£100,000 in 5 years

try_harder

Busy Mee ..I managed to make him have four weeks off but that was it .He is a very hard worker and very loyal to all his customers .I wish that he had not gone back to work to be honest as I am quite worried about everything but I could not talk him out of it 
Yes haven't I done well ? Mind you this is only week one ,please let me stick to it this time round 

try_harder

Week 1/260
£432.42 saved towards mortgage 
£164.35 float ..
I now have to think where to start saving this money ,I need to make sure that the money saved for the mortgage is easily accessible in five years time , I need to work out a plan for this . The float is not as important and I might start up my Millionaires Challenge again .
Anyway I am very happy with this weeks savings its been a good week work wise , I am very grateful as always

jenni_fer

Great start try_harder!

Do you already have regular savers? If not, one or two of those might be a good place to put the monthly amount as they tend to have the better rate of interest and you can access at the end of the year. Is there a reason why you aren't directly overpaying?

What's the Millionaires Challenge?

try_harder

Thank you jenni-fer ..
I guess its mainly because I don't have any other savings so for security I guess .
Its a challenge on here to reach a million pounds ,I did start it a while back but unfortunately I used the money that I had made on my house .car etc you know the usual things ..Have a read anyone can join in and you can get some very good ideas on how to go about it 

Busy_Mee

Marcus Bank are offering the best ( of a bad bunch) interest rates. Easy access 1.20% and 1.45% for a 12 month fix. 

You could combine with a regular saver. Set up an easy access account and then siphon into a regular saver each month @ 2.75%. That way you keep some accessible in the easy access but have some locked away in the regular saver for 12 months.

rkd_999

Hi, good luck for your journey - will be following as I am looking to reduce my mortgage by that amount in 5 or so years as well! 

try_harder

Thank you Busy Mee , that definitely does sound good especially the regular saver addition ..I think I will also put some in to Premium Bonds as I did before ..
Thank you rkd 999, yes definitely .Good luck to you too

Thick_n_Thin

Good luck on your journey, millionaires challenge sounds interesting!

try_harder

Week 2/260
£432.42 saved towards mortgage minus 385 that I paid into mortgage as an overpayment to bring it down to exactly £100000 so I now have £479.84 savings 
£151.93 saved this week float plus 126.92 total £278.85 ..I have put the majority of this money into my ISA 
Again all down to my wonderful husband who is still working seven days a week .
Im thinking the float money should be called the Millionaire Challenge ., I now need to think of ways to make that money grow other than ISAs ,regular saver etc but by doubling up some of the money to make it grow quicker and make it more exciting , I need to put on my thinking cap ,I really would like to start up my own business again ,I have had a few small ones but nothing that made a fortune ,time to think of something and something that I really enjoy so that it will keep me interested therefore motivated ,I am quite lazy sadly

Mortgagefreegonnabe

Just popping in to say well done! 
Millionaires Challenge is impressive, why not!
Good luck on the business venture, it sounds like you've got balls. Go for it! 
TC x