In January 2013 I decided that I should be aiming to pay off the balance of my joint mortgage (just under £82,000) in 5 years. My partner at the time didn’t think it was possible to be mortgage free so quickly. I figured that despite being on a tight budget already, we could take things one step further: knuckle down, double our income, halve our expenditure. However, in May 2014 I ended that relationship which caused a new problem: buying my ex out of our mortgage.
With the joint mortgage problem solved in February 2015, and the mortgage solely in my name, I had a new balance of £97,800.24 and a target of 5 years. That’s £19,560.048 per year or £1,630.04 per month I need to find just for my mortgage, not including interest. Good job I like a challenge!
Plan of Action
- Reduce unnecessary spending
- Put the work in to get my projects off the ground which have a potential to earn me passive income
- Improve my self-employment output to make more money from my skills
- Put all income earned from blogging and advertising into the mortgage pot
How it’s going
The trials and tribulations of trying to become mortgage free…
- Budgeting: The Great Big Tax Bill and Recurring Payment Hell
- Back to Budgeting Basics
- What a day.
- Depressing money crap
- Mortgage Free in 5 years: half of every invoice goal
- Making money with ‘comping’, win a weekend trip to Paris
- Earning ‘passive’ income
- Hoard Mode
- Kick up the arse: update #1
- Kick up the arse