Simple, sustainable and slow: Glenda's MF marathon
in Mortgage-free wannabe
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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 .
It certainly makes everything feel better when you see that the little things add up over time 6 years earlier is awesome :cool:
I often wonder what the banks think of us lot:rotfl:
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.
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...
Minus figure. Then once a month I transfer the money from another acc. Works well for me.
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, 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.