MFW: Next step towards total freedom!

killerpeaty

Glad you are getting the hang of this mortgage free thing!

Will you be upping your pension into your workplace pension or into a sipp? There's advantages and disadvantages to both so I'm just being nosey

caeler

Workplace for the time being.  I know I should look into all the other options but I’m picking the easy option first and I’ll go from there! 

killerpeaty

It is best to go and do your aim then optimise later when it comes to investing in my opinion!

Grogged

Great that you are comfortable with your new normal, ticking things from the bucket list and planning for the future!

MrsLovely

caeler said:

***After 3049 days I have paid off my mortgage!!*** 

I’m done! Brought to you by Kool and the Gang! https://youtu.be/3GwjfUFyY6M 

I want to say a BIG thank you for all the contributors to my diary and the cheerleaders who have helped me stay focused along my journey. Your advice and words of wisdom have been really appreciated and I’m very thankful to you. 

As soon as I got this mortgage I wanted to be mortgage free but I only got really serious when I made my first major overpayment in 2017.  The resolve and extreme focus came during 2020 and lockdown. What else was I gong to spend my money on!?  It all somehow came together despite the mortgage being a big stretch financially when I first got it. 

Covid has made me feel a little numb about this achievement (as well as pretty much everything else) so it’s passing quietly and discreetly but hopefully in time I’ll be really pleased and proud that I’ve managed to pay it off before reaching 40 years old and the best bit, I’ll be leaving lockdown mortgage free which I never imagined could be possible this time last year. 

Just catching up on diaries   cannot believe I missed this... OMG well done!! Hope you are more settled being MF now and have found your next challenge!

LadyWithAPlan

Just read through this whole journey and you are so inspiring @caeler Loved the fact it started a decade ago, there were years gaps and then suddenly you were on fire!!

Those regular monthly 24 NSD.. and at points saving between 73 % to 83% of your income.
You have inspired me to really look at what I am choosing to spend  and what it is as a percentage as I am saving up for house deposit. . I did my first ever NSD this week (2 of them) but now I can see what MFW  focus really looks like

caeler

I’m now 4 months post mortgage. I’ve spent a bit more freely on frivolous bits and my post mortgage bucket list. I’ve still saved, in fact a quick calculation tells me I’ve saved 85% of my income during this time. So clearly my version of spending frivolously is not quite so frivolous! I’ve been MSE so nearly two decades now, “a leopard never changes its spots” as they say. 

I’m just back from holiday, the one that was postponed several times due to covid, it was great but the extra testing and paperwork was not for the faint hearted. 

I think I’ve nearly replenished my savings to the point where I feel comfortable enough to turn my attention to other matters. I do intend to increase my pension contributions which I was going to do this month but I’ll push to next now. I keep thinking about my car situation, should I upgrade etc. My car is 9 years old and needs a big service next year (cambelt etc) but then it runs lovely so I talk myself out of it, I think I’ll just start saving up for when the time comes. The house it in good condition, no maintenance needed although maybe a lick of paint and carpets might want attention at some point. I then play with the idea of getting a buy to let, income and assets that sort of thing but I doubt I’d make a good landlord and I have enough stress in my life. I’ll keep thinking. 

Thanks @mrslovely I think it’s sunk in but I’ve not got a new goal yet. I’m learning to enjoy my financial situation. 

@ladywithaplan I’m glad my story can inspire. I actually can’t believe how focused I got in the last year, it was pretty extreme but I don’t regret it. 

Grogged

Glad to see you back and (eventually) had a good holiday!
I think your procrastination over the car and BTL is telling you something?
Take care, G.

killerpeaty

85% savings rate is incredible! You must feel pretty good to have your buffer back.

It's definitely a good idea to save for a new car, they have a habit of waiting until the worst possible moment.

I would love to hear some of your musing about investing/buy to let.

eat_that_frog

@caeler just catching up, well done on your 85% savings rate! That's amazing! Bet it must be nice to see your savings going up again.

The BTL question is interesting, when I became mortgage free the first time in our first home we briefly considered doing it. We talked ourselves out of it due to the potentially added workload/stress, like you we were busy enough as it was. We ended up moving anyway so that ended up out of the equation.

I hope you had a great holiday!