Do you think
Find a Conversation
| Thu, 07-23-2009 - 1:35pm |
You would go easier on your self if you just had your mortgage left to pay? I don't know how I feel about that.
I seem to be able to handle two or three major financial things at time. Sticking to paying or saving for one thing is hard for me. Maybe that is because there is so much left for me to do. I still want to build a house, save for kids education, get my business in a better position, buy a newer truck/suv and save for retirement. I had originally said my first priority was to get my business in a better position, then start the kids college(one of my two boys is in grade 7 already). I am feeling a little guilty so I will do both at once. I will lean heavier on my land and building fund but I feel better with a little something put away that can grow. Also my bf and I have started a small fund for the house we want to build. It will not grow too much until our car is paid off and his student loans but as long as it is going up I am happy. Slow and steady right? I would eventually like to sell my store and put some of that in a retirement account to jump start that savings or be part of the house fund, so I guess by paying off my land and building loan and making it worth more I am in essence doing that.
But I can't wait to just have my new house mortgage as the only thing left to do. I know some people on the board have only their mortgage left and I am so happy for those people. I just wonder if there is that same urgency to pay it off as if the balance were on a credit card? Like I said, I have sooo much to do before that I don't know how I will feel but I will guess I will feel much more secure and at peace.
How will you feel when you just have your mortgage left?



I hope to be able to answer this question in about 54 months. If (there's that word) the autos hold up.
Norma
"Patience is the best remedy for every trouble"- Plautus
Well my only debt is my mortgage.
My kids are now on their own, with their own households and much smarter about $$ and budgets than I was at that age.
We would also save up some $$ so that we can do some of the renos to the house that would be nice. I would like a new kitchen but I told DH that we have to have the $$ saved first before even getting a building permit.
My plan is to keep the amount I spend on debt level. I don't have any kids to save for college for, so once the CC is gone the next step is the SUV. I will be able to throw all that I am putting towards the CC plus the regular payment to get that sucker paid off in less then two years! Then all the money I was spending on the two of them will be funneled toward the mortgage. I really really want the mortgage paid off asap because to me that is the ultimate freedom!! I know I will be driven to do it too!
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
I am currently paying an extra $90 per week on the mortgage, but I am not sure if I will put more on the mortgage than this or if I will save and invest. I also plan to increase our budget for home improvements.
We are currently saving for education for our kids, and saving for our emergency fund.
I think I will feel different once I only have my mortgage left. But, I have noticed that in the past 6 months I have been feeling much less worried about my finances. I think it is because we have a plan that we can stick to.
~Jackie, BookCrossing Member & Warming Families Volunteer
<The mortgage is really not much of an issue for us, only about 10% of our total net income, and Dh's job is very secure,
I feel the same way you do...I can't wait to have just a mortgage.