When I'm 64!

Staffordia

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

sweetdaisy

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:

Staffordia

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

Thistlewhistle

Hi Staffordia, look forward to reading your diary with interest!

Thistle

Tilly_MFW_in_6_YRS

Hi Staffordia, good luck on your journey. It's a really supportive and helpful forum

Best wishes Tilly x

Staffordia

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!

Staffordia

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

cod3

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...

https://forums.moneysavingexpert.com/discussion/4670767

Best of luck to you, Staffordia. I will be reading with interest.

Staffordia

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.

lamarsi

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 !!!

Staffordia

Lamarsi, you're welcome to follow my diary, hopefully I will try and make it interesting