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    • Hey!teacher!
    • By Hey!teacher! 19th Mar 17, 7:30 AM
    • 18Posts
    • 7Thanks
    Impossible dream? MF by 55?
    • #1
    • 19th Mar 17, 7:30 AM
    Impossible dream? MF by 55? 19th Mar 17 at 7:30 AM
    We have a mortgage of 287k with 22 years remaining. In 3 years our deal is up for renewal so our interim goal is to get the Ltv down to 65% to get a better deal, then keep overpaying so we can be mortgage free by 55, in 15 years. I'm a teacher and the thought of full time teaching after that point feels husband works in London and can't keep up the commute without burning out too so it's really important to us.
    We earn well and on paper we should have more than enough left after bills and food/petrol to have spending money and overpay 300 a month which would put us on track for 65%Ltv.
    I just don't know where it all goes! It also just seems like such a huge amount to even think about..
    Looking for inspiration and suggestions really!
Page 1
    • Kittenkirst
    • By Kittenkirst 19th Mar 17, 8:08 AM
    • 1,572 Posts
    • 8,080 Thanks
    • #2
    • 19th Mar 17, 8:08 AM
    • #2
    • 19th Mar 17, 8:08 AM
    Hi Hey!Teacher! I'd suggest doing a SOA (statement of affairs) of your incoming & outgoings and then you can start to see areas you can work on. If you post it in your diary the amazing forum guys here are great at suggestions too

    Good luck
    2017 MFW #20 - OP £1914.25/ £2150. 89%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £161.63

    Emergency fund £3725]/£6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • Hey!teacher!
    • By Hey!teacher! 19th Mar 17, 8:11 AM
    • 18 Posts
    • 7 Thanks
    • #3
    • 19th Mar 17, 8:11 AM
    • #3
    • 19th Mar 17, 8:11 AM
    Ooh that sounds like potential for me to feel really bad about how much money we waste...but helpful!
    What's the diary? Sorry I'm new to this.
    • Makethedayscount
    • By Makethedayscount 19th Mar 17, 8:35 AM
    • 33 Posts
    • 286 Thanks
    • #4
    • 19th Mar 17, 8:35 AM
    • #4
    • 19th Mar 17, 8:35 AM
    Agree with kittenkirst, making an SOA is the way to go. We thought we were quite money savvy until we did one and realised there were still areas we could make big savings. Overpaying by £300 is a great start, though.
    • EatingTheElephant
    • By EatingTheElephant 19th Mar 17, 8:45 AM
    • 1,099 Posts
    • 5,936 Thanks
    • #5
    • 19th Mar 17, 8:45 AM
    • #5
    • 19th Mar 17, 8:45 AM
    Welcome to mfw

    If you are not sure where your money is going you could try keeping a spending diary for a few months. This might help identify what is being spent where.

    Chipping away, even small amounts can make a HUGE difference.

    Reading other diaries on here and also updating yours regularly is also another great source for inspiration and motivation. I regularly get comments on my diary helping me with things I am pondering and pick up ideas from others that I had not thought of!
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