If you've paid off your mortgage...

[MrsJBaptiste]

...what did you spend the mortgage money on when you didn't have a mortgage to pay?

We've just worked out that we will be mortgage free by Christmas due to having a very small mortgage, overpaying and recently receiving a small inheritance.

We don't want the money we will now be saving to be used up in day to day living and want to do something with it but what? The interest rate for savers is rubbish unless anyone knows of an account which has a half decent rate?

We save and invest though returns are rubbish recently and we have nice hols. A month in America kind of thing.

We worked less rather than saved more, I think. For about 10 yrs.

Just in last few yrs we're starting to accrue savings; my kids are teenagers now & university costs loom, so we won't feel flush for long.

Can you set up a sipp?

We bought a motorhome with our inheritance (cheap holidays for a long time)
The rest, we used an independent financial advisor to invest in safe to moderate risk investments as we don't have a clue about shares, but they can have better returns to put into the pension pot.

We just keep buying more expensive houses so it's never gonna happen...

Namechangey DH has mentioned SIPPS so that's a thought.

I have a decent pension (well it looks ok but may not be by the time I draw it in probably 30 years time!) but DH's isn't as great so i think we should save the money in some form to provide for is in the future.

There's also possible University costs as the kids are getting older...

It's difficult as a couple of years ago we talked about getting a small property to rent out that could then be nest egg but I just don't think we've got it in us to do any more house renovations!

Savings.

Topped up my SIPP pension.

Thought about moving but we live in a coastal area and have 5 parking spaces (most have 1 or none) so we keep drawing blanks, and stay here.

Small holiday home to use and rent out. If somewhere warm it will be great in retirement.

My mortgage wasn't high, but I used the excess on my son's education.

We save the money, spend it on holidays and household items. Sometimes it gets swallowed up in monthly expenses but we try and separate it out.

We paid ours off in December. I intend to travel a LOT this year. So far I’ve been to Sri Lanka and Goa. I’ve booked Canada, Argentina, Santorini, Vietnam and Seville. And we’ll need to find a gardener because the grass won’t cut itself!

For the first 3 or 4 years I save 75% of my previous mortgage payment. I'd like to have access to cash to invest in the house so it was ready for retirement. After that Id look at investing.

Savings would be my best option.

I've been able to semi retire but will continue to work part time for another 9 months. We intend to save all my earnings, and just love off my DHs salary and my pension, both of which equal our salaries when I worked full time and was paying a mortgage.

Saved very enough to reinvest in second property.

I've saved my mortgage payment every month since it was paid off. I'm putting it towards a new kitchen in the future.

I work the same hours but with no commuting in a less stressful job

first couple of months a treat to celebrate being mortgage free but then I would try and save 75% of it firstly an emergency cash fund (3-6 months living expenses)then check pensions and then decide whether you need things like a new car/ kitchen then more savings maybe for uni for the kids or help with deposits or extra pension and use the other 25% to make life more comfortable more holidays eating out a bit more

School fees

Since we paid ours off we shoukd in theory be £800,a month better off. Funnily enough I can't really see where that money is goung though.

Maximum paid in to pensions and the rest in savings/investments.

At the moment it goes into savings, but slowly getting stuff done around the house - earlier this year replaced all double glazing, and I have a list of other improvements like new bathroom that we'd like to do.

I'm also spending some money on a gardener who's helping me get the garden into shape.

We had children lol.

Bringing my house up to scratch decorating-wise.
Possibly a new kitchen when I've saved enough from what would have been the payments.
After that, I'm not sure.

Saving it for the parental contribution to university maintenance X 2 children.

We paid ours off in December, 11 years earlier than planned. Unfortunately DH lost his job in Feb. For time being, saving it and when DH gets another job, will think about what to do. Either move house or buy holiday home in France.