After cancelling my subscription to Sky and realising this would be an additional £28 a month or £336 a year which I could use towards my mortgage I thought it would be a good time to check other payments I have coming out of my Billing Account.
One that caught my eye was a recurring payment to a teaching website. It was only £6 a month and so a relatively small outgoing. I went to their website and realised they have now changed their subscription service. Recurring monthly payments are no longer the only way to pay. I can also pay one off monthly payments if there is something I need. As a teacher I usually use these websites for ideas but nine out of ten times I create my own resources. It made sense to cancel this monthly payment also. The last payment has already left my account and so I will now have an additional £6 a month to pay towards the mortgage.
If I commit to a £6 a month overpayment for the life of the mortgage, this has the potential to reduce the length of the mortgage by 4 months.
The online calculator is showing a potential reduction of 2 years 0 months if I use the money that was paying for Sky (£28) and this online subscription (£6) towards my mortgage.
If I also include the monthly £38 I discussed in a previous post then I have the potential to reduce the mortgage by 4 years 0 months. This would mean we could be mortgage free at 61. It’s all moving in the right direction.
If this inspires you to check your own accounts and you manage to make a saving, leave me a message below to let me know. Good luck and happy saving!