I feel I'm turning the corner into final stretch

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.

  


    
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Comments

  • L9XSS
    L9XSS Posts: 438
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    Congratulations on not just the work on your progress to MF but also in evaluating your life goals to becoming happier! 
  • Bella_Budget
    Bella_Budget Posts: 64
    First Anniversary Name Dropper First Post
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    Fantastic progress both in money and life.
    December 21 savings target £16245 for offset balance of 70k ACTUAL £18082.30 offset balance £68,185.65

    Target Dec 22 £8625 for offset balance of £48k ACTUAL

    Target Dec 23 £9301 for offset balance of £25k ACTUAL 

    Target Dec 24 £10971 for offset balance of £0 ACTUAL
  • savingholmes
    savingholmes Posts: 26,847
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    Congratulations 🎉. 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • 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
    RobM99 Posts: 2,486
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    edited 6 September 2022 at 5:51PM
    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.  
    Now a gainfully employed bassist.
  • South_coast
    South_coast Posts: 4,786
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    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
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • 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
    JMZ555 Posts: 6
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    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
    L9XSS Posts: 438
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    On the final stretch now, do you have a date for becoming MF?
  • JMZ555
    JMZ555 Posts: 6
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    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.   
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