Feel a Bit of a Fraud TBH
I have to say I am still in shock – I am now mortgage free. I feel a bit of a fraud as I sold our family home of almost 19 years and have downsized to something beautifully formed and more manageable at the start of July.
The road to this point has been traumatic and so very, very hard. In 2009 my marriage of 14 years fell apart and I discovered my then husband had lead a double life for almost a year. After falling down Alice’s rabbit hole I emerged in £90k of debt (to various sources), mortgage of £264k, I was self-employed (from what was meant to be a lifestyle/ working around our kids option) and keeper of a big old pad which was 8 years on from initial investment and definitely at “repairs and renewals” stage.
I decided a simple of strategy of keeping my kids in their home, their fee-paying school and connected to their family. I was going to heal in private and strive to see the good in every single situation.
I had tried to sell my house over the years and almost did a couple of times. The economic crash didn’t help and neither did having an ex-husband who was sketchy in paying his way. I eventually accepted an offer I was happy with in March 2020 and then BAM the country went into Lockdown.
I am a long time reader and occasional poster on this
Forum and can honestly say it has been a life saver on so many levels. It comforted
me when I felt alone with my money worries and helped show me the way to make
pennies stretch further and have a strategy to get debt and mortgage free.
I have learned such a lot about myself and (hopefully) set a good example to my 2 kids. My children and are now young adults and are forging a life of their own and I see a great attitude towards money, saving and they both have a great work ethic.
I have really enjoyed saying a long goodbye to our home during lockdown; filling it with love for the new owners. Our new place is much smaller but the light is wonderful and I have a good sized garden. I am also able to furnish it and get it into the shape the 2020 WorkingMum needs it to be – with all of this hard fought wisdom and maturity.
I bought my house outright, paid off a chunk of money I owed to HMRC, paid off my business overdraft (which had been secured on my house) and am left with 3 x credit cards with a combined balance of £32k.
I need to do some structural work on our new place and have £33k stashed away to facilitate this.
I hummed and hahhed about whether to pay my cards off but time is too tight for me to save the cash to get the work done so I am working a plan to get them paid off within 2 years – my outgoings are so low now I can afford to give them a good shot each month.
I calculated it and in the last 10 years I have paid off over £90k of debt – the balances on my cards are a hangover from when my ex-husband didn’t pay me for over two years and my business took a bad debt hit. I am not stressed about it to be honest because I know once they’re done that’s it…..I’ll be 55 and completely free with no more debt!
I have a good pension thanks to having a smart head on my shoulders in my 20’s – I can retire at 55 but I simply want to have options at that time.
I thought I’d start a thread to share my journey and to keep myself focussed and accountable. I have had so many years without being able to let loose I am worried I will simply splurge! I have found this area of the Forum very thought provoking and less intimidating than others areas which is why I chose to start it here – if I have this wrong maybe the Mods can move it for me??
Thank you for sticking with me if you have got this far!! I look forward to sharing my journey with you x
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Sadly the cards are not on 0% - my self employed status and previously huge mortgage for my income had pre-cluded me from passing credit scores (for any loans to be honest )- I had resolved to let a little of the dust settle and then start looking in a couple of months when my credit file will show the mortgage as paid etc.
MFW | Dec 2030
ISA £10,000 | Premium Bonds £4775 | Investment ISA £1190 | Ready Access Savings £1200 | Moneybox £659
My Mortgage Free Wannabe Diary