Our debt journey – an update half way through 2020

So here we are, over halfway through 2020. It wasn’t quite how I had imagined it turning out if I am, to be honest, and there have lots of plans changed for where we wanted to be and what we wanted to do. I wanted to do an update on our debt journey following this post back in January.

Over the last few months though we have been busy beavering away on how we would like to achieve things and also how to get to our goals.

One thing we started a while back is to overpay our mortgage, we are now at a point where we are able to overpay by £140 a month, this means we will be mortgage-free all being well, 6 years and 1 month early. However, that does not take into account rates change etc as we are due to come off our fixed-rate mortgage in about 13 months. I’m hoping once we change our mortgage we will be saving even more money than we currently are and then be able to overpay a bit more and reduce that mortgage term even more.

We are still working through our debts though and have paid all but 1 of the small debts left, then we just have 3 more different accounts to tackle and our car. I think we may look to keep our car once this term is up as it is lovely and has everything we want on it.

I’m not burying my head in the sand anymore when it comes to our debts, we are facing them head-on and throwing whatever extra cash we can at them.

Recently I’ve started matched betting again and although I can’t take advantage of some offers due to gubbings, I have been able to make over £60 in the first week from that. I will see how it goes, to be honest, after all, I don’t want to be paying out the monthly subscription to make a loss or just break even. I will do a separate post on this in the coming weeks with an update to how this is going and if I am going to continue with it.

The first half of this year has definitely been an eye-opener to me, I’ve learnt to appreciate what we have but also how lucky we are to be able to be on this journey. Here is to more positive months ahead!

Our debt journey - an update half way through 2020

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