1% challenge 2020

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!
know thyself
Nid wy'n gofyn bywyd moethus...
«13456715

Comments

  • pavlovs_dog
    pavlovs_dog Posts: 10,199 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    We have quite a substantial fixed OP go out each month, and despite this progress to mortgage freedom seemed painfully slow. The 1% challenge gave me something winnable to focus on, and helped make sure that spare pennies were earning their keep. After smashing our original 1%, we played for a second time. I have yet to do the final month end payments, but the challenge helped us OP more than £1000 of money that might otherwise have been frittered away. Seeing our target sum decrease each time is really motivating when the process of clearing the mortgage seems painfully slow!

    Our 2020 challenge will start at £642. I look forward to new and old faces joining in
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • Great challenge, we're focused on paying down debt but have a longer term plan of paying down the mortgage once debt free so this challenge will be a good starting point and help with minimising frittering.

    My 2020 challenge will start at £565
  • 5erge
    5erge Posts: 108 Forumite
    First Anniversary First Post Combo Breaker
    I am in again for 2020,

    £389 for me.
    £56/279
  • Talia1
    Talia1 Posts: 159 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    I'm in for the first time, please count me in to clear £1200.00, the actual 1% is a few pounds less, but it's makes it easier to break the amount down to £100 per month. Thank you for the thread Pavlov.

    PAD challenge 2024 £5363.54/£4180 to pay

  • I'm new to the challenge for 2020.


    I'm £1260 - so £105 per month.
    The Best Things in Life Are Free
  • I’m new to the challenge for 2020 my target is £2,115.
    December 2021 - £151,250
    December 2020 - £167,500
    December 2019 - £211,500
    March 2019 - £218,000 moved house
  • Rachib
    Rachib Posts: 36 Forumite
    First Anniversary First Post
    Im in again for 2020.

    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 2019 - £2,383.44/£1,530 1.56%
    MFW 1% Challenge 2020 - £5,650.46/£1,455 4.00%
  • iamsalt
    iamsalt Posts: 295 Forumite
    First Anniversary First Post
    Please can i join again, i nearly made the 1% in 2019 but the mortgage is about to increase significantly so my 1% is £4000, i think this will be a massive stretch but will see what i can do/sell to make it happen, moat of my spare money goes towards more house repair and renovation.

    Thanks for running this again.
    £400,000 starting Jan 2020 current end date Aug 2041 I would love the end date to be 2027 but will aim first for 2037.
    1% target £4000 so far £20 paid
  • jodles16
    jodles16 Posts: 1,477 Forumite
    Car Insurance Carver!
    Hi I would love to join in this challenge, it can feel like such a long journey and last year saw my least engagement with this website and overpaying the mortgage since I started here a few years ago.


    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 :D
    MFW2020 #115 250/3000 J-250
    1% challenge- /1525
    Save 1k in 2020- /3000

    Joining in UberFrugalMonthChallenge set up by the Frugalwoods!
  • fiisch
    fiisch Posts: 509 Forumite
    First Anniversary Name Dropper First Post
    Great idea... Count me in for 2020.

    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!
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.2K Work, Benefits & Business
  • 607.9K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards