greent's mfw journey

Firegirl

Oh my goodness!!! What are you going to do your first month mortgage free? Your so close:0)

Secret_Saving_Squirrel

Yes, the end is tantalisingly close. I have been reading some personal finance sites and there are a lot of articles about how we shouldn't be paying off mortgages, instead we should be investing and getting a higher rate. These articles ignore the psychological aspect of owning your home, and also don't consider what happens to an ordinary working family who may face redundancy, which is all too common now. If your money is in an investment you can lose out massively by having to take your money out suddenly. And not many of us want to take risks with our very hard earned life savings.
I also have a cynical view that lots of people are paying off mortgages now and the banks don't like it. So is a lot of this discouragement actually coming from them so that they can continue to make money on mortgage interest plus take a rake off on investments? I think so.

I look forward to hearing about your mf celebrations!

greent

Tilly_MFW_in_6_YRS wrote: »

Really hope the pain is subsidising - take it easy x x x

Thanks, Tilly - much better now.

apple_muncher wrote: »

Just spotted your teeny timy mortgage - yay!! No longer on the home straight, you guys are dippimg for the line.'well done!

Yep - am currently contemplating clearing it next month :eek:(eek!) instead of trundling along until August

Sque wrote: »

Oh my goodness!!! What are you going to do your first month mortgage free? Your so close:0)

Not sure, Sque! Might blow a month's payment/ OP on doing something in the school hols more extravagant than our usual stuff - and then probably shove it all towards the wanted/ needed new kitchen!

greent

Secret_Saving_Squirrel wrote: »

Yes, the end is tantalisingly close. I have been reading some personal finance sites and there are a lot of articles about how we shouldn't be paying off mortgages, instead we should be investing and getting a higher rate. These articles ignore the psychological aspect of owning your home, and also don't consider what happens to an ordinary working family who may face redundancy, which is all too common now. If your money is in an investment you can lose out massively by having to take your money out suddenly. And not many of us want to take risks with our very hard earned life savings.
I also have a cynical view that lots of people are paying off mortgages now and the banks don't like it. So is a lot of this discouragement actually coming from them so that they can continue to make money on mortgage interest plus take a rake off on investments? I think so.

I look forward to hearing about your mf celebrations!

I know that I could get a better rate of return for my money doing things other than OP-ing - BUT the psychological benefit here is huge. OH has suffered for the last decade with varying levels of depression and cannot deal with money matters at times. In the last 6-7 years he's also been made redundant twice, had 2 periods of unemployment on (contrib based) JSA (1 approx. 4 months and one 10.5 months - with JSA being payable for just 6months) and several voids in contract work (ranging from 2 weeks - 5 months, from memory) Our family home cannot be threatened in any way, shape or form if we own it - and our bare bones budget is slashed. It also brings freedom and choice.


We had quite a lot of money tied up in sharesaves from one of the banks - and lost rather a lot (bought some of the shares at just under £5 - sold at 73p ish) We gained £000s in our sharesaves over the years prior to the recession and cashed those gains in. However, OH struggled with these ones (I wanted to sell when our loss was about 30-50p per share) as they were a link to a previous employment and it was all tied up with his mental health and identity, so they were held on to.


I definitely see something fizzy being involved in the celebrations!

apple_muncher

Go for it!

Every time you post, I think it's the one where you snnounce your freedom. Will probably miss it when you do actually announce it!

greent

I have definitely been more mindful when it comes to spending of late - not necessarily not spending, but what I've spent has been more considered. Things like a gorgeous cream tea at a localish hotel - money spent on memories. Fresh flowers - they look nice and make me smile. Plants for the garden (mainly perennials) - look good. A chiminea has been our most fanciful purchase - and that's because we want to make the most of Summer evenings in the garden. Other than those things and food, all I can think of as other recent spending has been on birthdays (presents for my mum, my sister and DS3 - and a voucher as part of DS2's best friend's present)


That may seem like we're still spending out - but no money has been 'wasted' in my opinion. We haven't spent on anything which we'll grow tired of rapidly (I'm hoping that's not the case with the chiminea - I have been thinking about one for a couple of years!!) Our house is beginning (in some areas!!) to look less cluttered - and that leads to a sense of lightness in one's self - and a sense that time can be taken out to just 'be'. I've resigned as Treasurer of the PTA (effective after AGM in June) and OH as a parent governor at the small ones' primary. This is my second time as treasurer (3.5years the first time, 2 years this time), and his 2nd as governor (currently vice chair - previously Chair) - and we are ready to move on!

apple_muncher

Hey! Your last number just shrank! Send that partivular fairy over here, please...

Goldiegirl

I understand regarding the sharesaves.

I also worked for a bank, and they were promoted as guaranteed profit.

I did make a lot of money....... But I also lost a lot of money when it all went pear shaped.

I don't think anyone could have foreseen how bad it was going to get.

When the share price started dropping, I thought it was only going to be a temporary blip.

Then when they fell like a stone, I didn't want to sell for such a huge loss.

So I still have the shares, and I hope to live long enough to make a profit on them again!

Well done on the mortgage balance.

Muser1

Freedom and choice. Perfectly sums up my mf dream. Well done Greent x

Alchemilla

Oh wow! So close.

What will be next?