Single mum - sink or swim!

edited 12 October 2015 at 10:30PM in Mortgage-free wannabe
150 replies 24.3K views
selloptapeselloptape Forumite
598 Posts
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edited 12 October 2015 at 10:30PM in Mortgage-free wannabe
Hi everyone :hello:

So firstly, thank you to everyone for posting your inspirational diaries! I've been lurking for a while and have loved popping in and reading your stories. I'm hoping that my own diary will help me stay focused and on track too :D

I had a lightbulb moment earlier this year when I realised that my parents are retired and enjoying hobbies, volunteering, socialising etc but when I'm their age I'll still be in ft work paying my mortgage! This was a little depressing but after churning a few figures through the overpayment calculator (my new best friend, ha ha!) I've realised that I might be able to pay it off by the time I'm fifty if I overpay by £175 a month. Feeling much better now and just need to make this happen!

X

PS

Here's my mortgage countdown, thought I'd add to the first post instead of my sig :)

(Date - amount owing - % paid off - years left on term)

Oct 2014 - £78,500 - nowt! - 30 years
Oct 2015 - £76,686.30 - 2.31% - 28 years, 10 months

Save 12k in 2019 #8 £2432.65/£2,500
MFiT T5 #22 Save £20k over 3 years £5495.08
Walk 1500 miles in 2019 - 645.92/1500
«13456715

Replies

  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
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    welcome :]

    that sounds great

    Can i ask
    whats the mortgage now ? how many years till your 50 hopefully a few hehe
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • selloptapeselloptape Forumite
    598 Posts
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    Hi Luckyinlife,

    Thanks for the welcome :)

    I owe just over 76.5k... Ha ha thanks, got 16 years to go til I'm 50 :)

    Save 12k in 2019 #8 £2432.65/£2,500
    MFiT T5 #22 Save £20k over 3 years £5495.08
    Walk 1500 miles in 2019 - 645.92/1500
  • lippy1923lippy1923 Forumite
    1.4K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
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    Good Luck. Plenty of time to hit your goal.

    I was a lurker for ages but recently started my own diary and it really does help keep you motivated and on track. Reading others achievements is fun as well :)
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
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    selloptape wrote: »
    Hi Luckyinlife,

    Thanks for the welcome :)

    I owe just over 76.5k... Ha ha thanks, got 16 years to go til I'm 50 :)

    Aww great stuff :]

    Im aiming to be mortgage free in 10-15 years so kinda the same time frame ill be late 30s early 40s if all goes to plan :cool:

    hopefully you can add a bit extra each year by selling on ebay or working overtime then get mortgage free in your 40s :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • selloptapeselloptape Forumite
    598 Posts
    Forumite
    Thanks lippy1923 and luckyinlife, you're right, there is plenty of time, maybe I'll get it down even faster. Would be amazing :D

    Save 12k in 2019 #8 £2432.65/£2,500
    MFiT T5 #22 Save £20k over 3 years £5495.08
    Walk 1500 miles in 2019 - 645.92/1500
  • selloptapeselloptape Forumite
    598 Posts
    Forumite
    Just sent an overpayment of £243.16! So excited! Told some friends and family about my plan to overpay but they weren't that impressed so going to keep it on here until I get nearer the end...

    Will be back tomorrow with a monster to-do list of money saving ideas, thought I could post the list and then cross them off as I work through them. I've also done an SOA so might post this too if I feel brave :)

    X

    Save 12k in 2019 #8 £2432.65/£2,500
    MFiT T5 #22 Save £20k over 3 years £5495.08
    Walk 1500 miles in 2019 - 645.92/1500
  • selloptape wrote: »
    Just sent an overpayment of £243.16! So excited! Told some friends and family about my plan to overpay but they weren't that impressed so going to keep it on here until I get nearer the end...

    Will be back tomorrow with a monster to-do list of money saving ideas, thought I could post the list and then cross them off as I work through them. I've also done an SOA so might post this too if I feel brave :)

    X
    I no longer mention it to anyone the majority of the time, you tend to get remarks such as "I couldn't afford that" or "your lucky you can do that" from people who waste their money and disinterest from the rest.

    I have a couple of friends that cheer me on and I do a monthly Facebook post on my progress which is mainly so people understand why I might say no to things that cost a lot.

    I think most of it is jealousy that they aren't organised or can't be bothered because I cant imagine most people (there will be a few that genuinely can't) who have a mortgage can't OP or offset by say £5 per month. Even £5 a month makes a difference.
  • sarahevie1sarahevie1 Forumite
    630 Posts
    Sixth Anniversary 500 Posts Combo Breaker Mortgage-free Glee!
    Forumite
    I agree with the disinterest from friends.

    Although when I became a single mum last year, lots of my friends were amazed at my tiny mortgage. Especially when as a couple we had earned a third of their salary.
    HOME
    Original mortgage free date Nov 2037
    Mortgage free August 2018

    Additional properties
    Mortgage 1 £108,000
    Mortgage 2 £45,000
    Teacher pension - DB scheme
    LGPS pension - DB scheme
  • lippy1923lippy1923 Forumite
    1.4K Posts
    Tenth Anniversary 1,000 Posts Combo Breaker
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    I don't mention it to anyone either, except my parents who have recently paid off their mortgage so know what it feels like and support my goal to OP.

    Even my husband is disinterested :rotfl: He just lets me get on with it.
    Total Mortgage OP £61,000
    Outstanding Mortgage £27,971
    Emergency Fund £62,100
    I AM NOW MORTGAGE NEUTRAL!!!! <<Sep-20>>

  • Good luck! You're well on your way with that first OP. :)

    I like to apply all "found" money as OPs to speed up my progress - change on the street, unexpected savings while shopping, cashback, etc. Even though they're small amounts (I did a £2.37 OP the other day) over time they really add up.

    DH told his mum about our OP plans and she was pleased - not sure anyone else we know would be bothered, though. Too many people are focused on the here-and-now and not on the long view.
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