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I really really want to be........mortgage free!
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What I Owe The World
I'm not sure of it's purpose though - mortgage plus debts (credit, car loan)? Total owing I guess.Baby Step 1 - £1k Emergency Fund - COMPLETE
Baby Step 2 - Pay off all debts except the Mortgage - £9,326 to go
Baby Step 3 - Save 6 months of expenses into full Emergency Fund - £4,300 to go
Baby Step 4 - Put 15% into Pension
Baby Step 6 - Pay off the Mortgage early
Baby Step 7 - Live like no-one else0 -
rasputin_thorpedo wrote: »What I Owe The World
I'm not sure of it's purpose though - mortgage plus debts (credit, car loan)? Total owing I guess.
Any debts I'd say. I'm stoozing on a couple of cc's so is helpful to me.0 -
Ah, interesting.0
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You seem a bit down about things OCC but you are doing incredibly, your figures show that. Keep going, you are securing a comfortable future for you all.June 2025 - part 1 - £19,145 part 2 - £21,973 Total - £41,118 29 months to go!0
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You seem a bit down about things OCC but you are doing incredibly, your figures show that. Keep going, you are securing a comfortable future for you all.
You're right, this last few months have been much harder financially. I'm a little disappointed with the progress on the mortgage, seems like such slow going.
Savings going up don't really motivate as much as mortgage going down.
Realistically though I have to prioritise them equally.
It's just frustration things aren't happening more quickly but it is what it is, we don't want to be super frugal so it's a 10 year plan and were 1 year in.
Miniocc is also very demanding. He is resistant to any extra curricular schoolwork and his learning issues mean he needs to do it. We are really trying to make it fun but it's draining.0 -
ourcornercottage wrote: »Savings going up don't really motivate as much as mortgage going down.
Same for me, too. June was a bit of a turnaround month for me on that front as I've started tracking savings in our payoff spreadsheet, so I can see what sort of difference they make. I've got one column for offset savings (e.g. I would send it to the mortgage but don't because I get more interest elsewhere), and one column for all savings (e.g. if I really wanted to I could throw X at the mortgage at any time). I find the former encourages me to be (mathematically) sensible and save more money, and the latter gives me encouragement that I'm getting closer than it looks on my mortgage statement.It's just frustration things aren't happening more quickly but it is what it is, we don't want to be super frugal so it's a 10 year plan and were 1 year in.
I also find it helpful to keep track of the progress we're making with OPs. Knowing that we've shaved almost 8 years off our mortgage timeframe helps ease the sting of knowing we still have years to go.Miniocc is also very demanding. He is resistant to any extra curricular schoolwork and his learning issues mean he needs to do it. We are really trying to make it fun but it's draining.
I hope this improves soon, must be such a challenge.0 -
OCC, it's certainly a marathon, not a sprint. Why jet off gazing at your feet and then burn out, instead pace yourself, keep it comfortable, and take in the scenery on the courseBaby Step 1 - £1k Emergency Fund - COMPLETE
Baby Step 2 - Pay off all debts except the Mortgage - £9,326 to go
Baby Step 3 - Save 6 months of expenses into full Emergency Fund - £4,300 to go
Baby Step 4 - Put 15% into Pension
Baby Step 6 - Pay off the Mortgage early
Baby Step 7 - Live like no-one else0 -
OK you have done it!
I shall start my own spending list to see where I could potentially save. This will be a good thing to do - thanks for this encouragement after reading about others saving I want to do that too.
I guess it does not matter when I start (4th of July) but as long it is a month to see the bottom line - it will be very interesting.
Have a great day!0 -
lovecustomart wrote: »OK you have done it!
I shall start my own spending list to see where I could potentially save. This will be a good thing to do - thanks for this encouragement after reading about others saving I want to do that too.
I guess it does not matter when I start (4th of July) but as long it is a month to see the bottom line - it will be very interesting.
Have a great day!
Yay you do it! Whilst I am a little fed up at the moment I have saved thousands over the last year!
Thanks everyone for the pick up, it's hard as I really don't like to touch any money saved previously. Also little progress has been made on the house so it can be demoralising at times.
Will try to create a net worth calculation to cheer me up!0 -
ourcornercottage wrote: »Will try to create a net worth calculation to cheer me up!
I recommend a chart so you can see progress over time.I shudder to think how in-the-red my net worth was a few years ago but it's motivating to see how much better I'm doing now!
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