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Everyone has plans for the future, a holiday abroad, or a new kitchen. Our plan is to be mortgage free by forty.

You might think that with such a plan that we are quite well off, but the truth is that we aren’t.

I am extremely lucky to be a ‘stay at home mum’ to our 4 children. Our eldest three are at school and youngest at goes to nursery two days a week. Whilst yes, we probably would be better off financially if I was working a full-time position, but at the moment we are time rich, which is much more valuable to us.

Why do you want to be mortgage free?

I think everyone wants to be mortgage free, but we are actively working towards our goal by overpaying our mortgage monthly. Overpaying can have a dramatic effect on the term of your mortgage, to see how it might affect you, try this calculator here.

Most people live to their means, spending all or more than what they earn each month. We have a budget for almost everything, and try to keep within our budget. It means we live simply, we cook most of our meals from scratch and meals out are saved for special occasions. We don’t have satellite TV (we do have a gift Netflix subscription) and we don’t upgrade our mobile phones unless needed. We buy secondhand, mend & make do and we get creative. We also grow some of our own food in our garden.

I think the most important thing we have learned is that money doesn’t buy happiness. We found that happiness comes from the simple things. In spending time with family, walks, nature, the joy of laughter, friendship, eating home-cooked meals together, baking our favourite foods and playing games.

What happens when you are mortgage free, what next?

Our goal is to be mortgage free by forty. At the rate we are currently overpaying, we will be mortgage free by December 2024. My husband will be 40, I will be 39. If all goes to plan, our eldest child will be 15 years old, our youngest will be 9 years old.

We can save for a retirement fund, we can show our children the world, we can give them the best start by buying driving lessons, a car, or paying for a university education. We will be able to afford to work part-time, or retire early and follow our interests and hobbies. We can see our future grandchildren and volunteer to help make this world a better place.

Most of all, we will be financially free, and able to choose our own path, whatever that may be.