Because the mortgage is only 2.5 years old (due to a consolidation) extra amounts paid off have a bigger impact on the principal amount. So now is the time for us to make the big savings in interest.
I am really happy with that! Without my decision to 'Just Do It' and my blog, no extra money would have been paid and I would have wasted another couple of hundred dollars on internet marketing junk. I would have just spent the $600 bonus on... ???? who knows what?
These are the changes we made in the last 3 weeks:
- No take away
- No munchies junk food from the corner shop
- I stopped eating junk food in the car on the way to & from work
- Taking a packed lunch to work instead of buying it
- No hiring videos
- Halved the food budget from $250 a week to $125
- No impluse purchases of (even more) clothes, shoes or 'stuff'
- On the last day of the month I left $50 in the account and paid everything else off the mortage ($110)
In all honesty we just stopped being so wasteful. Food was our biggest area of saving.
Other amount owing: Credit card $12,794, Interest Free Card: $1,389
After a big day on the budget yesterday it is all drawn up and ready to go! I know exactly what I pay for everything, when it is due and how much I need to set aside every week to pay all our bills. I used the Simple Savings Bill Payment System which is free (see the left sidebar). I like having it all in a folder where I can find it. It's easy to follow, logical.
Calculating how much interest I am saving and the time off the loan helps me see that this is worthwhile. Sometimes if I get a bit down I jump online, crunch some numbers and remind myself that in 5 years time I will have no mortgage. I have added the calulators that I use to the links on the right side.
Well I'm off to move that little red bar on the right .8% !!!!
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