New home soon

Labby123

This thread has motivated me and as such when we get our new house I'm hoping that we will be able to get the 25 year mortgage paid in 10 years by regular over payments and anything left over going to the mortgage.

Since reading these threads my view on things are changing.
Meeting friends for overdue night out on Saturday and rather than go to an overpriced restaurant I've suggested cheap and cheerful.
Friends will hopefully be happy with this.

My question to all you on this board. How have your views changed since wanting to become mortgage free?
Do you miss anything by opting to overpay?

I've budgeted and we can still go out etc but it doesn't appeal now going to certain places and the company your with should be the most important.

I was also speaking to sister and we are off out for Easter bits tomorrow. She said after shopping lets get tea. I said I didn't see the point in eating out just because we are out and I prefer it to go into the mortgage pot (well new house pot at the moment) or prepare something nice for us after shopping. Don't think she really understands what we are trying to achieve.

So am I taking being mortgage free too seriously?

In my budget I've got various allowance for clothes/Night outs etc per month. Some months I know we will not use all of the allowance. Would a separate account be useful to put this unused money in or will having a diary/excel sheet that will show it's not be used work just as well?

Mrs_Rachel_Trelfa

I do think it becomes addictive and I personally start to question every penny I spend thinking that it could go in the op pot. I then remind myself that this is a marathon not a sprint and there is no point to find that 10 years have passed and great you have paid off the mortgage but not enjoyed life. I try and find a balance, eg its hubby's birthday today and I am taking him out for a meal but instead of spending say £80 for the meal i have got a groupon voucher for a place we wouldn't normally go to as its quite pricy. Also we want to go on holiday so I will be looking around for the best deal and do done haggling which I love. The mfw journey defiantly makes you more aware of all your outgoings and savings to be made which I believe is good
for anyone, mfw or not.

Good luck with your house saving. X

Goldiegirl

I hope you don't mind me answering, as my mortgage is paid off ( not by making overpayments, just by getting to the end of the term of the mortgage)

However, I'm currently living my life by what I call MFW principles, to prepare for my early retirement.

To me it's all about balance and sustainability.

At one time, I'd go recreational clothes shopping every month, and have a meal out at the shopping centre each time.

Now I might go once every two months and shop for something I need, and still have the meal, but make sure I'm using an offer to lower the price a bit.

Other things that can be considered is looking at the food shopping, seeing where reductions can be made by dropping a brand, buying in bulk, using offers, and batch cooking, and paying the savings into your mortgage.

Thinking about ways of increasing income, by eBaying, or doing surveys, and paying those extras to the mortgage.

Shopping around for insurances, and using the savings towards the mortgage.

There's lots of other things that

You only have one life, so I think it's important to enjoy it.

I've seen cases where people go for extreme frugality, and the regime is so severe they give up after a month. Or they go for that same extreme frugality, pay off the mortgage quickly, but then find they can't spend any money on enjoyment, because they've got out of the habit of it.

That's why I say it's balance and sustainability. For me it's about having the same life that I always did.... But by spending less money on it.

Labby123

Thanks both.

Mrs_Rachel_Trelfa I understand what you are saying. OH will only be 45 in 10 years so won't overpay and have no life. I'm hoping to strike a good balance and overpay but still allow for treats.
I'm always on the lookout for vouchers/offers. Think we may go two a 2for1 place with friends at weekend.
Goldiegirl, I've never been a big clothes shopper but before LO came along we thought nothing off going out for tea!!
Thanks re food shop, currently a Aldi fan since maternity leave. Need to focus on meal planning and batch cooking though now.

Re getting out of the habit of spending, I kind of fell in this when on maternity leave and even though now I've been back at work nearly two years, although part time and OH earns more than ever had I struggle to spend so when move will force myself to have a least one night out per month and LO gets a trip to soft play or similar at least once a month in winter.

Labby123

Hi again,

Just working on fine tuning the budget for when we move so we can overpay the mortgage where possible.
Stuck on the clothes budget area. What is a reasonable clothes budget for two adults and once child?
Or what do you spend per person?
OH wears a uniform for work, my budget will have to cover work clothes and casual. LO, nursery clothes 2/3 days a week.
Also never budgeted for holidays before. Whats a good amount to save for one main holiday abroad per year (Don't normally go abroad, have to conquer fear of flying)
Hopefully find out if got mortgage next week or week after. So come July/August will hopefully be starting our mortgage free journey diary.

Thanks