Mortgage free by 2023 (!)
Options
Comments
-
I like it.0
-
I've been reading your diary DFOD, and congratulations on clearing £58,000, that's amazing!
Please don't think I'm being critical, I'm just curious as to why over paying the mortgage is a priority when you have c/c debt? As presumably that debt is going to start costing you soon, in interest or balance transfers? Just wondered if the £4500 you plan to overpay the mortgage this year would be better spent clearing cc1, leaving you free to overpay next year with no other debt? Or to save an emergency fund as you still seem to be using credit cards for things, maybe the budget needs a tweak?
I really hope you don't think I'm being critical, I think you are doing amazingly well and I'm really rooting for you to get debt free, it feels great!1 -
Golightly72 wrote: »I've been reading your diary DFOD, and congratulations on clearing £58,000, that's amazing!
Please don't think I'm being critical, I'm just curious as to why over paying the mortgage is a priority when you have c/c debt? As presumably that debt is going to start costing you soon, in interest or balance transfers? Just wondered if the £4500 you plan to overpay the mortgage this year would be better spent clearing cc1, leaving you free to overpay next year with no other debt? Or to save an emergency fund as you still seem to be using credit cards for things, maybe the budget needs a tweak?
I really hope you don't think I'm being critical, I think you are doing amazingly well and I'm really rooting for you to get debt free, it feels great!
I don't think you are being critical at all - this is a dilemma I've turned over and over in my head. My thought process is, that if wages stay the same which give or take a few minor pay increases, they will, then the spare cash I have to OP mortgage is unlikely to change, with the amount of £334 per month, my mortgage OP calculator tells me we will hit our 2023 target.
My other 'debt' is therefore to be tackled as best I can along the way. And if it means a little bit of interest, then I'll take it if it means I'm on track with the mortgage.
My worry with not committing to the mortgage OP's now is that life will always get in the way and it'll be car repairs / replacement car or something else that delays me tacking the mortgage.
If I had longer, I would absolutely clear the CC first. Thank you for commenting as it's good to make you stop and think once in a while whether you are doing the right thing.DFW (08/08) £64,346.53 Gone (02/19)
MFW (08/08) £118k Gone (09/23)0 -
Glad to hear you're all ready for tomorrow DF0D. I have nothing to add re your plan, I think it sounds like a good deal.
Enjoy work tomorrow xxMummytogirls x0 -
Meal plan for this week:
Sun - roast
Mon - one pot spaghetti (never attempted before)
Tue - I can't bring myself to type it as so many people laugh that we have these
Wed - Jacket potato night!
Thu - Fish
Fri - Veggie lasange (never attempted before)
Sat - standing pasta pie (never attempted before)
Packed lunch prep done for this week. Kids clean, shoes polished, I'm ready!DFW (08/08) £64,346.53 Gone (02/19)
MFW (08/08) £118k Gone (09/23)0 -
Final finance round up from me tonight. With my percentages above and the sales I've had this weekend, the following is to be paid / added:
CC2 - £39.78 to pay off tonight, leaving the child benefit of £137.60 to pay off tomorrow and that one is GONE!!! :j Chuffed this is clear and so onto CC1 in earnest (again)
Holiday - pot up to £70.50
MFW pot at £28.62, so first OP being sent tonight at it's Sunday (SJ - how are you doing??)
Long term saving - pot up to £59.30.
Still waiting for one of the fleabay items to make payment and a friend owes me £5 for something they had, so next weeks' extras should be off and running soon!
Sales this week of £121 that people have actually paid for - not bad for the first week!
Have a great day at work everyone that goes back tomorrow..DFW (08/08) £64,346.53 Gone (02/19)
MFW (08/08) £118k Gone (09/23)0 -
Well done in advance for CC2 being paid off! I bet you're up like a shot in the morning to make that extra payment :beer:
xxMummytogirls x0 -
Really well done on the sales and bye-bye CC 2! Fantastic start to the year :T
Curious about Tuesday's meal, more because I'm looking to satisfy DS's boredom streak with some new ideas...or he'd eat chilli con carne every night!
Hope back to school/work goes wellBack on the DFW Wagon:
CC - £3,300 on 0% til 04/2020
CC - £4,500 on 0% til 02/2019
Loan - £12,063.84 as at 4/1/180 -
CC2 is gone, gone, gone!!!! :j:j:jDFW (08/08) £64,346.53 Gone (02/19)
MFW (08/08) £118k Gone (09/23)0 -
yey! well done :jMortgage Jan 13 99260.00 87253 April 2017
Emergency fund 700.000
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.4K Work, Benefits & Business
- 608.2K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards