3285 days to be mortgage free......

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  • Well after being missing in action for nearly a year (couldn't log in and neither of my email addresses were being recognised to reset my password) I reset my password tonight for the new forum and it worked!! All very odd. 

    Despite not posting I am pleased  to report I have been keeping up the overpayments (£10k in 2019) so balance now stands at £129,000 and 2792 days till MF. Though I am hoping to bring that down as really want it gone before youngest DD hits 18. That would be 1952 days till MF - 2.5 years sooner than the original target. Not sure we could but worth aiming for!!! 

    As long as I can log in tomorrow (!) I'll update on where last years OP's came from.
    Cx


    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Congrats on the OPs for 2019 - sounds like you are making excellent progress
    MFW #69 Mortgage remaining Jan 2021 £221,644; Jan OP £1000;
  • So after the most full on 5 months ever (my job got much busier during the lockdown) I have some much needed leave and time to assess where I am with all things MFW. 
    I have still been making OP's and balance is now down to £121,271.28 so nearly £8k gone since February. But its all been on autopilot - I haven't really spent anytime looking at where further savings could be made, what's in all the various 'pots' etc. I don't  even know how many days left to be mortgage free.
    Time for big review........ 
    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • First calculation done - 2639 days till mortgage free! But I think it could be done in a bit less. Overpayment calculator suggests maybe 648 days quicker. Of course this is assuming we keep to same OP each month...which in turn depends on what we encounter along the way! 
    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post
    So I said back in February about detailing where the 2019 OP's came from. I was very diligent at keeping a spreadsheet so could see where the OP's came from. So excluding contracted payments the yearly totals were:
    £4000 regular monthly OPs
    £3400 money left over in accounts
    £120 tilly tidies 
    £166 council tax (2 months don't pay)
    £275 fbook sales
    £70 cashback sites
    £485 current account switches 
    £1500 other - inc xmas ££, back pay, matched betting and a wayleave payment .
    Need to sort out 2020 spreadsheet next to see how things compare. Fbook sales, current account switches and cashback will be way down and I haven't done any matched betting.......

    Cx
    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Hazelnutty
    Hazelnutty Posts: 720 Forumite
    First Anniversary First Post Name Dropper
    Hi Clarity - that's really cool to see how your OPs broke down. Really impressive!
    Choose kind:)
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post
    edited 29 July 2020 at 7:41AM
    Hi Clarity - that's really cool to see how your OPs broke down. Really impressive!
    Thank Hazelnutty.  :) I've just bookmarked your diary so will catch up on that later. 
    I've more or less got this years spreadsheet up together now. DH gets a bonus this month so that will help cover some of the areas that won't be as high as year. But all being well we will be on track to achieve this years OP target.

    Today's MFW job is to review all the accounts and virtual pots. Also reconcile yesterday's spends - it was a bit of a spendy day on treats but we had a lovely day so all good. 

    Cx
    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Clarity1972
    Clarity1972 Posts: 63 Forumite
    First Anniversary Name Dropper First Post
    Spent some time reviewing the virtual pots yesterday. 
    My pots are:
    Car costs
    Oil and boiler service
    DIY and garden
    Misc 
    Xmas and birthdays
    EF
    Some pots are very healthy (others less so!) so from payday will see what can be adjusted and what can be shaved off to boost the OP. 
    Cancelled a dd yesterday so that amount will be added to OP taking it up to £500pm which is amazing!

    Cx



    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Cracking month end as DH got his bonus so an OP of £2332 made.  :) All on course to hit end of year target despite lack of switches, cashback etc.
    Virtual pots have been reviewed and from next month going to freeze the car pot till the end of the year. Will increase the monthly misc pot a little but should have another £100 to add to OP for next 5 months. 
    Weighing up pros and cons of getting a cashback cc next.......
    Cx
    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
  • Cashback cc applied for and approved. So all shopping and fuel to go on that moving forwards.
    And as an extra bonus got a premium bond win today........only £25 but I am chuffed with that!🥳
    Balance target 31st Dec 23 £36,000Balance 1st of month £425001561 days to go........
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