Welshlassies MF quest by 40

Welshlassie

Have just sent another £30 OP this month, as the pay out from Pureprofile, came through much quicker than the last one, I wasn't expecting it until next month, but better in my mortgage than their bank account. So final for the month is actually £130.38.

setmefree2

Welshlassie wrote: »

Have just sent another £30 OP this month, as the pay out from Pureprofile, came through much quicker than the last one, I wasn't expecting it until next month, but better in my mortgage than their bank account. So final for the month is actually £130.38.

Well Done you:T:T:T:T

StuartGMC

WelshLassie
As always, it all adds up as you've indicated :T

Welshlassie

I've been playing with s/sheets again (oh dear think I'm addicted) I've worked out that if I OP a minimum of £20pm next year and every year after that add £20pm on (in theory won't miss £20pm), Pay off the savings we have towards the mortgage at the end of this fixed term, then another £20k in 10 years (from now) time (which will be saved from the other £100pm we have going into our equity ISA) then the mortgage will be paid off in 18 years and that is assuming we stay on an SVR of 7% when the fixed rate ends.

Hopefully the new fixed rate/tracker (whatever the new deal) will be lower than that, which is cut more off. I also hope we will be able to pay off more than £20 per month next year and subsequent years, so in theory I have 7 years to knock off the above plan in order to get us mortgage free by the time I'm 40.

Still not sure it is actually possible, but we're going to have a bloody good go to get there, its just over 10 years away so alot can happen in that time.

Welshlassie

I've just taken a call, to sign me up to a 3 day survey for which i'll get £60 by cheque. That's a great start to this monthly OP. I'm keeping my eye out for additional ways to find additional money at the moment.

I know I'm going to have to start getting the Christmas presents soon, so will start looking at Quidco, should be able to build up quite a bit with that.

I should also get DH to cash in his Quidco, there's almost £200 in his account, but he keeps saying to leave it there in case we need some rainy day money, I'd rather cash it in and know it is sat in my account earning 6.5+% interest.

I also upped our regular payment for the mortgage this morning from £1028.03 to £1050 so almost £22, won't miss that. I hadn't realised we were able to do this and have previously had a standing order set up, but of course that takes extra time to transfer across. It will certainly make it easier to change the OP in future years.

I'll need to keep an eye on how the extra on the monthly payment is dealt with though, Hopefully if they don't class it as an OP, I can just add the extra £100 (currently going into a reg saver) onto the monthly payment.

Welshlassie

DH phoned about the freezer on Friday as well and they have agreed to pay £200 (less the excess of £50), so £150 going to restock the freezer. We spent £50 buying a few other bits on the weekend, so the remainder will go into general savings.

StuartGMC

Welshlassie wrote: »

I've been playing with s/sheets again (oh dear think I'm addicted)

The proof is in front of you, but we all are so don't panic!

I also hope we will be able to pay off more than £20 per month next year and subsequent years, so in theory I have 7 years to knock off the above plan in order to get us mortgage free by the time I'm 40.

Still not sure it is actually possible, but we're going to have a bloody good go to get there, its just over 10 years away so alot can happen in that time.

It will actually get better over the duration assuming even salary rises only aligned with inflation for say half that time (allowing for the recession and job issues presently) and the step changes will become more obvious as the MF date accelerates towards you. To pay off at 40 is very good indeed, looking like 45 for us.

Welshlassie

Yipppeee my job has been made permanent, the salary is £1,600 below what I was hoping but I'm at least in the same financial position as I was when I was made redundant back in July. So although I'm earning more now than then, I've got to account for the extra in Diesel and Bridge tolls I'm now having to pay so about break even.

Next pay rise is in July so looking forward to that.

I was checking through our phone bills the other night and noticed that Virgin haven't been applying the discount they gave us in June, but with everything that's been goig on over the last few months, I took my eye off that ball. I ca;;ed them up and they have back dated the discount so getting a £70 credit on next bill and she has applied the £5 discount to future bills. So that should work out as not having a Virgin bill to pay for a couple of months.

Should get the cheque through for the freezer today and the survey I completed the other week by Friday, wasn't sure if we'd have enough for an OP this month, but looks likely now with the cheques due.

evab_2

great news on the job WL!

setmefree2