1% challenge 2020

fiisch

fiisch wrote: »

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!

£261.54 OP made in January, towards my target of £4,222.50. 6% down, another 94% to find...

Having a credit card amnesty for January, February and March (except petrol and food) to help free up cash for OPs. We use credit card for most purchases due to cash back, but recently the additional Amazon and similar purchases have been spiralling out of control...

pavlovs_dog

We're out of the starting blocks!

£30 out of £642, £612 to go (4.6%)

iamsalt

£20 sent today to the mortgage account (0.5%). Remortgage in progress so not planning to overpay until that’s sorted now, but will pop bits into savings ready to go.

bigbeff

I'd like to join please with a target of £690. Already overpaid £150 this month

5erge

First overpayment, rounding down of 2020. I noticed last year was the first time we paid under £1000 in interest per annum, £931.83 to be precise and approx. £80 less than the previous year.

Jan £32.65

pavlovs_dog

paid today: £38
paid (cumulative): £68/£642 (10.6%)

remaining: £574

Rachib

A couple of overpayments paid so far this month, totalling £54.01, to start this year off.
£1,400.99 to go.

Ive had 5 NSDs this week which has helped with the overpayment, and with pay day next week I can hopefully continue on this frequency of overpayments

bigbeff

Another £20 for me today slowly knocking it down!

wildcherry

Hi All,

I really love this thread even though I am terrible at keeping up with my totals. Still, I'll try again this year. 1% of our mortgage balance is £1400 and this month we overpaid by £140. I am hoping for a regular £290 over payment from February and then up that £500 by November this year. We should get the 1% done this year though.

MrRobinson

pavlovs_dog wrote: »

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

hello guys