Hope is not an Effective Financial Strategy

edited 3 March 2020 at 8:18PM in Mortgage-Free Wannabe
4.2K replies 347.6K views
1417418419421423

Replies

  • Suffolk_lassSuffolk_lass Forumite
    6.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Who doesn't love a highlighter pen.

    In summary, over those six months, how much interest has your monthly payment reduced by? or how much interest has it saved over the projected life of your mortgage?

    Save £12k in 2021 - #26 aiming for £7,500 - £7,393.37 98.58% after September
    OS Grocery Challenge 2021 target £1,974.32/£3k 65.81% annual after Sep (not incl £500 contingency)
    My Debt Free Diary Get a grip Woman
  • Baileys_BabeBaileys_Babe Forumite
    4.3K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    I find daily interest a big motivator, my OH can't be bothered to engage and would be happy to just pay the monthly amount and not need to think about it.

    Since the beginning of the year, our daily interest has reduced by 44p per day. I am aiming to reduce the daily interest from the start of the year by 50p per day.
    2021 Fashion on a ration 66/66 coupons remaining 
  • LadyWithAPlanLadyWithAPlan Forumite
    326 Posts
    100 Posts Name Dropper
    ✭✭
    £1 TT yesterday and 81p today. Trying to keep moving forward daily! The result of these TT's brought the 6 monthly excitement of the mortgage statement yesterday. Several pages long, which always gives me a little shimmer of glee and I then played "Guess the smallest overpayment..." with Mrs SJ.

    She humoured me with a tone that could have been decoded as one of pity or tolerance, and offered a guess of 3p. So it would seem that she knows me too well. Naturally I ploughed on pretending to be oblivious to her tone, and found 6p was the smallest over the last 6 months.

    Loving your "Guess the smallest overpayment..." game - couples who save together stay together evidently..
    "We delight in the beauty of the butterfly but rarely admit the changes it has gone through to achieve that beauty." Maya Angelou

    Oct NSD 12/13      Oct  Groceries Challenge  13th  £148 of £160
    MFW savings 11/08/21  £67,711.70   17/10/21  ££72,195.81/£100K
    Oct savings  £2015.30      of     Goal  £2,252,81pm    
    SIPP               11/08/21     £26,644.38   02/10/21     £26,514.26  
    FIRE   exc home 12k pa 9.34%, 16k pa 7.01%. Current spend inc rent 8.01% FIRE
    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • shangaijimmyshangaijimmy Forumite
    3.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    Accounts round up this morning.
    • £450 added to mortgage neutral pot.
    • £33.08 OP's from account tidies and payment round ups.
    • We've broken the £50k barrier on mortgage neutral deficit.
    This £50k barrier is significant for not only the obvious reason of a major milestone. But also as (should we continue in the same fashion) we should be mortgage neutral in less than 50 months.

    Challenges on the horizon:
    • £105.62 payment round up and TT's to find in 2021 to achieve my 1% target
    • £33.52 extra to find in 2021 to break the £65k figure on actual mortgage balance
    • £138 to find before the end of my mortgage year (ends in Feb) to break the £64k on actual mortgage balance
    MFW: Was: £136,000.......Now: £66,357.66......
    Mortgage Neutral Deficit: £49,928.91... Mortgage Neutral Savings: £16,428.75
    MFiT-T5 #8 - £17,522 of £23,100 (75.85%)
    1% Mortgage Challenge - £599.38 of £705
  • edited 1 October at 9:40AM
    Suffolk_lassSuffolk_lass Forumite
    6.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    edited 1 October at 9:40AM
    Lovely round up and what look to the outsider, like achievable targets across the board (in light of your previous track record!)

    Save £12k in 2021 - #26 aiming for £7,500 - £7,393.37 98.58% after September
    OS Grocery Challenge 2021 target £1,974.32/£3k 65.81% annual after Sep (not incl £500 contingency)
    My Debt Free Diary Get a grip Woman
  • Cheery_DaffCheery_Daff Forumite
    11.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    Ooh, brilliant work there - and only 50 months to mortgage neutral, how lovely! Sounds like you're definitely going to be breaking the £64k mortgage balance by the end of the year.
    Mortgage end date at start: Feb 2043
    Mortgage end date now: Feb 2033
Sign In or Register to comment.
Latest News and Guides