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The 2014 Mortgage Goal

December 29th, 2013 at 08:53 am

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?

3 Responses to “The 2014 Mortgage Goal”

  1. ThriftoRama Says:

    It's one of our goals too. I want that sucker paid off by the time my youngest heads off to first grade. I have no idea how we're going to do it, but the vague plan is snowflakes, plus a no spend month in February to free up pay down money, a stricter weekly budget, and me taking on extra projects with the proceeds directed to the mortgage.

    We need to form a support group!

  2. beawealthywarrior Says:

    As you know the majority of my snowflakes will go towards the mortgage as well with the exception of $750 towards Christmas. All of my income increases will also be automatically applied as well Smile

  3. rob62521 Says:

    Getting the mortgage paid off is a wonderful goal and you will realize how much money you have to do other things with. Before DH retired, that was our goal -- we didn't want to have a mortgage hanging over our heads.

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