£170000 in 10 years

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  • themadvix
    themadvix Posts: 7,897 Forumite
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    That's a fantastic result TH! :D Well done!
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • try_harder
    try_harder Posts: 1,527 Forumite
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    End of month figures .
    Not quite as good as i expected but still very happy with the results.
    Month end £22,706.65
    Aprils figure£21,260 so a saving this month of £1446.65 .I think i must have added an extra thousand into my calculations by mistake the last time i added up.
    This now leaves me with a mortgage of £165,200 minus £10,000 which is on a repayment minus £22,706.65 leaving £133,493 , i will have exactly 90 months left so £133,493 divided by 90 is £1483

    Junes target £1483 . I should be able to save £1165.80 after all bills and that would leave me with £317.20 to find, not sure how i will find it yet though . I have to say that i am finding this hard work at the moment and the end result seems so far out of reach that its hard to keep up the momentum so need to try and stay positive and focused
  • themadvix
    themadvix Posts: 7,897 Forumite
    Mortgage-free Glee! Photogenic First Anniversary Name Dropper
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    They are great figures TH!

    I think you've just got to 'keep plodding' as Beanie would say.... You'll get there. You never know what might help along the way!

    How are the ebay sales?
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • Busy_Mee1
    Busy_Mee1 Posts: 1,015 Forumite
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    Wow what a great month TH, I don't know how you do it on just one income but you do a fantastic job. You just keep moving forward.

    I find it quite helpful to have some mini targets rather than the final target which is so far away. You could have a target of £25k by end July which would mean saving £1146.67 per month. It would give yourself something achievable to aim for and of course if you smash it that would be brilliant!
  • Busy_Mee1
    Busy_Mee1 Posts: 1,015 Forumite
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    Hi Try Harder I hope you are well and enjoying the lovely weather. X
  • try_harder
    try_harder Posts: 1,527 Forumite
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    I am trying to slip in very quietly after being absent for several weeks . My savings now stand at £25000 which i am very happy with ,this will be it for this year as we have decided to completely overhaul our house which we hope will add on a fair bit of value to the price so no more saving until January now
  • Busy_Mee1
    Busy_Mee1 Posts: 1,015 Forumite
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    Great to see you back Try Harder you have been missed. £25 k is a great achievement. I hope you will stay around whilst you are doing your house up and update us on progress : )
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Thank you Busy Mee1. I have missed you all too . I have had a lovely summer with the children but back to reality today .
    So the plan is 4 months savings of anything between £1000 and £1500 savings giving us between four and six thousand to smarten the house up .We are hoping that after the work the value will be around £300,000. All the work will be carried out as cheaply as possible with my husband doing all the work .Christmas this year will also have to come out of this money .
    From January 2019 we will have 7 years left before our mortgage ends and around £155,000 to find on the IO part of our mortgage then taking into account the 25,000 we have saved leaves us with exactly £130,000 to find ,this will work out to £1547 a month so this will be the monthly goal. I am looking forward to the challenge.
  • themadvix
    themadvix Posts: 7,897 Forumite
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    It's good to have you back TH! Do you have a plan for finding the savings? How's the millionaire challenge going?
    Mortgage free 16/06/2023! £132,500 cleared in 11 years, 3 months and 7 days

    'Now is no time to think of what you do not have. Think of what you can do with what there is.' Ernest Hemingway


  • try_harder
    try_harder Posts: 1,527 Forumite
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    Morning the madvix and thank you.Do you mean the next four months savings for the house ? That will come out of the money that i would normally have saved towards the Mortgage . I normally aim for £1000 -£1500 a month to put aside to pay the Mortgage off but for Sept ,Oct ,Nov ,Dec this money will be spent on the house ..The money will mostly come from my husbands wages after bills and any selling on Ebax etc .I will leave the £25,000 to carry forward to January .Is that what you mean ? Hope alls good with you .I will have a read through and catch up with everyone tomorrow when i have more time
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