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 £86,300. We may notwon’t make our £80k goal due to the house repairs, but we’re still on target for below £85k
- Contribute/save at least
£3,000£2,500 to our future financial freedom. Total added to goal in 2012 £2,412 – pension contributions only.
- Save/Spend at least
£1,000£4,500 for house repairs. Saved and all paid for.
- Save/Spend £900 for gifts. Saved and spent!
- 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.
One month to go and it’ll be time to start on our goals for 2013. We’ve already decided that the first three months will be dedicated to travel saving – so that we can book early and save money – then it’ll be all out mortgage attack.