Last August I made the final overpayment on my mortgage and became mortgage free. It felt amazing and brought with it the peace of mind that my home was now my own and no longer owned by the bank. I’d always envisioned having a big party once I paid it off, but now that I’d hit the milestone I decided against it. Many of my friends were heavily in debt and I didn’t want it to feel like I was gloating or ‘rubbing their noses in it’. So instead, I had a celebratory drink and takeaway with my nearest and dearest and that was that.
The mortgage free dream
When I first started out on my journey to mortgage freedom, I fantasised about paying it off and being able to buy all of those flashy gadgets that caught my eye without having to worry about the cost. I saw my future self ordering takeaways and going to restaurants on a weekly basis, having enough money in the bank to buy a brand new car and buying extravagant gifts for my family at Christmas. I’d subscribe to all the magazines and ‘snack boxes’ I wanted to, buy expensive make-up and face care products and I’d pay for people to do my DIY chores instead of doing it myself – in fact, I’d even hire a cleaner! In reality none of this happened .
The mortgage free reality
I bought myself two things when I became mortgage free. The first thing I bought was a Smeg fridge freezer. I’d wanted one since buying the house and had always promised myself that when I became mortgage free I could have one. It was expensive and extravagant but I shopped around for the cheapest deal I could get and bought it with cash. It’s big, it’s bold, it’s beautiful and I still love it.
My second purchase was an Apple watch. As I runner, I found myself wearing both my Fitbit and Garmin watch on my early morning jaunts. The Apple watch combined the features of both, becoming both a step counter and GPS tracker as well as offering a whole host of other benefits. However, it did still take a few stern words from my mother, telling me to “get it bought” before I made the purchase – I guess old habits die hard.
Apart from my two ‘splurge’ purchases, I found that there was nothing else I really wanted. I no longer wanted to eat out every week, monthly subscriptions didn’t interest me and I had no desire to buy a brand new car. In fact, I was quite happy with what I had in my life already. My journey to mortgage freedom taught me lot and changed my values. I’d become less focused on ‘stuff’ and more focused on experiences. I wanted to spend more time with my family, my partner and enjoying my hobbies. Ultimately, I wanted to enjoy the home that I’d worked so hard to pay for. So I cut down my working hours and decided to go part-time.
Now what?
Life felt a bit strange for a while. After working towards something for so long, I no longer had a goal. I still budgeted and saved money because there wasn’t anything I wanted or needed. The only thing I added to my budget was a ‘giving’ fund. I’ve always made small monthly charity donations but I wanted to do something bigger and support causes that were closer to home. Despite this, I still felt like I was drifting. It felt so odd not working towards anything. Don’t get me wrong, it was lovely to have so much time to commit to the people and things I loved but I felt like I was missing something. Although I was mortgage free, I didn’t feel like I’d completed my journey.
Then one day, I happened to stumble upon the Choose FI podcast. As I listened to them talk about the 10 Pillars of FI, things started to click into place and I knew that I’d found my tribe. I already had some of the ‘pillars’ firmly in place from my mortgage free journey, so I well well on my way. It seems that I’ve had one foot on the path to FI without really knowing it.
What is FI?
FI, or Financial Independence, can mean different things to different people. But to me it’s about reaching a point where I have enough income from my investments or passive income streams that I no longer need to work to cover my basic expenses. It’s not just about money though, it’s about getting true value and enjoyment from the things I allow into my life and continuing to live mindfully.
My journey towards mortgage freedom changed my mindset hugely, and whilst I still enjoy buying things, I no longer consume out of habit or to fill an emotional void. As a result, when I do buy things I get an immense amount of pleasure and value from them. Don’t get me wrong, I still love stuff, but there have been so many times when I’ve purchased things out of habit and then they’ve just sat around the house unused. If you’ve read my post confessing to having 61 unread books then you’ll already be aware of this.
So that’s where I am in my life right now – mortgage free but continuing to build financial security so that I can live my best life possible. It’s been a life-changing journey so far and I’m sure there’ll be more transformations up ahead.
Where are you on your journey? Are you just starting out and wanting to become debt free or mortgage free? Or are you a seasoned FI-er? What one piece of advice do you think is essential to success? Let me know in the comments below.
Image by Jon Tyson on Unsplash