To get our much needed house repairs completed and paid for we’ve made some slight changes to our 2012 goals.
- Reduce the mortgage to less than
£83,000£80,000 by December 31st 2012. We started this year with a mortgage balance of £106,322.34. After making a few over payments the balance is now £91,543.85. Yay!
- Contribute/save at least
£3,000£2,500 to our future financial freedom. Total added to goal in 2012 £1,407 (pension contributions.
- Save at least £1,000 for house repairs. Ongoing.
- Save £900 for gifts. On track with a monthly saving of £75 (which we’ve now bumped up to £90)
- Save £1,300 for a family holiday. Goal completed and trip booked.
- Save £4,000 for a trip to Washington/NY in 2013. Goal on hold as we need to pay approx £4k for house repairs.
- Save £700 for a mini break to Italy. Goal completed and trip taken.
Ongoing Financial Freedom Goal: Net Worth £300,000 by December 2020
On our current figures to achieve our Net Worth goal we need to:
- Finish paying off our mortgage by the end of 2015 and then save approximately £20,500 every year until 2020
I’m trying not to think about the next 8 years and just concentrate on this year and the mortgage. £11,543.85 to go before we hit our year end target of £80k.