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!!My time to be mortgage free!!

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Comments

  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Happy New Year
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Happy new year @savingholmes xx
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Just saved a further £ 25

    Been an expensive month.  Mortgage is late coming out so will Over pay this week xx
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Well done on the savings.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    savingholmes said:
    Well done on the savings.
    Thank you @savingholmes every little penny helps!!

    I don't get paid till mid Jan so I clad this all as Dec savings still. 

    I would love to be able to pay £50 off our holiday next winter and Bank £50 plus over pay £80 with my remaining pay. But that's a lot to stretch too!
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I over-stretched earlier in the month - so think will end up using EF slightly but never mind.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    SOOOO.....

    My 2022 financial and me so financial plans 

    1) have the mortgage under 40k by April.
    2) start over paying my pension by at least £75 a month starting April.
    3) over pay mortgage by any amount I can as my current 80ish over payment will go to the pension over payment.
    4) run a 10k by December.  
    5) either commit to move or extend the house
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Arfff 
    How dare my kids feet grow a size in 4 weeks??

    That's us off to clarks for ridiculously expensive shoes then 
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • smetf
    smetf Posts: 364 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    Oh no- I remember the days of rapid growing feet! 
    Happy New Year.
    Have you got a Clarks outlet nearby? They and eBay were my saving grace when we were at that stage.
    S
    Emergency fund 14k Home/ holiday fund 7k Mortgage £44,592
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Great plans for 2022

    On the kids shoes - did I read that some shoe shops do an offer that their size is correct and will last - and if not they contribute towards next pair? Worth checking...
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
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