1% challenge 2019

wildcherry

Hi All,

I wonder if I might join in too?
Our 1% would be just short of £1500 and I have budgeted to overpay £150 per month. We overpaid said amount in January so am hoping for the same amount at the end of February too. I love reading about everyone's progress despite not always being able to post as much as I would like. I would LOVE to start my own MF journey on here but don't feel I can commit enough time to the updates.

CathT

Finally got on my laptop to check my spreadsheet so I can find my 1% challenge amount. We have been focusing on 'knocking a month off' each time but the balances are actually quite similar so this will also be really motivating.


Our 1% amount is £716. £66.87 paid off this evening so £649.13 to go.

CathT

How is everyone getting on? Small overpayment of £1.38 which was current account cashback. More overpayments to come when dh gets paid end of the week.

1% challenge
Paid 68.25/716

MrsElliot

With baby due in April and remortgage looming, we have tried hard to overpay what we could (despite some unexpected bills)

PAID £177.00/£809.23

redofromstart

Just popping on to say thank you - found this thread really inspirational. I've managed to do 0.89% of my 1% already, mostly because we did a giddy big over payment last month to get it starting with the next number down, and then I have OP'ed by the CT this month too which is great idea.

The idea of paying it all off in 3 or 5 years is just too overwhelming because its huge and I don't have thousands to throw at it. This is far more achievable.

Couldsavemore

Greetings..
Tis the start of March so it's OP day.
I've managed £200..
That brings my total OP to £664.

My 1% is 497..

So I've achieved 1%

Now working on the next one..

Total is 1.33%

Bad news is lots of talk of redundancy at work... even more scrimping and saving now required... time to tighten the belts.

Job applications on this months horizons and fingers crossed I get allocated exam scripts to mark.

5erge

Jan £26.20
Feb £46.33
Mar £34.83

leaving £320.72 left to get to my 1% mark of £428.08.

I saved an additional £391 since the beginning of the year and was going to throw that at the mortgage but I'm treating that money as a car servicing/home emergency fund, plus I've just paid out £360 on house insurance

Still... chipping away at my 1%, the good news is I am getting closer to breaking the next 10,000 barrier, by June I will be into the 30,000 bracket

Des

Rachib

So with February out of the way its time for a quick status update

2019 Overpayments to date: £739.15 (£436.57 in February!!)
My 1% target is £1,530, so I'm at 0.48% leaving £790.85 to go, so nearly half way!!

For March I'm targetting only a £100 overpayment, as the latter part of `February has been an expensive month, (one example being a £700 MOT & service - Ouch!)

wildcherry

Hi All,

Another £150 added to the 1% challenge at the end of February. Happy that we were able to complete. Hoping for the same again at the end of March. Hubby receives a bonus at the end of March so we might even be able to add in abit more.

DD265

I'm pleased to report that we've made a mortgage overpayment - 1.92% of our 1%. It's pitiful but it's a start. :rotfl:

We'll be making this overpayment every month, having rounded up the direct debit.

Honestly, I can't see us managing the full £1500/1% this year but I'm going to stick around anyway and see where we get to. I reviewed our finances and the emphasis really needs to be on paying off the credit cards/building a larger emergency fund.