I am so excited about this story about paying off the mortgage quickly:
I found it on the Simple Savings site about a week ago and I haven’t been able to stop thinking about it. Their situation is vastly different to mine but the essential ideas would work the same for anybody. Cut out all unnecessary expenses and for a set time put your head down, grit your teeth and pay the mortgage off. I’ve been thinking that it’ll take me another 10 years to pay off this house, but this article kept niggling at me, so I reached up to the top shelf of the bookcase in my room, blew off the dust on my copy of Anita Bell’s ‘Your Mortgage and how to pay it off in 5 years by someone who did it in three‘, coughed a lot (I’m not a good housekeeper), then turned to the back of the book where the charts are. Most of the figures in the body of the book are out of date, but the charts at the back are very useful, as they show how much you’d pay per fortnight with differing rates of interest to enable you to pay out your mortgage in so many years. I had a bit of a look, then sat down and did some hard thinking.
This past year I’ve fallen off the frugal bandwagon somewhat. I can’t remember the last time I posted a “Skinflint Sunday” post, I only bake biscuits for school lunches every couple of weeks and I have let the veggie garden go to God this season. The weeds are frightening. I scream slightly every time I go out to the clothesline and see the mess. We’ve had a few Unbloggable Things going on, work has been busy and it has been easy to succumb to the siren song of the fish and chip shop, but I think it’s time for this to stop. I looked at those charts and saw that if I consistently upped my repayments by a couple of hundred dollars a month I could be free of the mortgage in 5 years. Imagine.
The year that my last child finishes school could be the year I’m debt free. (Apart from their uni fees, but that’s another matter. They’ll be paying those fees back, anyway.)
Some months it’ll be impossible to do. Evan4 needs braces, (I’ll be bringing that conversation up with Tony in the next few weeks… if I’m totally subsidising Tom1 now that Tony no longer pays child support for him and is not helping him out with uni expenses, then I’m damned if I’m going to totally foot the bill for Evan4’s teeth), the kids are at the epoch of their lives where they go on expensive school camps… (David2 is going to Central Australia for 10 days at a cost of $900. Next year is Tasmania for a couple of hundred less. The other two boys are following right behind, with the next 3 years having a kid at Central and a kid at Tassie. In my set of values, you should take every opportunity for travel. School camps are the cheapest way kids can see the country, anyway. Ryan3 has been invited to join the Orchestra. There’s Band camp. Hopefully not like American Pie…)… where was I?
Also there’s things like car tyres and repairs to appliances that blow up and all of the little things that life throws at us all. Still…
I’m really buzzing at the thought of getting out from under the mortgage. Currently I throw about half my wage at it. Imagine what I can do and where I could go if I had my whole wage to play with? I could travel. (Hi Scott!) I could make some decent investments so I’m not forced to eat pet food in my indigent old age. I could save up and pay cash for the renovations I’d like to do on the house. I could buy a semitrailerful of Aldi Gummi Bears and roll around naked on the top of them.
It turns out that I’m a saver, not a spender, at heart. I’m going to give myself the challenge to do it. And let’s face it; even if at the end of 5 years I haven’t paid off every cent, I’m still going to be far better off if I’ve reduced the mortgage by extra thousands. I can’t lose. The trick will be to chop heavily away at the debt while not depriving us all of the things we really need and want to do. We still have to enjoy our lives. I have to reset my priorities.
I’m so excited!!!!