1% MF challenge

turtlemoose

I appreciate the sentiment PD, I really do. But I am not some whippersnapper just starting out I'm 40 this year, with just under 14 years left on my mortgage. What the problem is, is the cumulative effect of being a single income household for eight years, soley responsible for two children. With the exception of some outlying very high earners, or inheritance, if you read the diaries on this board then being MF early is mostly a couples' game. Just how it is I will continue to plod, even if my MF date is only brought forward by a few months, every penny of interest in my pocket rather than the bank's is a win

turtlemoose

paid: 450/1800 (25%)

a quarter of the way there, and on target for the year   

rara32

🤗 Great to see everyone's progress with their targets and can't wait to celebrate your achievement soon @pavlovs_dog

I've been MIA since Jan as with GCSEs, parents and siblings health issues and turbulence in my work sector I decided to prioritise family and wellbeing over the finances for a few months whilst I figured out how to manage myself through it all. I am doing well though and now feel I have the headspace to think about my MFW aims once more.

Plan is to pay an additional £2300 op above my regular one on DD. The aim is to get to £115k balance by Dec. It could be small chunks or one big one depending on how things go with work, holidays, house projects etc but I am hoping posting keeps me on track a bit more. First payment made today due a win on the premium bonds 🥳:

Paid:             300
Remaining:  2000/2300 (86.96/100)

Hope you all enjoy some lovely sunshine over the weekend ☺️ 

Rara

turtlemoose

whoops this thread fell off my radar a bit, but I am now up to:

paid: 925/1800 - 51% of the way there , just tipped over the halfway point

rara32

GCSEs are done, prom has been attended and a lovely relaxing family break taken 😊

The time away was fantastic with beautiful weather here in the UK as an added bonus. It also allowed DH and I to discuss subjects like what we want life to be like when DS goes off to Uni, reducing work and early retirement. Whilst we haven't necessarily got all the answers yet, we are on the same page and in agreement that slaying the mortgage is a definite priority now. 

To that end, I have today made a larger OP than originally planned up to our 10% limit using money previously earmarked for savings and house projects that we feel can wait or be done over a longer period. This takes the mortgage to under £115k and has spurred us on to target the 10% amount each January to see if we can be MF free asap.

So this will be my last financial update in this thread as I target 10%. However I just wanted to say a huge thank you to everyone for all your support and encouragement and for helping me shape my plans to what they are today whilst taking the 1% approach.

Good luck everyone with your own journeys and I will continue to read and support from the sidelines xx