Onwards to freedom!

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  • slicence
    slicence Posts: 211 Forumite
    That's an amazing achievement SSS, you must be so chuffed!

    We're holding back on OPs until rates rise/savings rate drop further, but I can't wait to get the interest <£5p/d. Have calculated that this will be Jan 2018 without OPs... it's very very tempting just to OP now!

    Due to be mortgage free in May 2043
    Mortgage free wannabe by May 2028, eek!
    Current daily interest ~ [STRIKE]-£6.75 [/STRIKE] - £6.31
    Overpayments since April 2018 - £5,500 :beer:
  • Thanks slicence :) You are almost certainly doing the right thing in your circumstances, but I know where you're coming from regards temptation to OP anyway! Two years to get below £5 a day without making any OPs is great though - imagine the cash cushion you'll have behind you by then :)
    ___________________________________

    I have less than two weeks left in which to set my MFiT4 target. I've calculated a semi-realistic target of neutral plus 45k (sum total of cash, s&s, mortgage owed, and tax estimate, e.g. 45k+17k-14k-3k = MN+45k). That boils down to an increase of 30k over the next three years. The forecast is based on current income and expenses, zero self employed income (not far from reality), zero stock market movement (ha!), and includes an extremely naive attempt to factor in the costs of adding another member to our family (nothing to announce, it's just realistic to plan for it happening sometime in the next three years). I can't really factor in huge unexpected things like redundancy or house move etc, so I'll assume no big unexpected changes and if anything too drastic happens I'll just have to drop out of the challenge.

    So, I've arrived at a realistic target of +30k in three years. To make it more of a challenge, I could maybe go for +36k - a nice round +1k a month. Not sure if that's quite tough enough. How about +45k, a nice round +15k a year, or +£1,250 per month? I think that's more like it. 5k a year on top of the realistic target - enough to encourage me to work a bit harder to earn extra income, but not so high that it seems totally unachieveable.

    Maybe I should go a step further, aim for something seemingly unachieveable as this has served me well in the past? My fear is that having too high a target could end up being demotivating. No, I think I'll chicken out of that for now... A 45k improvement, which would see us 60k ahead of neutral, that feels like a good target. If it goes well I can always revise it upwards mid-challenge.
  • I just tinkered with my spreadsheet and by happy coincidence if we were to hit MN+60k by the end of MFiT4, and there were no major hits to house value, pensions, etc, we could be back on course to meet my personal 300k Net Worth in 2020 aim. That has pretty much confirmed to me that MN+60k is a good MFiT4 target :)
  • turtlemoose
    turtlemoose Posts: 1,644 Forumite
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    Brilliant work Squirrel, and how exciting that your family may be expanding in the near-ish future :)
  • Seriously impressive stuff SSS!
    2018 wins: Aspinal of London jewellery box, Boudavida gym outfit, HP Pavilion laptop, The List party tickets, All Points East festival tickets, Kiehls moisturiser, By Terry cc serum, Nars Liquid Bronzer, Benefit highlighter, Nars illuminator, Fresh advanced lip trio set, Cetaphil sample set, signed copy of My Absolute Darling by Gabriel Tallent
  • Thank you both for posting :)

    I've just made the MFiT4 target official: MN+60k in three years time. Who knows what the future holds... Will be fun finding out!

    In other MSE news, I've stuck to the plan and made another £499.99 OP this week, and I've settled my tax bill for last year in full and made a payment on account for this year. Those pesky negative numbers (mortgage, tax, student loan) are all moving up towards zero :) Let's just ignore the fact that cash and especially stocks and shares are down shall we? :D
  • Just been on the phone to the mortgage company, official mortgage balance is now -£35,583.91.

    Add to this a tax estimate of -£329.68, cash at £44,117.33, and stocks and shares at £6,529.34, and I arrive at us currently being MN+£14,733.08.

    I'm declaring my official MFiT4 start balance as £14,733.08, with an aim of hitting 60k or more in three years time :)
  • As of today the mortgage is below £35k (£34,629.84 to be exact) :j

    We are now £16,466.58 ahead of neutral :)
  • Shifted another £499.99 from savings to mortgage today :)

    Mortgage balance is now £34,164.98 and we are £16,801.96 ahead of neutral.

    Daily interest is finally under £5... £4.95 to be precise :T
  • turtlemoose
    turtlemoose Posts: 1,644 Forumite
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    Yay on the daily interest! Great work!
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