ATB's £171k quest begins.... NOW!

Luckyinlife

atypicalblonde wrote: »

We have to make OPs of £2200 per month to hit target Luckyinlife xx

Good luck i will follow with interest :]

atypicalblonde

OP made of £300, so I need to find £475 by month end to meet target... Hmmm we shall see! X

shangaijimmy

11 days to go yet, that's only £43 and a bit a day... You'll smash that!

atypicalblonde

Thanks for working it out per day for me jimmy on that basis I've just OPd £50... x

shangaijimmy

See you're already ahead of schedule. At this rate you'll manage it with 2 days to spare...

atypicalblonde

Shangaijimmy how do you work out your average daily interest?

atypicalblonde

Since I signed up to the new 2.34% deal, my OPs are capped at 10% per annum. It is 10% of your mortgage balance as at 1st January in that year, so in my case around £17k.

This means that once we have overpaid enough to get the mortgage down to £155k, we will have to stop OPing & stash that money in a savings account until we get into next years 10% allowance.

So, the plans are:
1. Meet April madness target of being in the 50s by end of April
2. Reduce the balance to £155k by 1st July
3. Have £15k in savings by the end of 2015, i.e have filled up my ISA allowance. I am clueless on ISAa, maybe nows the time to read up :o

I will use this as my 'Go To' post when I forget what I've planned/lose direction/need inspiration x:):):):):beer:

shangaijimmy

I have a spreadsheet that i got off someone else. Try this link:

http://forums.moneysavingexpert.com/showpost.html?p=14965035&postcount=534

I've since tweaked it to my liking. It a great tool for tracking exact movements through the months.

I also get a text off FD each Sunday with interest added that week, so divide it by 7.

shangaijimmy

http://forums.moneysavingexpert.com/showpost.html?p=14966029&postcount=536

It should look like the picture on this link.

StrugglingYouth

Just had a read through your diary ATB. You certainly dont do things by halves! Major credit to your recently MSE movements.

Also thanks for the SoapNuts suggestion! Will definitely acquire some of those!

Have subscribed!