We're attempting to pay off our mortgage by December 2015 and reach financial freedom by December 2020. Every month I track our progress.
- 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 and after making a few over payments the balance is now £88,300. This month I made sure the overpayment minus the interest payment left us with a round figure.....I'm trying to do the same next month. Our mortgage interest is calculated daily so it's easy to work it out.....I'm not sure why I haven't done it before! We may notwon't make our £80k goal due to the house repairs, but we're still on for below £85k
- Contribute/save at least
£3,000£2,500 to our future financial freedom. Total added to goal in 2012 £2,010 - pension contributions only.
- Save at least
£1,000£4,500 for house repairs. Ongoing.
- Save £900 for gifts. On track with a monthly saving of £75 (which we've now bumped up to
- Save £1,300 for a family holiday. Goal completed and trip taken to Portugal.
- 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.
£19,284.00 Sub Total
Since writing my post on early retirement hubby and I have done some thinking about our long term financial goals. I've updated our financial freedom page with the changes and I'll discuss it in a little more detail another day. For now though, we're continuing to attack the mortgage!