£80,000 in 4 years

try_harder

Four years left to pay £80,000..I am aiming to do this by saving £400 a week .This is going to be hard but no alternative as we are on an interest only mortgage  Looking forward though to the challenge and must try to stay focused this year.

postmenopause

£400 per week 😱😱😱, wow thats an amazing amount.  Good luck and i look forward to reading your diary XXX

killerpeaty

That is a huge amount but I assume that you have ensured it's possible! Will you be doing anything to increase your earnings to help?

Looking forward to seeing your progress!

try_harder

Thank you both ....killerpeaty .We have budgeted for all bills ,cheap hols ,my husbands gym and swimming ..We have about £10,000 in Premium Bonds and £6000 in an ISA  ,we did have more in the ISA but we used some for house stuff..We should have exactly 400 left after all our outgoings 

Nurse2047

Welcome and all the best on your MFW journey we have nearly the same mortgage balance and goal years to pay off, all the best for 2022 

try_harder

MFW2026.Thank you and good luck to you too for the next four years

StripeyTightsSpottySocks

Hi try harder and good luck with your with your repayment plans. I was wondering if this is a self-imposed target or the reason you've set the target for 4 years time?

I am aiming to pay / save a similar amount to you which is a huge stretch target for me and totally self-imposed.

try_harder

Thank you STSS. No not self imposed ,we only have four years left now to pay off the mortgage so we need to get as close to the eighty as we possibly can

killerpeaty

You'll do it, you have a plan so now it's just enacting it. It's not a crazy long time to restrict on extras and you seem to be very motivated. 

try_harder

Thank you killerpeaty 

try_harder

Week 1/208....£400 in to mortgage and Premium Bonds . I have also decided to start my Millionaires Challenge again and after some selling of unwanted bits and some Christmas money  i have around £80 ,i will decide what to buy with it on day seven once i know my total for the week but very pleased with how this week is going so far and even better is i have had 3 no spend days