1% challenge 2019

pavlovs_dog

When faced with a debt that ends in several 000s, overpayments can feel like a drop in the ocean.

Maybe you've been OPing for a while and feel like there is little left to squeeze out of your budget. Maybe you've lost your mojo with OPing and need a new challenge. Perhaps you feel intimidated by how much others OP on the annual or MFi3 challenges, or are unable to commit to fixed monthly payments.

1% of your mortgage balance is a far less daunting sum to aim towards whilst still chipping away at your debt. It turns the mortgage marathon into more of a sprint and helps make the impossible feel more achievable.

To calculate 1%, simply divide your mortgage balance by 100 then post your target below. Don't forget to come back and share the little things you are doing to help you hit your target.

1% for us is £735. Let the challenge commence!

DD265

I'd like to join in! It'll be our first year as home owners, and 1% feels a lot more affordable than 10%

1% for us is £1500.

iamsalt

Hello, thanks for starting this, i quite fancy this challenge. I am definitely in awe of sone of the o/p that people make. Mine have been in the £18-£68 bracket each month when i can find savings elsewhere.

My 1% is £1687 for 2019. I had been using my refunds from delay repay on my commute and while its been useful to help with o/p I would rather be home on time!

pavlovs_dog

I'm out of the starting blocks. £31 OP'd

£5 on a Christmas scratch card
£25.55 from Prolific surveys
45p TT

£704 to go

Moneyfordreams

I think I will join this. 1% of my total debt is £1280. We moved house in May 2018 and the cost of renovations is running away with us. mostly funded on 0% cc. (currently around£14000 :eek: )
By summer my aim is to reduced cc by half . The latter half of 2019 will be bathroom, kitchen and drain renvovations i hope. Therefore not a great deal left to OP.
We also have a big holiday in March for my OH 60th and need to save for my 50th March 2020

1% may be small but with all else going on it's a stretch. I also need to pay off the only cc with interest 1st

sleepysleeperson

Can I join?

1% is £1,030 so very achieveable

beanielou

Wishing you all luck with this

Couldsavemore

Ohh hello!

Can I join in too...

I've already started with the OP's but like you said it does feel like a drop in the ocean at times.

I'll have a look in the morning to get an accurate 1% using the letter I got as a result of last months OP... i'm a bit of a nerd I luke to see the length of the term shorten quickly.

MoneyMission

Sign me up!

Was going great guns on OP's over last couple of years. Then we collectively decided on a big holiday for 2019 so we exchanged OP's for savings to pay for it. Ready to attack the mortgage again but I'm having a midlife change of career and am starting a new job on 17th January to kick start the new direction. This means a drop in my salary but I'm still confident we can find 1%, £2,420, to OP.

Have subscribed!

Rachib

This is just the challenge for me!

This year I have remortgaged my house partly as the fixed deal was up but also to buy out the help to buy loan that was against my property :T.
This has resulted in my mortgage payments going up by about a third, So overpayments have been lower that my initial mortgage.

1% seems achievable, which is £1,530

Hazelnutty

1% is £1500 for me and more than my 2019 target of £1200 but I'm going to sign up as it's good to stretch!