Our mortgage is our only debt. My goal is to pay down more principal than if we just made regular payments. I've already mentioned that all my snowflake earnings for 2014 will go to pay down the mortgage principal. I hope to get $4,000 from that source alone.
Our housing allowance from the government is increasing by $102 tax free dollars. I will apply this money to the mortgage pay down goal, which is $1,224.00 for the year.
As of today, the mortgage balance is $X28,992.99. My goal is to get that balance to $X15,000. This means I need a total of $13,992.99 in principal payments to meet the goal by this time next year. If we just made regular payments we would pay off $5455 in debt.
Even with the sources of pay down mentioned above, we are still $3,324 short of meeting the goal. I either need to find plenty of other snowflakes or simply find room in the budget to pay off more debt. I think there is definitely room in the budget. I will work on this in the coming days to see how it might be best to go about this. Part of me wants to just wait until DH gets his raise, and then it is no problem, but I think that is me being lazy!
Another big goal, right? If I don't make a specific plan, I'm pretty sure the whole idea will be put to the wayside and forgotten. And that is not what I want. I want to make a big impact in our financial picture this year!!
Is paying down your mortgage a goal this year? Are you specific in how you will accomplish this? Maybe you have another debt you looking to reduce, do you have a clear plan for getting there?
The 2014 Mortgage Goal
December 29th, 2013 at 04:53 pm
December 29th, 2013 at 05:03 pm 1388336627
We need to form a support group!
December 29th, 2013 at 05:52 pm 1388339572
December 29th, 2013 at 06:59 pm 1388343557