1% challenge 2023

Highlanddream

NeverendingDMP said:

Epic fail from me. I have to have paid 1500 a month in my chase account to qualify for the cash back. It can be in the account for literally five minutes.but I forgot so there will be no cashback this month. Ah well silly me. It's normally only about a tenner but it's still a shame I've missed it. 

That is so annoying. a tenner is a tenner. . I must have a look for cashback accounts. I am trying to add anything to my income at the moment. 

craftingmad

in_need_of_direction said:

Well done. You’ve worked so hard for this. Enjoy the achievement 

Thank you x

NeverendingDMP said:

craftingmad said:

Morning everyone

Great news. I have finally been paid from the cafe and it was slightly more than I was expecting - £261.58 as I was owed a bit more holiday.

So my total now currently stands at £7586.55/£7500 = 101.15% 

It's taken us just under three years but we can finally say we have all the money saved to pay off £212,000 of mortgages. Just writing that down makes me so happy   

My next challenge is get some money saved ready for our early retirement plans  
I'll sit down and work out actually figures after work today but have to say I'm really excited to see our hard work paying off and actually now daring to dream about our retirement happening sooner rather than later

Fantastic news and what an achievement. Well done!

Thank you x

Highlanddream said:

Oh wow Crafting, that's fantastic news. I lost my bet - I said November! Congratulations. woo hoo.  Well done on the retirement next - do you have much in a retirement pot already or starting fresh? 

Thank you x

I have just sat down and done the figures and as well as hubbies pension pot we have just under £50K for our retirement fund already. I'll share my target figure in my next post x 

craftingmad

Well done @NeverendingDMP and @Highlanddream. Any progress is progress and even the smallest amounts keep you moving in the right direction so I'm super pleased for you both. 

I have finally managed to sit down and look at our figures so I can plan our next 1% challenge. I couldn't do it before now as I could not access my post office savings account annoyingly but it did give me a few days to relax and celebrate our achievements so far which was lovely. We treated ourselves to a lovely meal out at a local restaurant near us but in true money saving style also combined that celebration with celebrating my birthday as well so we ate once but celebrated twice   

So I have no clue how much to save for our retirement but £250,000 sounds like a good amount to start off with. I'm not including hubbies lovely pension pot in this sum only spare cash in the bank. After we have paid off all our mortgages we have £49892 left sitting in our bank account so that means we have a whopping £200108 to find. We hope to retire in 4 years (that will make me 55) so rather than have such a huge 1% to demoralise me I have decided to split the total amount needed into 4 which hopefully keep me more motivated and give me 4 times to celebrate and push me to keep up the momentum. 

So my new 1% is £501.

Here we go - buckle up - I sense it could be a bumpy (yet very worthwhile) ride x

Highlanddream

Goodness, I thought my £320 for my 1% was scary. Are you going to put it in a SIPP or similar? Great target though. 

craftingmad

Highlanddream said:

Goodness, I thought my £320 for my 1% was scary. Are you going to put it in a SIPP or similar? Great target though. 

It is quite a large figure but I'm trying to alay my fears by reminding myself that I have had bigger. It's not working but I'll gloss over that for now

I'm really not sure what we will do with the money. We may just leave it in a high interest savings account for now as we still have our investment account which we pay money into each month and my hubby has three quite large pension posts but now I know my figures I will investigate all our options and work out what will be best.

craftingmad

I'm off and running and declaring £1068.01 made up of £608 from our regular subscription cuts and the amount we would have been paying for our mortgage and £460.01 from the amount we would have been paying for our first BTL mortgage had we not have paid it off  

So my total stands at £1068.01/£50027 = 2.13% 

Gosh just writing those figures down has made me realise just what a climb I have ahead of me. Best get my head down and start saving and earning quickly  

It should be payday at the cafe today as well so that will help me out a little bit more but sadly wages have not been received yet

craftingmad

After chatting to hubby last night it appears I forgot to add in a savings account balance into the figures and our investment is worth around £7K more than  I thought so this means we actually only need to find £150206 so after dividing that figure by 4 my new 1% figure is actually £376 which sounds much nicer  

So my total now currently stands at £1068.01/£37552 = 2.84% 

That means that once I am paid from the cafe I should be at 3% already   

Highlanddream

.

craftingmad said:

After chatting to hubby last night it appears I forgot to add in a savings account balance into the figures and our investment is worth around £7K more than  I thought so this means we actually only need to find £150206 so after dividing that figure by 4 my new 1% figure is actually £376 which sounds much nicer  

So my total now currently stands at £1068.01/£37552 = 2.84% 

That means that once I am paid from the cafe I should be at 3% already   

that sounds better, lol. It's amazing how when the ball starting rolling how quickly money adds up, I have found that clearing this lot. To start with you feel like you are not getting anywhere, now it's gaining momentum.

craftingmad

I have finally been paid by the cafe and it's also Etsy payday for Sept so I am declaring the following as being added into our retirement fund today:-

£ 273.44 cafe earnings
£ 118.40 Etsy earnings for September
________
£ 391.84

So my total now currently stands at £1459.85/£37552 = 3.88%   

Highlanddream

Well done . Placing my bet now for the 100% mmm, thinking, New Year.  . 
67.5% for me. Can't wait for my Oct pay day from my main job. 
Hope you both @craftingmad and @NeverendingDMP realise you are keeping me sane through this.