Mortgage free by 2023 (!)

debtfreeoneday

:j:j I just paid the last nursery bill!!!! :j:j
Two more weeks of pre school to pay and we are done with childcare costs for now!

Think I have an extra £50 from saved payments, so have put this in the credit card payoff pile. Despite wanting these CC debts gone, I have no actual motivation to pay money off - does that make any sense.. I just feel it's wasted money - must remember this next time I want to use the blinking things!

Daily interest was 12.82 today, so my first goal is to get that under £12 - I have no idea how long that will take I guess until I see what next months daily interest looks like..

debtfreeoneday

Just sent £65 to CC1 and the total is £4366.43 - £14 more than when the month started. will be happy if I get it back under starting point this month.. First goal next month is to try and get under £4k..

Waiting for my budget to shake itself out, so I know what my normal pay looks like post hours increase, without nursery and loan payments and with the council tax deduction added in, so I get an idea of realistically what I can pay off the CC every month without additional effort.

debtfreeoneday

In respect of CC2, I'm continuing to use for food and fuel, but moving the pennies straight over to pay that over, plus a few £'s here and there.. hoping to just quietly pay that off alongside the other one without much additional effort, aim is for £100 a month, so still have £22 to find this month to pay.

debtfreeoneday

and yet another post - you can tell Friday morning is my day for finance stuff!

Been thinking about how best to up the mortgage overpayments without committing to things.. I think I've decided to stick at £100 for now, until the CC's are paid off / or money coming in increases from a payrise or something else. So I'm going to save a separate pot for further overpayments.. I was thinking everytime I got to £120, I could up the monthly overpayment by £10, but then I have to commit to that extra £10 ongoing.

So the plan is to make lump sum overpayments which have to be done by phone, have booked a call for this morning to pay off what I have built up so far, which is £75.. reckon I'll do it every £50 then or else I risk annoying ringing them all the time.

Will update my signature when it's done.

I'm now tracking outstanding amount, daily interest and LTV rates daily as well as time left, as surely at some point, the time left on the mortgage has to change as a result of overpayments and not just because another calendar month has ticked by??

debtfreeoneday

£75 overpayment made and signature updated to reflect I've overpaid £335 of the target of £450.. am hoping to double the target this year and hopefully pay off £1000 by end of December but we'll see.

Had to laugh at the mortgage company asking where the funds had come from to allow me to make an overpayment. It's £75 not a million quid!

shangaijimmy

Great progress. I do find my spreahsheet's the most effective thing for plotting and tracking targets. I now know for example what month i'll nudge daily interest below £7, which is a significant landmark for me (November by the way). I'm also then eagerly awaiting next June as my daily interest will be at £6.66, which means less than £200 interest for the month.

I also have multiple scenarios's in separate worksheets, should I be able to find an extra £10 a month regular etc... I have all kinds of scenario's to help me plan for the dream 8yr, realistic 10yr and probable 12yr target. In my head anything under the 12yr is a bonus!

My last point is amongst our obsession, i only ever make signature changes and spreadsheet changes once the month is completed otherwise i'd drive myself (even more) crackers!

I also think your wise to get the CC's done and dusted and revel in the satisfaction you had from the large debt. And i'm sure these will vanish pretty sharpish now childcare costs have vanished!!

stepuptothepl8

Found you! And subscribed thanks for popping by to my diary.

Well done on your progress, both debt and mortgage!! You're doing so well! We're OPing the mortgage by about 100 a month at the mo, but that'll go up once my debt is clear (2 yrs I think )

x

debtfreeoneday

Quiet weekend, a bit done in the garden yesterday. £5 made from a bookface sale and promptly spent again straight away as I forget to get bread on the shopping order.

Right now, I'm being lazy in bed and the little people are watching TV with DH.

Eight work days and counting till the School hols. Happy Sunday all.

debtfreeoneday

Managed to sell a few things on fleabag this weekend, so £50 paid off CC1.. and £5 more towards the emergency fund, £5 towards the next mortgage lump sum overpayment and saved a bit more into various pots.

amycool

debtfreeoneday wrote: »

Managed to sell a few things on fleabag this weekend, so £50 paid off CC1.. and £5 more towards the emergency fund, £5 towards the next mortgage lump sum overpayment and saved a bit more into various pots.

Just thinking as I read this that it would be so easy and tempting when making £60 to treat yourself to a takeaway or a new top, and to overcome that urge and put it all away is really quite impressive. I know so many people who wouldn't be able to do what you're doing.

It'll be so worth it when you no longer owe anyone and you'll know you achieved it through hard work and massive self-restraint.