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Twenty-something's aim to be mortgage free

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  • ruby_eskimoruby_eskimo Forumite
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    Hi wh_em, just popping in to say I'd admire you for getting your head down and trying to think about the future while you can.  I used to have a subscription to YNAB but found that it made me a bit obsessive over what was happening with my budget with the focus on allocating everything.  Now I just keep it on a spreadsheet and update it once a week with whats going out (not that there's that much movement at the moment!)  Best of luck with paying off the mortgage!
    Emergency Fund - £3024.79 / £5,000 :: Mortgage OP -£1217.52
    LISA 2020 - £2060 :: NSD November - 3 / 20 :: Weight Loss: 42 / 58lbs
    Engaged 9th December 2010 :: Married 29th October 2015 :: Bought a House 13th January 2017
  • wh_emwh_em Forumite
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    Hi wh_em, just popping in to say I'd admire you for getting your head down and trying to think about the future while you can.  I used to have a subscription to YNAB but found that it made me a bit obsessive over what was happening with my budget with the focus on allocating everything.  Now I just keep it on a spreadsheet and update it once a week with whats going out (not that there's that much movement at the moment!)  Best of luck with paying off the mortgage!
    Thanks Ruby that's kind of you to say! Yeah I'm feeling the same way about YNAB but when I had my spreadsheet I wasn't truly honest with myself about spending. I think that YNAB is tough but maybe that's what I need!
    Best of luck to you too!
    MFW 2020 £152.53/£1000
    Original settlement date: Dec-54 Projected: Jul-55 (due to 3 month mortgage holiday!)
  • wh_emwh_em Forumite
    133 posts
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    I'm seeing my parents tomorrow for the first time since the first week of March! They live 1.5 hours away and obviously the current situation has meant not seeing them at all but tomorrow I'm going to go for a few hours for a "socially distanced" visit. I'm really looking forward to it, this isn't the longest I've ever gone without seeing them (I went travelling for 3 months a few years ago) but it feels like forever!

    Mrs wh_em has been struggling a lot more not seeing her family (parents are 2 hours away, sister is MILES away) and so I've been putting on a brave face and offering words of encouragement. She relies on her family a lot and talks to her mum or sister every day whereas I was brought up to be so independent that I never talk to any of mine! I think I surprise Mrs wh_em every day with how antisocial I can be. On my birthday she was anticipating lots of phone calls from everyone wishing me happy birthday and was a little bit surprised when I only received two (one from her mum and one from my friend from school that I let go to voicemail). It's not that I don't have any friends or anyone I want to talk to I just dislike talking on the phone and my friends and family know this - so they text instead. 

    Whenever anyone calls me I'm usually in the middle of something, cooking, cleaning, DIY, a jigsaw puzzle....and whilst talking on the phone all I can think about is how much I don't want to be on the phone and all the other things I could be doing!
    MFW 2020 £152.53/£1000
    Original settlement date: Dec-54 Projected: Jul-55 (due to 3 month mortgage holiday!)
  • kaycastlekaycastle Forumite
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    wh_em said:
    kaycastle said:
    I have the same thoughts about trying to make the most of life now while doing enough to not be worried if I'm made redundant in late 40s/50s and also having no mortgage so that I can literally do any job to get by as without mortgage I could do part time :)
    Its such a juggling act making sure everything is alright/will be alright! Are you in a job right now that would make it likely that you could be made redundant at a later stage?

    I don't think so - my skills are very in demand but the world changes very fast and I think no one ever probably thinks they'll be redundant in 20 years. So I just want to make sure if it does happen, that I'm in a good position. And if it doesn't, then there will be lots of holidays :D I guess I've just head too many horror stories growing up, I've always wanted to make sure if it does happen that I don't have a mortgage.
    Mortgage: Oct 2017:£228k, May 2020: £206k., November 2020: 198k
    Goals: £121k by 2024. Mortgage free in 10 years.
    Emergency fund goal: £4200
  • MerryHenMerryHen Forumite
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    Hello wh_em, it looks like we started diaries at about the same time  B) I was going to introduce myself as another MFW-er in my 20s then remembered I'm now in my 30s 😂🤦🏻‍♀️ (I'm not yet used to being in a whole new decade of life!) Your new patio area sounds like it's been transformed, it's incredible how a few small changes can make such a big difference. Re: feeling in a spin, it sounds like you're going about things the right way by breaking your longer term goals into smaller more manageable chunks. Will be following you on your MFW journey. Hope you have a good catch up with your parents tomorrow :)
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • wh_emwh_em Forumite
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    MerryHen said:
    Hello wh_em, it looks like we started diaries at about the same time  B) I was going to introduce myself as another MFW-er in my 20s then remembered I'm now in my 30s 😂🤦🏻‍♀️ (I'm not yet used to being in a whole new decade of life!) Your new patio area sounds like it's been transformed, it's incredible how a few small changes can make such a big difference. Re: feeling in a spin, it sounds like you're going about things the right way by breaking your longer term goals into smaller more manageable chunks. Will be following you on your MFW journey. Hope you have a good catch up with your parents tomorrow :)
    Hello!! I'm not far off the 30s, I'll be joining you soon. Thanks for following I think I was already following yours funnily enough!
    MFW 2020 £152.53/£1000
    Original settlement date: Dec-54 Projected: Jul-55 (due to 3 month mortgage holiday!)
  • edited 12 June at 9:29AM
    wh_emwh_em Forumite
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    edited 12 June at 9:29AM
    Yesterday's visit to my parents was lovely. I arrived there at about 10:30am, dad tried to go straight in for a hug but I insisted on maintaining distance - which we managed to do for most of the day which is good.

    I asked him if he might be able to install a gate on our side access, we've had two incidents where complete strangers have come into our garden as its all pretty open! The first was the upstairs neighbour's friends who just got the wrong garden and the second was a surveyor checking on some work that was done to the building 6 months previously.  He didn't announce himself, just strolled round the back and Mrs wh_em was walking through the kitchen in her bra at the time. She was furious and upset about it, rightfully so.

    We called a fencer to get a gate fitted and he never called back and it came to mind that my dad might be able to do it. I asked him over text but when I got there yesterday he was so excited. He said: "I've still got a gate that grandad made. It's so well made I couldn't bear to throw it away, we've been looking for a use for it ever since." Bearing in mind we cleared grandma and grandad's house out in 2013/14!!! He dragged me down the bottom of the garden to see this gate and talked me through the whole process. He then showed me all the other bits that he wants me to have, a mower, a pressure washer, plant pots, some old tools. They're having a big clear out of their house ready for when they move in a year or so and I think he's just dead chuffed that youngest child is the first one to get on the property ladder.

    Mum walked me round their garden as they've both been really busy getting it up together for when the come to sell. I've never appreciated how much hard work has gone into their garden until I got my own one. Dad is retired and has been for almost 10 years now and mum has a part time job so they do have the time to work on it but I think I would go mad with all the upkeep!

    Mum also made us a lovely lunch and sent me home with a birthday cake (my birthday was almost 2 weeks ago). Dad also insisted on following me back to mine with a car load of stuff. I think he's just so desperate to get rid of things from his garage that the excitement of it got the better of him. So they followed me back to home, 1.5 hours each way! Dropped a car load of things off and then drove back again. Madness, but I'm so grateful because I can finally mow our lawn and do all the other niggling little jobs that I was waiting to do. Dads really are great and I think I've got the best one.


    MFW 2020 £152.53/£1000
    Original settlement date: Dec-54 Projected: Jul-55 (due to 3 month mortgage holiday!)
  • frankersBrifrankersBri Forumite
    130 posts
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    I've really been enjoying reading you diary; great work on all you have achieved so far. You seem really in control of your plans and that's great!
    The day with your parents sounds great; what lovely people to support you and drive all that way with things you need! My Dad is the same; been giving me advice on DIY jobs and talking through how he'll help with the fence etc when he's able to come and stay again. I wouldn't be nearly such a happy homeowner without his support (and mockery when do stupid things!).
    May 2020 opening: £181,500, 21 year term
    Current balance: £165,994.78
    MFW #131. Aiming to pay off within 13 years
    2020 OPs: £11,855.35
  • edited 12 June at 10:11AM
    wh_emwh_em Forumite
    133 posts
    Fourth Anniversary 100 Posts Name Dropper
    edited 12 June at 10:11AM
    Little financial update as that's the whole point of this diary:
    1. Have £4000 in my emergency fund - £835.96/£4000 (and another £800 set aside specifically to cover any mortgage payments)
    2. Overpay the mortgage by £1000 (and try to further overpay the missing 3 months of our covid-19 mortgage holiday) - £141/£3385
    3. Repay a personal loan of £1000 to a family member - £0/£1000
    4. Repay £7500 to Mrs wh_em for my share of the house renovations £0/£7500

    In the last week I've made almost £20 doing surveys and selling on ebay so we are making progress. According to YNAB the total I have put away this year into my 'Investing & Retirement' category (which also includes Mortgage OPs) is £832. This doesn't include any contributions I've made into my pension through my pay. £832 could be better but its not bad considering almost 4 months of this year have been an absolute write off.
    MFW 2020 £152.53/£1000
    Original settlement date: Dec-54 Projected: Jul-55 (due to 3 month mortgage holiday!)
  • wh_emwh_em Forumite
    133 posts
    Fourth Anniversary 100 Posts Name Dropper
    I've really been enjoying reading you diary; great work on all you have achieved so far. You seem really in control of your plans and that's great!
    The day with your parents sounds great; what lovely people to support you and drive all that way with things you need! My Dad is the same; been giving me advice on DIY jobs and talking through how he'll help with the fence etc when he's able to come and stay again. I wouldn't be nearly such a happy homeowner without his support (and mockery when do stupid things!).
    @frankersBri we are so lucky to have such great support around us, aren't we? I hope I can be exactly the same for my own kids some day!

    MFW 2020 £152.53/£1000
    Original settlement date: Dec-54 Projected: Jul-55 (due to 3 month mortgage holiday!)
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