Flutteringby's baby steps towards MF

Flutteringby

Petal88 wrote: »

Have you considered getting your bank's app on your phone? I find that with it being within such easy reach I end up checking it every day!

I wish my bank had an app. My Credit Card does and I check that a lot, as does my business banking, but not my personal bank unfortunately.

Flutteringby

Eek I'm sneaking back with my head held in shame! Such a long time since my last post!

We have a new goal in mind - Mortgage Free by age 40 (Jan 2022 for me), so we are working on a 5 year plan to get us there.

I guess the best place to start is with where we are right now! Mortgage today is £80,790. We need to pay off around £16k per year to get there, an average of just under £1300 per month.

Since my last post, hubby has had a small payrise and I now have 2 solid income streams - my magazine business and my book selling network marketing business which I am loving!

I've made some decisions around how to allocate my income for 2017. First off I have some savings pots that need filling:
Xmas: £1000
Short Breaks (inc visiting family): £500
Florida: £1500
Occasions (inc Birthday presents, kids parties etc): £1,000
Medical (glasses, dentist etc): £500

For my work income, I will be paying 50% into these pots, and 25% into the mortgage. For adhoc income (quidco, selling sites etc) I will split 50/50 between the pots and the mortgage.

Monthly costs are budgeted from hubby's salary. This includes £630 for the mortgage (the current interest payment of £215 is included in this). We will need to dig deep and work hard to achieve our goal within 5 years!

We also have £9.5k of savings in the account which are offset against the mortgage and are long term savings (some for the children, and some for long term goals) so this is all helping us. We add to these savings monthly.

Phew, lots of info there. But good to have it on paper and in public! Lots to do, but I'm excited about the possibilities!