What is your mortgage-free inspiration?

edited 24 April 2013 at 10:31PM in Mortgage-Free Wannabe
59 replies 5.3K views
castleloughcastlelough Forumite
298 Posts
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edited 24 April 2013 at 10:31PM in Mortgage-Free Wannabe
I'm just wondering what it is that keeps you all going, while on your mortgage-free journey?
Apart from the money you will save in the long run, what is it that spurs you on to mortgage-freedom?
Is it the extra little luxuries you will be able to allow yourself to have in the future, or is it something else?

I'm not on the journey yet, but have been thinking about it!

I've been thinking how nice it would be to be able to have that disposable money to go on holidays every year, to somewhere nice. Or to be able to afford to keep more than one horse. Or to be able to buy an expensive [STRIKE]or any[/STRIKE] outfit now and again!

You see, the spendthrift in me rears her ugly head. :D

But what about you?
What little luxuries do you promise yourself for when you are mortgage-free?
Or will you continue to live frugally and invest your newly disposable money afterwards?
Car Loan: €20000 ---> €4511.01;
Credit Card: €6000 ---> €5500;
Home Imp: €15000 ---> €11808.92
Total Debt on 1 Oct 2021: €21819.93 --> €21543.85
Emergency Fund savings: €0/500
Mortgage: Feb 2014 €80,000 ---> €62,320.93
Mortgage End Date:Feb 2044 ---> Apr 2041
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Replies

  • castleloughcastlelough Forumite
    298 Posts
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    Just bumping this up! Looking for some motivation! Getting ever closer to being Debtfree and getting a mortgage sorted.
    Will then be working towards mortgage free! :-)

    And if you already have achieved mortgage free status what is the best thing about it? Do you spend the additional disposable income on anything fun or exotic? Or do you invest it wisely?
    Car Loan: €20000 ---> €4511.01;
    Credit Card: €6000 ---> €5500;
    Home Imp: €15000 ---> €11808.92
    Total Debt on 1 Oct 2021: €21819.93 --> €21543.85
    Emergency Fund savings: €0/500
    Mortgage: Feb 2014 €80,000 ---> €62,320.93
    Mortgage End Date:Feb 2044 ---> Apr 2041
  • elantanelantan Forumite
    20.5K Posts
    Part of the Furniture 10,000 Posts
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    Hey castle,

    I think for us what's driving us are many things some of which is

    the control we will get back, just now we have to put up with crap from various places ( work etc) as we need the money to pay the bills.. If we were mortgage free we could say no much more often

    The idea of being able to retire and not have to live on baked beans on toast ( we plan on saving the money we are currently paying to the mortgage)

    The security of owning our own house, should either of us loose our job at least we have the roof over our heads

    The chance to travel, we love holidays, when we are mortgage free we will save to travel more ( as well as early retirement)
    march 2011-july2019 8 years and 4 months ... or 100 months and counting
    "what would you do if you knew you couldn't fail.... enjoy the adventure" " to my own self be true"
  • castleloughcastlelough Forumite
    298 Posts
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    Ooh thanks Elantan!
    I hadn't thought of the possibility of retiring early / working less / changing profession.... great thoughts and motivation!
    And travelling... the opportunity to take a few months out and bot worry about a mortgage! Food for thought!!!
    Car Loan: €20000 ---> €4511.01;
    Credit Card: €6000 ---> €5500;
    Home Imp: €15000 ---> €11808.92
    Total Debt on 1 Oct 2021: €21819.93 --> €21543.85
    Emergency Fund savings: €0/500
    Mortgage: Feb 2014 €80,000 ---> €62,320.93
    Mortgage End Date:Feb 2044 ---> Apr 2041
  • BeckyyBeckyy Forumite
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    Part of the Furniture 1,000 Posts Combo Breaker
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    For me it's knowing that I won't have to work X hours a week just to pay the bills, and having a bit more financial freedom and also just the thought that I own every single inch of the house!
  • christineperseuschristineperseus Forumite
    524 Posts
    Part of the Furniture
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    paying for 3 boys to go through university!
  • Tilly_MFW_in_6_YRSTilly_MFW_in_6_YRS Forumite
    7.8K Posts
    Mortgage-free Glee!
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    Hi Castlelough, it's an interesting question and the first thing which sprang to mind was security followed by freedom.

    I love my career, am well respected and thrive (most of the time) on the buzz, however, l don't feel I have the choice but to work at this level and at this pace.

    Whilst I wouldn't jack my job in when we become MF, I would have the opportunity to move sideways or even down, if a role came up which I wanted to take on.

    The money used to OP (currently on hold) would probably be saved for retirement. I may help the kids out a little but I want them to find their own way in life and to have the satisfaction of knowing they are striving for their future.

    I think that's it

    Tilly
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
  • EchoDeltaEchoDelta Forumite
    631 Posts
    This is really interesting.

    For me it's the security - I don't want to have a mortgage to pay off forever. I think being mortgage free will mean that we stand a chance of being able to retire!
    Sealed Pot Challenge - No. 117
    Bank of Mum & Dad - £3150/£10,000 (£6850 to go) Bank of In Laws - £4600/£12,000 (£7400 to go)
    MFW - MFD - [STRIKE]5 Apr 2029[/STRIKE] 5 June 2025 : AIM = NOV 2019 (back up aim = MAR 2023)
  • edited 5 August 2013 at 7:06PM
    kitjoskitjos Forumite
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    edited 5 August 2013 at 7:06PM
    I often think about what ill do when I become MF ~ its what keeps me going when im offered an extra shift at work etc :p

    I *plan* to be MF by early/mid 30's, so the spare money a month (£1400) will go a few ways, basically pummel my savings untill I get a nice healthy figure, but also spend my hard earned money on the finer things in life (long distance holidays, shopping at M&S [not having Morrisons budget bread!], just having the freedom to quit work if the situation calls for it)

    I really could go on for ages, the list is endless. Also another thought is it upgrade and move house, we currently have a detached house worth around £170k, but there's some gorgeous £300k+ houses around us. All a pipe dream ;).

    Xx
    "Don't underestimate the value of financial security"


    Wanting to be mortgage free by 45. £155,000 start / £87,990 currently

  • I have been quite tight with cash since our mortgage began in November 2009. It has been worthwhile, as I've managed to get what was a large mortgage, down to a far more comfortable amount.

    I would love my husband to have the opportunity to retire earlier, if he would like too. We would definitely start taking at least one holiday a year, but preferably two. I'd also not deny myself a treat on a regular basis i.e. new clothes, facial, hairdo etc. It would also be great to be able to help out my 3 kids when they are older and want to buy their own homes or start a business.

    We have been mortgage free before and it's an amazing feeling knowing that all of your house belongs to you and not to the bank. I can't wait for that to happen again :).
    Mortgage Free in 3-T2 : Started at £151,000 Nov. 2009 Mortgage Free Oct 1st 2015 :)
  • muddywhitechickenmuddywhitechicken Forumite
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    The sooner I pay off the mortgage, the sooner I can save more for my (early) retirement :)

    There is no way that I'm still going to be working full-time when I'm 67 - my mum died at the age of 66 after a long illness :( - I would like to be at least semi-retired by the time I'm 55 (12.5 years to go!)
    Mortgage at highest (April 2008): ~£195,000
    Outstanding balance: <£29,500 :j
    Current total overpayments: ~£128,750
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