It was just two years ago that I made a New Years resolution that I would set out a plan to pay off my mortgage in just three years. Here I sit today tossing over numbers and spreadsheet which mathematically should have seen me through this task. The truth is that even though I am making great strides I am still nowhere close to reaching my goal. Was this an unattainable goal? Not at all. It could have been reached by January 1st of 2017 if everything worked according to the mathematics.
The truth is that life isn’t about numbers on a spreadsheet and we are not digits. We are real human beings who have families and life is never as easy as we sometimes dream it could be.This doesn’t mean that I need to give up on this goal, just simply understand that life around me happens. Wedding’s to pay for and travel too, grandchildren, changing careers and cars breaking down happen along with a whole lot of other things that may come our way.
They key is to never give up on the dream. There will be times where finances will flow and other times where they must be directed in other directions. But the dream is still alive and with persistence I will see it through.
Seeing these things happen over the last few years I have learned from them and managed to put together an emergency fund. It is in the form of a simple savings account, which allows me to move money from it to an attached checking account. When the need becomes necessary I can draw from it like taking a loan at zero percent interest. I pay it back over time until it reaches a specified amount and will be ready to take on another problem.
While I still ad an additional amount of money each month towards paying the principle on my mortgage it is certainly not the amount set on paper to reach my goal. But that is OK. There are months where I can pay much more towards my principle and others that I am paying back my emergency fund. The important thing that I have learned is the importance of having this emergency fund and not having to borrow money to get us through some more difficult times.