I have a dream...to be a MFW

ajmoney

edinburgher wrote: »

Mortgage neutral is a very powerful tool, you get the 'fun' of knowing that the bank has no real hold over you any more, but with the flexibility to make this fit your life plans better :beer:

I am quite excited to know that within 3 years we can have enough to do what we want and then just need to wait for the mortgage payments to catch up while saving more. It does make me wonder what we could do to bring the date closer still but we really like our life the way it is (apart from me working away at the moment) and are not ready to give anything up. We are of the opinion that we do it now in case we can't do it later, with Mr AJM 16 years older than me this is something we need to consider! I am hoping that by the end of this evening, if Mr AJM doesn't already save £200-250 a month that he will start doing so when he sees the sums.

What a difference a day makes! 24 hours ago I thought we had no chance of being mortgage neutral so that Mr AJM could retire at 60, there is now the probability of being mortgage neutral 2 years earlier at least. It is quite a relaxing thought and one that Mr AJM will love. I just hope it will spur him to put money away so we can have a better life when we are not earning! There is also the option for him to work part-time hours or supply teach before he is 60 is he does (there is the incentive)!

Ed, you are partly to thanks for this epiphany x

ajmoney

In the excitement of money matters I haven't forgotten my list!

Jobs that need to be done before I go back to work
Book next flight home Priced up, will book on Monday when I have been paid
Go through clothes to see what fits and rehome what doesn't
Make 2 lemon drizzle cakes Last one in the oven now
Discuss mortgage OP options with Mr AJM :j:j
Check budget for next month Done, need to work out spending once I have double checked travel expenses
Book repair course and find a B&B
Check price for travel insurance Saved money as we don't need it, covered by the bank and I will add extra worldwide weeks when I need them for work
Book airport parking and airport lounge for Cyprus holiday Priced up, will book on Monday when I have been paid

I have told Mr AJM the initial excitement about the mortgage...I had him and then lost him so need to explain the finer details which I expected so have it written down ready. He is happy in the knowledge that so long as we can make the standard mortgage payments he can change to part time hours from 55 if he wants :j which is just under 3 years away :j:j

Forgot to say...even though Mr AJM didn't completely understand what I was on about when I told him "all" he would need to do is put away £200 each a month his answer was...well lets do it then, he doesn't realise I am already doing this! The great thing is he also isn't counting his S&S ISA as we never know what they will do so we may even get there sooner. The current savings total in my sig includes all the ISAs just to make my calculations more confusing!

I am hoping I can help him understand my maths.

debtfreeoneday

Hello!!! just popping in here and subscribing.. my DH is also 16 years older than me! Goal is for us to be MF at his 65th birthday, but would love to do it before then so we can stack a bit of savings in the bank as well!

ajmoney

debtfreeoneday wrote: »

Hello!!! just popping in here and subscribing.. my DH is also 16 years older than me! Goal is for us to be MF at his 65th birthday, but would love to do it before then so we can stack a bit of savings in the bank as well!

Not only is your MF date the same as mine and you and your DH have the same age gap...but your mortgage in the same as our larger one which is the one I am trying to get rid of...this is weird. Maybe we are mortgage twins!

Mr AJM understands my plans now but just doesn't get excited in the same way which is a little disheartening. For now I am back to making the plans by myself while letting the ideas soak in and see if he comes around to my way of thinking. I am not sure how to approach this yet but I am hoping to make him realise that we need to do something if he wants to retire in 8 years without us having to sell the house and move.

ajmoney

Increased my own savings by just under £1200 in May on top of our standard mortgage payment and OP so continuing in the right direction. I am currently saving £330 a month and am hoping to increase this soon. I think Mr AJM is prepared to put his £200 a month aside now he understands my madness a bit more. I am not sure if we will actually pay the mortgage off when we get to the offset stage as it would leave us with no savings at all, that is a discussion we can have when we get closer to that possibility.

I am looking forward to doing some more money shuffling later today but some of our money hasn't transferred/cleared yet so I need to wait a little while longer...it is very frustrating!

ajmoney

I am reposting this to remind me what needs to be done once my money has transferred.

Jobs that need to be done before I go back to work
Book next flight home Done this morning
Go through clothes to see what fits and rehome what doesn't
Check budget for next month Done
Book repair course and find a B&B
Book airport parking and airport lounge for Cyprus holiday Priced up, will book on Monday when I have been paid

ajmoney

The money has finally transferred so I can move my money when I get home later. About to leave to take Mr AJM to the hospital, will be glad to get back in a few hours.

ajmoney

I can finally stop worrying, just had a call from the hospital to say Mr AJM is fine and I can collect him in 20 mins I reckon he must me starving as he hasn't eaten since lunchtime yesterday

ajmoney

Mr AJM has been fed and is now dozing and he is feeling completely wiped out, glad this should only be for 24 hours.

Jobs that need to be done before I go back to work
Go through clothes to see what fits and rehome what doesn't
Book repair course and find a B&B
Book airport parking and airport lounge for Cyprus holiday Done
Book flights for Christmas Berlin holiday Waiting for hubby to wake up to double check something
Book Berlin hotel if there is money left in the holiday account

We should own 31% of our home by the end of June...that sounds so little. We are safely under £150k now though which is good news and looking forward to getting the daily interest on our larger mortgage closer to £12, it may be small but I have managed to knock £3 a day off since I restarted my journey 3 years ago.

I have already spent today's spending allowance as I needed some moisturiser which came to £9.99, hopefully tomorrow will be a NSD. Rather than the whole £300 for the month I withdrew £70 for this week, I am hoping to have some left over that I can put aside.

ajmoney

I tried to wake Mr AJM but didn't succeed, he stirred and is now in bed. I am going to catch up on here and then get an early night too. I only have 2 nights left in my own bed before I head south again and I want to enjoy the comfort while I can...there really is nothing like your own bed!

Jobs that need to be done before I go back to work
Go through clothes to see what fits and rehome what doesn't
Book repair course and find a B&B
Book flights for Christmas Berlin holiday Done
Book Berlin hotel if there is money left in the holiday account