Budget: March 2014

I’m excited for March because not only is it the month of our first big mortgage over payment of 2014, it’s also the month in which we’ll achieve the 50% paid off milestone! WOOT! Our mortgage will be down below £70k and we’ll be half way to mortgage freedom! I’m so excited, can you tell! :)

The first 50% will have taken 8 years to pay off, but we were also reducing my consumer debt and fixing up our house in that time, so we’re hoping the next 50% can be done in a lot less time.

March income allocation:

March 2014 Budget

March Financial Goals:

  • Achieve a 63%+ post-tax savings rate (we include mortgage payments against the principle in this)
  • Get a great deal on Buildings and Contents insurance!

Ok that’s it! Back tomorrow with a budget round-up for February.

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Comments

  1. Fiona says

    Woah…63%+ savings rate! That’s a lot of hard work, you are doing an amazing job.

    That’s wonderful to be at the 50% “paid off” milestone, congratulations!

    That’s a lot of hard work but the second half should go even faster :)

  2. moneystepper says

    Looks great – as long as I can avoid any major spending today and tommorow, I’m on course for my best savings rate month yet in February – 74% rate! I think the shorter month has helped as usually we are below this level. To get 67% every month would be pretty ace!!

    It seems we are in similar places with our mortgages. We just made a large overpayment which has taken our remaining mortgage amount on our primary property down to £50k. The statement which shows the lower interest in the following month was pretty awesome to read. Something to look forward to in April!

    • nomorespending says

      Hi Moneystepper!
      74% is amazing – well done! Our average will be 51% this year – which I’m happy with as we’re getting a few repairs done and taking a couple of trips.

  3. Done by Forty says

    Congratulations! I agree with your analysis: the second half of your mortgage will go more quickly. In addition to the points you made, you’re now on the ‘right’ side of the amortization schedule. Each payment is now going more towards principle than all those previous, so your progress will accelerate.

    Best of luck with the 63% savings rate goal!

  4. lonestarsky says

    Yay, congratulations on reaching 50%!!! And congrats on the 63% too! It must be great to see your hard work paid off like this. Next month will be my first month of overpaying on my mortgage – I waited 6 months to see how my budget would settle in the new house first, but seeing nearly two thirds of my monthly payment going towards the mortgage interest has really encouraged me to do it – as has success stories like yours :)