£80,000 in 4 years

try_harder

Another two hundred in to the mortgage today and another fifty in to the savings challenge ,j now need to make another fifty by the end of the week .Food budget not so good as we are on holiday this week and having days out has been costly

savingholmes

Well done on the OPs and the sales. Good luck with finding the missing £50. I can see how it must help breaking it into weeks rather than having a single overwhelming monthly target

Tats22

I'm so impressed with what you're doing, well done you! I have had a big declutter as well but my son's school is having a pop-up charity shop so have already given the stuff away I could have sold, still it feels good that the school and local charities will benefit. I was wondering about the mortgage situation though as I too have an interest only mortgage, 15 years into the 25 year term and I got a letter not long ago asking what I was doing about repayment which is about 120k. I always thought I'd just remortgage when I got to the end, or if that wasn't possible, just sell, repay the mortgage and hopefully if the property had appreciated in value then use the balance to either buy something else or just rent. Your idea sounds a lot more sensible I just don't know if I'd manage to do what you're doing

try_harder

savingholmes ..My husband gets paid weekly which is the great thing ,we live to a budget as far as possible as he only earns just over the minimum wage but works a lot of extra hours every week which is great as i dont work .We then take the £400 straight out every single week usually £200 first then once we know we are nearly through the week and managing ok then we pay out the other £200 ..With the MC i usually aim for £100 a week but if i buy some jewellery to resell i can possibly double the money .So far this year i have made an average of £200 a week This week ,week 5 i am at just over £150 so i try to  challenge myself to find the last fifty somewhere either in survey payouts ,food savings ,petrol savings ,interest payments ,bank switches ,selling something etc ,i find it works very well doing it weekly and its also very motivating

try_harder

Tats22..I do that too sometimes if i cant sell some thing after a few weeks it goes to the CS in fact i have a box full now ready to go ..Re your mort could you start OP a small amount now with a view to increasing it in the last say five years ..We have been very lucky too that our house has increased in value massively so if we moved now we could still buy a nice home and be mortgage free ,im sure it will be the same for you in 12 years time

Me_v_The_Mortgage_Mountain

Tats22 said:

 I was wondering about the mortgage situation though as I too have an interest only mortgage, 15 years into the 25 year term and I got a letter not long ago asking what I was doing about repayment which is about 120k. I always thought I'd just remortgage when I got to the end, or if that wasn't possible, just sell, repay the mortgage and hopefully if the property had appreciated in value then use the balance to either buy something else or just rent. Your idea sounds a lot more sensible I just don't know if I'd manage to do what you're doing

Hi @try_harder and @Tats22, I too have an Interest Only mortgage, only took it out a year ago so 17 years left to run but I am currently over paying by £750pm in the hope that I can repay it in 13 years.  I'm intrigued by your Millionaire Challenge @try_harder, I'm tempted to give it a go but not sure I have enough time to devote to it as I work full-time in a very demanding role that simply isn't 9-5! Will be following your journey with interest (excuse the pun!).

MvTMM

try_harder

Thank you MvTMM..Hopefully you can join me if only in a small way to start with ..

try_harder

End of week 5 , a little late but here are the numbers ..£400 OP to the mortgage this week again .

MC .Just over £180 this week making an average of £196 a week over the five weeks ,i really wanted to get this to an average of £200 a week so i will try really hard this week to get the number up ,this would be £10,000 a year going in to our ISAs so this will be the aim for 2022..So far half of the money is in our ISAs and the other half in jewellery to sell ,very happy with this as i have bought some funds that had dropped 34% so im hoping that i will gain somewhat in the future 

savingholmes

Making great progress. Thanks for the weekly pay explanation

try_harder

Thank you savingholmes