The Mortgage Free in Three - Take 4 challenge (MFiT-T4)

mummytummy

I'm holding off too at the moment but I know I will be nowhere near where I need to be but have to remember it's a long haul challenge and will hopefully catch up,before the end of it

mrsp1987

Thanks Trix, I shall endeavour to make my o/p by then so can indeed update both on time and in truth

Suffolk_lass

I'm holding off posting my update for Q2 but I do know that my little compartment of mortgage overpayments has been rubbish. My regular savings pot however, is looking better. It is rising as it seems to the logical me that 6% regular saver (3% over the year) is better than paying down against our base-rate tracker charging us just 0.99%. So that has been my approach but my emotional worry-head sits there reminding me that I have not paid it off the mortgage yet. It seems a spreadsheet off-set does not work in Suffolk lass headspace!

I will ponder what I need to do. I know if it really starts worming away at me, I stop sleeping so that is my ultimate "must change something now" moment.

The other thing is double glazing. We have just paid 30% deposit for double glazing with 70% on 0% finance over two years. 0% is good. £400 a month out of my potential overpayments is not. I must ponder this too. I will post again just before the 24th deadline

SL

hiddenshadow

Suffolk_lass wrote: »

So that has been my approach but my emotional worry-head sits there reminding me that I have not paid it off the mortgage yet. It seems a spreadsheet off-set does not work in Suffolk lass headspace!

I wrestle with this as well as I'm much more motivated to make a debt number go down than a savings number go up. I've tackled it for myself with a two-prong approach 1) spreadsheet offset where I don't even see (thus, can't pay attention to) the "real" mortgage number, only the number if I put all my savings to the mortgage right now 2) calculation of how much that offset is growing based on doing the savings vs paying the mortgage (this month: +£40 in interest by saving, even after accounting for the extra mortgage interest paid on a slightly higher balance). Between the two I've managed to convince my debt-hating-instinct that I am paying off debt, just in a roundabout (but more efficient) way.

brila

Just updated the spreadsheet. Have now paid off £23,231 of the original £55,947. Less income at the moment, but even more determined to lose the mortgage before brexit - our business is pretty euro-centric. So an outside deadline as well as my own personal target!

someday_soon

You know what the money is for suffolk lass. Your risk is only that you will double account the funds in your regular saver
1. I have this money that will reduce my mortgage balance once it matures' or
2. 'I have this pot of cash that will take us to Spain, buy a car, treat myself, retire to the [STRIKE]Seychele[/STRIKE]s Rhyl, can't spell the other one!

So long as you are clear in your head what the exact purpose of that cash is,(and it can't be both) I say gain the extra interest and sleep well at night knowing that you are being intentional and sensible in getting the most value from your cash in hand Today to help towards your Tomorrow goal.
(Sorry, forgot to quote your post above and can't work out how to do it still LOL)

pavlovs_dog

I've put my update in now so I don't forget.

My mortgage debt now starts with a 9 intead of a 1 :dance:

Pearla*Merle

Alas, I've still not managed to make headway with my savings plans yet (crazy start to year with ill health and new job causing some financial chaos) but it's all settling down now and I can finally make inroads starting next month (hoping I can catch up asap! At least there's still two & a half years left :rotfl:)

Good luck everyone!

Annaharky

Not having the best month. First my car broke down followed by the washing machine and finally the boiler. Aaaaargh! Good job we still have 2 and a half years!

ElusiveLucy

#150 here, just about to update for Jul16. Down to £1153.16. Can hardly believe the end is so close!