1% MF challenge

pavlovs_dog

paid today: £65
paid (cumulative): £489/951 (51%)
remaining: £462 (or £66/month for remainder of year)

rara32

Payday and another OP which brings me within touching distance of my 1% 🎯. On leave next week and will start looking earnestly at new mortgage deals in June and calculating how much savings we'll use to keep the monthly outgoings down. Beautiful week of sun here so looking forward to a few beach days next week ☺️

paid today: £183.64

paid (cumulative): £1714.87/1866 (91.09%)

remaining: £151.13 (£37.78 each month until end of Sep) 

turtlemoose

Hi pavlov (and friends!), I've always liked the 1% concept. I'm not in a position to be making massive OPs, but I still want to keep MFW thoughts front and centre. 1% at a time is definitely a more manageable chunk. As I'm joining so far in to the year I don't know if I'll hit my full 1%, so I'll pro-rata it for Jun-Dec. I'm offsetting mine at the mo as savings rate is higher than mortgage rate. I can't be bothered to do the maths to work out what my balance was on 1st Jan, so I'll just go with 1% from today's balance, rounded up

OP pot: £55/560

rara32

Well, I managed to get an ok deal with my current lender (considering the current situation with mortgage rates) and we have paid a large capital sum off the current mortgage in order to keep the payments exactly as they are.

The bad news is that I am not allowed to make any further ops until the beginning of October however I will class the capital payment as one and claim that as me reaching and exceeding this year's target 😁

I will be back in October though with my new op plan. I am thinking that I will aim to pay 1% as a minimum as it seems to make more sense to try and pay off the mortgage now that the rate is a couple of % higher. Until that date I will start saving ops so I can start with a booster one in October.

pavlovs_dog

exceeded it and then some looking at your signature @rara32 !

rara32

Thanks Pavlov, it was a bit of a whopper as ops go. I was not sure about putting so much of our savings to the mortgage at first however it was in an account not earning much interest and it is nice to have the mortgage under 150k. 

pavlovs_dog

Those next brackets and round numbers are so motivating aren't they?  We're tantalising close to £25k

paid today: £131
paid (cumulative): £620/951 (65%)
remaining: £331 (or £55.17/month for remainder of year)

rara32

@pavlovs_dog that is an amazing target to be approaching. 25k feels like a big milestone, still a lot of money however also tantalisingly close - very exciting 🙂

Those next bracket and rounded numbers will definitely factor in to my plans from Oct to keep me motivated. Off now to grab my notebook and start planning it all out!

turtlemoose

£105/£560 

A little behind target but I'm yet to have a full month's salary from my new job, and I also had to pay up front for summer holiday childcare. Once the school hols are out of the way I should have more wriggle room. I'm on target to be £90 short of my total target, so I'll have to have a little think about what I can do to bump that up

pavlovs_dog

paid today: £80
paid (cumulative): £700/951 (79%)
remaining: £251 (or £50.20/month for remainder of year)