Hello all
Great to discover you all here. I've been reading FIRE and frugal blogs for the last 8 years since a difficult marriage breakup, - the credit crunch threads on Mumsnet helped make things feel manageable then when I was very scared about money.
I'm now 55, single mum to two, one at university and second late teens at home. I'm in a reasonably paid job with a good pension scheme - and should have around £850/month from 60, and enough to cover a reasonable frugal lifestyle at 67. I've a S&S isa to bridge the gap, and premium bonds for emergencies/savings. Currently trying to build up a small sideline alongside full time work, in case I decide to go soon after 60.
Wanted to feed in my experience on the overpay mortgage vs investment discussion. When I got divorced and bought this house it all felt very scary. Being responsible for two teens and their security and at that stage being on a fixed term contract. So I threw everything I could at the mortgage, and have brought it down from 21 years to 6 in 6 years. Now things are more secure, and realistically I could switch tack to put the extra into the isa, but the emotional security of knowing that the mortgage is reducing is definitely worth it for me. I had several years worrying if something became more precarious, as on a single income with fixed term contract, it wasn't sure I'd be able to get another mortgage, so wanted to get the LTV rate as good as possible.
Something I think is discussed much too little are the finances for single mums once the children reach 18,. Fortunately another single mum took me to one side a few years before that became the case, and impressed on me the importance of saving, in case they wanted to go to university. (University maintenance and contributions are from the income of the parent they are resident with only, and of course from 18, Child Benefit etc stops too.) Martin Lewis has been vocal on the hidden side of university contributions now needed for living costs. But for me earning £40K, with another child at home, the contributions needed would have been significant if I weren't living frugally and had savings, even though DD has earned and paid her way too. If they are both there together, I've been needing to save £150/month for the last year to help smooth the curve, as it wouldn't be viable to pay for them both from immediate cashflow.
I've loved reading FIRE blogs, and they've kept me motivated through the harder times. My favourites: The Escape Artist, Quietly Saving, MsZhou till she stopped blogging, and Burning Desire for FIRE, an Australian single mum and teacher who has just FIREd after an incredibly inspiring journey.