Simple, sustainable and slow: Glenda's MF marathon

in Mortgage-free wannabe
83 replies 5.4K views


  • Playing round with some more figures to keep me on track :).

    If I can keep up my current OPs (+£87 by DD and +£100 by budget savings per month), I will repay my mortgage over 6 years early :eek:. This is not including an potential cuts in interest rates (currently paying 2.44% on a 5 year fix, 90% LTV). At the end of my fixed rate, again if I can match this month's figures, I'll have paid an extra £10k off the capital.

    Interest is costing me £11 per day at the moment, will track this as well so I can see it falling :).

    Even without chucking everything at the mortgage, I can see I'm making real progress :).
  • Another £30 OP this morning from savings on the grocery budget: mortgage now stands at £165,400.
  • BachSoonBachSoon Forumite
    172 Posts
    That's brilliant progress Glenda :T

    It certainly makes everything feel better when you see that the little things add up over time :D 6 years earlier is awesome :cool:

    I often wonder what the banks think of us lot:rotfl:
  • I expect they are gnashing their teeth at the though of losing all their money BachSoon!

    I am reassured about the reports that young adults now (def not my demographic!) are more likely to be saving as well as overpaying on mortgages. I wish I'd realised how important that was when I was in my twenties.
  • I should also clarify that 6 years is if I can keep up with my current OP levels over the mortgage term. If I look at my actual OPs it'll be more like a month if I'm lucky!
  • BachSoonBachSoon Forumite
    172 Posts
    I think it seems to be a bit of a mixed bag. I only have 1 friend who is interested in overpaying/savings (and her husband is an accountant :rotfl:), but many of my peers at work seem to think it's an odd thing to do (and we're in a profession...).
  • Well, it makes me happy :D

    CC arrived today, have promptly halved the credit limit and added it to my online accounts. Now to figure out how to account for it all in YNAB. I feel a tutorial coming on...
  • zcrat41zcrat41 Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I do the same as you with a cc Glenda to get my clubcard points. In ynab I just have it set as a current so it shows as a
    Minus figure. Then once a month I transfer the money from another acc. Works well for me.
  • CC set up - I used the new YNAB system which is very tidy, money is taken from my categories and appears as a credit in my CC payment line. So when the bill is due, the money is sitting there ready to be paid :).

    Status report: weekend was a bit spendy but we had a lovely time enjoying the sunshine and relaxing with friends. All spends budgeted for, but I do need to keep a tight rein on things for the next few weeks.

    Grocery spending is an issue as our fridge freezer is on the blink - it's still in guarantee but we are waiting on a new part. It means I'm having to do lots of smaller shops for perishables which is of course pushing up the spends :mad:. Hopefully it will be fixed or replaced this week.

    No mini OPs this week, OP pot sitting at £5. Will wait until it's at least £10 before transferring.
  • So last month sent us a bit off track - still no working fridge, waiting for a mysteriously delayed refund so I can get a working one. Never buying from [email protected] again :mad:. Plus the car needed work, we've been fixing up the bathroom and the boys needed new shoes all at the same time. If I stopped buying food, that would solve the grocery bill and the show bill in one swoop :rotfl:.

    So, payday today and status report. Made an extra OP to the mortgage so it is now standing at £164,800 / £171,000

    Emergency fund now at £1800/5400, which I am very pleased with!

    So I've paid off a nice round £600 off the mortgage after interest is taken into account, and added £80 to the emergency fund. I'll take that!

    Now to keep a rein on spending this month.
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