Wishing your life away?

lincoln-potter

SmlSave wrote: »

Hi FrankR

I'm 26 and I wish my life away until every weekend, every holiday and finally retirement! :rotfl:

I'd say go for OPing, saving and enjoying yourself It's a challegne to cut down on things that don't hurt i.e. grocery shopping etc and to make the odd penny by surveys but you get a real sense of achievement

I don't get the appeal of cars but I love holidays and while a bigger house would be nice it means more cleaning! :rotfl:

I think what I'm trying to say is that you don't have to fast track paying off your mortgage but if your savings look good, your holiday is booked and your car works fine why not OP a spare £10-£50 towards your mortgage? It doesn't hurt and it helps a great deal in the long run.

Agree with SML, if you are careful you could OP whilst still doing all the things you enjoy.

Have a look at your outgoings and there are bound to be areas you can cut back without suffering.

FrankRizzo

Thanks folks. Ill be back (Arnie voice) after the wedding with my OP plans!

elwistua

FrankRizzo wrote: »

Hi Folks,

I have been lurking for a while and been watching countless threads about mortgage free journeys. After I get married next year I am also going to start my mortgage free journey.

I currently do not have any debts and ive never been a frivolous character. It seems the norm for people on the board to OP their mortgage but offline it does not seem the norm.

My dilemma is that one part of me feels as if theres a danger that I am wishing my life away at a relatively young age (29) however another part of me seeks a hassle free life. Theres a lot of sacrifices to fast traking your mortgage payments and I know you have to get the balance right. However I still have this nagging feeling that maybe this is not the right thing to do as I could die in 8 years time and during that time I could have afforded a bigger house, a new car every 3 years and still be able to comfortably pay the bills.

I have no doubt that once I commit ill stay commited and enjoying seeing the debt drop however I just wanted to get some advice from you guys as to how to ease my "live for today and not for tomorrow feeling".

Thanks for taking the time to read my thread!

I am very much of the same opinion as you, being MF and the way you get there is a very personal thing, some want it out of the way as soon as possible and others want it out the way but want to enjoy the scenery getting there. I am in the second camp and sounds like you are too. Its different strokes for different folks, good luck to you and everyone getting to the MF status however you get there.

mbbetter

Balance is key - who knows when one will kick the bucket. (a bit morbid apologies in advance)

Bet 1.
Live for the now, gambling that you won't get old

Bet 2.
Prepare for being old, gambling that you won't die young

Bet 1 loses - you end up old with perhaps 1/3 of your life being less happy
Bet 2 loses....

I'm not so much a gambler so I would hedge my bets and reach a happy medium... as many have said.

Cheers,

Saver-Rob

I get alot of negativity from people about my attempt to pay my mortgage off at young age (I'm 24 now, bought the house when I was 23).

I also get alot of people who think I am doing the right thing. Everybody has an opinion.

Some people say "you might die tomorrow" and that I should do more (ie holidays etc) but I always think you cant plan your life on the basis that every day may be your last. I could live to 100 and I want to make life comfortable later on!

SuzieSue

Saver-Rob wrote: »

Some people say "you might die tomorrow" and that I should do more (ie holidays etc) but I always think you cant plan your life on the basis that every day may be your last. I could live to 100 and I want to make life comfortable later on!

Exactly. Even if you do die tomorrow, it doesn't matter as you won't know that you have died, however if you live until you are 100 (which is probably more likely anyway), you should know about most of it.

I had 2 jobs and worked 6 days a week for several years, but it meant I was able to pay off my mortgage by my early forties, and I am very glad that I did now that I don't have any financial worries.

Saver-Rob

SuzieSue wrote: »

Exactly. Even if you do die tomorrow, it doesn't matter as you won't know that you have died, however if you live until you are 100 (which is probably more likely anyway), you should know about most of it.

I had 2 jobs and worked 6 days a week for several years, but it meant I was able to pay off my mortgage by my early forties, and I am very glad that I did now that I don't have any financial worries.

Thats the plan for me too. I'd like to be mortgage free by my mid 30's but towards 40 may be more likely.

whatyadoinsucka

overpaying depends on personal choice and yes i know a few people who say 'what you overpaying for'
(that friend has a mortgage 3 times mine and her joint income will be 30-35% more than my joint income)

If you can afford to overpay go for it, but at the same time, you may aswell have fun, I'm fortunate in that i have worked hard to pass exams and get good qualifications therefore i could waste an extra £600 on nothing a month or overpay the mortgage by this amount..
I choose the latter as, i don't want a large mortgage payment when the kids come along..
Being a dinky (double income no kids) you forget how easy life can be..

I rarely refuse a holiday or night out or new clothes once in a while..

mbbetter

Great thoughts there,

regarding;

whatyadoinsucka wrote: »

overpaying depends on personal choice and yes i know a few people who say 'what you overpaying for'

I tend not to tell people in the real world. They start to look at you differently. Some even start calling you lucky. Lucky that you can either afford to overpay or that you have overpayed and will be MF in x years.

Making decisions to sacrifice certain things in life and live below your means isn't really down to luck. (I do accept for many people in this country overpaying - even a little is very very difficult and a lot of work). Its often the people that could afford to overpay and don't that I get the "lucky" reaction.

Saver-Rob

mbbetter wrote: »

Making decisions to sacrifice certain things in life and live below your means isn't really down to luck. (I do accept for many people in this country overpaying - even a little is very very difficult and a lot of work). Its often the people that could afford to overpay and don't that I get the "lucky" reaction.

Yep! I work with people who have earnt a good wage for decades and who have spent most of it down the pub.