Cash Versus Mortgage - 10 Month Plan 29 October 2022 at 6:55PM in Mortgage-free wannabe

Frugaliza

I had my lightbulb moment in February 2021 and since then I've been overpaying my mortgage by approximately £400/month. I set that Mortgage OverPayment figure, then after an initial adjustment to having £400/month less spends got used to it and forgot all about it - the set and forget method. Now I realise that lightbulb was rather low wattage. Now I've got another lightbulb (100 watts) flicking on as a result of this cost of living crises. I'm thinking harder about how to make my money work better for me. So I have stopped the MOP and diverted the cash to the [email protected] Rainy Day Saver at 5.12% ready for one big MOP on 31st August 2023 when my fix ends and I have to make a new deal. This decision has sparked a frugaling frenzy as I now want to make my MOP as big as possible - and I have just 10 months to do it. So far this month I have created a spreadsheet to figure out all money coming in and all money going out to work out the difference available for filling up my MOP Pot. I've cancelled A**zon Prime and @udible, a few months ago I trimmed my recurring expenses (monthly bills) and am tracking my variable expenses. I've even figured out what sinking funds I should be saving for. I think I may well be obsessed! All in all I realise I want to start saving a lot more than I have been to offset against the mortgage. Money making scheme of the month has been to initiate four (yes four - slightly embarrassed about that) bank switches. [email protected] have already paid £200 - which of course has gone straight to the MOP Pot. One niggle I have is should I be trying to fix a new rate now for fear of rates being through the roof next year? My head is in the sand about that one at the moment and instead am just lazer focussed on filling up my MOP Pot. Any ideas, suggestions or support would be much appreciated.