Time to hit the Mortgage!

Novice_investor101

No spend days have been going well, I’m currently going without sugar in my coffee as i ran out (but also, I really should cut it out altogether). 

I got a £30 Amazon voucher for filling out a survey, so the new camping mat I’d like can be bought with that. 

Two weeks til my holidays. Cupboards are well stocked & I’m out of salad, so work lunches will be home cooked meals. Making a giant pasta bake tonight & that will be good for lunch the rest of the week at work. 

Novice_investor101

Made it back from my camping trip & managed to spend a whole £5 whilst i was there. On an ice cream & some butchers sausages. 

Next month’s shopping has been ordered online. I should have about £50 to put to the mortgage by friday. Filled the car up with diesel before i went away so that was £50 out of the budget. 

powerspowers

Sounds like you are off to a great start! Keep on at it. Do you have any short term goals? 

Novice_investor101

Short term I want to get the mortgage to less than £50k when the current fix expires in June 2023. It’s at about £52800 at the minute, so i think I’ll easily hit that. 

Once summer is over with all my spare cash can go towards paying it down. I tend to hibernate once the clocks go back & it’s dark all the time. 

I put more than my mortgage amount into a stocks ISA & a LISA & I’ll keep doing that as it’s my plan to be able to retire at 60 or much earlier. That’s my long term goal & being mortgage free means I would be able to retire knowing my home is paid for. Hopefully semi retire in my 50’s. 

Novice_investor101

Another £50 sent to the mortgage balance, left over from last month’s pay. Can’t actually check the balance as YBS’s online access has stopped working on my phone. I’ll try on the laptop later. 

I’ve extended my camping season into October, as there’s an event i want to attend on the south coast so probably will be £50 overpayment this month too. 

Novice_investor101

Long time since I’ve posted here, or at least feels like it. All my spare cash has been taken up by fuel costs since October, running round looking after sick relatives & then a friend. 

That’s done with now. December is a tough month too, but I’m aiming to send something (anything!) extra to my mortgage & get back on track. 

Im going to call the YBS after my next payment & have them increase my Direct Debit by £80 from January. That way I don’t have to think about it, & if i ain’t got it in my bank i cant spend it!

savingholmes

Auto payments do tend to work the best. You are doing really well - if you trying to pay down the mortgage and save in other accounts too. 

Novice_investor101

It’s on my to-do list for next monday, call up & have my DD increased. I’ll redo my budget between now & then to see where I’m at too. 

Feel lucky, my gas & electric are with BG & were fixed in the summer to June 2022. 

Novice_investor101

Not posted for ages, but I’ve definitely still been on the journey. My aim was to get my mortgage to £50k by June 2023. 

On 1st July 2022, with my next normal monthly payment, it’ll drop below that. 

With interest rates going up I want to keep bringing down the amount I owe. I’m fortunate that I’ve just received a decent payrise & the NI change next month will benefit me. I can definitely see some of that extra take home pay being sent to the mortgage balance too. 

savingholmes

Glad things are going well.