So, when you have paid your mortgage off...

Sandrock

... what do you plan to do with the 'spare' amount you'll have left every month?

For me, once my mortgage has been paid off, I'm intending to save about half of the current mortgage payment amount (in addition to what I save at the moment) and with the other half I intend to buy/run my dream car - an Aston Martin.

I thought this would be an interesting thread and perhaps a good motivator for some. I think having a goal in sight helps make the initial sacrifice seem worth while!

black_taxi_2

1.more leisure time
2.save
3.never take another bank loan

jules888

Paid ours off 5 years ago,a great feelin to have no debt.We save as much money as we can every month.

diamond_mum

I will let you know in 36 years time when we have paid ours off lol

Sandrock

jules888 wrote: »

Paid ours off 5 years ago,a great feelin to have no debt.We save as much money as we can every month.

That is fantastic, well done!

Mine will be about 9 years, my goal is to have it paid off before I'm 35

jules888

Sandrock wrote: »

That is fantastic, well done!

Mine will be about 9 years, my goal is to have it paid off before I'm 35

Im nearly 43!Good luck with that!

Nice_guy

Hi Sandrock,

I've been thinking about this question too as I'm not far from becoming mortgage free. I think I will still be sensible as I would like to make our next property purchase in cash. We have a 11 week old too so I'll be putting money aside for her for Uni/house deposit/marriage etc.

Although I would like to buy our next house outright, I don't think I would put a time frame on when our next move will be. We are perfectly happy in our currently property and could easily say here forever. When we have saved the cash for our next house move I'll consider it then - but I'm happy with that taking 5-15 years! In the meantime the aim will be to enjoy life that bit more, nicer holidays, cars, freeing up time to spend with the family etc.

I'm also a bit of a car nut and I've been itching to change my current car, but I intend to stick with my current car until we are MF. I would love a 911 turbo Which Aston you thinking of going for? Being able to buy a supercar is the easy part, running it properly is the expensive bit!

I think being mortgage free for me was just as much about the security of owing our own home as it is about what our lifestyle could be like after wards.

d-seven

Sandrock, an Aston..amazing. Thats a great goal to acheive, paying off the mortgage and driving an Aston Martin. Good luck :-)

I paid mine off in Jan, whilst still 40. At the moment, I'm hoping to decorate my place and make it look nice, plus travel a bit more, and my savings and any spare cash is going towards that.
My problem is, is that it really hasn't hit me yet that I've paid it off. I'm still in the same job (which I hate) and now I can look for something that is less stressful and take a big pay cut.
Friends and family are more impressed than I am (collegues dont know yet!) that I've paid it off, and they find it odd that I want to leave a well paid (although extremely long hours and travelling) job, until I spell it out to them: I F****** HATE MY JOB! The freedom of having fully paid for my place and having NO debt whatsoever means I can now find something closer to home and lesser paid.
I saw my account manager at the bank on Friday and felt so smug when I told her I had paid off the mortgage. She was so envious!
But, I've always lived well below my means, respected money, never spent recklessly on credit (I only got a credit card for buying stuff off the web 7 years ago), and saved like bloody mad!

Snippa

It's a long way off for me yet, but I know exactly what I'll be doing: buying a good camper van, and taking off places. I'll have all my ever-growing variety of musical instruments slung in the back and be off round festivals, of which I'll be able to do masses, once I'm not having to pay a mortgage every month. Can't wait...

tiff

Spend some, save some. The same as now

goRt

No mortgage for 7 years, I still work hard long hours as I like what I do.
Spend some (I'm a tight ar*e) save loads. Gives me the freedom to do what's right and not be held to ransom as those with mortgages and other large debts are.
When I don't like my job I'll stop and hopefully my savings will be enough to allow me to continue doing whatever I want