Just being nosey,really!!!!

downsizer3

Initially I'll save like mad - savings and pension have taken a back seat in my MFW quest. Nearly there now so a few years of serious saving and I MIGHT consider borrowing again for a wee extension - recon I'll need £70K. Then again - I must just wander about smugly, knowing I own my home outright!
Not having to work flat out will be nice too.

Calfuray

I just want to be secure for the future.

Currently, I'm 22 and just under half-way through uni. I figure the small amounts I can overpay now will make the difference for the rest of the term.

OH and I are getting married next year, and I want to go on an epic honeymoon. We have the money saved for this already. After that, I want to have a large(r) emergency fund to feel secure, and hopefully once I finish uni I'll get a well paid job, and can clear off the mortgage ASAP.

After that, get all the renovation/decoration things we want to have done in the house, enjoy ourselves, and go on many, many holidays. Mostly, just relax knowing that what we earn is ours, no debts. Although we are not struggling now, I still feel like we're always just one step ahead.

Mrs_Z

What did we do?Remortgaged and bought a holiday home then remortgaged again and bought a BTL and now that we're nearly there again, guess what I'm looking into doing....

katsu

I want to be MF to reduce the money it costs me to have a mortgage. After the mortgage is clear DH and I will continue to save (I put quite a bit into my pension now, as does he, so our MFW progress is slower) and eventually work part time - I fancy a 4d week for us both, with 3d off together

gallygirl

With juggling finances we've managed to acquire some btl properties and place in Spain. 3.5 years to go and they'll be paid off and I'm outta here :T.

Iced_Bun

Interesting reading

Becoming mortgage free has only really just become important to me. I have had a mortgage for nearly 30 years (moved and added to over that time) so it always just been one of those necessary expenses like gas/electric

This year however I saw a figure on my statement that for the first time looked like one I could reasonably get rid of a lot quicker.

I am in a fortunate position of having a very low tracker rate so pretty much all I pay down pays off the capital. I wont be rich when its paid off by any means its pretty low anyway but for me thats not the point

So my reasons would be:

Security - No one can ever take this away from me no matter what and they can do what they like with interest rates as it wont worry me
Pension - I have little to rely on when I am finished work wise so this is my peace of mind
Savings - £350 per month could be piled into future savings
Pride - I can see something that is mine for all the years of hard work that will last

I doubt ill do the big holiday/spend fest when its over but at least if I want to I can

gallygirl

Iced_Bun wrote: »

I doubt ill do the big holiday/spend fest when its over but at least if I want to I can

That sums it up perfectly :T:T:T.

Shineyhappy

Hopefully I will be 35 when we hit the MF goal and DH 45. We can't have kids so it will be used to fund a nice lifestyle with lots and lots of holidays, nice things and plenty of savings, we should easily be able to live of my salary and use DHs income for paying some off the BTL flat off and for the finer things in life.

I want to see wild polar bears and go to the Galapogas Islands and to Australia. We want to be financially safe and then go mad!

LavenderBees

Having lost my home when my OH ditched me unexpectedly nearly 8 years ago, I never want to be at the whim of anyone or a bank etc ever again. The security aspect to me is the most important thing.

Once I'm mortgage free (hopefully end of Oct this year :j), I need to save up for some home improvements as the wee place is looking more than a tad shabby with every spare penny being thrown at savings to overpay. Will my rickety old porch last that long, I wonder? It's lasted 7 years so far, amazing!!! :rotfl:

With an extra £330 a month to play with, I hope to be able to fund all without resorting to loans especially if I take a long term view. I've lost any inclination to borrow money/rush at things these days with job security being one of the things we seem to have lost along the way. That's progress for you, eh?

And then, it'll be good holidays again...a month in India is calling me....but only when I have things as I'd like them at home so that when I retire, I have no great outlay to worry about, especially as I'll be 67 (and probably more) before any state pension hits my bank.

pammyj74

A great thread, love reading peoples plans.

For me it will mean security as I am a single parent so if anything was to happen to me workwise or healthwise I will know the roof over our head is safe.

After the mortgage is paid and I have a substantial amount saved I will probably do a new kitchen and bathroom.
I would also like to go on holidays without worrying about how much it is all costing and maybe go to Australia for a months break.
After all the extravagant spending I would then like to save for the next 5 or 6 years (I will probably be 50ish) and would like to then buy a house by the coast with a lovely sunset view (my lifes dream - I love great sunsets and would love to be able to look out of my window each evening at a lovely sunset)
I love happycamels sig thats says 'A goal without a plan is just a wish' Can I nick that to put on my sig too please

I, like many people on here, wish I had known about OPing long before I actually started. It was only by chance seeing something on here that I actually knew you could do it. I am sure there are hundreds of people that would do it if they knew they could so I count myself lucky that I can OP. So far my mortgage would have been ending in 2032! but at the moment its Sept 18 but I hope to be finished in maybe 3 years (2016) Amazing at the amount I have saved in interest alone.
Also the fact that you actually watch where every penny goes rather than just spending it willy nilly and not having anything to show for it or even know where it has all gone!

Finally I really hope that all my hard work means I can enjoy life over the next couple of decades but if anything were to happen to me before then I know that the kids will have a great start in their adult life and hope they have learned from me and start as early as they can to get it all paid off.
I am jealous of you guys in your 20s that are starting now, just think of how easy your life will be so early on.