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Mortgage Free by 40 - nearly there!
whitevandriver
Posts: 21 Forumite
Set myself this target quite a few years back. Will be 40 next month. Looks like I might overshoot by a month but am still chuffed.
Didn't have any one trick but a few things made quite a bit of difference:
1. Tried not to pay interest on anything other than my mortgage.
2. Tried never to pay full retail price for big ticket items. Easier now with internet.
3. Saved any small bonuses or spare cash I had & chipped away at my capital.
4. Made a few small scale investments but never took big risks.
5. Stopped spending lots of cash in pubs when I was about 30 & stopped smoking when I was 33.
I am still not sure how it is going to feel when the final payment is made but it was worth setting the goal.
Next target is to aim for £500K pension pot for my wife & I in order to retire in comfort. Recon that we are have about £180K combined at the moment. My original idea was 55 (2023) but think that a more realistic aim is 58 (2026).
Two major risks, firstly the appeal of climbing further up the housing ladder, secondly, the two young children I have which I have no doubt will become more expensive as time goes on.
Best of luck if you are on the same road.
Didn't have any one trick but a few things made quite a bit of difference:
1. Tried not to pay interest on anything other than my mortgage.
2. Tried never to pay full retail price for big ticket items. Easier now with internet.
3. Saved any small bonuses or spare cash I had & chipped away at my capital.
4. Made a few small scale investments but never took big risks.
5. Stopped spending lots of cash in pubs when I was about 30 & stopped smoking when I was 33.
I am still not sure how it is going to feel when the final payment is made but it was worth setting the goal.
Next target is to aim for £500K pension pot for my wife & I in order to retire in comfort. Recon that we are have about £180K combined at the moment. My original idea was 55 (2023) but think that a more realistic aim is 58 (2026).
Two major risks, firstly the appeal of climbing further up the housing ladder, secondly, the two young children I have which I have no doubt will become more expensive as time goes on.
Best of luck if you are on the same road.
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Comments
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Amazing! Well done. My wife and I have set a fairly challenging task of paying off by the time we're 28 (7 years); it seems manageable at the moment, but time will tell. Thanks for the tips!0
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Well done!
If only we'd thought like that at 30!
Our real proper LBM was last year, we'd previously overpaid by a small amount every month but then took a further advance, which changed things.
We're now really hoping to clear things within the next 5-7 years, all going well....but the sooner the better!
Good luck with the new pension quest.
LM:jMFWin3T2 No 20 - aim £94.9K to £65K:j
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