My Journey To Early Retirement

EarlyRetirement

Today has been the day I woke up and decided I can not carry on the way I am. I have debt of £22.500 plus my mortgage which is about £60,000. I want to retire by the time in 55, I will be 50 in September. I want to retire debt free and mortgage free.

I have been in debt all of my adult life, so it is time to take control of my life and my finances as i enter the next stage of my life. I going to look at my debt one at a time. So the first one to be tackled is Barclaycard which stands at £2303.00, if I can pay this back be the end of the year I will be so pleased and it will be a massive boost to go into the New Year.So big changes to make and money saving to be done.

Let the journey begin!

pidge04

How wonderful to retire at 55!

That is a great goal to set yourself.

Good luck.

EarlyRetirement

pidge04 wrote: »

How wonderful to retire at 55!

That is a great goal to set yourself.

Good luck.

Thank you pidge04, it will be fab.

EarlyRetirement

Up early this morning. I have cleaned the fridge and am determined to use up most of what is in there before I go shopping next. I was reading frugal blogs last night, on one was a photo of empty fridge before a shop, I need to develop this habit.

This has got me thinking about other things I don't need to buy that I have always bought and how many I buy at once, such as bleach, I go through loads and I imagine I don't need to! So I will be making a list later.

Lunch is made ready for work and this evenings dinner is planned. Have a good day all,

EarlyRetirement

Today I have:

Set up a card payment to Barclaycard and made a payment of £1.49. I got the total amount owed wrong it is £2251.49, after payment £2250.00.
Make a payment to Next,
Made a payment to Argos.
Used up some sad mushrooms and potatoes in our evening meal.
Prepared lunch for tomorrow.
Dried a line full of washing since I came home from work.
Applied for a new job.

Small steps.

Gemsy81

What a great goal! Good luck, I will be watching with interest!

Sea_Shell

Good luck!!

What funds (pensions) do you have available from 55?

EarlyRetirement

Gemsy81 wrote: »

What a great goal! Good luck, I will be watching with interest!

Thank you Gemsy81.

EarlyRetirement

Sea_Shell wrote: »

Good luck!!

What funds (pensions) do you have available from 55?

Being debt/Mortgage free our out going could potentially be covered by Mr ER. I am going to work from home as my pensions will not kick in until I am 60.

Sea_Shell

EarlyRetirement wrote: »

Being debt/Mortgage free our out going could potentially be covered by Mr ER. I am going to work from home as my pensions will not kick in until I am 60.

So you still need to earn a living then...just by working from home instead. But I guess that beats the Rat-Race (I assume) you're currently in.

Have you already got a steady income from this (home) work at the moment, or will it be a new venture once you retire?

Are you looking to also build up a 6-12 month Emergency fund, on top of your day-to-day ££ needs?

EarlyRetirement

Sea_Shell wrote: »

So you still need to earn a living then...just by working from home instead. But I guess that beats the Rat-Race (I assume) you're currently in.

Have you already got a steady income from this (home) work at the moment, or will it be a new venture once you retire?

Are you looking to also build up a 6-12 month Emergency fund, on top of your day-to-day ££ needs?

My job is very emotionally draining and very stressfully, I have been doing the same work for the last 10 years and I can not imagine doing it into my 60's. I have already started reselling on eBay and I love it, my business is small at the moment, I have big plans.
I will be able to work when I want and I can easily coved day to day living. I will be building up an emergancy fund. Life will be so much better and give us more quality time together and the best thing of all no stress.