LJ's Mortgage free road to early retirement

StuartGMC

LJ well done and best wishes for 2009

LouiseJ

OK well here I go, my targets for 2009. I really want to get rid of this mortgage in 5 years before my OH hits 50 so I am aiming for my last payment to clear on 25/12/2013 that means that I need to clear 10K a year for 5 years.:eek:
I also want to increase my Isa pot by £2400 in the year to top up our emergency fund.
I am also planning to re-start my S&S Isa contribitions at a much reduced rate of £50 per month I feel that I should at least benefit from drip feeding the plan while share prices are so low and as this is a long term savings plan (at least 10 years) I am not going to worry about its value just yet.
Husbands wages covers all utilities, food, living expenses and the standard Mortgage payment, which due to the rate cut is incurring a £140 overpayment:D
Monthly Financial Breakdown
Net Income = £1363
Kids Savings plan = £80
Holidays /Christmas/Birthdays/Car etc = £400
Surplus = £883
Mortgage Overpayments = £400
Contributions to Isa = £200
Contributions to S&S Isa = £50
Surplus = £233

Mortgage overpayments Breakdown for 2009
£6480 overpayments + Direct Debit
Overpayments in standard Mortgage payment DD with interest at 2.24% = £140
Cash from Louise Wages = £400
Other goals
Get fitter and tone up.
Follow SW plan at home.
Earn £30 in extra income a month.

Wish me luck folks:rolleyes: :eek:

skint_spice

Good luck - seems like a plan and after the uncertainty in 2008 building up your emergency fund sounds like a good idea.

LouiseJ

skint_spice wrote: »

Good luck - seems like a plan and after the uncertainty in 2008 building up your emergency fund sounds like a good idea.

Thanks Matey:D I have actually scared myself now I have written in down, havent left myself much breathing space, and OH's salary hasnt been covering the monthly budget recently.....:o

Just hope that the Mystery Shopping picks up a bit:rolleyes:

EssexHebridean

Good luck with that Louise - and Happy new year!

thriftyscotslass

Good luck for 2009 Louise.

LouiseJ

Its exactly 1 year to the day that I posted my first page on this diary.............feels a bit strange looking back.

First day of the New Year has been a No Spend day, I will be planning more of those if I can manage it:D

Started saving £2 coins to help towards next Christmas, I have already managed to get a few gifts bought in the sales along with some bows, gift tags and cards.

Back to work tomorrow which is when the new years budget finally kicks in I must have a look to see what I can take in to have for lunch as I am not going to be buying from the canteen if I can help it.

I would like to wish everyone a wonderful 2009 and hope that you all achieve what you wish for xxx

Louise

LouiseJ

OK I have taken an inventory of food in the store cupboard and the freezer so have spent only what is absolutely necessary to see us through the rest of the week.

Back to the old routine of school and work tomorrow for the household which is going to be a cold sharp shock for my teenage boys who havent managed to get out of bed before midday since they broke up from school:rolleyes:

Mystery Shops are being snapped up straight away I guess everyone is needing extra cash after Christmas too, I do have a stash that I could Ebay so should really get onto that otherwise I will not be on track for making extra this month.

Have a good week everyone..................hope you havent broken too many New Years resolutions already:D

LouiseJ

Bluumin freezing and still dark outside:eek:

Just checked online banking and I had some quidco money paid in which initially I was going to use towards Christmas presents but payment was too late, didnt need it in the end:D

There is £172 lying in that account just crying out to be paid off the mortgage before I think of anything else to do with it:rolleyes: I intend to write a cheque this week for my first overpayment of the year.

I am going to ring A&L later to find out for definite how much our standard DD payment is overpaying with the rate drop, I have estimated it at around £140.

Have a good Monday everyone:cool:

setmefree2

with all those resolutions;)