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

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  • savingholmes
    savingholmes Posts: 27,886 Forumite
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    You have done an amazing turnaround. So impressive to read.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Thank you savingholmes
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Week 20 .
    £200 added to the PBs so far this week .I am aiming for £400 so another £200 to go by Sunday .Its all looking doable at the moment .One item on Ebax at £31 at the moment with 3 days to go so that will also be going in to the mix .

    We have had an expensive week as one of our lights got broken and we had to replace it costing us over £200 ,so frustrating as it was a silly accident 

    Room one is still not completed but is half way there .I am hoping it will be finished by the end of the year .The flooring will be the most expensive item but it is looking good so far
  • adindas
    adindas Posts: 6,853 Forumite
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    With only just over three years left to pay off our interest only mortgage we have decided to put everything we have in to paying it off with the intention that if all goes well we can pay it off .We will see how things pan out and if we dont think we are on target we also have the option of downsizing .The main thing is the more we can pay off the better .

    So we have taken out some of our emergency savings and paid it off of the mortgage and also used the money from the MC that i was saving and also paid that off the mortgage .We now need to save £500 a week in order to pay most of the mortgage off in two years .We will probably owe five to ten thousand pounds at that point which would be amazing .So here we go .

    To me it will depend on the mortgage rate and the best saving available in the market. If the difference is relatively big, I am not going to pay it off even there is money available to complete that task, as that money could be put in saving account instead to earn some interests.
  • Moneyfordreams
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    Keep going try harder - you're doing really well 
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • savingholmes
    savingholmes Posts: 27,886 Forumite
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    Good luck with the sales. Still doing amazing 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Thank you adindas ,Moneyfordreams and savingholmes

    Week 20 has almost finished and i have managed to save £500 this week .I managed to sell a couple of bigger price items which was really good..
    Total in PBs £9600..I am so happy with this number and very grateful .

    On to week 21 and reaching the £10,000 mark fingers crossed
  • LadyWithAPlan
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    fabulous focus! Very inspiring 

    There will always be a (beautiful stilettoed) foot in fabulous in LaPlan's life.
    I am choosing to be fabulously frugal to support some wonderful life changing and affirming financial goals including buying a London home I love.

    DON'T BUY STUFF (from Frugalwoods)
    No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things. You can’t really hack your way to frugal. You can and should take advantage of discounts, coupons, rewards points, and the like. But at the end of the day, the only way to truly save money is to not buy stuff.    Money doesn’t walk out of your wallet on its own accord.

    My March  streaks to track
    Track Minimalist game  items (Nov 310)   (Dec  95)  (Jan 90)   Feb 50
    Exercise streak  
    YNAB days:: Target 50 days -Age of money 29
    Track my NSD's - Target 13 days/ 0/13

    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Oh dear , the weeks have just flown by but the good news is that i have been very dedicated to money saving and have managed in total to pay off £20,000 this year .I have emptied out every single pot of savings that we had to do so .

    Now we have £30,000 left and i am going to go all out to try and pay it all off next year with my fingers very tightly crossed
  • savingholmes
    savingholmes Posts: 27,886 Forumite
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    Congratulations 👏👏👏 you are doing great.

    Hope you are enjoying the festivities 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
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