1% challenge 2023

craftingmad

Hi all, I'm a late to the party but pretty please may I join as I need to get focused and start clearing my mortgage debts.

I have three BTL mortgages but so I don't get overwhelmed I am just going to focus on my first BTL Mortgage which currently has a balance of £47296.06 so my 1% is £473.

We do overpay £500 a month (the most we are allowed without being penalised) and I set up a savings account at the start of the year to add any extra overpayment amounts we can use when our fixed rate comes to an end in 2025). The dream is to have enough in the pot to pay off the full mortgage by this date but realistically I would be really happy with 75% paid off by then.

So I know where I am I am going to count the amount in the savings pot as money to add to the 1% challenge as ultimately it will be used for this in the long run so my starting point is:-

£9694.16/£47300 = 20.49%

That's made me feel good already. I have never worked it out in percentage terms how much we have already saved  
    

craftingmad

Me again - I have just sold two things on FB marketplace so have added £15 to the OP savings pot. I also reached a 10% off coupon at Lidl for the month so have just saved £16.35 so this has also been added.
Nowhere near another % but every penny helps

My total now stands at:-

£9725.51/£47300 = 20.56%

AntoMac

Hello @craftingmad
Welcome along. I’m sure @bekah89 will give you a number soon and add you to the list

AntoMac

I am now up to a total of £712 out of £4922 repaid

craftingmad

AntoMac said:

Hello @craftingmad
Welcome along. I’m sure @bekah89 will give you a number soon and add you to the list

Thank you x 

I have added another £28 to the OP savings pot made up of free chippy dinner (I done a trial shift and got offered a job) and £10 from two NSD's  so my total now stands at:-

£9754.31/£47300 = 20.62%

Still no percentage increase but the total is creeping towards the next one  

craftingmad

Whoops me again - sorry  

Payday has hit early so I have just transferred over £1200 which was left in account before earning hit (mainly from OT) and a further £5 from having a NSD today

My total now stands at:-

£10959.31/£47300 = 23.16% 

That's helped my percentages no end Fingers crossed by the end of next month I can break through the 25% mark  

craftingmad

So sorry it's me again - I feel bad as it seems I am hogging this thread - sorry x

Yesterday I added a further £55.23 to the OP savings pot made up of coupons used, loyalty points, 2 NSD and survey site cashout so my total now stands at:-

£11019.54/£47300 = 23.29%

I'm edging closer to the next 1% but not quick enough for my liking  

How is everyone else getting on?

AntoMac

Good to see you doing so well @craftingmad
I’ve been very much drip feeding my outstanding debt on this challenge. It’s not interest bearing so I’m not in a rush just yet. Got some savings maturing this month so will make a bit more of a dent then all being well.

1 per cent for you is not an inconsiderable amount so to be nearly a quarter of the way there is good going.

craftingmad

Thanks AntoMac, I'm really pleased with my progress.

I am popping in again to declare a further £204.36 added to my OP saving pot made up of my Etsy earnings, facebook sales and a NSD day today. April was a bad month sales wise (I usually add around 3 times that much if not 4) but at least I still have something tol add to the pot.

My total now stands at:-

£11298.90/£47300 = 23.88%

So close to that next percentage that it hurts. I'm off to try and find something to sell to make up that 0.12% ;)

craftingmad

Oh dear it's me again - I feel like I am scaring you all aware and have taken over this thread - so sorry x

I'm quickly popping in to add to my totals today thanks to NSD's, a refund for a parcel which went missing and savings made on my monthly subscriptions so can now declare my total to be:-

£11575.10/£47300 = 24.47%

I'm getting close to the 25% mark so will have to have a big push to see if I can make it very soon. Any ideas how I can raise £250 quickly?