And now we go again...

redofromstart

Ooh that's a really good idea. We don't buy things on contract, but I know 'we' will replace tech regularly and I've never budgeted for it, just winced and let the savings take the hit. 

(Money OUT of the savings! Waily waily waily!)

EssexHebridean

RT I think I need to share the credit for the tech pot with Foxgloves - I've set money aside for stuff like that in some form or another for years - sometimes in a more structured way than others - but it was I believe her who set up a specifically labelled "tech pot" as part of their budget wrangling. Right now mine is being fed solely by the income from surveys etc - which is of course an excellent incentive to get on and get surveys done if it means a shiny new phone could be at least mostly "cash neutral" at the end of it! 

More Olympic watching has been occurring here - and I confess to feeling quite sad about the wrapping up of the equestrian stuff today, I've really enjoyed watching it and have managed to see at least some of all the different events! Just as excitingly though, I have just made the connection that the Discovery+ sign-up should also enable me to watch the speedway Grand Prix as well - might have to see when the next round is and make a note to tune in! 

In spite of the hot weather I got out for my planned run last night - found a really nice route involving some trails around the forest and across the "flats" - a patch of heathland not far from work, although it will be even nicer in cooler weather! Regardless of the temperature though, it definitely felt better than last week - I'm feeling that running to heart-rate is the way forwards for me at the moment. It's easily adjustable as time goes on, too. 

Need to get the home contents insurance sorted at some stage - I've got various quotes, and we're going for adding cover rather than saving money, as we can add various accidental damage etc bits without having to pay more than we paid last year, and that seems sensible. 

Spendiness:
- I have ordered another pair of trainers from the Big River site - not as cheap as the first pair, but at £34.99 still very well priced for quite such comfortable footwear! This pair are dark blue, so more [practical than the current light grey. 
- My car got filled with fuel over the weekend. This will not a budget fuel spend month as we're off adventuring at the weekend and another tank will definitely be needed in MrEH's car for the way back, I suspect. 
- On the subject of MrEH's car, it needed 2 new tyres for the MoT, but otherwise has a clean bill of health. It will be a reasonably expensive bill though I suspect - as it was also serviced. I'll know how much when MrEH gets back from the rugby club this evening. Money is in the car account anyway, so all good. 
- The accommodation for the weekend is paid for from my Airshow account - I chose to book the place for 2 adults and that's worked out well as MrEH has now elected to come along as well - he will do his own thing while I'm at the airshow, and we're meeting up with pals both evenings. Costs for food and beers will come from our personal spends, of course. 

The chicken I roasted on Sunday (done at the same time as the over was going on for rolls for both temperature AND MSE reasons!) has so far done us for two meals, with several more to go. I'm leaning towards stripping the meat off the bits of carcass this evening, although annoying I have realised I should have done it last night as of course the food waste bin went out this morning...sigh! This evening will be couscous with various bits of veg - I'm hoping for some more tomatoes but I do have plenty of bought ones if no more have ripened. Also baby courgettes - they aren't getting any bigger, and it makes sense to use them before they all just rot on the plants I think. Annoying, but there you go. last night was a HUGE plate of salad each with chicken and avocado - so far the Lil's avos are proving to have been an excellent buy- really tasty, and no brown bits inside. If there is one ready to eat, then I will probably use another of those this evening too. 

EssexHebridean

EssexHebridean said:

First goals/Targets - from October 2023:

As things stand, and allowing for the OP's we've already made, plus the small uplift to round off the monthly payment:
- By the end of year one we will have just over £110,200 outstanding.
- By the end of the fix (5 years) we will have just over £87k outstanding.
- we are currently due to clear it in 170 months. 

My current aim is to try for £100 per month to OP - the deal is that anything we can allocate to OPing from usual income goes to the Mortgage OP Account first, and we will then OP from there when it reaches £100, and in round £100 amounts.  If we could *just* OP that £100 month then that would leave us with the following:
- By the end of year one we will have just over £109,400 outstanding.
- By the end of the fix (5 years) we will have just under £81k outstanding.
- We would be due to clear it in 158 months (and that assumes that all OP's stop at the end of the fixed rate, which realistically wouldn't be the case).

I think those are going to be our first targets then -

- Sub £110k by September 2024
And let's be bold about this:
- Sub £80k by the end of the fix. 

OK - so that was my original goals post from last year, and it must be said, we've rocketed ahead of anywhere I could even have imagined we'd be - which makes me suspect that I didn't set the targets high enough...!

So right now, the mortgage stands at £105,538.48. There will realistically be another OP to be made before the end of the month, and I hope that will mean we can finish up at £105,400 balance at the end of year 1. 

As things stand, this would leave us with the following:
- By the end of year two we will have just over £100,300 outstanding.
- By the end of the fix (5 years) we will have just over £82k outstanding.
- we are currently due to clear it in 160 months. 

That actually feels like a LOT of progress for year 1! 

So - updated targets, assuming that we continue to OP as we are currently:
- Sub £97k by September 2025
- Sub £70k by the end of the fix. 

I will copy the above back into the original post as well, for clarity. 

lucielle

Wow! Just wow!  It shows what can be achieved with a bit of focus and still have a life. 

L

beanielou

Lost for words! Amazing 

rtandon27

Well done EH!  Goes to show that the overpayments work!  You've shaved 10 months off of your free & clear date!

Three years ago mine was at 185K & I aimed for 165K at the three year mark!  I'm currently at 161K with small overpayments, even during a year of not working (reduced income) & lots of hospital admissions!  I'm amazed at how much difference those small overpayments make!  I've not yet had the inclination to plug the figures into a mortgage calculator as my head still says it's a 25 year mortgage.  Perhaps over the next two years of my fix, I might get my head around some more precise targeting!

EssexHebridean

Thanks all - it honestly never fails to amaze me how just plugging on at this sort of thing has such a huge effect. And as much as anything else, it's the encouragement and cheerleading from others on here that pushes us to keep on plugging, isn't it! 

RT You're doing so well - and yes, having gone through a few years of *ahem* "financial adversity" ourselves, and managed to continue with the OP's by the skin of our teeth, I know how rewarding it is when you can still see results in spite of "stuff" going on around you!

milann

You’ve done amazingly well with the payments 👏👏

Sun_Addict

Well done that’s fantastic progress! Just shows chipping away at something is worthwhile. 

Makingabobor2

Well done on the mortgage OPs. It does make you feel good, doesn't it?  We are down to below £15K now, with, officially, 1year 11 months left.  I am determined to get it paid before the end of next year though.