Four Weeks Until Mortgage Challenge

And I'm soooooooooooooooooooo excited. We are not looking to pay off our mortgage right now, just pay it down. Couple of things are playing into this.

First you can't trust big banks. And even through our bank is not in the news daily, it's close behind and that worries me.

Second if something were to happen to hubby's job, we have three months of mortgage payments socked away and then what? We can't afford our Mortgage, we can barely afford it today

Thirdly if lets say we get the mortgage down to 100k, that gives us some re-fi options. Depending on rates, terms and other things. We will be able to drop PMI. In turn giving us a payment we can afford if something were to happen to hubby's job. Not that I think something will happen, you just don't know what tomorrow will bring.

Fourthly, I see this as part of our retirement. I don't want a mortgage payment when we are retired. I want the house paid off so we can focus on savings.

Fifthly, think of all the interest we will be saving. OH man, I would be curious on what number that would be at the end of all of this.

So in less then four weeks, we will be tightening our belts even more and squeezing every penny out of our budget. We will make mini goals, hopefully hit them, take a break and make more goals. I don't know how long this will take, I know it won't be a year or two, unless one of us magically wins the lottery, but we can't afford tickets so that isn't going to happen.

So every week a set amount of money will be set aside, if we make it through the week without touching it, it will be sent to the Mortgage company as a new week starts. At the same time, I am setting aside I believe about ten dollars a week for savings. No it's not a lot, but it's a start and it will add up. Having that money in case if something were to happen, will allow us not to touch the mortgage money. In turn hopefully keeping us on track.

Also it's June, now is the time to be thinking about Christmas, I know you are thinking hum Marcie it's JUNE!!!!!! But I will tell ya now is the time to think about some things. My kids have a DS and every week I have been buying a game. I buy them used often times game and shipping are less then 5 dollars. But with me getting them now and stock piling them, I am beating the Christmas rush. I can also use them as prizes as when Ethan finished Third Grade Math. He was over the moon getting a new game and I was fine because I spent 7 bucks, on game and shipping. But I have a list of games I'm watching on Amazon. The best deal wins every week.

They are also into Lego's and now is the time the new Lego sets are coming out. In buying one set a week or as budget allows, won't hurt my budget come Christmas time. I'm not rushing to find money and out buying things and over spending. I am making a Lego list and working on it. Sure other things may pop up as "wants" but with me not buying Lego's or games I might be able to afford their "wants" But my kids are good and they know they are lucky in what they get. They know our budget is so very tight. They see it every week. They see us pinching pennies and putting this off or doing this that way. We have a brick project going, but can only afford so many bricks a week. That sort of thing.

I know we can do this, because we use to use this money weekly to pay for gas going to and from school. Now that we are homeschooling that money was set aside to buy hubby a new "very used" truck. Now we are using it to pay down medical and just breathing room in the budget. So I believe we can do this, in seeing the total go down weekly and our amount of debt go down it will be nice, it will be breathing room. Less stress and the nice fact in knowing this is our house, we own it and no one can take it away. I have this fear that even through we pay our mortgage monthly and on time someone at a big bank can make an oops or do this or that and we are up a creek. Most banks are unwilling to work with you. Also the fact my parents lost their house. But given the fact my mother has a spending habit played a big factor into that. But my neighbor is loosing her house. Same bank as ours. I have a feeling they will offer her a deal, but until that happens we all worry.

So I will be updating the blog weekly and make mini goals and you can watch (hopefully) us hit them. I know I"m excited.

Currently 124,380.13

I believe the first mini goal is 123k.