£170000 in 10 years

themadvix

How's the millionaire challenge going TH?

try_harder

WEEK 27 DAY 7 .
Thank you Busy Mee1 as always and ETE ,yes it was a real struggle to reach the £13,000 mark and i am so pleased to have passed it .Savings today added £230.76 making total £13,808.53 possibly a week away from the £14,000 mark.
Morning themadvix ,sadly its been very quiet on that front and no sales at all the £800 is in my ISA and has made around £40 gain so thats something at least .
Food budget is on track and i have been using up lots of food from the fridges and freezer.
Its a beautiful day here today and i am looking forward to Wimbledon i hope its nice for everyone else too.

themadvix

I'm sure something will sell soon TH! In the meantime, you're doing so well with the savings - steaming ahead now you're past the £13k mark!

Lovely weather here too

try_harder

Thank you themadvix i am so grateful for all your encouragement .
Not long now until Andi plays i hope you are at home today and able to watch it .

try_harder

Sorry pressed an i instead of a y im sure you know who i mean though

try_harder

WEEK 28 DAY 1
This week i must make a determined effort to list,list ,list in order to keep up the £70 a week selling ,last week i failed miserably due to lack of effort so this week i must try harder.
Savings at £13,808.53 ,i love writing this number down and looking at it i am so amazed at how well we are doing and cannot wait to see the number 14,000 the aim was to have 19-20,000 by December this now looks doable so £20,0000 by December has now become the target .
Looking at my numbers having £20,000 by December 2017 and joining the group in April 2016 would mean i have saved for 20 months making it exactly £1,000 a month saved ,i will then have exactly 100 months left of the challenge at £1,000 a month totalling another £100,000 =£120,000 saved after 10 years ,my mortgage should be around £153,000 remaining at this point making me around £33,000 short .In order to make up that shortfall i need to save an extra £317 a month making it £1,317 so from August this will be my new aim,sorry for all the numbers im working it out as i go along .
Millionaire Challenge will become the money we live on at retirement we have no pension my husband has almost 12 years until retirement ,we have £800 in that pot at the moment so i must work hard on that this week too and hope to have improved on that number by the end of this week .
Could anyone tell me how much is needed for a comfortable retirement .Would it be an income of around say £14,000 -£20,000 a year ? Thanks .

EatingTheElephant

try_harder wrote: »

=£120,000 saved after 10 years ,my mortgage should be around £153,000 remaining at this point making me around £33,000 short .In order to make up that shortfall i need to save an extra £317 a month making it £1,317 so from August this will be my new aim,sorry for all the numbers

This is looking extremely achievable, to think not long ago you were worried you would have no way of paying for the house at the end of the mortgage and now the figures are starting to add up. Amazing progress

try_harder

Thank you ETE the proof will be in the pudding but it all looks achievable as long as we stick to the plan.

tattycath

Wow. Looking good for the savings try harder. :j :j :j

Kittenkirst

Try harder your savings figures are looking blooming fantastic! Really well done you