Tuesday, January 29, 2008

My Mortgage

You may be aware that I am working on making money with the goal of paying off my mortgage in 5 years time. I have just done some calculations and worked out that I will need to pay at least £1333 a month for the next 5 years, off my mortgage in order to reach my goal. The good news is that this month I have surpassed that! I had £1000 in my savings account which I put against my mortgage. I paid £583 into my shares account (which is something we do each month) which will be cashed in and used towards paying off the mortgage when we are ready. I also paid an extra £250 off the balance of the mortgage due to my earnings being good this month. This means that I have paid off £1833 which is fantastic. Unfortunately I will not be able to find £1000 hanging round in my savings account again but it is a great start towards my goal for the year.

I have just calculated that if I continue to pay £583 into my shares account then I will have to find £750 a month extra. This is a great goal to aim for!

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