Halving our income and still aiming for mortgage free!

smetf

I'm tempted to pay the last part of the 10% we can overpay from the house/ holiday fund...
Means it's done for 2024 and then we can start building the 10% pot for 2025. We do still have the heat pump to pay for but that's about it.
I'll run a few more figures tomorrow before deciding.

smetf

Transferred £637.33 from the house and holiday fund - spurred on by our last holiday payments being made (and mostly covered by DH's work vouchers) and thought that meant the full 10% for this year was complete.
However, I have discovered we can pay up to 3 x our monthly payment every month without it coming off the 10% 
In effect this means we could have paid £16,755.84 off plus the 10% of 6711!
With this in mind have kept our monthly DD at £1000 and am giving myself the stretch target of £10,000 of OPs in 2024.
Heat pump needs paying for soon but the money is there in holiday/ home fund to pay for it.
Today's plans including making sure washing machine is on whilst rates are super cheap, ditto charging things. 
S

smetf

Happy Sunday all, 
Started the day with a lovely run, spotted all sorts of different nature including Wild snapdragon, dragonflies galore and a host of long tailed tits!
We've been very productive and made easy plum jam (with the plums from our tree) and a plum and almond cake plus 3 loads of washing whilst the electricity was cheap. 
The last load is just drying on the line now and jam and cake are cooling.
I need to do a blast of washing up and recycling but am delaying getting started...

Better make a move!

smetf

Hello all,
A very spendy couple of months since my last post but have had a lovely family holiday and a bonus extra holiday supporting my mother in law in getting to visit family across the world!
My usual OPs going out and am hoping to shuffle some money around to make an extra OP.
Need to keep a close eye on the spending over the next few months.
S

smetf

Updated sig as have paid the CCs with last bits of holiday/ home fund costs and made the usual OP of £534.56.
Had some unexpected car costs of around £1500 all in so it's a tight month ahead!

smetf

Quick pop in, standard OP of £534.56 gone in today and updated signature accordingly. Some expensive bills (car and holiday related) are all now paid for. Once other pay has come in this month we should be able to make an extra OP - might be able to round 2024's payments to 10k which would be a great start to 2025.

LadyWithAPlan

Great focus and progress going in here !

smetf

Thanks @LadyWithAPlan keeping plugging away! 
Payment from one of my jobs came in nice and early so have made a final OP of £1150.76 to finish up on 10k in OPs in 2024.
Planning for a not too spendy Christmas and will reassess OPs in the New Year.

smetf

Morning all, 

Playing about with thoughts for priorities next year. In July 2020 we set an ambitious 5 year target of being down to a £55k mortgage and having £21k in savings by July 2025. This was before I left teaching and the decent salary (+ bonkers stress)!
I'm really chuffed that despite that big change in income we've already hit the mortgage target but we're a little way off the savings, they should continue to grow and we've put on hold plans for a big holiday.

On a positive note, mortgage monthly interest is now down to £238.48 and if we carry on at our current OP rate we should be MF in just over 4 years which feels pretty good!

Money ramblings complete for now!

Looking forward to the Christmas break, one job had the last day yesterday, another has a nominal last day today where I'm hoping to clear the last few jobs and then a round up meeting for my third job on Thursday -  usually it's much more a simultaneous juggle so this feels quite calm!

Got a few little bits to sort Christmas wise but we're reasonably organised and have a day off together on Friday.

smetf

Happy New Year all!
Standard OP gone in to mortgage and signature updated. We've had a reasonably priced Christmas and enjoyed some really lovely times together plus visiting relations all went ok.
Planning a short trip to town with youngest today to make some Christmas returns/ swaps and do some research on piercings and tattoos! Shouldn't be too spendy.

Had some good money and plans chats over the holiday too - starting to look seriously at pensions and retirement planning. I have a slightly bigger tax bill than expected as my self-employed earnings have tipped me into paying back some student loan so instead of the £300 I expected it's over £1200 but I will pay that with this month's SE earnings and savings.

S