Planning for the future

I read a book again that I've had for years 'Your Mortgage and How to Pay it off in Five Years' By Anita Belle.   Although Anita's story is from the past when affordable housing seemed to be more common it is full of great tips for sticking to a budget and planning to get ahead.   Her biggest message is So what if you pay your  house off in 29 years instead of 30, that's already a huge saving.   She reminded me about compound interest and how powerful it is.  Also that we should start thinking about our retirement.   So what I've done is come up with a basic 10 year plan of making mortgage repayments, extra repayments and putting a little away for our future as well.

What we have left to pay on our mortgage

The end result is that i've created a graphic breaking the principal of our mortgage down into little blocks, and we can aim to pay it off $300 at a time.  Some of this will come from normal repayments, some from extra repayments and some from offsetting savings by storing them in the line of credit account.  32 x 40 + 3. 1283  Squares.

Subscribe to RSS - Goals