Archive for Financial Freedom

A New Charging Station Before (Hopefully) Downsizing

After spending the last 10+ years charging my phone in random places around the home, I finally gave the process a designated home.

All I had to do was move a simple (already owned) basket close to a hardly used plug socket and there you have it! A place to store wires, laptops and phones + the chargers. It’s not a big deal but it certainly has streamlined the process.

Charging Station

And now on to my news.

It’s taken about 5 years to make this decision (yes, that long!), but we’re finally ready to downsize and put our house on the market.

I have a lot of thoughts on downsizing and potential mortgage freedom, but we’re trying not to get too carried away, so I’ll save that for another day…having said that though it is very exciting!

Hopefully our renovating will pay off a little…

Kitchen & Lobby on move in day

Kitchen & Lobby on move in day

It looks a lot brighter these days…

Kitchen after

Kitchen and Rear Lobby after

Whoa, now that I’ve written that down it’s all become real.

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Posted in Financial Freedom, Home + Minimalist Living| 32 Comments

Mortgage Freedom: April 2014 Report

Mortgage Freedom

APRIL 2014 STATS

  • Original Mortgage: £138,485 (April 2006)
  • Original term: 300 months (March 2031)
  • Balance last month: £71,500
  • New Balance: £69,900
  • Paid off to date: £68,585
  • April over payment £1117.78
  • Actual payments left: 195
  • Months until goal date: 44 (31st Dec 2017)

49.5% of mortgage debt repaid!

From last month:

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!

And I’m a doofus who clearly can’t count! I got sidetracked by being under £70k and we’re not quite making the 50%….still happy though :)

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Posted in Financial Freedom| 19 Comments

Mortgage Freedom Update and Targets for 2014

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.

Mortgage Debt:

- 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.

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Posted in Financial Freedom| 16 Comments

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