Intrigued - how much do you feel you're giving up

splatt30

Hello to all you MFWs

I've been popping in on this forum for a few weeks now and am staggered by how much so many of you are able to overpay on your mortgages. I have to say I am intrigued about how you manage it.

So my question is....What are you missing out on to overpay so much?
Is it holidays, meals out, clothes etc etc. And do you think it's worth it? Do you feel your missing out?

I have a phobia of interest and the less I can pay the better. Our mortgage is offset by all our savings and current accounts, but I'm intriguied about how we could find a way to pay off even more.

Kaz2904

I'm missing out on going trawling my way around the shops every Saturday and Sunday and buying pointless unwanted things for fulfilment. I have to find other ways of fulfilling mine and my families time. We go out on bike rides we go walking in the woods or mucking around on the beach. We don't drive swanky cars so we don't need to worry about cleaning them all the time.
We have young children so we wouldn't be off on holidays all the time. We also can't go out every week because of the kids. Our lives changed because we had young kids and we used the extra money to overpay the mortgage.

sunflower76

I don't really see that we're missing out; if we want something we have it, but we think long and hard about any big purchases (normally; yesterday we impulse bought a new tent!) to make sure that we need it, not want it, and can afford it and can get it at the cheapest price possible.

TOPAZ_2

Hi
I have to say that I dont feel that I am missing out on anything. The difference is that I am more aware of the silly spending - and make sure that I get value for money

Examples of this are
Making sure that I am not overpaying Utility suppliers
Turning appliances not being used - off - reducing cost
Good deals on car insurances etc

There are many many more - but these savings - which dont impact my life are paid off the mortgage instead - and I choose things that cost less - like going to the park with the kids before choosing to sit in front of the TV or games console.

These things are more fun/good for my health/and reduces my anxiety over having a mortgage (paying off the mortgage is a security thing for me)

I am lucky that I also have a good salary - however, this has not always been the case - at one point we couldnt afford a TV licence - so did without. Its not about changing your lifestyle and giving up - but about balancing living for today with securing your future


Topaz

Desperate_Housewife_2-2

Its not a case of what you are giving up but what you are gaining.

Paying off your mortgage stretches your level of creativity and make you question standards and challenge boundaries. I feel a more confident person nowadays because I tend to question everything.

If we want something we tend to have it but it makes you question what we really need. I have never had so many clothes because I buy from the 3 for £1 rail now, we eat better because we eat less meat, more pulses and grains and more thought is gone into our diet ie no quick fix takeaways etc.

We are teaching our kids the value of money and how to live a meaningful life which doesn't involve spending to satisfy a hole in your life.

I don't mean to sound 'preachey' but its true. There is also a sense of freedom in not keeping up with the Joneses (especially now all the Joneses I know are in dire straits)

I'm proud to eat beans, wear second hand stuff and ride a bike to the shops and feel grateful for it all. Its become a way of life and we all feel better for it.

We don't tend to eat out because my cooking is nice and restaurant food is usually second rate unless you go for a top notch place. We went out for a meal on holiday at easter and I regret it in a way because for the money we spent we could have filled the freezer! We much enjoyed the impromptu fish and chips we had which was ten times cheaper and actually ten times better!

cattie

I wouldn't say I'm actually missing out on anything or giving up things as such, but having suffered a series of bereavments & through this having nobody to go on holiday with any longer, it seems I have more money to spare for overpaying mortgage. Holidays used to be something I always put money aside for.

plzhelpmesave!

Topaz, i love your way of thinking, and would love to be able to live like that! Keep trying to but then still end up spending on silly and unecessary things.

Dh will buy the kids little treats or i will end up buying them more clothes or buying the things that i think are bargains at the time, but none of these are really needed. Realistically, we are probably "wasting" about £50-100 a month on bits and things we could do without, and could therefore use this money as savings or to overpay.

I don't even think we live an extravagent lifestyle, don't eat out much or go on holidays or wear expensive clothing - but do waste money on lots of little cheapo things.

Splatt, like you , i really admire the ways people pay off money towards their mortgage and hope that one day we'll get there too!

Just finding it really hard to convince DH how much we both waste on the little bits, although I have cut down so much in the past few months and plan to cut it even more, e.g. only buy things as an when we need them.

homeaway

We started this almost a year ago and have come a long way. Six months ago we thought my oh might lose his job and this looks like it is going to happen so we have gone without treats and saved and saved. The first six months we overpayed the mortgage and then we have decided to put the money in the saving account to give ourselves more options. I only work partime so we cant afford the mortgage payment as it stands on my salary alone. If the worst happens then we can ask for the mortgage repayment to be frozen or recalulated which would have been impossible a year ago. I cant lie and say it has been easy but we have been taking drastic action which you dont have to do. All our accounts are offset . I have always tried to buy the kids shoes and clothes in the sale as well as mine. I now only shop in the cheap supermarkets and try not to have cash in my purse. If my oh keeps his job then i am going to create a fun budget for take aways etc as they have gone out the window. My oh has finally come around to my way of thinking and is being more careful with what he spends and is now decorating the hallway instead of getting somebody in to do it. The bottom line is you can have fun but you just have to think about what you are spending your money on and depending on how quickly you want to pay your debt off. We set a very harsh target but you dont have to.

MoneyQueen

Hi,

I agree with all the other posters. I don't think that we are missing out on something but now we don't buy unless we need it. I would rather be Mortgage Free than keep on buying stuff that we don't need. And TBH we certainly don't miss all the unnecessary shopping we used to do

We have not had a holiday since we started with the the MF Diary but we do go out for Day Outs and we appreciate them much more now than before.

We want to go for a world tour and we are going to do that when we are Mortgage Free.

splatt30

Thank-you all.
Your posts are really interesting.

I'm going to try to look really closely at exactly where our money is going.
We don't have kids, yet (I am ubber clucky though), and have a very, healthy household income. I whittle loads away into savings every month, some of which I don't touch, the rest is in funds for things like holidays, car costs, house emergencies etc. I recon we could do more though reading about what other people are managing and will try and work out where.

Keep up the good work everyone. It really is quite inspiring!

violetblue

Totally agree with all the above - I don't feel that I'm missing out on anything at all, because my mindset has completely changed. Whereas before I used to get pleasure from going shopping and coming home with lots of bags full of new clothes etc, now I get just as much pleasure from squirrelling away a bit more money into my overpayment fund.

It amazes me every month how much I have managed to overpay/save - what on earth did I used to spend it all on?!

If there is something I really want, I will either save up for it or use points/vouchers to make it as cheap as possible (or free!) - this in itself has become a bit of a hobby!!

Also I don't have kids, so there are fewer people trying to spend my money for me!