Mortgage Free in 5 years: half of every invoice goal

Having announced my intention to return to 100% freelance from October, it might therefore be surprising to hear that I’m also going to be attempting a pretty radical goal to try and drastically increase the amount saved to use against my mortgage balance: I am going to try and put away half of every paid invoice each month for the foreseeable future.

I don’t know if this is entirely sensible with the cost of hot desking to think about, my car insurance due in November and the dreaded bank-draining event that is Christmas just around the corner but I’m becoming increasingly aware that I’m not doing enough just bumbling along tucking away passive income. However, with something in the range of £1600+ worth of bills at the beginning of every month, after contributions from Gaz towards his half of the utilities and Karl towards childcare, I’m going to need to earn £1800 as a minimum (per month) to be able to cover the bills and put half away. That’s not including irregular and/or business expenses.

To get me off to a head start, last week I tucked away £500 into my ISA. It wasn’t quite half of the weeks income but with travel to and from Brighton and the inevitable cost of food etc while I was over there, I knew I’d need a bit more in my current account to get by. However, I did what I always do when I go somewhere “new” and I over-spent on stuff I didn’t need, so I need to start setting myself a budget for these occasions too. There has to be a happy medium between radical frugalism (is that a word) and free spending…

Please note: this is an old post. I have been blogging for a really long time: since my childhood, in fact. Bear in mind that any opinions stated may have changed, any code snippets may no longer be considered safe or secure, and my personal circumstances are almost certainly different to what's contained herein. You have been warned...

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2 comments so far

  1. Manda | musicalpoem said:
    On September 24, 2015 at 10:12 pm

    Nicole over at The Billfold does something similar; she divides up half of her weekly take-home pay to pay off debt, save in general, and save taxes (she freelances). Here’s her latest monthly recap of her strategy: http://thebillfold.com/2015/09/tallying-up-my-new-savings-plan-august-edition/

    Reply
  2. Chantelle said:
    On September 25, 2015 at 11:35 am

    This sounds like a good plan to me. I like its simplicity. I just hope that it’s practical and that it works for you. Good luck, Jem. ^^

    Reply

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