MF by 35..hopefully

Daftmfw34

Hi everyone, happy Thursday evening

I used to be a member sometime ago and haven't logged on in an age, so I had to rejoin. I've been lurking for a while, again being inspired by all of the money saving exploits and tales. I want to get serious and reduce silly spends so I can achieve my goal without having to compromise on the occasional dinner out, annual holiday etc.

Info: I am 32 and hoping to have my mortgage cleared 2 years in October, so another 28 payments.
Current balance: £39,460.81

My fixed term comes to an end in about 20 months then hoping to pay a lump sum and clear the reminder via a short term family loan, repayable within 8 months. Paying £500 OP per month on top of £400 mortgage and trying to save £200 per month on top of that into my ISA. At that rate I should have total £12k savings for the lump sum.

#Be optimistic.

Daftmfw34

Payday tomorrow, so will start a spend diary. This month's aims :

- No take out coffee
- Home made lunch everyday
- Shop once a Week only
- Withdraw £0 during the week, come up with budget for a fun two weekends, but still Cheap

#Be optimistic

racing_blue

Edited to get the words right.

MF at 35...why exactly? Fascinating & I'd love to hear about your motivation.

I have quite a large mortgage measured in the £100ks, however I see this as a positive thing because it allows me to live in a more suitable house than if I had no mortgage. And as I don't plan to reduce income anytime soon, having an affordable mortgage is no hardship. I'm very happy with the arrangement right now. Would be very interested to hear what is driving your wish to be mortgage free by 35, just to compare notes.

Good luck in your plans daftmfw34

fred246

I was mortgage free at 30 but in a house not very suitable for bringing up a family in. I sold it and bought a house 6x the price of the first and am now mortgage free again at 48. We have had a nice house to bring the kids up in. I always wonder what sort of houses people are mortgage free in and whether they are the houses they really want to be in.

Daftmfw34

Hi, thanks for the replies. I did reply this morning but it's not posted grr :-S

Anyway, I posted in haste last night as I just wanted to get it down, committed.

I would like to be MF by 35 so I can treat my OH to a great holiday for a special birthday, but then to start saving for a couple of years in order to sell this place.

I am happy where I am for now but I'm not naive enough to think I always will be. I'm central in a beautiful period flat but the dream is to sit tight, save hard for 2-3 years when the mortgage is paid and put the funds together with OHs for our forever home, mortgage free, to enjoy life and Save well for retirement. Currently my flat is worth a shade under £100k.

Daftmfw34

I guess it's more of a challenge. No one knows what employment will do so I figure that if I can afford to save extra for the mortgage I may as well. Whilst I save well I'm probably afraid that if I didn't save constructively I'd fritter the cash away then regret it later.