Search Results for: label/Mortgage Freedom

2012 Financial Goals Report #8

There’s a few things going on around here and goal changes are needed;

  1. 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. After making a few over payments the balance is now £89,620.82. Yay! But with our planned house sale (and the repairs needed before hand), we may not make this goal. I haven’t given up on it, but below £85k may be more realistic. 
  2. Contribute/save at least £3,000 £2,500 to our future financial freedom. Total added to goal in 2012 £1,608 (pension contributions)
  3. Save at least £1,000 £4,500 for house repairs. Ongoing. 
  4. Save £900 for gifts. On track with a monthly saving of £75 (which we’ve now bumped up to £90)
  5. Save £1,300 for a family holiday. Goal completed and trip booked.
  6. Save £4,000 for a trip to Washington/NY in 2013. Goal on hold as we need to pay approx £4k for house repairs.
  7. Save £700 for a mini break to Italy. Goal completed and trip taken.


Financial Freedom Goal: £300,000 Net Worth by December 2020


  • We expect our cash holdings to go down after paying for the house repairs, but the work has to be done before we can even think about selling our house. 
  • We still have £191,340.96 to go to achieve our long term financial freedom goal and that’s making two big assumptions 1) the house sells 2) the house sells for £175k!

How are you doing with your long term financial goals?

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2012 Financial Goals Report #7

To get our much needed house repairs completed and paid for we’ve made some slight changes to our 2012 goals.

  1. 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. After making a few over payments the balance is now £91,543.85. Yay!
  2. Contribute/save at least £3,000 £2,500 to our future financial freedom. Total added to goal in 2012 £1,407 (pension contributions. 
  3. Save at least £1,000 for house repairs. Ongoing.
  4. Save £900 for gifts. On track with a monthly saving of £75 (which we’ve now bumped up to £90)
  5. Save £1,300 for a family holiday. Goal completed and trip booked.
  6. Save £4,000 for a trip to Washington/NY in 2013. Goal on hold as we need to pay approx £4k for house repairs.
  7. Save £700 for a mini break to Italy. Goal completed and trip taken.

Ongoing Financial Freedom Goal: Net Worth £300,000 by December 2020

On our current figures to achieve our Net Worth goal we need to:

  • Finish paying off our mortgage by the end of 2015 and then save approximately £20,500 every year until 2020

I’m trying not to think about the next 8 years and just concentrate on this year and the mortgage. £11,543.85 to go before we hit our year end target of £80k.

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2012 Financial Goals Report #6

I’m keeping track of the progress we’re making towards our annual financial goals on a monthly basis. 


Okay it looks like we may definitely need to change our goals for 2012. The building work and house to do list needs to take priority over saving for next years trip, so we’re putting that on hold for a while. 
 In the mean time, we’ll top up our travel fund until it has a balance of £1k (and our family holiday to Portugal is done and dusted), and then start paying for house repairs. I’m thinking that we may have over stretched ourselves (with our goals), this year, but we’ll continue to attack the mortgage for as long as possible.

1) Reduce the mortgage to less than £83,000 £80,000 by December 31st 2012:
We started with a mortgage balance of £106,322.34 and I’m pleased to report that it now stands at £93,607.69, a debt reduction of £12,714.65.  We’re nearly half way to reaching our priority goal for 2012.

2) Contribute/save at least £3,000 to our future financial freedom: 
Only pensions contributions made this year (moved all other money out).  Total added to goal £1,206.

3) Save at least £1,000 for house repairs:Way behind on this goal. Currently £41.00 in this fund. FAIL!

4) Save £900 for gifts: 
On track with goal. Budgeted deposit of £75 made to this account in May.

5) Save £1,300 for a family holiday:
Goal completed and trip booked.

6) Save £4,000 for a trip to Washington/NY in 2013:
On hold!


7) Save £700 for a mini break to Italy. 
Goal completed and trip taken – this trip ended up costing £1042.65!! A lot for 3 days, but worth it.


How are you doing with your annual goals?



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