My MF Mission 2015

lippy1923

Another long break from the diary. Had a lot on my mind recently.

Exams- I have completed all of my exams now *touch wood* pending 2 results. Fingers crossed all passed and I get my qualification

0% CC comes to an end this month. £4500 to pay On the bright side that means no more CC debt for me. Will be paid at the end of March once I get paid.

LISA- I have been considering the LISA for some time now and although its a no brainer with 25% bonus I don't think its right for me at this time. I already have a house so wont be able to touch the money for over 30 years! In the next 2-3 years I will hopefully be upsizing to my forever home so need to focus all the savings in that direction. I'm thinking once I have moved I can then look at opening a LISA and start looking at retirement planning a bit more closely.

Regular savings- I have been putting my £500 mortgage OP into the 5% reg saver since May last year, so this should end in the next month or so. Should have a nice £6k round figure to OP off the actual mortgage in May as a lump sum. Its been very hard psychologically not actually overpaying the mortgage each month and getting my over payment letters from my provider. But it will be worth it as I know I have been benefitting from a better return and the money will be ending up in the mortgage at the end anyway.


Looking forward to May now as I will have a much better idea of my financial position after overpaying a lump sum and clearing my CC debt. May/June will be time to start setting myself some new mini goals.

shangaijimmy

Great progress and well done on the exams stuff. Think what you can do with all that free head space now!

As for reg savers, to get around the psychological issue i do count them as OP's on my spreadsheet. So although the balance is different on the actually mortgage account my spreadsheet tells me the true figure. I accept it'll be slightly out due to different interest rates, but it won't be by much and the interest on the reg savers when they mature just goes in with the OP anyway. Got my next one at end of March so i get the joy of a big OP!

lippy1923

So, I have paid off the CC and can now say I am "debt" free
Just this pesky mortgage to tackle now.

Only 2 more months before my reg saver matures and I can officially OP a lump sum. Aiming to see if I can reach the magic £30k in savings again before that happens, but that's very optimistic.

lippy1923

Exams passed and qualification complete


Just over a week before I get paid and can finally pay my reg saver lump sum off the mortgage....... counting down.

hiddenshadow

Congratulations!

julicorn

Congratulations on passing your exam! Well done.

I feel you with the countdown to payday :rotfl:

shangaijimmy

Excellent progress on all fronts.

lippy1923

Reg saver has matured so after a year long wait I have finally been able to make an OP! £6500 OP'd today, denting my savings figures a tad, but I'm happy. This puts me one step closer to my goal of £75k mortgage balance by the end of the year. Still a long way off though.


Going to update figures properly on Friday once my Jun mortgage payment goes out.

lippy1923

1st of the month!


£500 OP sent to the mortgage
Another brick coloured in - Now in the £82k's
Reduction in mortgage term since my big OP 2 days ago -14 months
Total mortgage term reduction since start of diary - 4 Yrs 7 Months
£250 added to new 5% reg saver

lippy1923

* July update *

-£500 OP made
-1 more brick coloured in - In the £81k's
£250 added to regular saver

Mortgage milestone- Total current overpayment stands at £25,000!!!

Got some Euro's left over from my holiday so perhaps a future savings update to come