1% challenge 2020

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After a successful start in 2019, here's the new 1% challenge thread for 2020...
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.
Let the challenge commence!
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.
Let the challenge commence!
know thyself
Nid wy'n gofyn bywyd moethus...
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Our 2020 challenge will start at £642. I look forward to new and old faces joining in
My 2020 challenge will start at £565
£389 for me.
Save £2023 in 2023 0/£2023
I'm £1260 - so £105 per month.
December 2020 - £167,500
December 2019 - £211,500
March 2019 - £218,000 moved house
1% for me is (rounded) £1,455,
Last year I ended up at overpaying 1.56%, so I have a stretch target this year of 2%
MFW 1% Challenge 2020 - £5,650.46/£1,455 4.00%
Thanks for running this again.
1% target £4000 so far £20 paid
My 1% is £1525 rounded up.
I have set up an OP of £250 a month, so in theory I may be able to do this twice, if nothing changes with a little extra thrown in! Trying to do a financial overhaul and review at the moment so who knows what may happen!
What a wonderful way to welcome the new year!
Best of luck to all!
Jodles
1% challenge- /1525
Still a fairly daunting target of £4,222.50... (On help to buy scheme, so another interest free 20% which for the purposes of this I'm ignoring!).
Feels optimistic given recent form, but gives us something to aim for!