1% challenge 2023

craftingmad

Highlanddream said:

disaster this month, not going to get much off but I am getting my head back into my side hustle, fingers crossed I can make it up. . All my own fault. 

Hey don't beat yourself up. Life happens sometimes and just think of all the progress you have made already. You are doing great. 

Well done on getting back into your side hustle. What are you doing?

craftingmad

Good morning all,

I love the end of the month as it usually means I can transfer over quite a large sum for hubbies OT and this month has not disappointed  

I have added to the savings account:-

£2000.00 Hubbies OT and money left in account from being careful with spending
£  180.82 interest from one savings account
£  143.68 wages from BK
£ 289.98 wages from cafe
_______
£2614.48

So my total now currently stands at £82804.94/£81700 = 101.35% 

We now officially have enough to clear our 2nd BTL mortgage - that means three down and only one to go  

So I now need to find my new 1% - I'll post with that a little later on

NeverendingDMP

craftingmad said:

Good morning all,

I love the end of the month as it usually means I can transfer over quite a large sum for hubbies OT and this month has not disappointed  

I have added to the savings account:-

£2000.00 Hubbies OT and money left in account from being careful with spending
£  180.82 interest from one savings account
£  143.68 wages from BK
£ 289.98 wages from cafe
_______
£2614.48

So my total now currently stands at £82804.94/£81700 = 101.35% 

We now officially have enough to clear our 2nd BTL mortgage - that means three down and only one to go  

So I now need to find my new 1% - I'll post with that a little later on

Well done. You nailed it. Are you going straight to the next one?

Highlanddream

@craftingmad, any more paid off? I am waiting for BTL 2 being paid off and it's not even mine!! 
@NeverendingDMP , yes, how are you doing? 

NeverendingDMP

Highlanddream said:

@craftingmad, any more paid off? I am waiting for BTL 2 being paid off and it's not even mine!! 
@NeverendingDMP , yes, how are you doing? 

Same here. No pressure @craftingmad but it's unreal how much you are managing to pay off. The momentum is amazing. And you are going a fair pace as well @Highlanddream. I'm going slow motion as it's been school holidays, new uniforms and school shoes season 😂

Highlanddream

I can understand the slow down @NeverendingDMP . I will slow down after October, I have birthdays in the beginning of December, then Christmas, then self employed tax end of Jan and my car MOT & service in February. I am trying to pay £1954 to pay off one card totally by end of October then will stash all the extra payment money until after end of Feb, any left over after everything will go straight off the next credit card. I have made a decision to enjoy Christmas and not scrimp this year - last year it was awful, I had not put anything back and didn't want to put anything on credit after starting to pay things off. 

craftingmad

NeverendingDMP said:

craftingmad said:

Good morning all,

I love the end of the month as it usually means I can transfer over quite a large sum for hubbies OT and this month has not disappointed  

I have added to the savings account:-

£2000.00 Hubbies OT and money left in account from being careful with spending
£  180.82 interest from one savings account
£  143.68 wages from BK
£ 289.98 wages from cafe
_______
£2614.48

So my total now currently stands at £82804.94/£81700 = 101.35% 

We now officially have enough to clear our 2nd BTL mortgage - that means three down and only one to go  

So I now need to find my new 1% - I'll post with that a little later on

Well done. You nailed it. Are you going straight to the next one?

Thanks Neverending - yup straight on to the next one - I'm dreaming of retirement so want to get there as soon as possible 

Highlanddream said:

@craftingmad, any more paid off? I am waiting for BTL 2 being paid off and it's not even mine!! 
@NeverendingDMP , yes, how are you doing? 

Ha ha thanks for rooting for me. Yes we now officially have enough to pay off BTL2 That means since I started this challenge in November 2023 we have managed to clear our own home mortgage, our BTL1 mortgage and now our BTL2 mortgage (well we have enough money saved but cannot pay off until Feb 26 or else we will pay a fortune in fees). In total it is £134931 that we have managed in just under 2 years

Just about to post our new goal to clear BTL3

craftingmad

OK new goal time

Our last mortgage is in our sights to clear off

As of today that balance is £77497.52 so I am going to round that up to £77500 just to make my figures easier  
The fixed rate finishes 30th June 2027 (which also happens to be our wedding anniversary so when we pay it off that will mean we will be officially mortgage free so what a wonderful gift to ourselves) so that is our deadline although honestly I'm really hoping we can reach it in around three months

We have an investment which is currently worth £75k but this goes up and down each month so we are going to use this to pay off the majority of this mortgage and are going to class it as £70k which means we have just £7500 to find so my new 1% total is £75 I like the look of that - so much better than my last 1% of £817  

We are off to a good start as we already have a bit of money over our previous goal so that means we are off and running already  

So my total now currently stands at £1094.94/£7500 = 14.59% 

It's also the 1st of the month so that means interest day on one of the accounts plus as an added bonus its Etsy payday too so I will be later with another update.

Thank you to you all for your support and kind words. You keep me going when I'm having bad days and doubting my sanity for the journey we are on x 

NeverendingDMP

craftingmad said:

NeverendingDMP said:

craftingmad said:

Good morning all,

I love the end of the month as it usually means I can transfer over quite a large sum for hubbies OT and this month has not disappointed  

I have added to the savings account:-

£2000.00 Hubbies OT and money left in account from being careful with spending
£  180.82 interest from one savings account
£  143.68 wages from BK
£ 289.98 wages from cafe
_______
£2614.48

So my total now currently stands at £82804.94/£81700 = 101.35% 

We now officially have enough to clear our 2nd BTL mortgage - that means three down and only one to go  

So I now need to find my new 1% - I'll post with that a little later on

Well done. You nailed it. Are you going straight to the next one?

Thanks Neverending - yup straight on to the next one - I'm dreaming of retirement so want to get there as soon as possible 

Highlanddream said:

@craftingmad, any more paid off? I am waiting for BTL 2 being paid off and it's not even mine!! 
@NeverendingDMP , yes, how are you doing? 

Ha ha thanks for rooting for me. Yes we now officially have enough to pay off BTL2 That means since I started this challenge in November 2023 we have managed to clear our own home mortgage, our BTL1 mortgage and now our BTL2 mortgage (well we have enough money saved but cannot pay off until Feb 26 or else we will pay a fortune in fees). In total it is £134931 that we have managed in just under 2 years

Just about to post our new goal to clear BTL3

Just think of all the interest you will earn in th meantime for BTL 3

NeverendingDMP

craftingmad said:

OK new goal time

Our last mortgage is in our sights to clear off

As of today that balance is £77497.52 so I am going to round that up to £77500 just to make my figures easier  
The fixed rate finishes 30th June 2027 (which also happens to be our wedding anniversary so when we pay it off that will mean we will be officially mortgage free so what a wonderful gift to ourselves) so that is our deadline although honestly I'm really hoping we can reach it in around three months

We have an investment which is currently worth £75k but this goes up and down each month so we are going to use this to pay off the majority of this mortgage and are going to class it as £70k which means we have just £7500 to find so my new 1% total is £75 I like the look of that - so much better than my last 1% of £817  

We are off to a good start as we already have a bit of money over our previous goal so that means we are off and running already  

So my total now currently stands at £1094.94/£7500 = 14.59% 

It's also the 1st of the month so that means interest day on one of the accounts plus as an added bonus its Etsy payday too so I will be later with another update.

Thank you to you all for your support and kind words. You keep me going when I'm having bad days and doubting my sanity for the journey we are on x 

Ah well be done by Xmas then surely!