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

george_jetson

Great question!

lilac_lady has it right. The sense of freedom one has when mf is fantastic. I haven't quit my job, or reduced my hours, but the fact that I could if I wished is incredibly liberating. I'm go to work on my own terms; I go because i like it there; if things change I will consider my options.

I've now been mf for a little over a year and can confirm it takes a while - months not weeks - to get used to the idea. This might sound strange for such a keenly anticipated milestone but it's true. I think the enormity of the achievement and possibilities it give you are so large that even a year on I have to remind myself that I'm mf. In fact the day that I became mf was oddly anticlimactic, all that changed (I thought) were a few numbers on a computer monitor.

I always promised myself a year of enjoying myself, spending all I earn before 'settling down' and properly considering what to do next. (Although this sounded decadent to me it is in fact quite responsible - living within one's means and not borrowing). I enjoy travelling so that's what I did, with ten overseas trips last year, including Japan and six visits to the US. I'm thinking of doing the same this year as I think that cheap flights will soon be a thing of the past (google 'peak oil') so I'm filling my boots while I can. Despite this I have managed to accumulate a decent four figure savings sum (that is earning next to nothing in interest in the bank :mad: )

I should add that I don't have a car (or kids), so that increases the amount of disposable income I have. Also my house needs a few things doing to it, and I have delayed spending any money on it recently.

Having said that with the winter we've just had I car is becoming more appealing so I may buy one this year. Also on the 'to do' list is to learn to dive.

I would say it's important to have some goals or ambitions for when one becomes mf. It can be easy to get caught up in the mf process and see it as a goal in itself rather than a means to an end - to live a happier, more fulfilling life.

One last piece of advice - don't deny yourself when becoming mf - I could have cleared my mortgage a couple of years before I actually did but that would have meant missing out on some truly memorable holidays and other experiences.

hth.

deefadog

I have no idea what i would do - £800 spare cash a month 10k a year with interest - I can't comprehend it at the moment LoL.

I guess the most sensible thing to do is to save about a few k first. Actually thinking about it, finish my mortgage at my target date thus reducing 10 years from the mortgage equates to 100k saved :eek:.

I have a pension, but i would start looking into boosting that!

NewLeaf_2

Just turned 40 last week and hope to be MF in 10 years.

We have £2100 in payments a month.

Plan to work 5 years past MF, banking the money all the time and then retire early.

Can't imagine what it must feel like to be MF, so happy for all of you that have done it, and will be in complete bliss when it happens to us. (when we make it happen to us!!)

Loved this thread. Thank you!!

pawlala

My long term aim is to have two/three properties as investments. I almost did this recently but the thought of having two mortgages (first remortgaged to provide deposit for the second) is too risky at the moment.

wynnvegas

Wonderful question and some really good answers to boot. My girlfriend and I are both 28 (29 this year) and, in large part to my experience of my dad dying at 29 and leaving my mum to pick up all the bills for three kids - doing some awful jobs in the process for next to nothing - I will at least ensure that my family never has to beg, borrow or steal from anyone.

Come the end of this year (01/12/10 to be exact), we'll have a minimum of £2,750 a month spare and, at present, very little to do with it so birthdays and christmasses will be much more rewarding for our friends and family going forward for sure. I agree that not denying yourself during the journey is very important. We only go on one holiday a year at the moment although we have stopped eating out and ordering in almost completely in the last 6 months which saves a remarkable amount.

Our plan is to spend the first year completely remodelling the house. We can do one room at a time or (more likely) we'll save the £15k or so and get the whole place blitzed whilst we're on next years summer holiday. Thereafter, we'll mostly save with a view to buying or building a bigger house without any mortgage. The freedom to set up my own businesses and not worry about the macroeconomic turmoil as we have previously will be fairly liberating as well.

Butterflymind

Hello all

MF in June 2008 which was fantastic! We didn't take it in at first, and hadn't planned on what to do next, so, rather boringly, we are saving into ISA's, as the way things are going, don't think there will be much of a state pension left by the time we retire!

My one extravagance to date, is buying my own p.c., so now I don't have to stand at freezing bus-stops, or get soaked in the rain, etc. to travel to my nearest library to use their p.c's any more. Still go for the books, etc. though, as MSE'ing gets to be a way of life.

It's weird, you save so hard for paying it off, but, when you start to have a bit more money to lash out with, you worry about wasting it!

OH is looking lustfully at a bigger, better car than the 12 year old jalopy we have at the moment, so we are saving for that...

Edit: having a senior moment, I forgot we also finished renovating on the bungalow last year, the extra cash which would've gone on the mortgage came in handy for that. (Note to self: need to do something less sensible, and more outrageous with cash!)

ailuro2

We have been mortgage free since then latter end of last year.

we went to Orlando for Christmas, are cruising Alaska this summer, then maybe we'll get round to doing a bit of decorating at home.

The trouble is there are so many wonderful places to see in this world but we might not be fit enough to get round them all when we're older (we're 40 now) but the house will always be here to decorate, so it's very easy to justify treating ourselves to a couple of holidays this first year of being mortgage free.

We did have holidays before, but the bigger ones were normally 3 years apart. Now we can go further afield more often.:D

george_jetson

ailuro2 wrote: »

The trouble is there are so many wonderful places to see in this world but we might not be fit enough to get round them all when we're older (we're 40 now) but the house will always be here to decorate, so it's very easy to justify treating ourselves to a couple of holidays this first year of being mortgage free.

Exactly!

Glad I'm not the only one who, presented with a choice of a week away or getting some jobs done on the house, goes for the holiday

co123456

Currently trying to save enough money to pay all the bills for the next year (Water, Home Ins, Council Tax, Car Tax, Car Ins, Car Service, Christmas, 2K holiday, 12 month mobile phone, 12 months gas, 12 months elec, 12 months BT phone.)

When I've done that, I'll aim to save the amount of cash I'll need for moving expenses, solicitor's fees, estate agent fees, and stamp duty, for when I decide to buy a bigger house.

getmore4less

Rather than just focus on the mortgage if for 15 years you

spend a third on living
spend a third on a mortgage(15y repayment)
save a third

You can retire.


if you have kids it will take a bit longer.