Freedom At 50!

sweetdaisy

southerndave wrote: »

Thanks! Looking at you're sig we are in a simlar boat...we started in 2001 although have had one move/mortgage extension in that time and same finish date. We alos have off-set with Virgin. You're way ahead though.....!

We haven't moved home (this is our first home) and to be honest we are happy to stay here and have no plans of moving, but in 2009 we did have a large house extension, so re-mortgaged. We have an Offset Mortgage with Natwest and I am slowly chipping away at the mortgage as I hope to be mortgage free by 2022 (I'll be 42). When I underspend on my weekly shopping budget i.e. £20. £10 goes in savings and £10 is made as a mortgage overpayment.

Balance is key though - I won't compromise on having fun as a family and the children don't miss out, but equally I spend money wisely and hardly ever buy anything on impulse.

It is all very addictive :rotfl:. I only decided in October 2011 that I wanted to be mortgage free so it's been 'all guns blazing' since then to look at ways of how we can repay the mortgage quicker.

black_taxi_2

The main thing is you have a plan-target

There's knowns an unknowns out there

Don't get despondent if you find your falling behind target date---look at the bigger picture-MF


Im 2 years behind schedulale---but feel great about progress I've made

If I never started on my journey I'd still hav a 48k mortgage with loans on top.

Keep at it u will get there

All the best

george_jetson

sweetdaisy wrote: »

We haven't moved home (this is our first home) and to be honest we are happy to stay here and have no plans of moving, but in 2009 we did have a large house extension, so re-mortgaged. We have an Offset Mortgage with Natwest and I am slowly chipping away at the mortgage as I hope to be mortgage free by 2022 (I'll be 42). When I underspend on my weekly shopping budget i.e. £20. £10 goes in savings and £10 is made as a mortgage overpayment.

Balance is key though - I won't compromise on having fun as a family and the children don't miss out, but equally I spend money wisely and hardly ever buy anything on impulse.

It is all very addictive :rotfl:. I only decided in October 2011 that I wanted to be mortgage free so it's been 'all guns blazing' since then to look at ways of how we can repay the mortgage quicker.

This is it. We only pass this way once and it would be a shame to deny yourself some fun and experiences while you're still young enough to appreciate them. I think it's very important to set some money aside for leisure and not feel guilty about this.

southerndave

Thanks again for the replies and inspiration/information. Sweetdaisy, your are almost exactly ten years behind me and as I said in a similar position it seems. We too have made it clear we will not live like monks and will still give as much fun and experience to our son as we can. We are making sure that we provide more experiences for him rather than toys, etc.

No despondency here! Life's too short. At the end of the day, its only money and stuff and really not important, nice though they are.

And I am firmly with John Lennon - Life is what happens while you're making other plans......!

sweetdaisy

southerndave wrote: »

Thanks again for the replies and inspiration/information. Sweetdaisy, your are almost exactly ten years behind me and as I said in a similar position it seems. We too have made it clear we will not live like monks and will still give as much fun and experience to our son as we can. We are making sure that we provide more experiences for him rather than toys, etc.

No despondency here! Life's too short. At the end of the day, its only money and stuff and really not important, nice though they are.

And I am firmly with John Lennon - Life is what happens while you're making other plans......!

Couldn't agree more. We are fortunate that we live next door to a Country Park and our Boys are more interested in being out and about, walking, playing, visiting farms etc than they are playing with toys. So we always do lots at weekends so that we have the most fun.

My long-term aim (once mortgage free) is to hopefully be able to work part-time/reduce hours so that I can spend more time with the children.

Do you have a target date in mind of when you would like to be mortgage free?

southerndave

sweetdaisy wrote: »

Couldn't agree more. We are fortunate that we live next door to a Country Park and our Boys are more interested in being out and about, walking, playing, visiting farms etc than they are playing with toys. So we always do lots at weekends so that we have the most fun.

My long-term aim (once mortgage free) is to hopefully be able to work part-time/reduce hours so that I can spend more time with the children.

Do you have a target date in mind of when you would like to be mortgage free?

When I am 50, so in 2020 - a 'clear vision' in other words!!:rotfl:

I always wanted to be retired and free from the treadmill of work by 50, so although it probably won't happen, it at least be part way there if we have no mortgage.

sweetdaisy

southerndave wrote: »

When I am 50, so in 2020 - a 'clear vision' in other words!!:rotfl:

I always wanted to be retired and free from the treadmill of work by 50, so although it probably won't happen, it at least be part way there if we have no mortgage.

Re: retirement - I am not even half way through my working life - how depressing is that :eek:? I still have another 35 years of working until I'll be able to claim State Pension (if it's still around by then!).

My MFW aim is 2022 and I'll be 42 years old, but I would love to have it paid by 2020 as I'll be 40 years old. Plus, it is cause for double celebrations as I would be hitting two milestones in one year :j. Don't think it's going to happen though, as I am off target at the moment, but slowly chipping away at mortgage so getting there.

As they say 'it's a marathon and not a sprint' .

southerndave

Well our first week ended and we managed to pay IN £100!! That money must have just been frittered before and perhaps it won't be like this every week but with just a little effort and keeping a tight reign on things, it just shows the possible! Will try and work out how best to show targets in a signature as this seems to be the done thing!

Well pleased!

southerndave

Just testing sig....

southerndave

Well week two ends and I am feeling rather pleased with myself. We had to spend out on some stuff for the house and our son's push bike to make sure we are prepped for the winter weather. Taking that cost our we still managed to sell some unused hobby material on eBay so overall, paid in another £290, so that's a total £390 in two weeks by getting to grips with spending. I have also been working overtime, but not counting it as it goes straight in the bank for bills.

We also managed to keep our food bill well under budget for the third week on the trot as well. I don't think we have ever been so organised!