Mortgage-Free in 10 Years | FIRE in 15 Years

powerspowers

Best of luck with your plans Fuffy! 

Would a saving pot for June birthdays help? Or buy as you go throughout the year? I’m not organised enough for either of those btw 

FuffyCat

Steve123456789 said:

Just read your first post paragraph about how you hate getting up and sitting in front of a computer every day and I just wanted to say that there's nothing I've ever related with more.
Every time people ask why I haven't got a fancy car or go on fancy holidays I explain that I am not sitting in front of a computer every day until I'm a hundred.  Pay off mortgage, save and invest, sack off the miserable job while they're still only a quarter of the way through it.

I get the same! Comments like "Just buy a new car" or "get a new phone", usually come from folks that really love their jobs. I swear the only person I've come across in person that also doesn't want the daily grind anymore is my BF, however, he does have it much nicer. He works for the university, gets an amazing pension, good pay, 37 days holiday (NOT including bank hols) and averaging about 30 hours a week atm. They've also basically told him he can work from home as long as he likes. Mine begrudging gave us the option for 2 days a week, but told us they might change their minds. Pretty sure they are only doing so as other big tech are wfh atm, and they are worried the good folk will leave!

Would you take a lower-paying job, with fewer days but you enjoyed once you've paid off the mortgage?

FuffyCat

Thanks Lauraebrad, Steve123456789, Gem2889, happymum37 and powerspowers for the comments and encouragement.

powerspowers said:

Best of luck with your plans Fuffy! 

Would a saving pot for June birthdays help? Or buy as you go throughout the year? I’m not organised enough for either of those btw 

I might give this a go, its right in the middle of the year too so it could be a constant saver for Christmas too once June is out the way.

Today I split two new tyres for the van with my partner, so another £60 down and it's about to go through an MOT too. It's a 2015 plate, so hopefully, there won't be anything wrong with it. This it's first MOT since we got it last September.

I also paid into the mortgage my first tester £1, fingers crossed it goes through, I'll be transferring £5k out of savings into it, seeing as interest rates are so bad! Also, July 1st marks another £2500 to my parents. It's all leaving the accounts at the mo

Steve123456789

FuffyCat said:

Steve123456789 said:

Just read your first post paragraph about how you hate getting up and sitting in front of a computer every day and I just wanted to say that there's nothing I've ever related with more.
Every time people ask why I haven't got a fancy car or go on fancy holidays I explain that I am not sitting in front of a computer every day until I'm a hundred.  Pay off mortgage, save and invest, sack off the miserable job while they're still only a quarter of the way through it.

I get the same! Comments like "Just buy a new car" or "get a new phone", usually come from folks that really love their jobs. I swear the only person I've come across in person that also doesn't want the daily grind anymore is my BF, however, he does have it much nicer. He works for the university, gets an amazing pension, good pay, 37 days holiday (NOT including bank hols) and averaging about 30 hours a week atm. They've also basically told him he can work from home as long as he likes. Mine begrudging gave us the option for 2 days a week, but told us they might change their minds. Pretty sure they are only doing so as other big tech are wfh atm, and they are worried the good folk will leave!

Would you take a lower-paying job, with fewer days but you enjoyed once you've paid off the mortgage?

I was made redundant in August last year.  Started working with a tree surgeon a few months back, just two days a week. It's weird actually looking forward to work now. I'm outside, it's only two days a week, super easy going, everyone's chilled. I could do this for ages. It's a completely different world from the massive company, sitting at a desk from 8-5 every day where people are so up tight that they complain if you take 30 seconds too long in the toilet.
My wife earns enough that we can still overpay the mortgage. She gets to wfh all the time currently, so she's happy.  It'll take longer to pay it off now, but I no longer seem to suffer from depression, so I'm happy with that.

Steve123456789

FuffyCat said:

Thanks Lauraebrad, Steve123456789, Gem2889, happymum37 and powerspowers for the comments and encouragement.

powerspowers said:

Best of luck with your plans Fuffy! 

Would a saving pot for June birthdays help? Or buy as you go throughout the year? I’m not organised enough for either of those btw 

I might give this a go, its right in the middle of the year too so it could be a constant saver for Christmas too once June is out the way.

Today I split two new tyres for the van with my partner, so another £60 down and it's about to go through an MOT too. It's a 2015 plate, so hopefully, there won't be anything wrong with it. This it's first MOT since we got it last September.

I also paid into the mortgage my first tester £1, fingers crossed it goes through, I'll be transferring £5k out of savings into it, seeing as interest rates are so bad! Also, July 1st marks another £2500 to my parents. It's all leaving the accounts at the mo

Do you think your parents would let you delay paying them back for a bit, so you can put the money on the mortgage instead, save a load on the interest, and then carry on paying them back once you've taken a chunk off the mortgage?  Every overpayment you do reduces the interest for every month until the mortgage is gone.

South_coast

FuffyCat said:
Comments like "Just buy a new car" or "get a new phone", usually come from folks that really love their jobs. I swear the only person I've come across in person that also doesn't want the daily grind anymore is my BF

Or more likely they tell themselves they love their job because their car and phone buying has got them saddled to the way of thinking that the endless grind is the only way to maintain their lifestyle. I think there's probably more people that would like to escape than we realise, but because they see it as an impossible pipe dream they keep doing the same as they have always done, not realising that that will get them what they've always got!

Best of luck with your plans x

Steve123456789

South_coast said:

FuffyCat said:
Comments like "Just buy a new car" or "get a new phone", usually come from folks that really love their jobs. I swear the only person I've come across in person that also doesn't want the daily grind anymore is my BF

Or more likely they tell themselves they love their job because their car and phone buying has got them saddled to the way of thinking that the endless grind is the only way to maintain their lifestyle. I think there's probably more people that would like to escape than we realise, but because they see it as an impossible pipe dream they keep doing the same as they have always done, not realising that that will get them what they've always got!

Best of luck with your plans x

The whole concept of effectively renting a car to get to work, to pay for the car they use to get to work, not being able to use the car for anything fun because they have to go to work, to pay for the car they use to get to work, always amuses me.

FuffyCat

Steve123456789 said:

I was made redundant in August last year.  Started working with a tree surgeon a few months back, just two days a week. It's weird actually looking forward to work now. I'm outside, it's only two days a week, super easy going, everyone's chilled. I could do this for ages. It's a completely different world from the massive company, sitting at a desk from 8-5 every day where people are so up tight that they complain if you take 30 seconds too long in the toilet.
My wife earns enough that we can still overpay the mortgage. She gets to wfh all the time currently, so she's happy.  It'll take longer to pay it off now, but I no longer seem to suffer from depression, so I'm happy with that.

That's awesome! I bet that's great fun! We cut down a fair few behind my house last summer, and you have a sense of achievement when one is down!

I feel you with the no longer suffering from depression, one of my happiest times in the last 5 years was the month I had off between last year!

Steve123456789 said:

Do you think your parents would let you delay paying them back for a bit, so you can put the money on the mortgage instead, save a load on the interest, and then carry on paying them back once you've taken a chunk off the mortgage?  Every overpayment you do reduces the interest for every month until the mortgage is gone.

They are going into retirement (at least my dad has) and as he has a private pension it wasn't a lot, I think the money they lent is their pension, but I might ask them to pay it slower, they aren't charging interest which I appreciate a lot! Seeing as I can only pay back a max of 10% of the OG mortgage a year anyways

FuffyCat

The first tester £1 is successfully showing in my online banking! So I sent the rest of the £4999, but I've logged in 10 times today and it still isn't showing. So stressful, IS MY MONEY GONE NOW. haha, I know it's not, just taking a while to update.

Have spoken to my mum, she said she doesn't mind if I take longer to pay them back if I can pay down my mortgage a bit. The interest rates are pretty rubbish at the moment anyway!

FuffyCat

After doing some more maths and looking at my pensions, which I can't take out until I'm 58 (don't get me started on rules around minimum ages!!) if I leave it at the same level of contributions and with a mid-range interest rate, I'll get £4500 a year.... that also assumes I'll be paying until I'm 58!

I've decided to increase my contributions from 5% to 10%, making the total contributions 15%, hopefully, this should help a bit with the early retirement. As my pension is salary sacrifice it only works out that I'm cutting 0.6*5% of my wage, due to the savings on Tax, NI and student loan.

Hoping this doesn't set me back too much with the repayment of the mortgage!