So now I have a plan! Reduce £10,000 in 18 months?

Emthemist

You already are! You have such clearly defined goals, and although they are aggressive, you know it's only for a short time and then you can have a break again. I think it will keep things fresh as Goldiegirl said.

Good luck on your MFW journey x

teabody

Thank you Emethemist,

Although it feels good having a defined plan I will feel much better when I have completed it. Can't wait to see if I have managed it...(shouldn't wish the time away , I know)

teabody

I have hit a bump this month financially but I am hopeful that by the end of the month I will have straightened out the finances in order to make an over payment Fingers crossed. Will keep you posted x

teabody

I have sadly missed my July overpayment thanks to a few hiccups but hope to get back on track in August. Sorting out all my insurance products and so on at the moment ....seem to have so many policies and too much paperwork!!!

FamilyLife

I'm really inspired by your plan. Paying off our whole mortgage feels like such a big task that I've tried to break it down in my head. I think I may decide an amount to aim for across the next year too. Good luck!

FL xx

teabody

Thank you Family Life
I was almost feeling defeated not being able to manage the 2nd payment but I am feeling better having adjusted when to pay. After all, it will be a great achievement if I manage it but if not it's not the end of the world! Good luck to you ....i will look out for you x

jodles16

I love this idea of paying off a set amount in a set time! Seems like a really positive and less overwhelming way of reducing costs!

Keep up the great work and dont let month month's hiccups get you down!

Jodles

teabody

Ok so it's not going well.:(

The upside is that the money I was going to pay off the mortgage now has to go towards a once in a lifetime holiday as an in law is getting married there! How inconsiderate.;)

Therefore I have revised the amount to a reduction of £7000 instead of £10000 and most payments will be made next year, however I will try to make smaller amounts in the meantime. I have just learnt by phoning my mortgage provider that they will accept lower payments than the minimum capital repayment if it is a standing order!!! Wish they had of said this earlier! So I am off to sort out a little OP standing order....

teabody

I have set up a Standing order to overpay by £25 per month....not a lot but will reduce the term by another few months over the next 18 months. If I had known this was allowed I would have done it ages ago!

gallygirl

teabody wrote: »

I have set up a Standing order to overpay by £25 per month....not a lot but will reduce the term by another few months over the next 18 months. If I had known this was allowed I would have done it ages ago!

Of course if you do this you won't get the 'buzz' of making an overpayment so you will have to find some money to pay some extra .