When I'm 64!

Hello everyone, I have gained so much inspiration from reading various diaries, that I have decided to post one of my own.

In February 2012, I purchased a house of my own following the break up of my long term relationship. House was £162,500 with a mortgage of £127,000 over 20 years meaning monthly repayments are £716.48 :eek:

The 20 year term meant that I would be mortgage free age 64 :(. It was always my intention to over pay, as I didn't want to be working to pay for a mortgage into my sixties.

I have taken the first year to get used to paying bills and budgeting. I now have a plan of action in mind to overpay, save and enjoy life ;)

I need to build up an emergency fund, as all of my savings were wiped out purchasing the house. I currently have £2,690 in an ISA, need to try and fill it by the end of the tax year.

Since May, I have rounded up the mortgage payment to £750, I think that is known as a Tilly Tidy ;) A small overpayment, but a start nonetheless.

I want to be mortgage free before my 60th birthday, so I can retire, this is definitely achievable and I am hopeful that I can knock a few more years off along the way :)
Mortgage Free November 2018
Early Retired June 2020
«13456711

Replies

  • sweetdaisysweetdaisy Forumite
    1.2K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
    Forumite
    Wishing you well on your MFW journey. This is a great Forum with lots of advice, support and motivation. However, you will find that being MF is awfully addictive :rotfl:
  • StaffordiaStaffordia Forumite
    280 Posts
    Ninth Anniversary 100 Posts Photogenic Name Dropper
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    Thanks for the welcome Sweet Daisy.

    I think that you are right about this MFW lark becoming addictive. I am anxiously waiting my mortgage payments for July to leave my account, as I will dip below £120,000 for the first time :j, however it won't be for long as the daily interest of £10.53 will soon push it back over the 120 mark again :(
    Mortgage Free November 2018
    Early Retired June 2020
  • ThistlewhistleThistlewhistle Forumite
    1.1K Posts
    Forumite
    Hi Staffordia, look forward to reading your diary with interest!

    Thistle
    Mortgage at end 05/2007: £90200
    Mortgage at end 08/2018: £71646 paid £18354 (20.5%)
    MFD: :eek:Original:05/2042:eek:
    Car Finance: £8225 : £6392 (22.2% paid off)
    CC Debt (0% until 06/2020): £5640 : £4400 (21.7% paid off)

    Age of Money at 31/08/2018 = 23 days

    YNAB is changing the way I live my life....and spend my money!!
  • Tilly_MFW_in_6_YRSTilly_MFW_in_6_YRS Forumite
    7.8K Posts
    Mortgage-free Glee!
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    Hi Staffordia, good luck on your journey. It's a really supportive and helpful forum :)

    Best wishes Tilly x
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
  • StaffordiaStaffordia Forumite
    280 Posts
    Ninth Anniversary 100 Posts Photogenic Name Dropper
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    Hi Thistle, thanks for dropping by.

    I think my journey will be more of the slow and steady marathon, rather than a sprint. Although I earn enough to look after myself comfortably, I know that I want to be able to enjoy my life and take holidays and not be super frugal. I can't really cook, so menu planning and batch cooking isn't for me:rotfl:

    Still, in the next couple of months, I will be getting my first pay rise in 4 years:j The extra £10 per month will be added to my overpayment, as I reckon I can't miss what I have never had!
    Mortgage Free November 2018
    Early Retired June 2020
  • StaffordiaStaffordia Forumite
    280 Posts
    Ninth Anniversary 100 Posts Photogenic Name Dropper
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    Hi Tilly

    Thanks for reading. I have read your diary, and already pinched the Tilly Tidy format. I even refer to them as "Tilly Tidy" on my accounts app :) I have managed over £13 of them this month
    Mortgage Free November 2018
    Early Retired June 2020
  • cod3cod3 Forumite
    804 Posts
    Tenth Anniversary 500 Posts Mortgage-free Glee! Combo Breaker
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    Eeek - we are in the same boat! I will be 64 too if I don't overpay! Fortunately, with my little plan I should get that down to my mid-50s :j

    I my experience, food shopping and preparation is the one area where big savings can be made. I know you are not a cook, but if you fancy taking up a new MSE hobby, I just noticed this thread over on the Old Style board...

    http://forums.moneysavingexpert.com/showthread.php?t=4670767

    Best of luck to you, Staffordia. I will be reading with interest.
  • StaffordiaStaffordia Forumite
    280 Posts
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    Cod3, I will take a look at the link, although I'm not sure that I will ever enjoy cooking. I budget £200 a month for groceries, mainly that is just for me, although I do feed my OH when she visits :)

    I have made a radical, (well it is for me), change though, I now take my lunch to work every day, I estimate that I am saving around £40 a month.
    Mortgage Free November 2018
    Early Retired June 2020
  • lamarsilamarsi Forumite
    805 Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    hello I'm starting this overpayment lark at around the same time as you it seems, although I'm hoping to pay mine of by the time I'm 50!! I shall watch to see how you get along if thats ok cause I'm far to lazy to keep up with my own diary !! good luck !!!
    get rid of all the pounds by summer !!
    weight loss 3/42 lb
    Debt from 1st March:
    Was -£8900 NOW-£5000 PAID- £3900
    Get rid of the weight, pay the debt, then get myself a campavan! :T
  • StaffordiaStaffordia Forumite
    280 Posts
    Ninth Anniversary 100 Posts Photogenic Name Dropper
    Forumite
    Lamarsi, you're welcome to follow my diary, hopefully I will try and make it interesting :)
    Mortgage Free November 2018
    Early Retired June 2020
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