

Well done on getting below 260 :T:T:T

Thanks Muser

MummyEm

Couple more OP's made today to both Mortgage and Savings. Signature updated. These OP's mean that I have achieved the target I set for May :j

I think that I will probably need to hold back OP's in June. We've borrowed some money from kids savings account this month to cover a large bill rather than withdraw money from our ISA. Plus have holiday to pay for and some yearly bills to pay.

Aim for June

£500 back to kids b/a
£250 Mortgage OP
£250 Family Loan repayment

MummyEm

So quick end of month analysis. Despite paying £405.85 of interest this month, May has seen us clear a total of £1495.44 capital off the mortgage. This is by far the most that we have cleared in one month.

Money in yesterday was well over estimated. DH expenses which had long been given up on plus my wages (higher than normal due to working lots!).

Targets that I set for June have therefor all been met (despite not quite being in June yet!). Barring any unexpected windfalls, I don't think we'll be paying any more off this month as I have left things quite tight.

Aim for June

£500 back to kids b/a
£250 Mortgage OP
£250 Family Loan repayment

atypicalblonde

Hi MummyEm, huge congratulations on being sub £260k and well done on your May achievements. Have you been impressed with Soapnuts? X

MummyEm

atypicalblonde wrote: »

Hi MummyEm, huge congratulations on being sub £260k and well done on your May achievements. Have you been impressed with Soapnuts? X

Sub £260k feels very lovely indeed! Must confess have been a little useless and sti not tried the soapnuts! I had a large box of powder that I've been using but that's now getting low so may give the soapnuts a try tomorrow if I'm feeling brave!