A few people have asked me how I became mortgage free in such a short period of time. So I thought I’d share my story below, as well highlighting how I boosted my overpayments through cutting expenses and increasing my income.
For me, 12 years was much longer than planned but life threw a few financial curve balls my way.
As I’ve grown older I’ve become aware of a strange phenomenon – I prefer buying things second hand.
I’m not sure if it’s the bargain-hunter in me. Afterall, there’s nothing quite like the satisfaction of finding a coveted item for a bargain price. But for me, buying preloved items is more satisfying than buying them new.
Many people dream of paying off their mortgage early but don’t know where to start. Some assume that they need to be rich, while others think that they can’t afford to make overpayments. What people don’t realise is that it’s the small changes that make the biggest difference over time. You don’t need to be rich, you just need to be savvy. In this post I’ll share tips from my own journey to mortgage-freedom to give you some ideas for how you can begin to pay your mortgage off early.
Before starting to make overpayments on the mortgage, it’s essential to get an overview of exactly where you are financially. That’s why you need to begin with a budget. Yes, it can be exciting to rush in and throw extra money at the mortgage every month, which is what I did. But without a thorough understanding of your spending, you might end up overpaying and leaving yourself in a financially sticky situation. It’s all about balance and you can’t achieve that until you know where your money is going. To find out more, read on…