£1+ a day Mortgage OP challenge for May

fairyclicks

Welcome to month 2 of this challenge - it seemed to work well last month for us so lets try again for May

About this Challenge

I'm a challenge fiend - it got me through so many debt payments over the past few years and keeps my motivation up now i'm a MFW i NEED one for working on overpayments.

£1 a day is something most of us can manage by not buying a bar of chocolate, a magazine, a bottle of coke etc etc etc yet it could potentially reduce your mortgage and interest significantly:

The MSE calculator says on a 100,000 mortgage with an interest rate of 2.5% paying off just £1 a day will mean savings of £3194 on the interest and will reduce the term by over 2 yrs

If you would like to join me on the challenge, feel free to set your own daily target and pay it off daily, weekly, monthly etc - just whatever suits you! You can put the £1+ in a jar, move it into a savings account or pay directly off the mortgage daily - all i'm asking is you put that £1+ each day aside specifically for making an overpayment and let us know how you get on

If you already make a regular overpayment why not try and put an extra £1 a day away to increase your payment? You can squeeze another bit out can't you? Lets see

The last months thread an be found here if you didn't get to read it https://forums.moneysavingexpert.com/discussion/4517829

iquit

I'm on board, would like to save a nice round £50 if possible. I learnt a lot reading your last months challenge, namely when it's most beneficial to make an OP - so thank you.

fairyclicks

iquit wrote: »

I'm on board, would like to save a nice round £50 if possible. I learnt a lot reading your last months challenge, namely when it's most beneficial to make an OP - so thank you.

Oh thats great welcome aboard for May iquit!! I must add a link to the previous one actually as that was very useful (tho i little complicated for some of us to follow straight away lol!)

Oh and i managed to gather up an extra £65 to OP my mortgage last month so i would love to equal that if i can am happy with anything extra really mind you

kittiej

I'll give it another go, I need to aim for £50 as I already overpay £10 a month.

fairyclicks

I think i might see how much i can save in my penny jars this month and whatever i have at the end i will pay off the mortgage I found it a bit hard to keep money separate last month cos i'm still paying off debts so i think this will help me.

So far i have £15.61 in there so a nice little start for the month

SAVVYMUMMY_2

Hi Fairyclicks, i`ve just come across your thread, can I join in too? It might be just what I need to start overpaying again.

i`m starting low with £31 for the month and see how I go. I`ve put £3 away in a jar so far, so here goes:D

Slowdown

Hi
I have just come across this thread and really want to give it a go. I have 8 years left on my mortgage and would love to pay it sooner, but as I am paying £1800 pounds a month and have just gone 3 days a week I will not be able to pay off much. So £1 a day feels like a doable amount.
I will put away £3 today for the first three days.
Happy saving
Kind regards
Slowdown:)

fairyclicks

Welcome to the thread Savvymummy and Slowdown lovely to have you both join us!

I'm still paying off debts etc so don't have a lot to put to overpayments either, but its nice to be working on it and those little bits all add up everyone last month managed to make a good OP just from watching their pennies and adding a little bit per day to the pot - we were all surprised at how much we put aside

So Good Luck to you both and i look forward to reading how you get on xx

SAVVYMUMMY_2

Good morning all just a quick update really. I mange to find a whole 5p laying about yesterday as well as cashing in 2 thunderball tickets which both came to £20 yeah:j:j:jplus the daily £1.
So i`ve added up my total so far this month to be £24.05, so not too bad towards the mortgage. Gonna update siggy in a mo. Catch you all later.

fairyclicks

SAVVYMUMMY wrote: »

Good morning all just a quick update really. I mange to find a whole 5p laying about yesterday as well as cashing in 2 thunderball tickets which both came to £20 yeah:j:j:jplus the daily £1.
So i`ve added up my total so far this month to be £24.05, so not too bad towards the mortgage. Gonna update siggy in a mo. Catch you all later.

Oh nice one well done!!

I was just coming to do an update too. I did the most rubbish car boot sale yesterday and checked my purse for coins both of which gave me another £8.24 in the OP pot

SAVVYMUMMY_2

fairyclicks wrote: »

Oh nice one well done!!

I was just coming to do an update too. I did the most rubbish car boot sale yesterday and checked my purse for coins both of which gave me another £8.24 in the OP pot

Sorry to hear about the bootfair fairyclicks, hope the weather held out for you.

Update so far,

yesterday £1.09 = £1.00 daily + 09p:D from some pennies I found while cleaning.

Today £2 = £1 daily and £1 from selling a couple of home grown plants to a neighbour.

Will update total in a little while.