More Effort Required - the next 5 years

SandyShores

Thank you AgathaSquirrel and savingholmes. I never ever thought we could be in reaching distance of paying off our mortgage by SPA. But it's possible now (I have to pinch myself when I think of this). Our OPs have included taking tax free sums from our pensions and a redundancy payment along the way. We've also kept up the pressure by keeping our monthly payment at its original huge amount. Its easier now its just the two of us too.

SandyShores

I made a decision over the weekend to pay off the remainder of this year's 10% OP allowance from savings. I feel slightly nervous at using up the savings, but it makes financial sense for interest saved. I'm looking forward to watching the effect on actual interest in the future statements.

We have approx. 4 years left of our 3.84% fixed rate, then maybe another 6 months on SVR, until I reach SPA (f we can get close to full MF in that short time). Although it's a huge challenge, it was similar to our DFW journey and that worked out, so fingers crossed. I'm finding a great way to keep motivated is by following other forumites MFW journeys - some great tips and positivity there.

beanielou

You are on fire. 🔥

SandyShores

Ah thanks beanielou. I wish the same could be said for me healthwise at the moment but I'm on the mend and seeing the numbers come down is a pick me up.

The monthly payment has gone out and the statement has arrived so I can update my signature. The average daily interest is now down another 43p to £17.22 😁.

SandyShores

It is soooo good to be leaving the 160s behind - whoop-whoop and goodbye forever. Now to tackle the 150s and start planning for next years OPs. Our only other debt is a zero-percent financed sofa. I tried to bargain them down for cash but no joy, so I took the finance, and will keep the money in the S&S ISA earning a little bit of interest for us. Btw the sofa is lovely, bit of an extravagance, but has been brilliant while I've been poorly (we also had a £100 PB win this month so paid extra off the sofa finance).

My other goals have stalled, mostly because of health issues. Being ill has really highlighted how much health matters and how much it affects everything we do. It will be a tough journey to my fitness recovery, but hopefully not too long, and I've made a good start (which is always the hardest part). The rest of the goals will follow on from that.

Merlin's_Beard

Glad that you're on the mend and well done on the progress!

SandyShores

Thank you Merlin's Beard 😀. I'm feeling so much better, it's been a long haul but I am almost on full form again.

One positive of being ill (if being ill can have a positive) has been the lack of spending on clothes (although I bought summer tops just before I was poorly and they still have the tags). I want to be really sensible and only buy things that are 'hell yeah' rather than 'they might do'. Currently waiting on refunds for 2 pairs of boots that weren't hell yeah. Apparently RM48 is a bit hit and miss and (unusual for me) I didn't insist on a paper receipt from RM but they are showing on the app as received at the PO luckily. It looks like they haven't moved from the PO in 5 days, but I have to wait 10 working days before I report to RM - noted in calendar to follow up.

While I was ill, I had time to think about getting rid of lots of clothes that I don't wear - must say goodbye to surplus and unworn stuff. I heard something recently about allocating a set amount of space for your items, and then trimming down your stuff to fit that space. Made perfect sense to me - I just need to make sure I don't keep creating space and 'organising growing clutter' into it.

I've been following the flylady thread properly this time and have finally done a full week. It feels good to go into the weekend with a clean and tidy house. I've still got a few chores and tasks I didn't complete, but I'm planning to carve out some relaxation time to do some crafts and some reading. (Although I did set robovac off this morning and flung the hoover around downstairs too).

Mortgage payment day is 2nd this month and we should be down to around £158k - will update after Monday. We should be at the halfway point in the new year, which is a nice milestone to look forward to.

PBs are a little later too, on 3rd. Fingers crossed - the £100k would be perfect please.