1% MF challenge

pavlovs_dog

paid today: £87
paid (cumulative): £348/380 (91.5%)
remaining: £32

nearly there!

rara32

That's great going Pavlov's and on your second 1% target of the year too 😎

twinklie

twinklie said:

Paid today: £55
Paid (cumulative): £585/ £2,020 (29%)
Remaining: £1,435

Well this year didn’t go according to plan. Ended up OPing £1,036 in the end. So £984 short of my target. 

Ironically I did have to pay out £975 unexpectedly to fix my car though, so at least I know where the money went. 

pavlovs_dog

that's still more than a grand that you'll never pay interest on again @twinklie

pavlovs_dog

I've cleared our final £32 for 2022 plus a bit more besides.  Chuffed to have scraped together more than £870 in extra OPs thanks to this challenge.  Cashback, tilly tidies, survey money etc all add up

When our December payment goes out in a few days time, our balance will be around the £31,750 mark. I'd love to clear 3% next year which would be £951.  This is a real stretch given our other plans for 2023 but it's good to aim high!  Combined with our built in OPs (which I don't count towards this challenge), we hope to finish 2023 with just over £20k left on the mortgage.

Looking forward to hearing everyone else's end of year round up and plans for 2023.  

rara32

Congratulations Pavlov, that is a great result. I am loving the stretch target for 2023 and so many big achievement points to look forward to in the year too (under 30k, under 25k) - I'm feeling way too excited for you however it's motivating to see someone so close to mf when you still have some way to go yourself 🤣

I have made another op today, and the last one of 2022, to round the mortgage down to 186600 and my end of year round up is:

Paid today:               83.39
Paid (Cumulative):  2377.36
Target:                       2033 
Result:                    + 344.36

Managed to exceed my target which I am really pleased about. My mortgage deal renews at the beginning of October 23 so the plan is to give myself a mini challenge of trying to pay my 1% of 1866 before end of September, my stretch target (inspired by Pavlov's) is to be sub 180k by Oct.

We will need to decide what to do for the new mortgage re fixed, tracker etc and if we use savings to make a bigger op and adjust for rates. Not sure what I will do after Oct, thinking I'll leave it a bit until I have a better sense of rates however lots to think about and plan for!

All very exciting though and looking forward to the 2023 challenge 🙂 

twinklie

rara32 said:

Congratulations Pavlov, that is a great result. I am loving the stretch target for 2023 and so many big achievement points to look forward to in the year too (under 30k, under 25k) - I'm feeling way too excited for you however it's motivating to see someone so close to mf when you still have some way to go yourself 🤣

I have made another op today, and the last one of 2022, to round the mortgage down to 186600 and my end of year round up is:

Paid today:               83.39
Paid (Cumulative):  2377.36
Target:                       2033 
Result:                    + 344.36

Managed to exceed my target which I am really pleased about. My mortgage deal renews at the beginning of October 23 so the plan is to give myself a mini challenge of trying to pay my 1% of 1866 before end of September, my stretch target (inspired by Pavlov's) is to be sub 180k by Oct.

We will need to decide what to do for the new mortgage re fixed, tracker etc and if we use savings to make a bigger op and adjust for rates. Not sure what I will do after Oct, thinking I'll leave it a bit until I have a better sense of rates however lots to think about and plan for!

All very exciting though and looking forward to the 2023 challenge 🙂 

We remortgage at the beginning of Oct as well and are planning to be at 180K too. 

Sounds like we are working towards a similar goal!

pavlovs_dog

@rara32 17% over target is AMAZING!

rara32

@twinklie as we have the same target we can cheer each other on and it will be great to have another person to speak to when it comes to looking at the remortgaging options 🙂

@pavlovs_dog I hadn't thought about it in % over target and 17% sounds really good - thanks for that it has cheered me up no end on what is a very rainy day here!

twinklie

@rara32 absolutely. I'm so anxious about remortgaging. I really hope things don't go bonkers again in the meantime. My current interest rate is 2.59%, so it's already going to go up approx 2% without trying. Eek.