Today -How do you repay your mortgage?
I follow a couple of frugal bloggers whose aim is to pay off their mortgage in the next couple of years. They overpay on it as regularly as they can and see their short term thriftiness in relation to the fabulous financial freedom they will gain from being mortgage-free. They are really frugal compared to me (I mean really hardcore) but a few of them still seem to have loads of fun, holidays, good food etc.
How do you repay your mortgage?
I need to study these more frugal (than me) bloggers carefully. I have some things to learn from them I think in terms of frugal cooking and make do and mending. I’m not a very practical person and I would say these are the areas my thriftineess could be much better.
I can totally see how having no mortgage would free you up hundreds of pounds each month to have fun with and as the children grow and possibly university fees for them and perhaps travel for you may be lovely options.
Sadly I am not in this position. When I had my first gorgeous baby he was teeny tiny and I was advised not to go back to work for a year. That year became six as I fell in love with being a stay at home mum and had my little girl too.
To fund my time off it the area of mortgages we turned to first. Primarily we asked for a six-month mortgage break which we got with the six months payment s just being added to the end of our mortgage life. Then we made a big decision. In order to fund me staying off work, we decided to go ‘interest only’ with our mortgage repayments. This hugely reduced our payments and enabled me to have time off. Sadly though it means we are in our 40s with no mortgage paid off. A situation we need to start remedying.
So I need to investigate mortgages now and see what we need to do. I also need to become one of those bloggers with a mortgage plan. I would love it paid off in 5 years. Do you think that is doable? I know it’s asking a lot but you have to plan BIG I believe. Can you imagine how brilliant it would feel to reach that goal?
It’s important to me though that my kids have a great life in the meantime too so I need a good plan that builds in lots of fun too. If you have any good ideas please share them with me!
Watch this space. Some mortgage aims will be in place very soon.
If you have enjoyed this post on How do you repay your mortgage? you might also like my post on finding room for a new mortgage option