Mortgage Free in 5 - 10 years

LegoHead

South_coast said:

You could look at a cash ISA to complement your S&S. You can put in up to £20k per tax year between the two and there's no tax payable on the interest, the same as there's none on any investment gains

I think that is a good idea. Will make on final payment into NS&I in august then invest that amount into a cash ISA in september. 

Any idea which is the best cash ISA? Will have a look at the MSE advice when it comes to starting it. Will be looking to pay in £500/month 

savingholmes

Well done on resisting the camper temptation. 

This site in the banks section has a list of isa accounts.

LegoHead

Have a bit of a confession to get off my chest. Found a camper for £28,000 which was an absolute bargain and worth £35,000+ being sold by an elderly couple. Had a loan pre approved and decided to accept the offer so I could get the money in my bank ready to buy. Found out the van had sold and now had £28500 in my bank as it was in my bank about an hour after I accepted the loan. 

So then I had major meltdown and guilt having nearly bought this van and not knowing what to do. I did the sensible thing and phoned company back same evening and sent them their money back.

Not sure why I felt so bad and overwhelmed by the thought of paying this loan but now I changed my mind I feel relaxed and free again. With my current mindset I know debt is too much for me to commit to and don't want to feel like that again. 

Was having second thoughts about posting this, but this diary is supposed to be here to keep me on track and somewhat accountable. 

As for investing I feel like I want to start enjoying my money rather than be full throttle on saving every spare bit of cash so was thinking of increasing my budget for fun stuff and invest less. It will mean the mortgage takes longer but I think I should reduce the pressure a little for better balance.

savingholmes

Well done mate - confession is good for the soul. I post about my overspends, financial temptations etc too.

Good you returned the money immediately.

Allowing more money for pleasure can be a good thing. Harv T Eker recommends a series of buckets (Millionaire Mindset). I think he recommended 10% for play so you never felt deprived. Google him if you want to know more... You have to find what motivates you. 

South_coast

Sometimes you have to experience something to really know whether it's for you or not. You thought you might be OK with carrying some debt again, now you know you're not. Nothing wrong with that, life is all about learning 👍

LegoHead

Appreciate you all taking time to read

My motivation is an interesting thing to think about. Why do we go to work to earn money? I will have to give it some serious thought. Up until now I went to work to keep my head above water and pay my debts. Now I need to reassess.

Will go and read about the buckets and see if it could work for me. 

LegoHead

Checking in after a pretty stressful week, went to A+E tuesday morning with the worst stomach pains I have ever had and wednesday morning had my appendix removed. They could have moved quicker but glad it is all over now. Have to spend the next two weeks trying not to over do it.

On the plus side I had a few free hospital meals so saved a little cash.

Now sat here trying to find good deal on home and car insurance.

savingholmes

That sounds pretty rough! Glad you are the other side of it now.

LegoHead

Still here! Going to have one more week of trying to take it easy before I can go running and cycling again. 

Finances look good. Savings are slowly building up. Have sold some things on ebay I didnt use any more and going to continue focussing on that for now.

Have been watching the minimalists on youtube for a bit of inspiration on living with less stuff. Not going to the extreme of getting rid of all my shoes but I am working on removing every item in my house that I dont need and dont want anymore.

savingholmes

Sounds interesting. You sound like you're an 'all in' person - and that passion is commendable - just make sure you aren't then having to rebuy later. Having said that - I've massively decluttered this year - using Dk White's decluttering process - she is on utube too and has books. I've majorly reduced my home inventory and my life feels so much better for it. Less of a constant nagging to do list. No longer surrounded by clutter. I feel lighter and more able to focus on other goals.