When I'm 64!

280 Posts

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
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

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

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
Early Retired June 2020
1
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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
Early Retired June 2020
Thistle
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!!
Best wishes Tilly x
2011 £309k 10 years - MF March 2021.
Achieved Goal: 28/08/15 :j
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!
Early Retired June 2020
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
Early Retired June 2020
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.
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.
Early Retired June 2020
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
Early Retired June 2020