My MF Mission 2015

lippy1923

New goals confirmed after some spreadsheet analysis.

OP £11.5K in May
OP £14K in June
Mortgage Neutral Dec 2020

Bizzywizard

Well done Lippy.
I have just read your diary from the start. You have achieved so much! I started overpaying my mortgage by £40 a month back in January. I know its a small amount but you have to start somewhere. I have been concentrating on paying off my husbands credit cards and moving them to 0% cards, so once they are gone in December, I will be copying you! We can overpay by 10% each year. But love the idea of a separate savings pot and paying the whole lot off at the end of our deal, I honestly had not even thought of this until your posts (stupid I know)! You have really inspired me. I have no idea how to subscribe to you, but I will be following. So good luck and thank you!

lippy1923

Thanks Bizzy. You are absolutely right, you have to start somewhere and even a small amount can trigger the OP bug and save you ££££ in interest over the long term.
Good luck with paying off the credit cards. I've just paid off one of my 0% ones that came to an end this month and have 1 more to pay off in June (money set aside for it) Then its gone...... until I see another good 0% deal and snatch it up. I hate the debt looming over me but like to take advantage of the offer. Much rather use someone else's money to pay for what I need.

*heads off to see if you have a diary on here

lippy1923

Tomorrow is big day 1 out of 2 financially this year. It is the last month of my mortgage year meaning its my final mortgage OP for 2019/20. 

Its also payday today, so pleased to note I've managed to save £2450 this month
This means the savings goal has been met (to have £45000 saved before big OP's made). Total savings today stand at £45450

Tomorrow my ISA matures so £11500 will be used to max out my 10% mortgage OP allowance. I'm weirdly excited about it lol. 

lippy1923

MAY UPDATE- Huge financial changes for me!

>£11500 OP sent to the mortgage (Completing me 10% max OP allowance)
>12 bricks coloured in
>????? month knocked off remaining mortgage term  - Need to wait for this info from my lender once OP is calculated  (Edit- 22 months )
>£2450 added to savings pot

Results-
Total mortgage OP - £47,000
Mortgage balance- £48,137
Total Savings - £34,200

Only £13,937 difference between my current mortgage balance and my savings fund!

lippy1923

Well my current account can officially do one! Slashing their interest rates yet again, its def time to downgrade the account.

It's getting so very hard to find anywhere to put savings these days. Really unfair to those who do not want to throw money away on unnecessary material rubbish.  I want to move house in the next couple of years so I cant take the risk of investing for such a short time, so I am stuffed.

lippy1923

Spent a good 2 hours today sorting out savings. Downgraded one account, upgraded 2 others and opened 2 new ones. Moved funds around until my head started spinning with all the concentration lol. Anyway, feeling a little better about money now (not great as its still rubbish) but everything is now earning 1.2% or more. 

lippy1923

Turns out my May OP knocked off almost 2 years from my mortgage term!
8 years knocked off mortgage term in total so far on my journey 

shangaijimmy

Fantastic progress in here. What a lovely Christmas present you potentially have ahead of you.

lippy1923

End of May update- Paydays have arrived
>£2800 added to savings pot

Results-
Total mortgage OP - £47,000
Mortgage balance- £48,137
Total Savings - £37,000

Only £11,137 difference between my current mortgage balance and my savings fund! 

Monday will be 1st of June and the start of my new mortgage year, meaning I can wack £14k max OP into my mortgage. Looking forward to it.