Financial Freedom through Mortgage Freedom!

financialfreedomxo

3-6 months is a little while but since it's side hustle money it's not so bad. 
Running your bank balance to the nearest £5 every Monday is a good little trick because every little certainly helps. How do you go about deciding the figure for the bigger OPs you save for? 

Grogged said:

I've only recently started using cashback sites, and whilst they are paying out, it has taken between 3-6 months to be paid.
For OPs, I round down my bank balance to the nearest £5 every Monday and save for bigger OPs. The main reason for this is because of the uncertainty during the pandemic.
Every £1 OP saves multiples of that over the lifetime of a mortgage, so it really does add up over time.

financialfreedomxo

Just made my £25 weekly OP + an extra £6.44 from when I wanted to buy junk but decided the money would be better placed on my mortgage. Here's to £65.01 paid off on the 1% MF Challenge. 

Grogged

financialfreedomxo said:

How do you go about deciding the figure for the bigger OPs you save for? 

It's a NW mortgage thing, if you pay £500 or more you can choose to either reduce your monthly payments immediately or the term of your mortgage, otherwise they reduce the payments at your next mortgage anniversary.
I'm never sure which is best, so sometimes I save the £500 and reduce the term...
It passes the time... 🙄😆

financialfreedomxo

Ahhhh I see. Reducing the term is a great way forward

.Grogged said:

financialfreedomxo said:

How do you go about deciding the figure for the bigger OPs you save for? 

It's a NW mortgage thing, if you pay £500 or more you can choose to either reduce your monthly payments immediately or the term of your mortgage, otherwise they reduce the payments at your next mortgage anniversary.
I'm never sure which is best, so sometimes I save the £500 and reduce the term...
It passes the time... 🙄😆