Let's go fly a kite..

Orangetoes

Wow amazing progress. You are doing so well! 

South_coast

Love the idea of "sludging through" 🤣

thriftychick

Mortgage amount: £23,200
Interest amount £126.15

Payment went out today plus a small tilly tidy.  Originally, it was the goal to pay off the mortgage by October 2025 to coincide with Mr Thrifty's 60th birthday but, I think we might be on track to do it a lot sooner.  We are going to see where we are by December this year and then, perhaps, use some of the home & garden pot to finish it off.  Depends how much we have in there of course. 

We could then replenish the home & garden pot and save up to pay the 0% money transfer card when it's due in May 25.  At the moment I'm just paying the minimum payment each month so that the rest of the allocate money goes to the mortgage.

Keep plodding on until then.  I've checked the budget today and it all looks ok, had a small payrise so need to allocate it to one of the pots.  We worked out that we are actually living on just over £20K a year with the rest going to savings, mortgage and pension.  Hoping for a quiet year and no spanners in the works.

savingholmes

Well done on the £20k a year basic bills. Good luck kicking the mortgage into touch. Sounds like your pensions are well set up. 

Coffeekup

Wow impressive indeed thriftychick.
I love looking at seeing interest charges reducing. You guys are making massive dents I to yours tho.

When I had my mortgage I did a number of things to keep me motivated in a spreadsheet. I.e. bringing down the balance to the next double zero, or treble zero or parting myself of the back from bringing the interest down from £6 a day to £5 a day for example.
In some ways I miss having a mortgage I seem to lack the structure/motivation of paying something off.

Anyhow well done and I'm guessing you'll have this done by the end of 2024.

thriftychick

Mortgage amount: £21,692

Payday this week so £1,000 OP made.  We have also made an extra payment of £309 including the normal Council Tax payment of £246 which we don't have to pay in February.

Mr Thrifty moved a DC pension pot to another provider and received a £200 incentive which has also been been OP'd.

We had a look at the budget today and jiggled around a couple of pots as I had a small payrise and he had the reduced NI amount this month.  We have booked a UK holiday in October half term and I have calculated that with our usual monthly saving and money from my second job, we will be fine to cover the costs of that without adding extra amounts.  Monthly payment comes out on the 1st so I'll report back then.

Next month we are hoping to go below £20K and, more importantly, it will be a double sticker on the chart month! 

savingholmes

Double sticker month sounds good - as does a planned holiday. Good to have a balance.

thriftychick

Mortgage amount: £20,230

Thanks @savingholmes for the encouragement, much appreciated.

Parents gave us some money so that went straight into the overpayment.

We've been looking at the mortgage projection spreadsheet (again) and we think we can finish paying the mortgage by Christmas this year.  So that's the goal now.  It's been a very long road and we can't wait to get to the end of it!

savingholmes

Lovely parents and a great use of the money.

thriftychick

Mortgage amount: £19,999

Difficult few weeks with elderly parent being very poorly.   We have decided to visit and stay for almost a week, we've used the overpayment monies to rent a house so that we can be on hand to help out.  Family comes first.

Made a small OP of £231 (roughly Council Tax equivalent) to take us under £20k which is psychologically a good thing.

Multi car Insurance renewal was astronomical at £766.72, up over £200 so spent several hours going through comparison sites/cashback sites to get a better deal which turned out to be separately, and totalled £432.61 with £45 cashback to come at some point.  Total saving of £334.11.

Next potential disaster was the when I heard a clanking sound, particularly when cornering, from the rear of my 12 year old car, and was dreading something expensive however, upon further investigation, it turned out to be a rogue jar of jam which had escaped from the  shopping the previous day.