Mortgage Free: The final countdown

savingholmes

Best of luck with your new plans

ohdearhowdidthathappen

Belated congrats on being mortgage neutral.... good luck with your new plans, they sound great

mark55man

Thanks all - report back for Feb 23

My Dec 23 mortgage will be 52K owing.  My current balances are:
* Cash or Cash Equivalents (access within days) - £12K - £1K Up
* Tax Free Lump sum - £20K - £2K Up  

So £52K target at 31/12/23 - £29K already saved at 01/01/23 - £3K added this year Leaving (£20K to go). 

I hope to achieve this by
* Increase in cash savings: Target 31/12/23 £24K - so £12K away
* Increase in Tax Free Lump Sum: Target 31/12/23 £28K - so £8K away

savingholmes

All still going well. 

mark55man

Yes thank you.  I might have to double check at the end of the month as I am a little out of sync on my Reg savers

mark55man

Thanks all - report back for Mar 23

My Dec 23 mortgage will be 52K owing.  My current balances are:

* Cash or Cash Equivalents (access within days) - £8K - £4K Down (Rejiggng, Pensions + Kids)
* Tax Free Lump sum - £23K - £3K Up  

So £52K target at 31/12/23 - £29K already saved at 01/01/23 - £2K added this year Leaving (£21K to go). 

Had a bit of a reset so no real progress on the cash front, but will be able to save a bit more going forward

End of year targets 
* cash savings: Target 31/12/23 £24K - so £16K away
* Tax Free Lump Sum: Target 31/12/23 £28K - so £5K away

savingholmes

The markets aren't being kind at the moment. You are still doing well overall. 

mark55man

Thanks all - report back for Apr 23.  Have slightly rebalanced the cash and pension saving targets to reflect my wobble last month

My Dec 23 mortgage will be 52K owing.  My current status is:

* Cash - £10.8K/£20K  - £2.5K Up in April  £9.2K to go
* Pension (Tax Free Lump sum)  - £24K/£32K  - £1K Up in April £8K to go

So £52K target at 31/12/23 - £29K had already been saved as of 01/01/23 - £6K added this year Leaving £17K to go. 

savingholmes

Making steady progress. Is your job one where you get bonuses to speed you along or not?

mark55man

Hi SH - yes and no.  We get a bonus once a year - which I move straight into my pot as I get tax relief and a NI top up of a few %

So its more I speed up when I pay attention and slow down when I don't.  But I am happy and lucky to be out my earlier more spendy mindset