As I am working diligently to pay down my mortgage with all of the savings I have found through minimalism I am given several choices each month on how to do it.
I can take the whole amount and send it to the mortgage company as an extra payment each month, or put it in my savings account to earn a fragment of interest, or split the money between both.
With an expensive year ahead filled with an upcoming 90th Birthday party in Florida for Sharon’s father and my daughters wedding in New Jersey in November I have made the decision to try to keep a balance in checking that will supply enough money for both. This doesn’t mean that I am not sending an extra principal payment each month but it certainly is limiting the amount I would like to send.
I know that many people would love to be in this same position and I have to tell you that it wasn’t easy getting here. It took a lot of sacrifice and hard work through discipline to get the credit cards and vehicles paid off and of course a lot of time.
One of the first steps we took was reducing our housing costs by selling our home and moving 3000 miles away to an area that is less expensive. We cut 800.00 off of our mortgage payment by purchasing a home that is more affordable. With that we also cut our property tax bill by 700.00 per year. We drive less each day which accounts for an additional 300.00 per months in savings along with reducing our auto insurance by 120.00 per month.
I quit smoking and have discovered an additional 500.00 per month by getting rid of the habit, we pretty much don’t go out to eat and have figured that to be at least another 300.00 per month in savings. Even bringing a mug of coffee to work each day is saving about 35.00 per month. There are so many area’s we have visited over the years in our budget that have yielded us incredible saving and given us the resources we needed to pay off all accounts that were costing us interest.
For this year I have decided to send an extra principal payment of a set amount each month and allow the rest of our savings to sit in checking. Our savings account is enough to cover 6 months of living expenses in case there was an emergency and I see no need to add more.
Sorry if I am boring anyone with my finances but it was a bill paying morning and these thoughts are fresh on my mind. I know many are struggling right now but be rest assured that anyone who seeks to dedicate their lives to finding solutions to getting their finances in a better place can do it. For me right now I have the incredible desire to be completely debt free and there is nothing that will stop me in my pursuit. Sometimes life can get a bit rocky, and we all face challenges but by addressing those problems head on and making the decision to never lose faith in your own abilities you will find a way to get past them and move on.
Time is a funny thing. It seems that ten years is a long time from now, but ten just passed us as quickly as a jack rabbit being chased by a lion. What ever you wished you had done in the last ten years you can do in the next. Living a simple life isn’t so simple but in the long run it brings you to a happier place.
Blood Sugar-101, Weight- 190.0
Weight coming down and another 30 minutes on the treadmill today.