Its time to grow up and pay off the mortgage

indigo739X

I have lived mortgage free for many years by doing what you are doing. Getting a mortgage down NOW and ahead of the curve whilst interest rates are low is the right thing to do. Its great fun paying off with lump sums accumulated from savings and other asset disposals.

Good Luck :T

OS_QS

Hi ATT, my OH is onboard as far as he agrees to the amount I suggest for the OPs and likes seeing the effect on the MF date, however its me that has to do all the hard work! I dont mind though, I enjoy it, but just wish he could be as dedicated.:o Ie I got an letter from FD offering a friend £100 joining bonus and me £50 for recommending, he was all interested in it until I told him he'd have to transfer money in each month. Got told nah, too much hassle, and that was the end of that!

As for a new list, I'm almost giddy at the thought! lol I love lists, I could spend ages thinking, listing and organising! bit harder to get me to do the stuff tho :rotfl:

I've done the BT advanced line rental for the past 2 years, but do have sky. Keep thinking on cancelling, but never do, as I do use it. Ive been a customer for 5years, and never been offered one of these fabulous offers you read about! though it would be nice to get that cost down....

I really need to get the Grocery shopping sorted out, as well as organising meals. this will require some dedication, as although it is just us two buds, we both work/commute 60hours/week each, so I do fall foul of not knowing what's for supper/having to nip out, simply because I'm not organised!

OS_QS

Thanks Indigo, your situation is where we'd like to be in 10yrs time, I do believe that once the house is yours then it must make earning money less important. Luckily I'm happy with the simple things in life.

Having the security of owning your home opens doors for new things. Perhaps going part time and having a hobby, or investing in yourself, like learning new stuff / working for yourself. Just generally enjoying life, and not being entrenched in the rat race.

There has to be a balance though, and enjoy life as it is now, but long-term, I'm prepared to do the hard work

Now for another list to keep me focussed.........!!!

OS_QS

Have had my thinking cap on and reviewed OH travelling (he works out of different locations on different days of the week. By looking at the train fares, and changing the days he visits various offices to match the cheap rail travel saves £6.85/week.

I also reviewed the buses and by using flexi-tickets and plusbus offering from bus/rail companied he/we can save a further £4.60/week.

Adding this up it’s a fantastic £11.45/week saving…………..and £550/year!!! :j

Really pleased, but its heart wrenching to think of what was previously spent without thinking. Now just to put it into practice.

I am running out of things to analyse! I think I have looked at absolutely everything (except sky movies, as this is our one luxury)

Just leaves the groceries. I should come in at £175 this month, which is a wee bit over my target of £160, but I hadn’t anticipated weekend visitors Maybe I should have a separate pot of money to accommodate any unforeseen extras. I don’t actually know if £40/week for 2 people is good or not, but if I don’t pay attention, it can easily average £70/week, so I suppose it’s good for me.

OS_QS

I was luckily enough to have my ISA open with Nationwide before they dropped the interest rate. Phew!

Really pleased its payday tomorrow, I think I was a bit over enthusiastic with opening my savings accounts, i (rather short-sightedly) didn't leave a lot left for spending, so its been a long week - on the plus side, it certainly focusses the mind! :rotfl:
I might keep it up and put my savings away at the start of the month and live with what's left, rather than put away what's left IYKWIM
If I do, I'll certainly need another account for pocket money!

when I started this in january I had 1 current account and 1 small savings account. Six months later, I have 3 savings accounts and 3 current accounts! :rotfl: Its addictive and I'm rather enjoying having this (more) mature/ sensible approach to money.

Hmmm, Guess I am 'growing' up! :T

OS_QS

Right, since I've done all the fun stuff, I have decided to keep the energy/momentum going and have a look at ....... the pension!:eek:

Got some bumph from work and I'm trying to be interested in the tax savings and percentages and work out the best possible combination that I can afford and the impact it has on the pension pot.

Its like looking at the mortgage calculators in reverse - the more you pay in, the higher the number goes! :rotfl: However, definately not as much fun. Plus, I dont actually know how much would be suitable to live on?

Sepa74

Once you start talking pensions, it's probably best to talk to an IFA - they can help you with those sorts of questions. I'm pretty sure there is also a pensions / investments board on here that would be a good place to start.

There is nothing sacred about pensions, they are just a tax efficient method of long term saving - so you can still end up with a comfortable old age without one, as long as you save into other vehicles that will provide a similar level of income.

OS_QS

Thanks for posting. I think we get access to a free IFA, so will be taking work up on that offer, just thought it best to look into the basics so I could absorb / understand the advice.
It was hard work for a Saturday morning, but no point doing all the little things trying to make your money work for you, if you are not making best use of the tax/NI benefits the pension offers. I agree, and will view it as another savings vehicle.

Luckily the scheme offers online facilities, where I can log in and see how much I have saved. This may keep me interested, as I can then view when I do all my other internet banking. Makes it a bit more ‘real’ than a yearly statement.
I have decided on the figure I am happy contributing, although it does mean I will have less take-home pay, which will undoubtedly affect my saving and/or Ops. But I’ll still try J

Although it must be a very dry read (apologies!), I am pleased at how focussed this thread has kept me. Reading back I have achieved a lot, and I hope that I can keep it going!

OS_QS

:T really pleased, our first big overpayment of £500 came out today. And it took our mortgage debt down into another 10k bracket we will notice having less money this month, but I'm really hoping its worth it!

OS_QS

Original MFD : April 2032
Current MFD: November 2031
“If we keep going” MFD: September 2022

Currently knocked 6 months off our mortgage term, and saved (overall) £1,300 in interest already! :beer: