I feel I'm turning the corner into final stretch

JMZ555

I bought my property in 2007. Was in a job I had grew to be unhappy with. Decided to make a plan to be more financially and personally happier. So about 5 years ago here is what I did.

• Found a new job within close walking distance. Only part time but miles happier in it plus no transport costs.
• Took in a lodger, the income actually covers a good chunk of my bills these days meaning more savings.
• Went through every bill I had, saved money by changing providers, going sim only for mobile etc
• Moved all direct debits to come out on the 1st of month so I know exactly what I got left.
• Instantly move a minimum amount of money to savings pot on every pay day.
• When savings pot got high enough (minus small emergency fund) I'd do a lump sum overpayment on mortgage.
• I'd get them to recalculate mortgage bringing down my monthly amount. The extra monthly savings would go back into the pot each month.

Doing the above kept my savings flexible. I could have lowered the years and increased how much I pay each month on mortgage but I prefer lower monthly cost and do a big lump sum payment when I choose, rather than be tied into a higher monthly cost I'm tied in to.

This has given me more and more peace of mind as with each lump sum payment my mortgage bill was cut by a fair bit.

And so that brings me to today, I'm about to do my next Lump sum leaving £15k to go.

My only wish is I started this sooner.

  


    

L9XSS

Congratulations on not just the work on your progress to MF but also in evaluating your life goals to becoming happier! 

Bella_Budget

Fantastic progress both in money and life.

savingholmes

Congratulations 🎉. 

JMZ555

Small Update, nothing major but keeping on track.

* Down to £14200
* Have cut monthly bill by various means by about £70.
* Extra Savings will go in into fresh Pot for next Lump sum.
* Fixed mortgage is up April 2024, this is the target date to be mortgage free, hopefully sooner than that.

RobM99

The only point there - and it's a personal gthing - is DDs on the 1st of the month, I'd be concerned about them going out a day or two early over bank hol's.  

South_coast

They can't go out early. If they can't be collected on the correct date then they are taken on the next working day

JMZ555

RobM99 said:

The only point there - and it's a personal gthing - is DDs on the 1st of the month, I'd be concerned about them going out a day or two early over bank hol's.  

Yeah a valid point, think i looked into this before i changed the dates. I get paid last working day of month, unless it lands on weekend/ bak hol then I get paid friday before so currently I always have enough money to cover them.

But its a good reminder should may pay date change I will look into changing my plan.  

JMZ555

Small update but Down to £9500, feels good to get under the £10k mark.

Have continued to switch banks to top up savings last few months and this has been very easy.

No changes to saving money on bills, as with CPI increases Fibre has gone up £3, my sim only £1.70. Still waiting on Council tax changes. Nothing crazy though.

My only bill which varies a bit is energy , hoping after the 20% rise in April it starts to reduce as its currently my biggest bill by a mile.

L9XSS

On the final stretch now, do you have a date for becoming MF?

JMZ555

L9XSS said:

On the final stretch now, do you have a date for becoming MF?

My Fixed mortgage ends April 2024 so I set that as the target.