We still need to save a little towards our travel plans, but for the remainder of 2014 our financial focus will be on our mortgage. Our goal is to reduce it by at least £15,500.
Here are the current numbers and the planned payments for the next nine months.
- Original Mortgage £138,485
- Outstanding Balance: £71,500
- Total Mortgage Debt Paid Off: £66,985
- 2014 Starting Balance: £73,500
- Paid Off in 2014: £2,000
Planned payments for 2014:
2014 Payment Goal/Actual
- Jan: £600/£661.80
- Feb: £600/£601.30
- Mar: £900/£914.95
- Apr: £1650
- May: £1300
- Jun: £1350
- Jul: £1350
- Aug: £2000
- Sep: £1350
- Oct: £1350
- Nov: £2000
- Dec: £1750
Yay we’re on target! But we have to keep everything crossed that things stay as they are right now (which rarely happens lol). We have to keep doing what we’re doing. Making menu plans and avoiding food waste. Living on less than 50% of our net income – spending anything over that amount will ruin our over payment plans. Making a budget and sticking to it. Not spending….too much! We have to be relentless if we want to be mortgage free by December 2017.
Of course I could make a little extra money here and there, but I’m not counting on it! Anything extra that does come in will be a bonus.
We’re also counting on our plans to travel hack the hotel cost for NY in Oct/Nov with Priority Points. It will be our first time doing this, but hopefully it’ll work out.
I know over paying your mortgage is a much debated topic in the personal finance blogosphere, but for us, at this time, it feels like the right thing to do. Our thoughts on this may change in the future, but for now we want to totally debt free above anything else.
Are you over paying your mortgage? If not right now, do you have plans to in the future? Let me know I’d love to hear your thoughts on this.