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Final push .£50,000 in two years .Can i do it ?

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  • try_harder
    try_harder Posts: 1,527 Forumite
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    Millionaires Challenge  ManekiNeko ..Thank you very much
  • ManekiNeko
    ManekiNeko Posts: 238 Forumite
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    Oh cool, I take it that's a challenge to become a millionaire?
    Completed on first home: 30 June 2022
    Mortgage outstanding: £68,499 £64,841.60
    OPs made or saved (2022-23): £315.52
    OPs made or saved (2023-24): £690.24
    OPs made or saved (cumulative): £1,005.76 (1.47%)
    Interest saved to date: £ *to add*
    % of mortgage paid off: 5.34%
    MF date: June 2056 October 2055
    Daily interest costs: £3.10 £2.90 and a half pence (as of 12.02.2024)
    Emergency fund: £0
    Debt to DS: £10,000 £7,209.01. 27.91% repaid (DFD: Aug 2027 Nov 2030)
    Debt to DP: £1,423.55 (this will increase until DS repaid)
    Debt to non-profit: £4,500 £4,239. 5.8% repaid


  • savingholmes
    savingholmes Posts: 27,697 Forumite
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    Well done on this week's progress. Getting closer all the time.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 235 payments to go - now £182,428 Equity 27.02%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £7.4K on 0% spends card but offset by £34.25K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.1K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.1K
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Yes it is ManekiNeko although it has been put on hold at the minute as i am frantically trying to pay my Mortgage off at the minute so every penny is going in to overpayment

    Thank you savingholmes as always 


  • try_harder
    try_harder Posts: 1,527 Forumite
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    Week 5 

    £500 has gone in to PBs ..Total £2500
    About £70 so far this week in other savings .This will go in to Mortgage Overpayments at the end of the week along with the other £400 i had already saved .

    I have also taken more money out of our ISAs and once its settled i will be sending that to the mortgage , hopefully tomorrow

    We are still thinking that we will move and downsize giving us a lump sum and we will be mortgage free so the aim still is to pay off as much as we can over the next year or so whilst also looking for a new home 
  • savingholmes
    savingholmes Posts: 27,697 Forumite
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    Exciting times. It will be worth it to be mortgage free. The hours your OH is working aren't sustainable long term.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 235 payments to go - now £182,428 Equity 27.02%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £7.4K on 0% spends card but offset by £34.25K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.1K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.1K
  • Aimingforthegoodlife
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    Incredible efforts and money gathering as always!
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Week 6.

    Thank you savingholmes and Aimingforthegoodlife.

    This week i have saved £500 in to PBs...Total £3000
    Other saving ,mostly all from selling and due to lots of listing over the 70% off fees weekend on Ebax £228.30
  • savingholmes
    savingholmes Posts: 27,697 Forumite
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    Well done on the savings and the sales
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 235 payments to go - now £182,428 Equity 27.02%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £7.4K on 0% spends card but offset by £34.25K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.1K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.1K
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Thank you savingholmes

    Week 7
    £500 saved in to PBs ..Total £3500
    £92.62 saved extra from selling etc ..I am keeping this aside as im not sure what to do with this yet ,i may put it over to the overpayments eventually

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