SF's road to mortgage freedom!

slowlyfading

Even though I feel rubbish (I've got a horrible cold) I've had such a productive Saturday!

I have:
- tidied downstairs
- shredded lots of paper that needed doing
- hoovered downstairs
- done 2 hours gardening
- hoovered DH's car
- done a load of washing

Woosh! Not bad

slowlyfading

Hmm, I'm not very good at keeping this going.

Still plodding along. OP'd £80 today and another £10 into the Emergency Fund.

What an exciting post

slowlyfading

I keep looking at the world of investing, but it's a very confusing, scary place to be. I keep reading blogs about early retirement, living off passive income streams from various sources.

I also keep wondering if I can challenge myself to get this mortgage paid off in eight years. I don't even know if that would be possible with our incomings.

More sums need to be done, it seems.

Sparkles87

Hmm paying off mortgages quickly is all well and good but, eight years seems very fast, especially for someone so young. You have to think about your income and outgoings for the next eight years... How much are they likely to change? Career breaks for children, needing to change a car or even go from one to two, redundancy, travel?
Although I think overpaying is good, you need to be make sure you're covered for changes in your life too. Otherwise you'll have no mortgage by your 40s but may be left wondering why you didn't live more?

Hope that didn't come across as patronising, as I think I'm a similar age to you, I've just known quite a few people lately that have overdone it paying their mortgage off by mid 40s who feel like they missed out on a lot of opportunities because of it. I think balance is really important

gallygirl

slowlyfading wrote: »

I keep looking at the world of investing, but it's a very confusing, scary place to be. I keep reading blogs about early retirement, living off passive income streams from various sources.

I also keep wondering if I can challenge myself to get this mortgage paid off in eight years. I don't even know if that would be possible with our incomings.

More sums need to be done, it seems.

Tell me about it :rotfl:. Have also been reading them and have spent all night looking at pension funds :eek:.

poohbear59

slowlyfading wrote: »

I keep looking at the world of investing, but it's a very confusing, scary place to be. I keep reading blogs about early retirement, living off passive income streams from various sources.

I also keep wondering if I can challenge myself to get this mortgage paid off in eight years. I don't even know if that would be possible with our incomings.

More sums need to be done, it seems.

We paid off extra in our 30s, bought a much bigger place in our mid 30s, got down to just 4 years until it was paid off and then changed our minds, borrowed loads more and now probably won't have it paid off until we are 60ish.
Life changes, your priorities change. I would recommed that you do what you can, when you can, and don't be hard on yourself if you don't achieve your goals.

slowlyfading

Sparkles87 wrote: »

Hmm paying off mortgages quickly is all well and good but, eight years seems very fast, especially for someone so young. You have to think about your income and outgoings for the next eight years... How much are they likely to change? Career breaks for children, needing to change a car or even go from one to two, redundancy, travel?
Although I think overpaying is good, you need to be make sure you're covered for changes in your life too. Otherwise you'll have no mortgage by your 40s but may be left wondering why you didn't live more?

Hope that didn't come across as patronising, as I think I'm a similar age to you, I've just known quite a few people lately that have overdone it paying their mortgage off by mid 40s who feel like they missed out on a lot of opportunities because of it. I think balance is really important

Not patronising at all - thanks for taking the time to type it! That's true, life may change quite a lot over the next few years, which will probably have a big impact on finances (namely, children!) so I guess I'll have to re-assess when the time comes!

gallygirl wrote: »

Tell me about it :rotfl:. Have also been reading them and have spent all night looking at pension funds :eek:.

Me too - it's all so confusing!

poohbear59 wrote: »

We paid off extra in our 30s, bought a much bigger place in our mid 30s, got down to just 4 years until it was paid off and then changed our minds, borrowed loads more and now probably won't have it paid off until we are 60ish.
Life changes, your priorities change. I would recommed that you do what you can, when you can, and don't be hard on yourself if you don't achieve your goals.

That's also true - the house we have now isn't our forever home, but at the same time, we'll probably be here for a while. Decisions! Thank you for typing that out

slowlyfading

My gosh, life is going by so quickly at the moment.

A few numbers, to keep me on track.

So far, in 2013, we have:
- made overpayments of £3,034.11
- added £1,395.65 to the Emergency Fund
- had 89 NSDs

Not too bad!

We're currently researching cars, as we want to go down to one car. I think we'll have to get a second hand but relatively new one, as we can't afford new. I'm not very good at cars I just want something to get me from A to B!

Nothing much else to report, to be honest. Plodding along.

beanielou

More than plodding with a 3k overpayment when it is only June.
& an amazing emmergency

slowlyfading

beanielou wrote: »

More than plodding with a 3k overpayment when it is only June.
& an amazing emmergency

Thank you we're hardly spending anything at the moment, which helps with the overpayments/emergency fund!