Money and Life - my journey so far

fresh_cotton

Hi Happier - congratulations on being MF. I will be doing the same as you in terms of retirement when the mortgage is gone. I sort of want to just have the fixed amounts going out each month and then I don't have to worry or think about the payments too much.

I also think that as long as I have retirement covered, the mortgage paid off and a little money in the bank, then I can really start to worry less about money each month.

Reducing my working days has been wonderful. When I was working full time, I was obsessed with wanting to retire as soon as possible (a bit frustrating when I am only 34) - but now working 3 days, I feel like I could work forever as I get so much rest time. I think I even enjoy parts of my work now.

[Deleted User]

Wow, fresh cotton, just read your post and you are doing brilliantly. You must be thrilled to be so close to the end. Working part-time really helps to get the work-life balance into perspective and to do it when so young is great. Well done!

fresh_cotton

we were owed £1000 from a family member which was returned today so that, along with a sweep of the current account was paid to the mortgage. The balance is now £12,600.

A_Frayed_Knot

Welcome back - I also remember your 1st diary, you always looked like you would smash this mortgage, well and truly, great to hear you never stopped op'ing :j

It's so nice when you see the goalpost in reach. I am (just) now thinking about reducing my days, but am dragging my feet a little, just to get my EF back up to scratch, but wondering when I will actually be happy with my total fund.

Great to hear from you.

Tahlullah

This is just so inspiring. Fantastic achievement in such a short period of time. You will inspire me going forward to reach my goals, which are similar to yours. Mortgage free and working part time. Whats not to like? Well done you!

mumof3.12kindebt

Such an inspiring diary.
I look forward to seeing you become mortgage free. You have smashed it so far.

Good luck

NorthernMonkey1

Good Luck FC. When I was getting rid of the last few £000 I was the same. I was doing everything I could to get rid of it in time. Using your overdraft at >15% apr to pay of a 3% loan probably isnt a great idea tho. You get out of debt quickest by paying the smallest amount of interest to the back possible

fresh_cotton

Hi people

thank you for your lovely comments and advice. Its much appreciated.

Have been thinking this weekend about what's best to do after the mortgage is paid off. We have always wanted to be by the sea and I though that one option would be for us to save for another deposit and buy a second home/flat in the North East. It could initially be rented out and then it could be an investment/holiday home.

I thought this might be a bit more exciting than just filling a pension pot.

Our aim is to save/invest £1100 once the mortgage is paid off, so I would place this money into an ISA and in about 4/5 years, I would have enough to make the purchase (with another mortgage).

The problem with pensions is that once its in, I can't get it out and if I could use the money to enjoy now and for retirement then that might be better?

a_silver_lining

This is so totally inspiring! I bought alone but am hopefully buying with my partner in the next year. I'm looking forward to the boost having someone else paying it off with me will have

Look forward to hearing your progress!

fresh_cotton

Hi Silver Lining

Having a mortgage with someone else, helps a massive deal, because the expenses are only marginally increased, but of course you have the potential of another income.

We don't have children, hence why I have been in a position to pay so much off.

We have 2 cats which can be expensive, although I really admire all those parents out there who manage to overpay - I bet that's a real skill.

We are both off this week. Not spending anything really however we love food so spending more at the supermarkets as a result. Sainsburys have that nectar point offer where they give you loads of points for each transaction, so we are making the most of that.

it would be nice to go away but we can't afford it. The margins are really tight at the minute, in fact I have promised to buy nothing 'material' till the new year. No clothes, nothing for the house, no luxury cosmetic, nothing.

Oh and one more thing - We purchased this luxury ice cream the other day which was like £5.00 (I know! but its better than eating out) - anyway, it wasn't that nice, in fact it was probably worse than supermarket own brand stuff, so we decided to take it back to Sainsburys today for a refund. I don't normally do that, so I'm pretty proud that I have.